POSWallet has numerous advantages both as a service and as the currency used on the service, POSW. Not only is it a useful service, but it is also valuable as a cryptocurrency purchase for that very usefulness. Here is a summary of its most important parts of its growing value:
- First coin based on an exchange
- Low market competition
- Masternodes to be added soon– generate passive income beyond staking
- The exchange is adding more pairs, 57 pairs at the moment
- First website that takes care of the staking process for you
They also have a path for the future that will grow the value of their exchange’s currency.
Like what you see?
Here’s how you can get started staking your coins and buy POSW.
Create an Account
Go to POSWallet.com and fill out the application.
(Note: In the interest of transparency, this used to contain a referral link but no longer does. I did not want to give the appearance of profiting off the guidance I am giving so it was removed.)
Open Your Wallets
Click on “Dashboard”, the house symbol on the side bar. Check for useful information and updates in the space above and when you’re ready, scroll down to the collection of wallets.
You will see all the potential options for coins to hold on POSW, listed by default in alphabetical order. Some of the most well-known coins listed on POSW and eligible for transfer include:
- Bitcoin (Non-staking)
Find the currency you’d like and click on “Generate (Coin Name) Address” to create a wallet for that currency on the website. The page should refresh and when you scroll back to the currency you elected, you should see a string of letters and numbers.
This is your wallet address for that currency.
Go to the exchange currently holding your currency and navigate to where your wallets are.. Aren’t signed up for an exchange yet? We can help with that.
You will need to go through the withdrawal process on your exchange and in the process provide a transfer address.
On POSWallet, navigate to the “Dashboard” where you generated your currency address. Find the wallet for currency you’re attempting to transfer and make sure you are transferring the same currency– for example if you try to transfer BTC to a non-BTC address, you could lose your currency entirely.
Once you’re certain you have the right currencies, copy and paste the address from POSWallet into the transfer address on your exchange’s withdrawal form.
Check the first two and last two letters/numbers on the address on both the exchange and POSWallet to ensure they match before submitting the transfer, making sure both also match and a wrong address was not copied.
After making sure everything is good, complete your transfer and await the arrival of your coins in POSWallet.
For speed of transfer, we recommend transferring with PIVX if at all possible.
Staking Your Currency
If you transferred a PoS currency such as PIVX or BitBay directly, it will automatically be vested and shortly thereafter, begin collecting stakes. Returns vary based on currency but you can track how much you’re getting in detail along with how big the pool is by clicking on the currency name in your dashboard.
Here’s an example of the details on an individual currency and what a stake-paying currency looks like:
In order to assess your holdings more efficiently than looking at the alphabetical list, click a header such as BTC Value or Staking Earnings in order to re-order the list and prioritize what’s important to you.
Switching Wallet Type
In order to use the exchange on POSWallet and trade POSW with other currency pairs (or purchase currencies with BTC.) you need to switch your coins from staking to exchange status.
Go to your “Wallet” on the sidebar and go to the appropriate conversion box, Staking -> Exchange Transfer, and transfer the currency of your choice in order to purchase POSW or transfer BTC to purchase a more select group of currencies if you funded your account through a BTC transfer.
Once you have the currency you want, you can put it to work for you earning passive income by going back to “Wallet” and transfering from Exchange -> Staking wallets.
Make sure that you have a wallet address generated before you trade for a currency you don’t currently have one for, you’ll certainly need it to move from Exchange to Staking.
Earning Free Currency with Faucets
On the sidebar, you’ll likely notice the “Faucets” feature. If you click on it, you will be transported to a page with a listing of many currencies on the site.
They will either have an Open or Empty faucet– if it’s Empty, there’s none of that currency to be had. If it’s funded, simply click on the currency and perform the CAPTCHA in order to receive a small amount of that currency deposited into your wallet.
Make sure you have a wallet already made for a currency you’re taking from the faucet from. These amounts are usually small, but add up over time.
There’s a 5% chance any given faucet pull will have triple the normal reward.
By now you’ve learned how to set up your POSWallet account, make some trades on POSWallet (including for POSW itself!), and now put your PoS currency like PIVX or BitBay to work earning passive income.
Since you’ve got so much POSW, are you looking at a membership? Think carefully about its benefits and if the increased POSW returns you’ll see will justify your losses.