Mekhdi said in /404:
I opened an account newly with Kraken and also I have downloaded the redd wallet.
What is the next step on purchasing reddcoins? Could someone point me how to do next. Its the first time I do cryptocurrrency trading.
And why is the wallet taking ages to synchronize with the network?
as Gozzy has mentioned,
Step 1: Open up an account with a BTC seller, for example coinbase.com
Step 2: Set up 2-step authentication (this will give you greater security over your account incase something bad happens).
Step 3: Link either your bank account and/or your debit/credit card.
Step 4: Purchase Bitcoin
Step 5: Locate an exchange which offers Reddcoin (RDD), for example bittrex.com and open up an account with them.
Step 6: Also set up 2-step authentication (ESPECIALLY if you end up sending funds over to this exchange site.)
- Note: Exchange sites have their own wallet, you can store your coins here, but a lot of investors usually like to send their coins to other wallets either on their phone, an offline wallet or cold storage
Step 7: Utilizing your Bitcoin receive address at the exchange site, you send your bitcoin from your BTC seller to your exchange wallet. so you’d send your BTC from coinbase.com to bittrex.com
- Note: Be sure to send ONLY the right type of coin to the right type of wallet. ONLY send Bitcoin to Bitcoin wallets, if you send Reddcoin to Bitcoin wallets or visa versa, you will lose ALL of the transferred funds.
Step 8: Once your Bitcoin transfers propagate through the network and is completely verified, you then type in “Reddcoin” or “RDD” in the exchange site search window and pull up the Reddcoin page.
Step 9: Put in your wanted buy amount, at the rate you’re willing to pay and hit “Buy Reddcoin”.
- Note: if Reddcoin is going for 0.0000067B and you put in an offer for 0.0000060 you’ll have two options, you can keep the buy order alive until completed (which will take as much time as it takes for the Reddcoin to devalue to 0.000060) or you can have the order cancelled immediately if the exchange site doesn’t locate a sell order matching your buy price.
Step 10: Once you complete your buy, your account will be deducted of the bitcoin it costs to purchase the Reddcoin and the Reddcoin will be placed into the exchange wallet.
Step 11: From here, you can then send your Reddcoin to either a cold storage or a different wallet.
- Note: BUT remember, you can ONLY send Reddcoin to Reddcoin capable wallets. sending Reddcoin to a wallet that does not support it will end up in a complete lose of your transferred funds.
Now what you can do is after purchasing your Reddcoin, you can keep it at the exchange site and wait for it to hit a certain value/price point then sell it off. then you have the option of sending the Bitcoin or USD to your coinbase wallet (if you send USD to your coinbase wallet, use the USD wallet address which automatically converts USD to Bitcoin or you will lose ALL transferred funds) then transfer the coin to your bank account.
I am also new in this, but I’ve been reading and researching. if you have any questions, feel free to ask me and I’ll try and help as much as my knowledge allows me.