I was quite happy to learn I had some decred. I recall when I first received it that it was very nice, ahead of its time, and well thought out crypto.
The problem was I didn’t know how to trade in crypto, let alone trade in a less-than-top-3 cryptos.
Without further adoo, here is what I did and I hope it helps you save some time.
This assumes that you have a decred wallet going (mine is Decredition on Ubuntu).
Note also that some of these steps might change slightly change and possibly may have already done so since writing it (took me a month to publish) so if you hit a roadblock you might have to adjust slightly but the ‘general flow’ should hopefully help you.
Get Decredition Going on your Ubuntu Machine
I got this decred thing
It downloads AppImage without calling the file that. Once it is downloaded you can execute the program with a right click and ‘run’. If any issues opening, you can check permissions on the right click and make sure it can execute. Note that it a) takes a while to open for me and b) takes a really long time to do the first block sync so allow even a few hours for Decredition to get set up.
Once it’s set up you can hit ‘launch wallet’ and that will take you to your Decred DCR currency wallet.
From in here, when we get to the ‘swap’ section below, we are going to grab the sending wallet address so keep this open and ready.
In the decred wallet, go to:
- Enter your DEX passphrase (set it up if you haven’t)
- Connect to DCR wallet. It will ask for your main DCR login and your DEX passphrase (again), enter them
- Go to ‘on chain transactions’
- decide how much you are going to send for the swap transaction and enter that amount in the DCR field.
- Paste in the ‘send to’ wallet address into the field. This will be the ‘receiving wallet’ address provided by swapspace.io below in the swap section. You can pause here in Decredition and keep going on the tutorial…
Set up Kracken Account
Kracken seems to be one of the only exchanges that can reliably move ETH to Canadian Fiat. Feel free to comment and let me know otherwise, but this worked and worked quite well. After your account is set up on Kracken and you’ve done what’s required for ID and such to do trades, create an ETH wallet
Again, I may be wrong, but it seems the only way to convert your DCR to fiat (at least Canadian fiat) is to first ‘swap’ it on a decentralized exchange (DEX). Now, it seems there is one built right into Decredition (the core DCR software) but it also says this warning on the same page: ‘for security purposes, we suggest using a separate DEX wallet and then tarnsfer funds out from there to your normal wallet’. As such, I’m going to use a very reliable swapping platform called swapspace.io in the swap section below.
Get your Kracken ETH deposit wallet set up in a browser tab
We will be eventually sending the output ETH currency resulting from the swap into the Kraken ETH receiving wallet. As such we’ll need that set up, open and ready:
- Log into Kraken on your browser
- go to ‘funding’
- go to ‘ethereum’
- copy your deposit address to clipboard – if you don’t have an ethereum deposit address, figure out how to make one…you will be copying / pasting / entering this into the swapspace.io receiving wallet for the coin swap in the next section.
Setup Swapspace.io in a browser tab
Note: swapping like this will mean paying ‘gas fees’ and such to swapspace.io so this is not ‘free’. However, this works and for me losing some on the transaction was worth it for the easy and speed. But I did want to make that note because Swapspace is not a volunteer organization.
- Go down to ‘you send’ and change to ‘dcr’ and enter in your amount you want to send
- Change to what you want to receive it in. I’m using ETH and sending to the Kracken account
- Click view offers
- Choose your offer / exchange
- Have your receiving wallet address ready (Kracken) and your sending wallet address (. IN my case I’m now moving it from Binance to metamask trhough this swapspace so I did the ‘withdraw’ option at BInance. SEE NOTES BELOW AND GO STRAIGHT TO KRAKEN RECEIVING WALLET
- from your holding wallet, enter the receiving address provided by swapspace. this will appear in the ‘awaiting payment’ phase.
I entered my Decred address (from the ‘receive’ section of Decredition) into the ‘DCR refund address’) in case anything went bad. It was optional.
- agree to terms (hopefully they aren’t too bad, lol) and submit
- wait up to an hour (hopefully not more). You should see ‘awaiting payment’ and then ‘processing’ and finally ‘ Exchange completed’ as SwapSpace does its thing.
