How To Store THC

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Before trading or buying HempCoin you will need a digital wallet to store your THC. The HempCoin wallet works on your desktop or laptop and securely stores your THC until you are ready to use it. The HempCoin wallet consists of two elements - a private key and public address. Your private key is stored on your wallet.dat file and is needed to access your funds. If it falls into the wrong hands, it’s likely that the funds it contains will disappear forever. The public address is given to other HempCoin users in order to receive funds, and is generally provided as text or a QR code.

HempCoin wallets can be found here. Download the wallet suitable for your operating system. After the wallet has downloaded, run the hempcoin-qt file to install the wallet on your computer.  

Once the wallet begins running on your computer it will begin downloading the HempCoin blockchain. The blockchain is a decentralized ledger running on each user’s wallet and various network nodes that records the transactions taking place on the HempCoin network. As your wallet begins to synchronize you will see the status bar, located at the bottom of the wallet, increase from 0% to 100%.

After the wallet is open and fully synched, Encrypt the wallet to add an extra layer of security. To encrypt the wallet, click the Settings dropdown in the top bar and select Encrypt Wallet…. You will be asked to create a password and confirm the password. DO NOT LOSE YOUR PASSWORD. PASSWORDS CANNOT BE RESET OR RETRIEVED. IF LOST, YOU WILL LOSE ACCESS TO YOUR FUNDS. To complete the encryption process the wallet will need to shutdown.

Once the wallet shuts down, run the hempcoin-qt file again to reopen it. Next, create a backup file for your wallet. To create the backup, click the File dropdown located in the top bar and select Backup wallet…. We recommend saving the backup file on a removable storage device such as a memory stick or SD card, however, if none are available save the file to a safe area on your hard drive. The file can be named, wallet.dat.

After the backup file is saved you are ready to send coins to your wallet for storage. To do this you will need to retrieve your public address. Click the File dropdown in the top bar and select Receiving Addresses…. Select the first address in the window that appears and click the Copy button to copy the address to your clipboard. You can send this address to others, use the address when purchasing THC, or use the address when withdrawing THC from exchanges.

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