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How to buy ETH on Gemini

MindsAug 6, 2018, 4:39:36 PM

Greetings Minds,

This blog will provide instructions on how to buy ETH if you are new to the crypto scene. ETH stands for Ether, which is the cryptocurrency leveraged by Ethereum.

Because MINDS tokens are built using the ERC-20 standard, Ethereum is a required element of the token economy. The only way to purchase MINDS tokens is with ETH. Every transaction on the blockchain required an ETH gas fee (this is the incentive for the miners to execute the transactions). In order to successfully use the MINDS token OnChain, you need to have some ETH as well.

There are a number of different ways you can purchase ETH, but in this blog I will focus on using Gemini.

Step 1 - Visit https://gemini.com and create a personal account.

Step 2 - Enter the information required to register your account.

Step 3 - Secure your Gemini account with 2 factor authentication.

Step 4 - Provide your information to verify your identity. This is standard for buying cryptocurrencies like ETH or BTC because of anti-money laundering regulations.

Step 5 - In your settings, attach a bank account for your preferred payment method.

Step 6 - If you are concerned about giving your bank account details, you can check out Plaid which is the company Gemini uses to connect with your bank.

Step 7 - Select the "Buy" option in the top bar navigation, and then select ETHUSD. From this screen, you can input how much ETH you would like to purchase, and then press "Buy".

Step 8 - After you have waited for your ETH to become sendable, go to Gemini and click on "Transfer Funds" in the top navigation menu, then select "Withdraw from Exchange" and then select "ETH". On this screen, you can paste in your Minds OnChain address as the "Destination Address". If you are using MetaMask, you can get your ETH address by clicking the MetaMask browser extension, then clicking the options button and selecting "Copy address to clipboard". If you are not using MetaMask, you can get your OnChain address by clicking the "Addresses" tab in your wallet.

Step 9 - After you confirm, you should receive a confirmation notification that your transaction is on the way. Nice work! Now your ETH will be in your Minds OnChain address and you are now ready to buy MINDS tokens and pay ETH gas fees! It may take some time to transfer the ETH, so be sure to give it at least 30 minutes to process.

If you ever have trouble, you can post in the support group for assistance.