Step Increase Collateral Starters Guide - Keeping up with collateral updates - Earn passive BTC w. BIT

kryp70kn1gh7 (46)in #btc • 6 years ago (edited)

In this video the process of stepping up our collateral for a masternode is explained.

Recently, BitMoney had a collateral increase from 9600 to 16800 and this video explains how you can still get rewards without having to install a new masternode or change the IP address of your VPS.

Currently, as of today, 11/25/2018 a BitMoney masternode costs about $160 in BTC/BIT and will earn you about $10 worth of BTC/BIT each day. Very impressive opportunity for early adopters on this one.

Please follow these instructions as the should be very similar with most masternode projects.

Open wallet, click Tools, Open Masternode Configuration File.

Put a # in front of the configuration you are changing.

Save masternode.conf file, close the wallet.

Reopen Wallet.

Open masternodes tab.

You should see that you have nothing listed in the tab.

After wallet syncs you can send the new collateral as a new transaction to your wallet.
Please do not send a “top-up” amount.

The entire amount has to be a new transaction.

After 20 confirmations, open debug console and type "masternode outputs" to get your new txid.

Go back to the masternode.conf file and delete the hash from the beginning of the masternode config line. (step 2)

Edit the masternode.conf and replace the old txid with the new mn output.

Close the wallet completely again, and reopen it. You should now see your masternodes listed in the masternodes tab.
However, they will show as MISSING status. 11 –
Open debug console and use the command "startmasternode alias 0 mn1"

Go to your VPS and type "BitMoney-cli masternode status"
It should say "Masternode successfully enabled"

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