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A step by step guide on how to buy & store the Decred (DCR) cryptocurrency

What is Decred?

Decred is a cryptocurrency with focus on community input, open governance and sustainable funding and development.

What are DCR coins?

DCR is the currency used on the Decred blockchain.

Important note

This guide is not, and should not be regarded as 'investment advice' or as a 'recommendation' regarding a course of action.

The exchange used in this guide, Bittrex, is not currently taking new customers. This guide will be updated as soon as that changes.
How to buy Decred
Important: The links in this guide are correct as to the best of our knowledge. It is your own responsibility to double check that clicked links look correct in your browser bar, and that any wallet you install on your computer is from a legitimate source.

Notes: Images can be clicked to see a larger version. If you're confused by any terms used, a glossary can be found here.

There are three parts to this guide (click to skip to them): Setting up a Decred wallet, buying Bitcoin and then exchanging Bitcoin for Decred.

1

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.

Decred wallet
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Follow the onscreen instructions to install the wallet onto your computer.

Once it's finished open the wallet program, it will be called 'Decred'.

Decred wallet
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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.

Decred wallet
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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.

Decred wallet
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Click 'create new wallet'.

Decred wallet
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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.

Press 'Continue'.

Decred wallet
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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.

Decred wallet
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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.

Decred wallet
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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.

Decred wallet
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Now we'll purchase the popular cryptocurrency Bitcoin, so that we can exchange it for Decred (if you already own Bitcoin you can skip ahead).

Choose which Bitcoin exchange you'd like to use (by clicking on the logo), and the guide will continue:

Choose your exchange
#
Coinbase
  • Operates in 32 countries.
  • Accepts debit & credit cards and bank transfers.
  • Can have low buy limits at first, increases with use.
  • ID verification required.
#
LocalBitcoins
  • Worldwide coverage.
  • Accepts Paypal, Western Union, gift cards, bank transfers & lots more.
  • No ID required for some payment methods.
There are also some other exchanges (but without step by step guides) listed here.
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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).

Coinbase
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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.

Note: If you have problems verifiying your ID using your computer, try downloading the Coinbase app (on Iphone or Android), signing into your Coinbase account and verifying your ID using your phone camera.

Signing up to Coinbase
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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 'Bitcoin', 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.

Buying Bitcoin on Coinbase
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You'll be asked to confirm your purchase.

Press the 'Confirm Buy' button.

Congratulations! You now own some Bitcoin. But don't close Coinbase yet, we're going to need it again in a few minutes.

Confirm buying Bitcoin on Coinbase
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Click here to go to Cex.io

Click the 'Register' button along the top menu.

Cex.io
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Enter your email address and a secure password. Click the checkbox to agree to the terms.

Click 'Register'.

Signing up to Cex.io
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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.

Signing up to Cex.io
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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'.

Signing up to Cex.io
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Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.

Signing up to Cex.io
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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.

Signing up to Cex.io
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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.

Signing up to Cex.io
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Once your money is in your account, click 'BUY/SELL' on the top menu.

Choose 'BTC' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).

You will be offered some precalculated amounts of Bitcoin, or you can scroll to the bottom of the page and input the amount of Bitcoin you'd like to buy in the 'Custom amount' box.

Once you've decided, click 'Buy'.

Signing up to Cex.io
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You'll be asked to confirm your buy.

Check everything looks correct and click 'Confirm the order'.

Signing up to Cex.io
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Congratulations- you now own some Bitcoin!

Press 'Ok'.

Signing up to Cex.io
11

Click here to go to LocalBitcoins, and click 'Sign up' on the top right menu.

LocalBitcoins
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Enter a username, your email and a strong password (that you won't forget!).

Click 'Register'.

An email will be sent to you with a link to confirm your email address. Go find that email and click the link.

This will open a new window that will have automatically logged you into your new account.

Press 'Buy Bitcoins' on the top menu.

