- Establish your budget and reason for buying a masternode.
- Understand key terms and concepts(see other education links) related to masternodes and staking.
- Ensure that the cryptocurrency meets our Masternode Table Stakes requirements.
- Focus less on the ROI, especially early on for any coin in the first 60 days
- Research and engage with the communitity for that cryptocurrency via their engagement platforms(Discord, Telegram, Reddit, etc).
- Review the masternode setup guide provided by the team of that cryptocurrency. We strongly recommend a Cold Wallet VPS setup.
- Acquire the stated collateral needed for a masternode via popular exchanges like CryptoBridge, CoinExchange, Stocks.Exchange, SouthExchange. DO NOT FOMO buy. Set your buy orders at lower levels and wait a few days for orders to be filled.
- Setup a VPS(Virtual Private Server) to function as your masternode. Services like Vultr are great!
- Each cryptocurrency will have masternode install guides linked from their website. Use those and follow them closely to get setup.
- Most rewards normally take 48-72hrs for your initial reward so don't panic after one day.
- Add your new masternode to free masternode monitoring tools: Masternodes.Online
- The most important thing to remember is that masternodes are long term investments so focus less on price fluctuation and more on engaging with that community.
- StakeAndNodes will soon offer a monthly subscription service that includes the following to cut down on research time:
- Expert reviews on the community, technology, roadmap adherence and operations for cryptocurrencies to save you time.
- Exclusive analytics dashboard to shape your portfolio based on expert reviews, live data points like weight price, weighted volume, node count, etc.
- Rewards projection calculator for consoliding rewards into a new masternode.
- Continuous tracking of information on cryptos with masternodes and staking.
- Access to private Discord community to engage with other subscribers and professionals in cryptocurrency space.