In this guide, I'll explain what you need to know about BitBox02 staking.
You can select from different cold wallets (here is our list of Best Crypto Hardware Wallets). You can stake with almost all of them, and today we will look closely at which currencies you can stake with BitBox02 and how it works. BitBox02 is a product of the Swiss company Shift Crypto AG, and
Why cold staking?
While cold staking is more secure, at the moment, more crypto enthusiasts still go for online staking instead. The main difference between online and cold (offline) staking is that with online staking, the wallet is connected to the internet, which increases the possibility of cyber attacks.
With cold staking, your digital assets are kept offline. Therefore, the security level of your funds is way higher and recommended for people who hold large amounts of cryptocurrency.
Let's look at which currencies are supported to stake using BitBox02 and a step-by-step guide on how to stake them.
You can stake Cardano (ADA) with your BitBox02 cold wallet. At the moment, this is the only supported currency. The staking goes through AdaLite, a web wallet for Cardano. In combination with BitBox02, you can send, receive and stake your Cardano.
Staking with BitBox02
Let's have a look at how the Cardano staking process goes.
Please note that you will need BitBox02 Multi edition for staking, as it is not supported on the BitCoin-Only version.
Step 1: Install the BitBoxBridge
To connect your cold wallet with AdaLite, you must install the latest BitBoxBridge software only after that is the device able to communicate with web-based wallets.
Using the Chrome browser, you don't need this application.
Step 2: Connect the BitBox02 to AdaLite
1 - Go to adalite.io
2 - Select BitBox02 under the available Hardware wallets.
3 - Enter a password to unlock BitBox02
4 - Confirm the pairing code; ensure that the code you see on BitBox02 matches the code on AdaLite.
Step 3: Start Staking with BitBox02
1 - Once the devices are connected, click on the staking tab in AdaLite,
2 - Enter the staking pool ID of the pool you want to stake with,
3 - Click delegate and confirm the transaction on AdaLite and BitBox02.
That's it! You are ready to start earning staking rewards with the BitBox02 wallet.
Summary: Is it worth staking with BitBox02?
It's worth it! However, the options for a user of BitBox02 hardware device who wants to stake their assets are a bit limited, as you can only stake Ada for now. We are looking forward to new supported currencies.
In case you are looking to stake different assets; you can check our other guides on staking:
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