hello i am a newby to reddcoin, a few questions where i would appreciated some help from more experienced users
i am currently synchronising my wallet (still in progress) will i automatically be able to start staking reddcoins i.e. mine them, or is there any additional feature needed, e.x. that i first need to buy some coins to be able to mine
the reddcoins i have in my reddcoin wallet (downloaded from the official webpage), are stored in this wallet? how can i sell them and convert them e.x. in EUR or USD and how do i send them to my bank account when finally sold on exchange and converted? i assume i can sell them via bittrex, but how can i do that from the reddcoin wallet to bittrex and where will i get the money on, i.e. which account or wallet?
thanks for your help, i know these are very basic questions but would appreciated if you guys can help me a bit here
Encrypt your wallet then start it back up. Use the encryption password you made when you encrypt the wallet by going to settings>Unlock. Select For staking only and your wallet is ready to earn coin as long as you have coin for it to build interest off of.
You need to go to a coin exchange yobit,Bittrex,etc where you will be able to setup an account and send coins back and forth to buy and sell.
shadowradio thanks a lot for this, but if i havent got a bittrex account e.x. i still can start to mine right? on bittrex i just create a basic account i assume,
no need to create an additional wallet like jaxx e.x.?
thanks a lot for your input
on bittrex you would take some bitcoin and buy reddcoin. Send the reddcoin to your wallet on your pc and then you can stake off of that coin. Redd ID as I understand will allow users to start with 0 coin and if your wallet catches the Redd ID transaction first you earn some coin for just being there to record which will help people get coin for free opening a new way to earn coin.
sorry and i dont have a wallet at all at the moment, what you say in point 1, i need to have reddcoints already in my wallet to be able to mine is that correct?
if i dont have any crypto wallet yet, which one would you recommend where i can upload money via credit card and than buy some reddcoins and send them to my reddcoin wallet (if that is needed at all?)
sorry to be complicated… i am new to this unfortunately
shadowradio thanks, but how do i buy bitcoins if i dont have a wallet and only a bittrex basic account? is there an option to transfer cash from my credit card? Redd ID transaction could get catched if i just let the wallet open and wait (in simple words)?
I use bitcoin ATM’s I put cash in and follow instructions. I use a mobile wallet to hold my bitcoins or I will have an atm send coins directly to my bittrex wallet. Buying via creditcard only has been a challenge for me. I would try coinbase or something different services have different rules but buying online usually in US they want me to supply ID and all that stuff.