This blog will provide a few suggestions 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.
This blog will focus on using Coinbase to buy ETH.
Step 1 - Visit https://coinbase.com and create an account.
Step 2 - Provide your information to verify your identity. This is standard for buying cryptocurrencies like ETH or BTC because of anti-money laundering regulations.
Step 3 - Secure your account by confirming your email address and enabling 2 factor authentication.
Step 4 - Enter your preferred payment method.
Step 5 - If you are concerned about giving your bank account details, you can check out Plaid which is the company Coinbase uses to connect with your bank.
Step 6 - Click on "Buy/Sell" on the top menu navigation. Make sure you are on the "Buy" tab, and that you select Ethereum. Then select your payment method and how much you wish to purchase.
Step 7 - Review your information and then confirm your purchase. Please note that it can take up to 3 days to debit your bank account, and you will need to wait 6 days until you can send your ETH to your Minds address to buy MINDS tokens.
Step 8 - After you have waited for your ETH to become sendable (6 days), go to Coinbase and click on "Accounts" in the top navigation menu, then select the Ethereum account and click "Send".
Step 9 - Fill out the form to send ETH to your Minds OnChain 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". Then paste it into the Coinbase form under "Recipient". Enter the amount you wish to transfer and press "Continue".
Step 10 - After you press continue 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.
The Minds Team