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Getting started with Orbitcoin

Hello folks. The Orbitcoin (ORB) community grows and we are happy to welcome new members every day. Here is a guide that will allow you to start using Orbitcoins today.

To hold your Orbitcoins, you will need a wallet. It’s a software available for Windows, Linux and MacOS X that will act as your personal bank. It will hold your accounts, will be used to send and receive your coins and will generate interests on your holdings.
The firsts steps are to download, install and launch the Orbitcoin wallet on your computer.

To do so, you can click on the links below to download the wallet archive, depending on which type of operating system you are using :

You will need at least 1 Go of available disk space to use the wallet. I recommend to install the wallet on your computer in a commonly used directory such as C:\Program Files on Windows or the Applications folder on MacOS X. This is handy in case you migrate your files to a new computer, for example.

Attention : it is important to keep your wallet updated to the latest version available. Using an outdated software wallet might prevent it from working normally. This might require to download and install a newer version from time to time. The latest version available is 1.5.0.0, older versions will not work.
First time launch

When your wallet is used for the first time on your computer(s), it needs to set itself up by downloading the Orbitcoin block chain. This block chain is a kind of database used by the wallet to run. It contains all the information generated by the people using the coin from its birth (records of coins sent, coins received, coins generated, etc.). The Orbitcoin block chain is the same for everyone and is permanently updated with the latest transactions, happening all the time, all around the world.
The block chain files will be automatically downloaded and updated by the wallet while it’s running on your computer. On the first run, it may take some time (4/5 hours most of the time, depending on your internet connection) as the block chain has a volume of approximately 900mo.
Basic functions

 

Screenshot of an ORB wallet
While running, the main panel of the wallet shows the global balance of all your accounts and a short list of recent transactions you made. The main commands of your wallet will reside under the “Send” (coins) and “Receive” (coins) buttons.

  • In the “Send” panel, you will be able to transfer your coins from your accounts to another person’s Orbitcoin address.
  • In the “Receive” panel, you will be able to set up an unlimited number of local accounts associated with their own and unique address, addresses that will be used by other people to send coins to you.
  • In the “Payment” panel, you will find the list of all the transactions made using your wallet (sent payments, received payments, coins generated).
  • In the “Addresses” panel, you will be able to manage a list of people you wish to send ORBs to regularly.

Feel free to navigate through the wallet menus and discover the different commands.
Getting your firsts ORBs !

There are different ways to get ORBs on your account (just like regular FIAT money actually) :

  • Sell a service or objects to people and accept ORBs as a payment ;
    Accepting ORBs as a payment for a service you are offering is very easy and there are already many stores where you can pay with ORBs (see the Orbitcoin forum for more informations). Feel free to ask details to community members if you wish to sell (more) using ORBs !
  • Buy ORBs on market places ;
    Just like US dollars or Euros, ORBs can be exchanged (bought and/or sold at current rates) on specialized market places (like https://www.cryptsy.com). Check the Orbitcoin forum for the list of all ORBs markets.
  • Use a computer calculation power to “create” new coins ;
    It is called “Proof-of-Work mining” or PoW mining. Using your computer calculation power with dedicated software, you can literally “find” coins by running the same complex algorithm a huge amount of time. It is called “mining” because it looks like digging in a mine : you dig randomly until you find a nugget (in our case, nuggets are “blocks”).
  • Hold enough ORBs on your wallet accounts to generate interests.
    It’s probably the greatest feature of the Orbitcoin : “Proof-of-Stake mining” or PoS mining. Just like a regular bank may make your money work and share the benefits with you, when you hold a minimum amount of ORBs on your wallet (at least 30) and leave your wallet running on your computer, these ORBs may automatically generate new coins that will be directly added to your wallet balance.

In next posts, I’ll be covering how to mine your own coins with PoW and PoS, stay tuned !


Posted in Getting started, Orbitcoin, Wallets and tagged , , , , , , .

David N. Brett

Creative Swiss Knife with a strong DIY culture, Dave can't stop building new things. Involved in crypto-currencies communities as PR specialist and mining pools operator, he's eager to share his views and knowledge of the crypto world.

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