There has been considerable interest in NYCCoin since its inception two months ago. While miners have been able to stack NYC Coin, those who purchased the crypto on OKCoin have not. This all changed at noon today. With this tweet, OKCoin opened up their stacking protocol for NYCCoin.
We are going to walk everyone who is new to NYCCoin (NYC) through the process of purchasing the latest City Coin and stacking it on OKCoin in this blog post. Good news! It’s easy to do, and will only take a few minutes.
Let’s get to it.
Set up an OKCoin Account
- Open up an OKCoin account. Currently, NYCCoin is only available on OKCoin exchange. Luckily, it’s pretty painless to open an account. Our readers can earn $10 of Bitcoin as a bonus when you do by using this link. And what’s better than free money? Free Bitcoin!
- Deposit US Dollars. Set up is again, pretty simple. Once you enter your bank information, go ahead and choose Instant Transfer (ACH) and you will have funds available instantly (this may take a day or two to reflect on your bank account balance). You must transfer a minimum of $10 USD. As an additional note, don’t ever invest your money you need right away in any crypto. If you need to transfer it back to your bank, you won’t be able to for 10 days. If you choose to stack NYCCoin, your funds will be locked up for either two weeks or six months depending on your choice of stacking cycle.
- Transfer from your Funding Account to your Trading Account. On the main menu choose Transfer. Select USD from the tokens. From: Funding Account To: Trading Account will pop up on the screen. Click “Transfer All” then click “Confirm.” In a few seconds you will see “Transfer Complete.”
How to Buy NYCCoin
- Buy some NYCCoin. NYCCoin is only available for purchase on the OKCoin exchange. Please do not confuse this with New York Coin, which is currently priced at two-thousandths of a cent at this time. You can only stack NYCCoin, not New York Coin. In the upper right corner, you will see a little magnifying glass. Click on it. Then type in NYC. It will show up at the top of the search go ahead and click on that. Choose the NYC/USD option. It will take you to a black screen with NYC showing current price and its recent movement. Click Buy and it will take you to a white screen. Tap 100%. Then click the green “Buy NYC” button. Click “Confirm.” In a few seconds it will say “Order Placed Successfully.”
How to Stack NYCCoin
- Click Earn/DeFi. This brings you to a separate part of OKCoin. Here you will see many options for staking that we’ve written about in the past. As of 2 AM on March 2nd, I still can not access the stacking protocol through my app. If this is happening to you, please click this link and it will send you to a log in section where you can access the NYC to STX stack.
- Find the NYC / STX Option. At the very top, under the banner, you’ll see Earn STX with a prompt that shows NYC to STX. Select 1 or 12 Stacking Cycles. Each Cycle has a start date. If you transfer today, Saturday, October 9, the next Cycle begins. Choosing 1 Cycle means that you won’t be able to access your NYC until after the Cycle is complete and there is a 2-week cool down period in between. From what I’ve heard, the Stacks 2.1 update addresses this and will give investors more flexibility in the near future. The two week Stacking Cycle ends March 22nd and the six week cycle ends through September 7th.. Click Max to commit all of your NYCCoin. At the bottom, it will give you a “Total Estimated Earnings” of how much Stacks (STX) you will be rewarded along with the “Estimated Unlock Date” in September. No matter which stacking cycle you choose, your Stacks earned will not appear in your account until a day or two later the stacking cycle ends. Below are FAQ’s (Frequently Asked Questions) if you’d like to find out more and see any possible risks involved. Click Continue.
Confirm and Lock It In
- Deposit your NYCCoin into OKCoin DeFi. It will confirm all of your information including your total amount of Miami Coin. OKCoin charges no fee for this.
- Click Deposit. Once you do, you’ll see a page that says “Your deposit is complete.”
Congratulations! You’re Now Stacking NYCCoin
You are now locked in to earn a TREMENDOUS return on your investment, with minimal risk as far as exchanges go. The stated APY is currently at 265%. While this is not quite as incredible as MiamiCoin’s initial APY (420%), that is still a really sweet, relatively safe yield. I’ve found OKCoin to be an excellent exchange and we have encountered zero issues with them to date. Although this is stated in our blog’s Disclaimer, none of this is to be construed as financial advice. This is a demonstration of how to buy NYCCoin on OKCoin. Please do your own research first.
It isn’t that hard at all to stack NYCCoin. These steps will get this hot crypto into your portfolio, fast.
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-The Crypto Trend Analyst Team