You are about to get started on your XTRABYTES adventure, but before anything else, take a look at this short cryptocurrency guide...
What is a wallet?
A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like XTRABYTES.
Cryptocurrency itself is not actually “stored” in the wallet. Instead, a private key (secure digital code known only to you and your wallet) is stored, working in tangent with a public key (a public digital code connected to a certain amount of cryptocurrency) to grant ownership of a particular cryptocurrency. So, your wallet stores your private and public keys, allowing you to send and receive coins, while also acting as a personal ledger of transactions.
How to install the wallet?
This tutorial will explain how to install the wallet software in Windows and help you select a location for data storage. Since the blockchain will grow with time, select a location with lots of free space. If you want to download the software and need instructions for a different platform please visit our community forum by clicking here.
- Step 1: Click here to download the latest wallet software for Windows
- Step 2: Find a suitable location on your hard drive and create a folder for the software and data storage (I’m going to use C:\xtrabytes for this tutorial)
- Step 3: Inside the newly created folder, make another folder and rename it to ’data’.
This is where the blockchain and your ’wallet.dat’ file will be stored. (For this tutorial - C:\xtrabytes\data)
- Step 4: Move the wallet software to the main folder.
- Step 5: Right click the wallet software and click Create Shortcut.
- Step 7: Right click the new shortcut and go into Properties. Make sure you are in the ’Shortcut’ tab.
- Step 8: In the Target box, add the line ’-datadir=data’ after the .exe file.
Make sure there is a space between them. You end up with something looking like this.
Click Ok, then rename the shortcut to ’Xtrabytes’.
- Step 9: Start the wallet software using the shortcut ’Xtrabytes’. Wait for the software to connect to the network and start synchronizing the blockchain. Once it is fully synchronized, the wallet is ready for use. If the synchronization stops for a longer period, restart the wallet software.
It is highly recommended that you set a password to keep your wallet safe. This is explained in more detail in the next tutorial, ’How to encrypt your wallet’. To learn how to use the wallet, see the tutorial ’How to use the wallet’
The shortcut can be moved to your desktop or any place you like. However, leave the wallet software and data folder where they are. The reason we have made this shortcut is so you can select where to store the blockchain and ’wallet.dat file’. The default directory in your windows drive is difficult to find and takes up too much space on your windows disk.
How to encrypt your wallet?
Security is very important when we are handling cryptocurrencies. This tutorial will explain how to set a secure password to safeguard your wallet.
- Step 1: Start the wallet software
- Step 2: Go to Settings and click Encrypt wallet
- Step 3: It is very important that you use a strong password, as this will keep your coins safe even if someone were able to access your ’wallet.dat’ file. Do NOT lose or forget this password. Once the wallet is encrypted it can not be undone. If you lose your password, we can not help you access your coins again.
Select a strong password, and make sure you have it memorised or written down on paper. Click OK.
You will asked to confirm the encryption of your wallet. Click Yes.
A new box will appear warning you that the software will now shut down and encrypt your wallet. Click OK. Wait for a minute or two for the encryption process to finish.
Your wallet is now much safer.
- Step 4: The next time you start your wallet software and want to send coins, you will be asked for the password. This is for sending only, when receiving, no password needed.
After encrypting your wallet, you should make a new backup. Any old unencrypted backups will no longer function. This is explained in more detail in the next tutorial, ’How to make and restore a backup of your wallet’.
How to make and restore a backup of your wallet?
Making a backup of your wallet is an important step in securing access to your coins.
We recommend making multiple backups, at least one offline on a usb-drive.
What if there is a fire and your house/apartment burns down? It’s a good idea to have this backup in multiple locations if you plan on long term safe keeping.
When you make a backup, a copy of your ’wallet.dat’ file will be made.
The ’wallet.dat file’ is needed for you to be able to access the corresponding funds on the network.
To make this easier, enable ’Show File Extensions’ in Windows.
In Windows 10 you can find it when you open a folder. Go to the top menu and select View.
In the section below, there is an option to ’Show File Extensions’. Make sure it is selected.
Making a backup
- Step 1: Start the wallet software and go to File and click Backup Wallet.
- Step 2: Find a location and give the backup a name. Press Save.
That’s it, make sure to keep this backup file in a safe place, or multiple.
Lose it and you lose access to your funds.
Restoring a backup
Do you know the location of your blockchain?
The default is ’C:\Users\your_windows_user_name\AppData\Roaming\xtrabytes’
I recommend you follow the steps in the tutorial ’Installation’ to create a custom data directory for the blockchain and ’wallet.dat’
- Step 1: Locate your wallet backup.
- Step 2: Copy the file into the same directory where you store your blockchain.
