RE: The Dawn of EOS.IO
If you want to buy EOS using Fiat money, the easiest way to do it would be through https://www.coinbase.com/ as your first step, here's how:
1 - Open a Coinbase account and link it to your debit or credit card (or alternatively, transfer USD, EUR or GBP to it)
2 - Buy BTC or ETH through your Coinbase account
3 - Send the BTC or ETH to an exchange such as https://www.kraken.com/ to trade for EOS, or alternatively, use services such as https://shapeshift.io/ or https://changelly.com/ (if you prefer to stay away from exchanges)
4 - Once you buy your EOS tokens, make sure you send them to your wallet (this mainly applies if you're going to use an exchange) and DO NOT leave them on any exchange. Buy a hardware wallet such as https://trezor.io/, https://www.ledgerwallet.com/ or https://www.keepkey.com/. Trezor is my favourite hardware wallet and it supports https://www.myetherwallet.com/, which means you can store any ERC-20 token on it, including EOS.
5 - After you receive your EOS tokens into your wallet, make sure that you register them by mapping your PUBLIC Ethereum address to the EOS PUBLIC address. Here's an article which explains how this is done for the EXODUS wallet, just replace anything related to EXODUS with the wallet that you will be using: https://goo.gl/36yDtS
Other helpful articles:
How to transfer EOS ERC20 tokens using MyEtherWallet: https://goo.gl/dgCsyJ
How to update the EOS public key mapped/registered to your ETH Address with MyEtherWallet (MEW): https://goo.gl/TSq52F
Wow! Thank you so very much, this is worth a full 100% upvote as it is worth an article in itself! Awesome answer, your teaching, time and dedication are highly appreciated. Namaste :)
Pleasure @eric-boucher
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I had bought EOS from the ICO Page using Metamask. On the ICO Page they have a register button and I did that. DO I need to register the Public Address again via the process mentioned above or do you think that is enough? Please let me know....thanks!
Unfortunately, I don't have any experience with Metamask. But here's how you'd check which public key is mapped to your ETH address with MyEtherWallet (MEW): https://goo.gl/VY9Ypy
If you are waiting on a hardware wallet, can you transfer your EOS to your ETH wallet on JAXX??
I'd avoid JAXX entirely. They've had some sketchy happenings lately: https://www.reddit.com/r/ethereum/comments/6wnhga/jaxx_mobile_hacked_973_eth_gone_ama/
I've covered my favourite wallets here https://cryptoland.co.za/bitcoin-wallet/
I don't think JAXX currently support EOS tokens (https://goo.gl/J88z4R).
Before I received my cold/hardware wallet, I transferred my EOS tokens from the exchange to my EXODUS wallet https://www.exodus.io/ which I downloaded and installed on my computer.
It's still risky, depending on how secure your computer is and whether it has malware or virus on it, especially if it's a Windows machine. Once you receive your hardware wallet, you can then send them to your new wallet's address directly from your EXODUS wallet.
You can find more info about the EXODUS wallet security here https://goo.gl/GW4sw7
I had no idea I even had to register my EOS tokens until I read this. Thanks for posting this info.
Goodmorning Thank you for sharing! Have a nice day
Thanks for the info! Question about No. 4: Why not leave EOS on an exchange?
Because exchanges are a primary target for hackers and get hacked all the time. When you leave a crypto currency on any centralised exchange, you technically don't own it, since you don't hold the private key to the wallet where it's stored, the exchange has it, and that's what hackers are after so they could move that crypto out and into their own wallets. And every now and then, they end up running away with "your" crypto. You're only safe (relatively speaking) if you (and only you) hold the private key to your wallet and no one else. That's why you need a cold/hardware wallet like Trezor, Ledger Wallet or KeepKey - there are other methods of course to hold your private keys but these are very secure and practical - anything else, is playing Russian roulette with your crypto.
This is very interesting. With Steemit, there is a built-in delay for withdrawal, which should serve as a safeguard of sorts.
Peace.
Thanks for tips. However, I got question. Do I need to register tokens which I bought on exchange (Kraken) or exchange will do it on my behalf? Thanks
Here's what you always need to keep in mind when dealing with any crypto currency, including EOS. Whoever holds the private key of the wallet where the coins are stored owns those coins.
When you leave your crypto with an exchange, they basically own them and not you, since they hold the private keys and not you. That's why, you should never leave your crypto except on a cold/hardware wallet that only you have access to its private key.
Remember, tokens are never actually stored in any wallet as such, they live on the blockchain, that's the whole point. What lives in your wallet is the private key which can decrypt that wallet and allow those coins to be sent to another address on the blockchain. So your wallet actually holds a key and not the crypto themselves, as those reside on the blockchain.
So, to answer your question, yes, you need to move those EOS tokens from any exchange to a wallet of your choice which supports ERC-20 tokens. You can use https://www.myetherwallet.com/ (known as MEW) for this, but preferably buy a Trezor cold wallet so that you could unlock your MEW wallet safely with it, and that way, your private key for your MEW wallet would be safely stored on the Trezor device which is extremely difficult (if not impossible) to remotely hack (unlike a computer or a mobile device).
Once you move your EOS tokens to your MEW wallet, you need to map your wallet's Ethereum public address to your EOS public address as I explained in my original post. If after some time you decide to move your EOS tokens to another wallet, you'd then need to repeat the same process, otherwise they would be mapped to a wallet that no longer holds them, and you would therefore lose them when the ICO comes to an end.
Thanks @zedchamaa. Really appreciate your answer. I am moving my tokens to private wallet.
But don't you think that (except the secutity issues that you underline) as long as you can trade your EOS on the exchange at the main rate they are mapped on the public eos adress?
No they're not, you have to map your EOS tokens to your own public EOS address which gets randomly generated, otherwise, you won't be able to use the EOS tokens once the ICO has ended: https://goo.gl/TSq52F
I had no idea I have to register my tokens. Thanks for your very clear and through response. @zedchamaa
You're welcome @carlosmertens - you only need to register them once unless you move them to another wallet, in that case you'd need to register them again (as the new wallet would have a different Ethereum public address to the one you were using).
As long as the Ethereum public address of the wallet you're using to store the EOS tokens is mapped to the EOS public address which you would have generated and for which you only hold the private key, then you should be fine once the ICO has ended.
So I need a Lawyer, an accountant, and a webmaster, in order to buy EOS? In other words I did not understand a word of what you typed. When are "Laymen", ordinary people going to be able to understand any of the crypto currency exchanging. It really does sound like one big brother, secret hand shake club. 5 steps to buy an invisible coin. Someone needs to make it easier.
I agree with you that the crypto currency space is currently still very technical because the blockchain technology is still at its infancy and is therefore mainly driven by developers and highly technical people. More work needs to be done to make it mainstream. This is happening, but it takes time.
To stay updated about the latest crypto currency news, tips and developments, visit my Cryptoland website at https://cryptoland.co.za/ and please bookmark and share the link with your friends, thanks :)
Why is it necessary to register EOS tokens? I'm missing something