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Bitwin24 Masternode setup Guide | How does a real passive income work?

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Bitwin24 Masternode setup Guide | How does a real passive income work?

Bitwin24 Masternode setup Guide | How does a real passive income work? Overall rating: ☆☆☆☆☆ 0 based on 0 reviews
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bitwin24 masternode setup guide

Welcome to the Bitwin24 Masternode setup Guide. You can do with me your wallet for staking or a complete Masternode installation. Which is also suitable for other master nodes, if an installation script is available. Bitwin24 is one of the few ecosystems of crypto currencies that have a use case before publication. This makes Bitwin24 one of the few companies where it is really worthwhile to help build their business. That’s why I take the time to describe this in detail in this Bitwin24 Masternode setup Guide for you.

Under the following links you can read in further and create your own picture of it:

Requirements for staking

  • Windows, Linux, MacOS or Raspberry Pi
  • At least 1 BWI-Coin

Requirements for the Masternode

  • 3,001 BWI (3000 BWI collateral + 1 BWI for blockchain fees)
  • A PC running the Control Wallet (Windows, Linux, MacOS or Raspberry Pi)
  • Remote Wallet / VPS Masternode Server (Ubuntu 14.04/16.04/18.04) with a unique IP address on which the masternode can run permanently

 

Control Wallet – here the collateral of 3,000 BWI is locally blocked. The wallet can be closed without affecting the master node.

VPS – Virtual Private Server on which the Masternode is running.

Good VPS ProviderVultr, Digital Ocean.

Remote Wallet – runs on the Masternode Server VPS and is 24/7 online.

IPv4 address – the rented VPS has its own unique IPv4 address. This is needed to connect to the VPS and set it up.

Is all this too complicated for you? Register here and let Getnode manage the master nodes.

Important console commands

Bitwin24 Masternode setup Guide Installation Commands

  • wget -q https:**raw.githubusercontent.com/BitWin24/bitwin24/master/bitwin24_autoinstall_de.sh
  • sudo chmod +x bitwin24_autoinstall_de.sh
  • ./bitwin24_autoinstall_de.sh
  • bitwin24-cli encryptwallet mysuperpasswort
  • bitwin24d

Grund-Befehle für die normale Nutzung

  • bitwin24-cli getnewaddress
  • bitwin24-cli getwalletinfo
  • bitwin24-cli getstakingstatus
  • bitwin24-cli getbalance
  • bitwin24-cli masternode outputs
  • bitwin24-cli sendtoaddress BWI_Adresse Amount
  • bitwin24-cli listaddressgroupings
  • bitwin24-cli getinfo

Backup and import of the wallet

  • bitwin24-cli dumpprivkey YourWalletAddressHere
  • bitwin24-cli importprivkey YourPreSharedKeyHere 
  • bitwin23-cli backuppath=<dir|file>        | Defining a User-Defined Backup Path
  • bitwin24-cli -createwalletbackups=<n> | Number of automatic wallet backups (default: 10)
  • bitwin24-cli rescan                                    | Re-scanning of the blockchain after transactions
  • bitwin24-cli salvagewallet                        | Attempts to recover private keys

 

Remote Wallet configuration on your VPS.

Step 1

Connect the selected SSH client to your VPS. We recommend Bitvise Client and Putty. Therefore enter the IP and the port (default port 22) of the server in the respective field and with Bitweis additionally the user root (with Linux always root for admin).

Bitwin24 Masternode Tutorial     
          

Step 2

Copy the following three commands one after the other into the SSH console and confirm each with ENTER.

wget -q https://raw.githubusercontent.com/BitWin24/bitwin24/master/bitwin24_autoinstall_de.sh

sudo chmod +x bitwin24_autoinstall_de.sh

./bitwin24_autoinstall_de.sh

Confirm with y(es) to install a new masternode and create a pre-shared key.

If you already have a pre-shared key from a masternode that you want to restore, confirm with n(o).

Step 3

After a short while you will be asked if you want to replace the grub entry. Here you confirm, as on the following picture, the default answer with Enter.

At the end a configuration line is output which we copy and keep ready for later.

This will be needed later. <bitwin24_mn1 142.93.98.45:24072 5m5afsDPqfZ56haqUE84AbJia1HptziDbNvWjmRw5PxrNjuMPii TxId TxIdx>

We now continue on your control wallet on the desktop.

Configuration of the control wallet:

Step 1

Download, install, open and fully synchronize the appropriate wallet for your operating system. This can take up to several hours, depending on the size of the blockchain.

 

 

Step 2

Under the tab “Settings” you will find the item “Encrypt Wallet”.

Choose a secure password here and remember or write it down. If the password is forgotten, there is NO way to recover the coins!

After encryption, the wallet is automatically closed. Start it again and try out whether your password has been adopted correctly. You can test this by clicking on “Unlock Wallet” under the “Settings” tab.

 

Step3

If the password is correct and the wallet has been unlocked you can send your purchased coins to your wallet.

Go under the tab “File” to the point “Reception addresses…”.

In the opened window click on “New“, enter your address name under “Name” and click on “OK“.

Then click on “Copy“. Now you have the receiving address in the clipboard.

 

Step 4

Now send exactly 3000 BWI to this address. You can do this from any wallet, but also from your own by bank transfer.

To do this, click on the “Transfer” button in the wallet.

There you paste the copied address into the “Recipient” field.
You will now see that the name of the recipient address has already been entered under “Name“.
Now enter 3000 for “Amount” and click on “Transfer” and then on “YES“.

 

 

Step 5

Change now to the subitem “Transactions“.

Here you can see a self-transfer, if it was sent within a wallet. The amount you see here is only the fees. Nevertheless 3000 BWI were transferred. If the 3000 BWI are from an external wallet, for example from the BitWin24 website, there are exactly 3000 BWI there.

If you hover over the position with the mouse where the green tick is on the screen, you can see how many confirmations the transaction already has.

For the next step a confirmation is enough.

 

Step 6

Open the debug console under the “Tools” tab.

In the debug console, enter the following command and confirm it with “Entermasternode outputs

 

The console now outputs the txhash of the collateral bank transfer, followed by outputid which is 1 or 0. Store this data for the next step.

 

Step 7

Now open the “masternode.conf” file under “Tools” , “Open Masternode settings file” (if nothing opens here, enter %appdata%/BITWIN24 in Windows Explorer, or if you have changed the installation path to this folder and open the Masternode.conf file there in the editor.) 

Insert the data from the previous steps here in a continuous line as shown in the example:

MASTERNODE_NAME SERVER_IP:24072 PRIVKEY TXHASH OUTPUTID

Masternode configuration example:

MN1 99.15.145.5:24072 5n2WPpkqbr7sr6Si4fdsfssjjapuFzAXwE3CrpPJubnrmU6aKzh c8f4965ea57a68d0e6dd384324dfd28cfbe0c801015b973e7331db8ce018716139 1

Now save your file and restart the wallet!

Step 8

Now the masternode only has to be started.

Now unlock your wallet for the next step and change to the submenu “Masternode“. Here you click on the button “Start only missing“. This command starts all master nodes that have not yet been started.

The status of the master node now changes to “ENABLED” if everything was done correctly. If you get an error message, you can write a comment here, contact me via telegram, send me an eMail, or join the Discord Support Channel.

CONGRATULATIONS !

You are now operating a Masternode! 

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