01coin is something I discovered browsing masternodes.online.
It’s pretty inexpensive to set up a masternode, and I haven’t set one up before, so I figured I’d try it with 01. I actually tried GoByte (GBX) first, but they’re in a transition period where you can’t set up a masternode right now.
The first task was getting enough 01coin to set up the node.
01coin is traded on two exchanges right now – Crex24 and Graviex. Since Crex24 isn’t available to US customers, Graviex was the only option.
Since Graviex touts being able to buy cryptocurrency with a credit card, I decided to try that. It was a mistake. It started out simple enough – I set up the order and went on to the next screen. There they were asking for far too much information – including date of birth and driver’s license or passport number. I don’t know or trust Banxa, so I’m not too keen on telling them everything about me just to spend about as much as I’d spend at a food cart (where, in contrast, they wouldn’t even bother asking for a signature on a credit card purchase).
Since that was more than I wanted to deal with, I sent in some Ravencoin (RVN), sold that, and used it to buy a few thousand ZOC. Liquidity isn’t great for that coin, so I moved the market a bit with my purchase.
Now that I had enough coins to set up a masternode, I followed this tutorial and used method 3 (manual installation).
Thanks to that guide, setting up a masternode was not difficult at all.
After two days, I noticed that the node’s state said that it needed to be restarted, so I did. I don’t know whether this is something that will be a recurring problem, but it’s something I’ll watch for.
I haven’t yet received any masternode rewards, but the node hasn’t been running long enough to have earned any yet. The guide says it can take a while to receive your first reward.