Signing up to LocalBitcoins
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Click 'Quick buy'.

In the first input box, write how much money you want to spend on Bitcoin.

In the first drop down menu, select your currency. For example USD is US dollars, GBP is Great British Pounds etc.

Then in the next drop down select the country you're in.

If you wish to buy Bitcoin without needing to provide any ID, click the check box beside 'ID not required'. Please note that this may limit the numbers of sellers, and may be a more expensive way to purchase Bitcoin.

In the final drop down menu you're given a wide range of buying methods. You can choose to look for sellers that accept Paypal, bank transfers, Amazon gift cards etc. - or just choose to look at all options.

Once you're happy with your selections, press Search.

Signing up to LocalBitcoins
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You'll be given a list of sellers matching your criteria.

Beside their user names you will see the number of transactions they have done on the site (e.g. 1000) and their feedback (e.g. 100% positive).

You will also see the payment methods they accept, the price they're selling Bitcoin at and any limit to the amount they will sell in one transaction (for example, they might have a lower limit of $50 and an upper limit of $10,000 for a single transaction).

Choose which seller you'd like to use and click 'Buy'.

Signing up to LocalBitcoins
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On this page, read the terms of trade with your selected user. Make sure you're happy with them.

Pay attention to the opening hours- are they open right now? Also pay attention to the 'payment window'- this is how long you have to pay after sending the trade request. If you're not ready to send the payment within that time frame, don't continue.

Once you are ready, input the amount of Bitcoin you'd like to buy in your chosen currency. You may be limited to a smaller amount as this is your first time using LocalBitcoins- your limit will increase as you get positive feedback.

You may choose to write a message to the seller, but this isn't required.

Press 'Send trade request'.

Signing up to LocalBitcoins
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You will now be given the payment details for the seller- for example, their bank account details, Paypal address etc.

Use these details to send the correct amount of money to the seller, within the payment window, by following the steps laid out on the right side of the screen.

It's very important to include the reference message with your payment so the seller knows the money came from you.

Once you have made the payment, click the 'I have paid' button.

Signing up to LocalBitcoins
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You will be asked to confirm that you've made the payment.

Read the information and when you are sure you're happy to accept, press 'Confirm payment complete'.

You must now wait for the seller to confirm they have received the payment.

Signing up to LocalBitcoins
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Once they have, the Bitcoin will be released into your account- you will get a message on the site (which can be seen as a red speech bubble along the top menu), as well as an email to confirm it.

Your coins will appear in your wallet (also on the top menu). Click it.

And now leave this page open as we're going to need it soon.

Signing up to LocalBitcoins
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To get the best exchange rate possible, we'll use the site Bittrex to exchange your Bitcoin for Decred.

Click here to go to the Bittrex sign up form, and enter your email and a password. A confirmation email will be sent to you- click the link in it to access your new account.

Bittrex exchange
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Once you're in Bittrex, click settings > basic verification. As with most exchanges, Bittrex requires some basic information about you before you can access its trading services. So input your name, date of birth and address, and click submit.

Once your details are verified (usually within minutes or hours), click 'wallets' on the top menu, and then in the list that appears find Bitcoin.

Press the + (plus) button.

Bittrex Bitcoin wallet
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21

You'll be given a Bitcoin deposit address, which looks like a long string of numbers and letters.

This address is where we'll send the Bitcoin you just purchased. Copy the Bitcoin deposit address Bittrex gives you.

Deposit address at Bittrex
18

Now, return to Coinbase.

Click 'Accounts' from the top menu, then find your Bitcoin wallet listed on the left.

Click 'Send'.

Sending Bitcoin on Coinbase
19

In the 'Recipient' box, paste the Bitcoin wallet address we just copied from Bittrex.

In amount, type how much Bitcoin you wish to send (there is a 'use max' option if you wish to send it all).

Click 'Continue'.

Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Bitcoin are sent.