Assuming this works you now have successfully converted DCR to ETH and it should now be sitting in your Kracken Ethereum wallet.
SIDE NOTE: The great part is that you can repeat this tutorial and convert to another crypto too (such as Cardano Ada) by doing the same steps above but using your cardano wallet (ie. adalite) address instead of the kracken address and using ‘ada’ instead of ‘eth’. This process above is effectively how you move seamlessly from one coin to another in all the various systems, thanks to Swapspace.io and their very versatile system.
Let’s continue and move the ETH into Canadian Fiat via Kracken…
Move your ETH to Canadian FIAT
Now that we have finally moved some ETH successfully to Kraken, let’s try to get it out as FIAT…
- log into Kraken
- Review this page to see the CAD options. It seems SWIFT BANK FRICK is the cheapest and fastest option
- the link on that page for bank frick takes you here
- Then this page
Here is a quick overview of the steps:
- go to the currency you have (Crypto)
- search your currency (CAD)
- select bank frink from dropdown
- click continue button below “Add your bank account details to withdraw funds.”
Enter data (see details and notes below):
When you go to set up your fiat bank account in Kraken and hit ‘add account’ after choosing ‘SWIFT’, you are greeted with the following fields:
- Name on account
- IBAN / Account Number
- Bank name
What I entered
I was with a credit union which had ‘different’ stuff going on for SWIFT transfers. They used a third party thing so I phoned and the customer service phone support wasn’t so good either. They just said ‘there are a lot of variables so you have to make your best choice from our wire transfer page”… thanks…
So I entered as follows (it’s all fake filler data, FYI):
- Fake bank transit number: 12345
- Fake bank account number: 987654321
- Institution number: (did not use)
IBAN/Account: 12345987654321 (TRANSIT+ACCOUNT)
BANK NAME: GREAT CREDIT UNION HEAD OFFICE NAME
ADDRESS: 123 – 45678 Champ Blvd, Vancouver, BC, V3T 0K7 Canada
BIC: CUCXCATTVAN (used SWIFT code here
At this point, I thought you would just be able to ‘withdraw’ your ETH but in fact you have to first do a ‘trade’ so let’s proceed to the trade step.
Do the Trade at Kraken to move ETH to Fiat
- Go to trade
- Search eth/cad ‘pairs’ (or adjust to your currency pair choice)
- With the buy/sell button slider, select ‘sell’
- With the market/limit button, select ‘market’ unless, I guess, you want to fix a limit and wait?
- Hit the “sell ETH for CAD” button
If everything goes well, then you should see the order appear.
shows order details and the following message: ‘order –_ successfully created!”
It doesn’t show you your bank info at this point so I’m not entirely sure why… I gues it remembers your SWIFT info from before when you entered it?
Review of workflow:
- Decide how much DCR to sell
- Go to swapspace.co and enter that amount
?? enter ETH address for Kraken in the __ field?
- Choose your best trade option.
- Get destination wallet address from that trade from Swapspace
- Go to Decredition (or do it with another wallet if it’s there)
- Go to ‘on-chain transactions’ in left column
- Enter the Swapspace destination wallet address from step 4 above into the ‘send to:’ walled address in Decredition. If it’s copied to clipboard you can just use the paste feature of decredition
- Send it. You will be prompted for your decredition master pw so enter that (passphrase)
- Wait. It takes 5, 10, 20 60 minutes for this to happen depending on a variety of factors. If you don’t have it in an hour so at that point perhaps you could be concerned.
- Go back to Kraken and refresh your ‘funding’ page. you should see transactions at bottom.
Assuming you went through all the pain I documented in this tutorial, you should eventually see the funds show up in your bank account. Note that this could be considered investment income by your tax authorities so be sure to check with your accountant / advisors before doing trades as it might not make sense to move it out depending on your needs, tax brackets, etc.
I hope some or all of this helps one or more of you!