Latest method to Stake and Earn Income With Decred (DCR) in 2019

Manu Rastogi (a.k.a. Bit Devta)
6 min readJun 16, 2019

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PoS staking with Decred requires purchasing at least one ticket. At the time of this writing, one ticket is roughly $3,100 (~120 DCR).

It’s also important to understand the ticket price fluctuates over time.

In other words, it may take more or less DCR to purchase a ticket in the future. And the price of DCR may fluctuate as well, changing the total amount you need to invest.

Before you start, it’s a good idea to check the most recent ticket prices at DCR Stats.

Step-by-Step Instructions

Please note: Some of the screen captures might be outdated by the time you read the instructions below. However, the information in our guides is still valid. Many companies release new versions of their programs. Always use the most up-to-date release.

Step 1:

Step 2:

  • Download the Decredition wallet from the Decred Downloads page. It’s available for Windows, Mac, and Linux users. See the picture below.

Step 3:

  • Once the download is complete, open the wallet. Choose your language and click “Continue.” See the picture below.

Step 4:

  • Next, choose your privacy options. We recommend choosing the Standard privacy option. See the picture below.

Step 5:

  • Next, Decred provides information on the wallet and how the Decred ecosystem works.
  • After reading through, you’ll be taken to page in the picture below.
  • Click “Create a New Wallet.”

Step 6:

  • First, name your wallet. Then click continue. See the picture below.
  • (Also notice the blue bar in the middle of the screen. It shows the Decred blockchain syncing with the wallet. You can continue to create the wallet while the blockchain syncs. Syncing can take one to three hours to complete.)

Step 7:

  • Next, Decred will provide you with a wallet seed phrase of 33 words.
  • Make sure to write this down and store it in a safe place. Should you need to restore your wallet in the future, you’ll need the seed phrase.
  • (For security purposes, we can’t show a picture.)
  • Once you’ve safely stored your seed phrase, click “Continue.”

Step 8:

  • Next, you’ll confirm the seed phrase by filling in a portion of the words. Use your saved seed phrase to complete this task.
  • Create a passphrase that you’ll use to confirm transactions using the wallet.
  • Again, store this passphrase in a safe location. You’ll use this passphrase for functions in the wallet like sending funds.
  • (Again, for security purposes, we can’t show a picture.)
  • When you’re done, click “Create Wallet.”

Step 9:

  • You now have a Decredition wallet.
  • Let your wallet sync with the Decred blockchain before continuing.

Step 10:

  • Once the wallet is synced, generate a DCR address for receiving funds. See the picture below.

Step 11:

  • Click “Generate New Address.” See picture below.
  • You can generate a new address each time you request a payment to protect your privacy.
  • Next, we’ll show you how to join a stake pool and purchase tickets.
  • Keep in mind that to participate, you need at least 1 ticket. As of this writing, 1 ticket costs approximately 120 DCR, or roughly $3,100. Keep in mind the ticket price fluctuates.
  • You can find the most recent ticket price at DCR Stats.

Step 12:

  • Send your DCR to your Decredition wallet to the address you generated in Step 11.

Step 13:

  • Next, choose a stake pool.
  • You can find an official list of stake pools from Decred here. To promote decentralization, Decred recommends you join a smaller stake pool with fewer live tickets.
  • Also consider the “missed %” and “fees.” The lower the better. See the picture below.

Step 14:

  • Choose a stake pool.
  • Go to the stake pool website of your choosing. Then, click “sign up” and create your user name and password.
  • Make sure to store this information in a safe location.
  • For this example, we’re signing up with stakey.net.

Step 15:

  • You will receive a verification email. Keep in mind this email may end up in your junk folder.
  • Follow the link provided to finalize registration.

Step 16:

  • Each staking pool will provide an API token. Copy the API token.
  • See the picture below.

Step 17:

  • Go to your Decredition wallet and go to the “Tickets” tab.
  • To add your stake pool, choose it from the list provided.
  • Next, copy and paste your API token.
  • See the picture below.
  • When you’re done, click “Continue.” Enter your password to proceed.

Step 18:

  • Decredition will now show that you have a configured stake pool.
  • See the picture below.

Step 19:

  • Next, click the “Purchase” tab until you see the screen in the picture below.
  • You can either manually enter the number of tickets you want to purchase or set up the “Automatic Ticket Buyer.”
  • We recommend setting up the Automatic Ticket Buyer. It does all the work for you and will buy you new tickets when the old ones expire.

Step 20:

  • You are now staking DCR. Here’s how it will work:
  • Your ticket will enter the mempool and wait there to be mined.
  • After your ticket is mined, it will go to immature status. You can see this in the “My Tickets” tab. You will have to wait 256 blocks (about 21 hours) for your ticket to mature and go live. Once the ticket is live, wait for your ticket to vote.
  • After a vote, your funds will need another 256 blocks to become spendable again. You receive the original ticket price plus the Proof-of-Stake reward of roughly 1.4 DCR, minus the pool fee.
  • On average, live tickets vote within 28 days, but it can take as long as 142.22 days (40960 blocks) to vote. If a ticket doesn’t vote within this window, it expires, and the ticket fee is lost. (Don’t worry, the cost price of the ticket is refunded.) There is a less than 0.5% chance this will happen to you.
  • The estimated return on investment is roughly 2% per ticket, depending on the ticket price and the Proof-of-Stake reward.

Thanks for reading! Feel free to check out some of my similar Cryptocurrency related post below.

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Manu Rastogi (a.k.a. Bit Devta)

Cryptocurrency HODLER, Blockchain BUIDLER. You can find me on the MOON in my green LAMBO.