How to get started with Decred?

The world of cryptocurrencies is a fascinating one. My learning curve has been exponential during these first few weeks. Here, I would like to share some of my insights on how to get started. If you are completely new to Decred, it may be beneficial to read my earlier blog posts.



!!! This blog is no longer active. Last update: 22 April 2017 !!!



To answer to this Cointelegraph article: Decred is an innovative cryptocurrency with a rock-solid organisation behind it. Apart from innovative, one could also describe Decred as a democratic and sustainable cryptocurrency. Let me list some useful links that will get you started:

The basic principles: https://docs.decred.org/getting-started/constitution
Comprehensive source of information: https://docs.decred.org/ 
Development and troubleshooting: https://github.com/decred
Community platform: https://forum.decred.org/


For most people who are new to cryptocurrencies, this all may seem a bit overwhelming. Luckily it is super easy to create a wallet. Go the Web Wallet and create one! Your Web Wallet functions like any internet banking system: you can store coins, receive coins, send coins, and view your transaction history. It is possible to create multiple accounts in one browser, just click on the icon in the top-left corner. You can even share a wallet with your friends. In the section Preferences you can customise your wallet and suit it to your needs.

If you would like to set-up a Decred Wallet with unlimited functionalities, check out the "Getting Started" part of this post for a detailed and step-by-step explanation:
https://decreddiscovery.blogspot.com/2016/03/making-profit-with-decred-beginner.html

The most important aspect of your wallet is your seed. This allows you to restore your wallet when it is lost, or allows you to set it up on a different device. In the Backup section of Preferences you can view your seed. Save it safely and delete it. Your wallet information is stored locally into your browser, this way your wallet seed is only accessible to you. It also means you have to be careful when switching browsers, deleting cookies, or changing settings (you may have to restore your webwallet). All your transactions and DCR (Decred coins) are stored into the blockchain: an online, decentralised ledger which is maintained by all participants. Your coins are safe and accessible, as long as you protect your seed.

Now, how do you get yourself some Decred? You can buy DCR on most major exchanges:

https://bittrex.com/Market/Index?MarketName=BTC-DCR
https://poloniex.com/exchange#BTC_DCR
https://bleutrade.com/exchange/DCR/BTC
https://yobit.net/en/trade/DCR/BTC

Make sure to be careful, prices can be extremely volatile because Decred is just starting up.

1 comment:

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