Decred is a cryptocurrency with focus on community input, open governance and sustainable funding and development.
DCR is the currency used on the Decred blockchain.
This guide is not, and should not be regarded as 'investment advice' or as a 'recommendation' regarding a course of action.
Note: Images can be clicked to see a larger version. If you're confused by any terms used, a glossary can be found here.
For this guide we're going to be using the official wallet for storing your Decred coins- downloaded from the Decred website.
Click the 'Download Wallet' button. This will download the wallet installation file onto your computer.
Open this file.
Follow the onscreen instructions to install the wallet onto your computer.
Once it's finished open the wallet program, it will be called 'Decred'.
Your computer may ask you to approve the wallet accessing the internet through your firewall. You must allow access for the wallet to work correctly.
The wallet will ask you to 'Connect to dcrd'. You do not need to change anything here- simply click 'Continue' and the wallet will connect to the Decred blockchain.
Click 'create new wallet'.
You will be presented with your wallet seed. Read the warnings and be sure to understand them.
This powerful unencrypted private key to your wallet (it's a way of opening your wallet without knowing the password) should be copied down and kept somewhere very safe.
Note: if you lose this seed you may lose access to your wallet and coins.
You will now have to write the seed back into the box to prove that you have an accurate copy of it.
Press 'confirm' when done.
You will now be asked to enter a password for your wallet so it can be encrypted.
Enter a password that would be hard to guess (but which you won't forget!).
Note: if you forget this password you can possibly lose access to your coins.
Your wallet is now open.
Click 'Request Payment' and then 'Generate Address'.
You will be given a wallet address, which looks like a long string of numbers and letters. Copy this down somewhere safe as we'll need it again soon.
Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for Decred (if you already own Ethereum you can skip ahead).
Choose which Ethereum exchange you'd like to use (by clicking on the logo), and the guide will continue:
If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).
Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email, password and location.
Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.
To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.
Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).
Once your payment details are verified, click 'buy/sell' on the top menu.
Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.
Once you're happy with the amount, click the big 'Buy' button.
You'll be asked to confirm your purchase.
Press the 'Confirm Buy' button.
Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.
Click here to go to Coinmama.
In the sign up form, enter your email address and first and last name (make sure these are exactly the same as on your photo ID).
Enter a strong password (that you won't forget!).
Select your country, tick the box to show you understand their terms and conditions and press 'Register'.
You will be sent an email to confirm your email address.
Go find that email and click the link in it.
You will be informed that your email is now confirmed. Press 'Continue'.
You will be prompted to log in. Enter your email and password and press 'Login'.
You won't be able to buy any Ethereum until you verify your account.
In the left-hand menu, click 'Verify your account'.
You will be asked to fill in your personal details. Once you have, press 'Next'.
Here you need to upload some pictures of your ID.
You're also asked to take a selfie of yourself holding your ID, as well as writing 'Coinmama' on a piece of paper with today's date.
Make sure none of these pictures are blurry, or they will be rejected.
Once you've uploaded the files you'll be informed your documents are under review- unfortunately you'll have to wait until you're verified to continue your purchase.
Click here to go to Cex.io
Click the 'Register' button along the top menu.
Enter your email address and a secure password. Click the checkbox to agree to the terms.
You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.
We recommend using the 'Smartphone App' option.
Once your security has been set up, you'll be taken to your account dashboard.
Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.
You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.
Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.
Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.
Complete the Cex.io verification process by supplying your personal information and uploading your ID.
Once you're verified, click the 'Deposit' button along the top menu.
You now get to choose how you'd like to deposit money:
Via credit/debit card
If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.
Via bank transfer
This option takes a few days for the transfer to arrive but has no commission fees.
Choose the method you prefer and follow the instructions to deposit your money.
Once your money is in your account, click 'BUY/SELL' on the top menu.
Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).
You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.
Once you've decided, click 'Buy'.
You'll be asked to confirm your buy.
Check everything looks correct and click 'Confirm the order'.
Congratulations- you now own some Ethereum!
Now we'll use the site Changelly to exchange your Ethereum for Decred.
Click here to go to the Ethereum / Decred exchange page.
Choose how much Ethereum you're going to exchange.
In the box marked 'You get' it will now display how many Decred you will receive.
Once you're happy, click the big green 'Exchange' button.
You will be asked to register with Changelly using your social media or - and this we recommend- simply your email address.
They won't ask for your name, address or anything like that.
A confirmation screen will ask you to look over the transaction to be sure everything looks correct. Click 'Next'.
You will be asked for your DCR address.
This is your personal wallet address we saved earlier from Decred wallet in step 9.
Copy and paste this address into the box and click 'Next'.
You will be asked to look over the transaction one more time. Take your time, make sure it all looks correct, and then press 'Confirm and make payment'.
You will be presented with an address to send your Ethereum to. Copy it.
Now, return to Coinbase.
Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.
In the 'Recipient' box, paste the Ethereum wallet address we just copied from Changelly.
In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).
Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.
Go back to Cex.io
Press 'Withdraw' on the top menu.
Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.
Input the amount of Ethereum you're sending.
In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Changelly.
Once you've looked everything over, click the check box to confirm you've double checked everything is correct.
You will be asked for a 2-factor authentication number.
Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.
You will be sent an email to confirm the withdrawal.
Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.
Go back to LocalBitcoins.
You should still be in your wallet page.
In the box labelled 'Receiving Bitcoin address' paste the Ethereum wallet address we just copied from Changelly.
Enter the amount of Bitcoin you're sending.
You will be asked to enter your password to confirm the send.
Once entered, press 'Send from wallet'.
You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.
Hopefully you're now verified on Coinmama, so log into your account and press 'Buy Ethereum'.
You will be presented with some buying options- you can either choose to purchase a preset amount, or at the bottom of the page enter the amount of Ethereum you want, or currency you want to convert to Ethereum.
Once you're satisfied with the amount, press the 'Buy Ethereum' button.
You will be asked to supply your Ethereum wallet address. Input the wallet address that you copied from Changelly.
Press 'Go to payment'.
You will be asked for your credit/debit card details. Input them and press 'Pay Now'.
You may be informed that Coinmama has received your order but 'are reviewing the order and making sure you're really you.' This just means they're double checking your credit/debit card information to your personal information to be sure this is a legitimate purchase.
Once they've confirmed everything, you will be sent an email to confirm the purchase. Go to your inbox, find the email and double check it shows your correct Ethereum wallet address you copied from Changelly. When you're happy, click the confirmation link in it.
Coinmama will now send your coins to your wallet address.
Now we've got to wait a few minutes for the coins to move across the network.Unless there's an unusually large network backlog, the coins will take between 5 and 30 minutes to arrive at Changelly. The Changelly page will update automatically so there's no need to refresh it.
While you're waiting, consider sharing this guide with your friends and followers to spread the word about Decred, encouraging its popularity and value to grow.
Here's some share buttons to make it easy:
Once your Ethereum arrives at Changelly it will automatically refresh to keep you updated on the three steps of conversion:
1) Waiting for payment
3) Sending to your wallet
Once the transaction is complete a confirmation screen will appear. Do not close this page yet.
Go back to your Decred wallet.
You should soon see your new coins appear in the balance.
If the coins haven't appeared within an hour, go back to the Changelly exchange page and scroll to the bottom, then click the 'Having troubles?' box and follow the instructions.
What about when you're ready to sell your Decred?
You simply reverse the order of tasks you performed in this guide.For example, you send your Decred to Changelly, exchange it for Ethereum, send that Ethereum to Coinbase Cex.io Coinmama Local Bitcoins and sell it for your preferred currency.