Help me with the wallet: I'm using the Beta wallet. It is staking.
I read on here in bits and pieces that I should consolidate my coins now and again to clean up the smaller staking coins or something to do with coin age.
So far I'm getting 10+ transactions a day and several are fractions of a hyper so now those transactions are staking even smaller transactions right?
Can someone ELI5 what all that means or how to go about just having my wallet stake the whole amount cleanly.
My wallet is unlocked for staking....so does that mean no password? Am I doing things right?
Should I just STFU and let it do its thing because I'm such a noob? (I'm ok with that approach)
I'll give you an illustration to help understand what's going on. Let's say that stake was 0% (for ease of calculation) and you have one input of 100 coins.
Day 1: 100
Day 2: 50, 50
Day 3: 25, 25, 25, 25
Day 4: 12.5, 12.5, 12.5, 12.5, 12.5, 12.5, 12.5, 12.5
And this process continues. Each stake splits that transaction in half. So if you have one input now and you get it to stake once a day for 10 days, you now have:
1+2+4+8+16+32+64+128+256+512+1024 transactions staking, or 2047.
What this also means is that if you wanted to send all of those transactions, it would be using 2047 inputs, or a pretty hefty fee.
Note that this illustration assumes each transaction stakes after 24h, which isn't the case due to the lottery system. As each transaction gets smaller and smaller, it carries less weight. But in any case, it is a possibility.