Sending Bitcoin on Coinbase
24

Go back to Cex.io

Press 'Withdraw' on the top menu.

Under 'Select currency and amount' click 'USD' and select 'BTC' in the drop down menu.

Input the amount of Bitcoin you're sending.

In the box labelled 'Enter the recipient's address below' paste the Bitcoin wallet address we just copied from Bittrex.

Once you've looked everything over, click the check box to confirm you've double checked everything is correct.

Press 'Withdraw'.

Signing up to Cex.io
25

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'.

Signing up to Cex.io
26

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.

Signing up to Cex.io
22

Go back to LocalBitcoins.

You should still be in your wallet page.

In the box labelled 'Receiving Bitcoin address' paste the Bitcoin wallet address we just copied from Bittrex.

Enter the amount of Bitcoin you're sending.

Press 'Continue'.

Signing up to LocalBitcoins
23

You will be asked to enter your password to confirm the send.

Once entered, press 'Send from wallet'.

Signing up to LocalBitcoins
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You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.

Signing up to LocalBitcoins
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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 appear in your Bittrex wallet.

Bittrex will update automatically so there's no need to refresh the page.

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:

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On the Bittrex wallet page, click the 'hide zero balances' tick-box to make it easier to tell when your Bitcoin has arrived.

Once it shows in your 'available balance' we're ready to trade for Decred.

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Click here to be taken to the Bitcoin / Decred exchange section of Bittrex.

This interface is where we will trade your Bitcoin for Decred. It looks overwhelming at first, but ignore the charts- all we're doing is a simple exchange from one coin to another.

Decred exchange on Bittrex
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Find the section labelled 'Trading' and 'Buy Decred'. Press the 'max' button, which tells Bittrex you want to use all your Bitcoin in this purchase. Now click 'price' and in the menu that appears select 'Last'.

This means we'll be purchasing Decred at the price (per coin) of about $

You can use the Bid or Ask options if you wish to try and time the market to buy at a cheaper price, but that's a little more advanced than we're covering in this guide.

Decred exchange on Bittrex
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Press the 'Buy Decred' button. Then 'confirm' in the pop-up box. Your order is now activated.

Decred exchange on Bittrex
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Depending on the market, your order may be filled immediately (meaning, your Bitcoin was instantly converted to Decred) or your order may be waiting for enough Decred to become available at your chosen price to fulfil your purchase request.

To see if your order is still active, or has been partially filled, click the 'orders' button on the top menu of Bittrex. If your order is showing, you may choose to cancel it and attempt to purchase at a different price, or simply let the order sit to see if it's filled.

When your order has been filled- you can proudly say you're the owner of your own Decred!

Decred exchange on Bittrex
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Click wallets, and make sure the tick-box 'hide zero balances' is selected. You should now see your Decred in your Bittrex Decred wallet.

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If you're comfortable with it, you could just leave your coins on Bittrex and they would probably be safe. However, exchanges have been hacked in the past, and people have lost coins, so we do recommend you keep them in a personal wallet. Here's how:

Click the - (minus) sign beside the Decred wallet and it'll bring up a screen for you to input your withdrawal details.

Put the wallet address that you copied from Decred wallet (in step 9) into the box labelled 'address'.

In quantity, we would suggest doing a small test transaction of a couple of coins to be sure everything is working correctly. Press 'withdrawal'.

It will take a few minutes for your Decred to transfer.

Note: Bittrex may ask you to confirm the withdrawal by clicking an email link or inputting a code from your mobile.

Withdrawing Decred on Bittrex
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Go back to your Decred wallet.

You should soon see your new coins appear in the balance.

Decred Wallet
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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 Bittrex, exchange it for Bitcoin, send that Bitcoin to Coinbase Cex.io Local Bitcoins and sell it for your preferred currency.
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Further reading
The Age of CryptocurrencyThe Age of Cryptocurrency
The Internet Of MoneyThe Internet of Money

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