Wednesday, April 03, 2019

More on how to get started with ether tokens for Blockchain sites

If you want trade tokens on Minds or Steemit as you get going with blogging onto the blockchain, it looks like, at a minimum, you need to set up a wallet.  But you also need to have a way to putting funds into the wallet to get going.

The most straightforward way to do this appears to be to set up a regular Coinbase account and deposit some funds (with processing fees taken out) into one of the currencies supported, which includes Ethereum.

I see that I covered this on Feb. 25, but want to rewrite it with more links and expand.
ThioJoe explains setting up the Coinbase account.

However a post on Medium says you need to provide a photo id before you can set up a payment method. You can buy ether this way.

If you want to put the accounting for your own place in the blockchain and have your own cold storage (generally recommended), you then set up a wallet.  This means you keep your bitcoin off the exchange, like cash.  The safest type of wallet is paper, printed with a UPC code with sufficient quality (it should print the actual hexadecimal key out too), and you keep one in a safe deposit box, and probably a duplicate a home (out of sight, depending on your security).  You can keep it on a thumb drive or laptop and back it up in the cloud, but it might be less secure (and a thumb drive or laptop could be damaged).

To trade tokens on these new blockchain blog sites, you usually need Ethereum and you have to supply a private key. I am under the impression that a wallet key is expected, but maybe you can use the Coinbase account if you don’t care if you leave the tokens in an exchange. 

If you have other people wanting to pay you with Ethereum, conceivably you could use the wallet with no Coinbase or similar account, but that doesn't seem to be recommended. 
I'll do this soon and let everyone know how it turns out. 

Update:  April 4

Got Coinbase set up, with $10 worth of Ehterium deposited (2 coins).  The system didn't accept my Wells Fargo because it had trust accounts on it (I believe) and I had to go with Bank of America, which does not. 

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