Rhenium [XRH] for beginners
This guide is aimed at those new to the crypto space and Rhenium. A useful story to help you along the way.
Setting up your wallet
Firstly you need a Rhenium wallet to do this, if you haven’y already you can get one here: https://github.com/Rheniumnetwork/Wallets
Choose from either Windows, Mac or Linux then simply click download!
Your downloaded file will then appear in a zipped folder — once you open it will look something like this:
Now simply drag the file onto your desktop and the beautiful Rhenium logo will appear! Double click and the wallet will launch.
You wallet will immediately begin the sync to the blockchain, this may take some time depending on how far behind you are on the chain. It can be easily monitored via the loading bar at the bottom of the wallet. It will look something like this.
Once completed the loading bar will disappear. Your wallet is now set up and ready to use!
Security
In cryptocurrency, security is key. As a beginner you must learn good habits early on. Let’s walk you through how to secure a Rhenium wallet.
Firstly, you must decide whether you want to encrypt your wallet or not (this will add a password/phrase to your wallet). We recommend this feature as it will add an extra layer of security to the wallet.
To go ahead simply go to: SETTINGS>ENCRYPT WALLET. This can be found on the top left of the wallet.
A window will then appear asking you to enter a password/phrase — follow accordingly.
Be sure to SAVE or WRITE DOWN you chosen password/phrase and store somewhere SECURE.
IF YOU LOSE THIS, YOU WILL NOT BE ABLE TO ACCESS YOU FUNDS.
The wallet will then begin encryption, this may take a moment. After completion it will close automatically (DO NOT CLOSE MANUALLY as this will interrupt the process and you could lose your XRH). After wallet has shutdown sucessfully, relaunch.
Once you have done this now it’s time to backup your wallet. To do this simply go to: FILE>BACKUP WALLET. Top left of wallet again.
Once clicked it will ask you to name your file, do this and then save it somewhere securely. This file is extremely important as it works as a backup to your funds if your machine breaks down or similar. SAVE THIS SOMEWHERE SECURE.
Sending and receiving coins
Now to the wallet use case! Sending and receiving XRH. To send someone else XRH they must have an XRH address. This will always start with an “R”.
Go to sending tab and paste their address into the “PAY TO” field and below you can add a reference for the address to the “LABEL” field. Choose amount of XRH then click “SEND” (bottom left).
Note* If you have encrypted your wallet it will ask you to enter your password/phrase before sending to unlock wallet. Be sure to lock again after sending if required.
Transactions
These can be easily checked and monitored via the transactions tab. This tab will display a list of all activity in the wallet regarding payments in/out. If you want to track an individual transaction simply double click on it and a new window will appear with all details.
See exactly how a transaction is getting along by simply copying the TRANSACTION ID from the pop up window and pasting it into our block explorer which can be found here: http://45.77.1.151/
Masternodes
Masternodes can be a great way to acquire additional XRH over time and also help secure the network. Masternodes require 10,000 XRH coins and require a setup to activate them.
Once you are familiar with the wallet and decide you want to get on board here is a link to our full masternode setup guides: https://github.com/Rheniumnetwork/Masternode-Setup-Guide
Staking
Staking can be done without the need for 10,000 XRH. The block reward % is lower than masternodes but there are less barriers to entry. You can stake any amount of XRH and it’s simple to get going!
To enable staking your wallet must be open and unlocked to function — When this is done the wallet will then begin to stake your coins, and payouts will slowly trickle into your wallet.
You will know if your wallet staking is active and working correctly by checking the bottom right of the wallet. It should look like this:
Coins need to have 101 confirmations before they are allowed to stake and the amount of XRH in your wallet will be relevant to the amount of staking payouts you receive.
Tips
Stuck and can’t seem to get things to work? Head over to our discord channel where the community will help you! https://discordapp.com/invite/Gb5EVsA
