Sorry for a beginner question.....is this a traditional staking coin in as far as if you keep some in your wallet you get stakes?
It's not purely PoS.
There is a PoW - mining - part, as well as a part of rewards from Hypernodes.
Hypernodes are not just staking, they provide service to the network.
So you have to run a Hypernode with some collateral (10k, 20k or 30k) to get weekly rewards.
Having BIS in your wallet is nice, but does not produce rewards on its own.