ETH & Tokens - The breakdown.
The token frenzy has started and everyone is asking questions, stop take a breath, good? Alright lets begin in this blog we are going to try to explain everything that everyone is asking.
Setting up your wallet.
Minds recommends using MeataMask and we already have blog for setting-up your wallet here.
If you are looking to set-up another wallet with Minds you may run into issues of it connecting and we have not tested any other wallets as test tokens were/are on the Rinkeby TesNet. We will be testing wallets on launch and will update this area as needed when done.
After you have set-up your wallet with Metamask or your preferred wallet if available you can now start buying, selling and exchanging tokens & ETH.
ERC-20 Tokens
ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing token, once they are listed on a marketplace you can sell or trade them for other crytpocurrencys or cash. The Minds Token is not listed on any market currently that I am aware.
A ECR-20 smart contract pretty much works like this you send X Ether and the system returns ERC20 tokens based on the code of worth assigned by the creator of the token.
What happens to your ether?
Your sent ether gets transferred to the developers account and now belongs to them in exchange for there personalized token, in the simplest terms you are buying Minds tokens using your ether, you can use the Minds Token to boost your content & wire to other accounts. Or in the hopes price on market places where you can trade it back at a higher rate than you purchased it for.
Buying, Selling, Exchanging
You can buy ETH from many cypto-currentcy exchanges of course the most popular is CoinBase but coin base requires some info that long time users may not want to give out. If you are looking for a secure way to buy tokens other than Coinbase make sure to give the following sites a look.
Established in 2013 as the first cloud mining provider, CEX.IO has become a multi-functional cryptocurrency exchange, trusted by over a million users.
CEX.IO offers cross-platform trading via website, mobile app, WebSocket and REST API, providing access to high liquidity orderbook for top currency pairs on the market. Instant Bitcoin buying and selling is available via simplified bundle interface.
The exchange has developed a multi-level account system with individual approach to each customer, from Bitcoin beginners to institutional traders. Worldwide coverage, multiple payment options, and 24/7 support are accompanied by time-proven platform stability that guarantees safety of assets and data.
Tex has current market prices and is pretty functional in my experience and is also a registered exchange.
LocalBitcoins is a peer-to-peer Bitcoin exchange. We are a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can browse our website for trade advertisements and search for a payment method you prefer. You will find traders buying and selling Bitcoins online for more than 60 different payment methods.
On LocalBitCoins you can buy, trade, and sell with a large amount of ways to pay including cash in hand, this is where I did most of my trading during the crypto boom if I wasn’t doing a cashout and has well well documented FAQ.
Changelly is a young and promising project created by MinerGate enthusiasts. The service provides safe and fast transactions without revealing users identities. We provide the best possible rates by comparing a wide range of reliable trading platforms and work in over 50 cryptocurrencies listed.
On Changelly you buy ETH or Bitcoins or convert Bitcoins to ETH ; this is my most recent used site used to date and I have never had any issues using the service, its simple and to the point, buy this amount of ETH with CC, send to this wallet address.
Adding Minds Tokens to MetaMask
To see your Minds onchain balance and use the Minds token you need to add it to your wallet. Open MetaMask go to the menu, click add token, select custom token and add the address:
0xb26631c6dda06ad89b93c71400d25692de89c068
Buying Minds Tokens
Minds has a blog on buying tokens here with MetaMask & we haven't tested the method with any wallet as the token buying page is not open yet buy generally you should follow the Minds blog as follow
Step 1 - Visit the MINDS token page.
Step 2 - Make sure you have your wallet open and can access it.
Step 3 - Input the amount of MINDS tokens you wish to purchase, or the amount of ETH you wish to spend. Then click "Purchase.
Step 4 - Check the boxes in the prompt and then press "Purchase" again.
Step 5- Non-MetaMask users will now be prompted with a popup to execute the transaction. Enter your private key and press "Complete". Then, enter the amount of gas you wish to send, then press "Approve". For information on how much gas to send, you can visit https://ethgasstation.info.=
Conversion Rate
Minds is Giving 100% value to test tokens to registered users, this means that you can covert your test tokens to Minds Tokens!
How To Make Money
You can NOT sell Minds tokens on the Minds network. To sell a token it must be listed on an exchange, so you must have tokens in your on-chain address Here we are going to look at two exchanges.
Buying & Sell Tokens
* As covered eariler buying and selling cost a gas fee (ETH) for any outgoing transaction
UniSwap
Step 1.) Open Uniswap
Step 2.) Make sure your MetaMask is unlocked.
Step 3.) Input Minds Address
3.) Select output (swap) to liquify
4.) Click Swap
ForkDelta
ForkDelta is a decentralized exchange where you can trade ECR-20 Tokens for ETH to do this we must add the Minds Token to the exchange.
Step 1.) Make an Account on ForkDelta
Step 2.) Open ForkDelta
Step 3.) Make sure your MetaMask is unlocked, go to deposit tokens enter the amount and make your deposit.
Now we can deposit tokens to sell or find tokens to buy from other users for ETH.
Deposit & Sell Tokens
Once Done MetaMask will confirm the transaction.
Now you can make an offer for your tokens that you have in your ForkDelta wallet.
You offer will be listed on the exchange, and when/if a user buys it the funds will go to your MetaMask wallet.
Credits:
Blog Banner by @Infinite2d