Imagine saddling up your digital stagecoach and heading out as a pioneer into the Wild West of the digital frontier. Instead of a trusty horse, you have a wallet. A virtual blockchain wallet where you will keep, save, exchange, and redeem your digital gold nuggets of cryptocurrency.
And just as a settler would search out a reliable outpost in the West, a place to trade and get supplies, you have COINBASE. Like the Old West version of the town in the middle of nowhere that exists only for that reason. The only difference is you can trade your cash there for digital cryptocurrencies, or FIAT. And the nice townsfolk even give you a $10 Bitcoin bonus just to upload your bags and open your outpost with them.
Opportunities we must have
However as we all know the frontier is vast and full of opportunities. Just like there are other towns and outposts in the old west, there are other wallets out there too. With other unique features and benefits waiting to be discovered by pioneers like yourself.
One of the many pleasintries of your new homestead is staking coins. Think of this like a claim in the ground where you stake your coins. You promise not to sell or transfer your coins for a set period of time and in exchange you will be paid an Annual Percentage Yield, like the interest in your checking’s account or what they promise to pay you from the sale of a bond. Yields can range anywhere from a safe 0.01% to a risky 25% or more. This noble claim is a risk as well though, because everything on the frontier is a risk, but keep in mind that generally coins that Coinbase offers are much safer
So put your boots in the stirrups cowboy, it is time to ride!