If you followed the steps in the tutorial ’Installation’ - your directory would be ’C:\xtrabytes\data\’
- Step 3: If you have given your backup a different name, rename it to wallet.dat
- Step 4: Start the wallet software, you are now able to access your restored wallet.
How to use the wallet software?
Once you have installed the wallet and are fully synchronized with the network, you are ready to send and receive transactions. The wallet contains five main sections.
Overview, Send coins, Receive coins, Transactions and Address Book.
This section contains an overview of your wallet’s balance and recent transaction history.
- Balance: Your current wallet balance.
- Unconfirmed: Transactions sent to you that has yet to be confirmed by the network.
- Total: The sum of your balance and unconfirmed transactions.
- Recent transactions: An overview of recently sent and received transactions.
- Send coins
From this section you can send transactions to others. Before you can send coins, you have to unlock your wallet.
Pay to: This is where you put the address of the person you are sending to.
On the right you have three buttons.
- The first is Address Book. Click this to select a recipient who you have stored in your address book.
- The second pastes the content of your clipboard.
- The third will remove the selected line if you are sending to many recipients at the same time using the Add Recipient feature.
- Label: If you want to store the address you are sending to in your address book for future use, give it a name by applying a label. When you send the transaction, the address will be added to your address book.
- Amount: The amount you wish to send.
- Add Recipient: Click this to add another output to your transaction. Useful if you are sending to more than one address and want to save on fees by combining them into one transaction.
- Clear All: Removes all outputs from the list.
- Send: Broadcasts your transaction to the network. Can not be undone.
- Receive coins
In this section you can create multiple receiving addresses in order to keep your funds more organized.
When you first start the wallet software, a wallet with a receive address will be generated for you. This is the address you send your coins to from an exchange, and the address you give to others who want to send you coins. By default it will be labeled «(No label)».
If you plan to use more than one receiving address, it is useful to give them labels.
You can change labels by right clicking the address and select Edit.
Note: Always make a new backup after generating new receive addresses. Your old backup does not necessarily contain this new address.
- New Address: Generates a new receiving addresses
- Copy Address: Copies the selected address to your clipboard
- Sign Message: Allows you to sign a message with your wallet address, can be used as proof of origin/identity.
In this section you have a complete overview of all your transaction history, both sent and received coins.
You can filter by timeframe, sent/received, wallet address and amount to locate a specific transaction.
- Address book
In this section you can manage your address book. Right click an address and click Edit to change a label.
Note: Any addresses added after your last backup will not be included. If you use this feature and have many addresses saved, it would be useful making a new backup so they are not lost.
- New Address: Add new addresses to your address book.
- Copy Address: Copies the selected address to your clipboard.
- Verify Message: Allows you to verify a message with from someone in your address book. Can be used as proof of origin/identity.
- Delete: Deletes an address from your address book.
What is an exchange?
Cryptocurrency exchanges work in a manner similar to banks. One first deposits a cryptocurrency, usually Bitcoin, into a personal account on an exchange. Then bitcoin or another common cryptocurrecy can be traded for other cryptocurrency. Typically, after moving into a cryptocurrency of choice, a user withdraws it and stores it in a personal wallet. Unlike over-the-counter transactions, there is no risk of losing money due to traders not fulfilling their part of the deal, as long as the exchange itself does not commit fraud or withhold money.
Exchanging is done by placing "buy" or "sell" orders, which the exchange system software then matches with each other. "Buy" orders (or "bids") are offers to buy bitcoin in exchange for another cryptocurrency at a certain price. "Sell" orders (or "asks") are offers to sell bitcoin in exchange for another cryptocurrency at a certain price. Thus, the market moves (price goes higher or price goes lower) on fluctuations in demand for any particular cryptocurrency.
How to trade on an exchange and send cryptocurrency to a wallet?
After trading for a particular cryptocurrency, it is best to withdraw it from an exchange into a personal wallet. Every exchange has a withdraw option for each cryptocurrency being traded there. Find the withdraw page and click on the withdraw icon.
Now the exchange will reveal a form that asks for an address to send a cryptocurrency to. In order to find this address, open your personal wallet for a particular cryptocurrency and click deposit. The personal wallet will then display an address that can be used to deposit cryptocurrency. Copy the deposit address from your personal wallet and paste it on the withdraw address form on the exchange.
Add the amount of a cryptocurrency you wish to withdraw from the exchange into your wallet. Then make sure everything is correct and click on submit. In most cases, the exchange will ask you to verify the information and click submit again. Then, you may have to confirm this transaction one more time if the exchange sends you a confirmation email.
This process takes between a few minutes to a few hours generally. After multiple confirmations, your cryptocurrency should arrive in your personal wallet.
If you have more questions about XTRABYTES or cryptocurrency in general we would like to direct you to our community forum. Feel free to start by reading the FAQs.