netsDigital currencies are peer to peer networks. It is important to have many people participate in the network for network security. To ensure this, some kind of motivation is needed. Bay is a Proof of Stake (PoS) coin. That is geek talk for Bay paying interest to those that help strenghten the network.

Staking, as this is called, is to leave your wallet running, and thus become one of many nodes that confirm transactions on the network. The interest rate is 1% annual.

The QT wallet can receive, store, and send Bay. It can also stake.

Installing the QT Wallet

Installing the QT Wallet is extremely simple. Simply unzip the file you downloaded, and move the application it contains to your apps directory (or wherever you like really).

You can then open the Wallet by simply double clicking it.

The first time you run the QT Wallet, it will have to sync up to the Bay network and download the blockchain. This could take anywhere from minutes to hours depending on how good your internet connection is. Once you have a full copy, you will only have to sync up to newest blocks, which will usually only take moments.

Once you are synced up, you are ready to send, receive and stake Bay!

You can install both the QT wallet and the beta client on your computer, but you can only run one at a time.

Encrypting your Wallet

The first thing you should do when you start your QT wallet for the first time is to encrypt it. You can do this by going to the top menu > Settings > Encrypt Wallet. Use a long password with a mixture of lowercase and uppercase letters, numbers, and symbols.

Important: Write this password down, and store it in a secure place. If you lose your password, your wallet will be inaccessible for ever.

Making a Security Backup

Before you go any further it is a good idea to make a backup of your wallet. To do so you need to make a copy of a file called wallet.dat, and store it in a secure location. This will let you access your Wallet and therefore your money in the event you lose access to your computer or the data on it. You can use the backup function that you find in the file menu, or do it manually.

The file can be found in the following locations:

The installation will make a folder that is called Bitbay here: C:/users/“your name”/Appdata/Roaming

You will find your wallet.dat file in this folder.

On a mac  click on the app and go to “show package contents”. Navigate to: Contents\Resources\drive_c\users\Wineskin\Application Data\Bitbay

Linux Content

Make sure you make at least one backup of your wallet.dat

You should backup your wallet.dat file off your computer, to external media such as a USB drive or stick that you can keep safe. This drive should be kept in a safe deposit box or outside your house to prevent loss in case of fire.

Remember, your money is in that file. Without your wallet.dat, you risk losing access to it permanently!