So you have registered your EOS tokens in MyEtherwallet and Exodus and you didn't understand anything for weeks as the EOS blockchain launched, or did it not launch, or what does launching even mean? And now you're reading about how airdrops are going to drop like it's hot.
But all you got is a public address and a private key. Well, it's time to start staking your EOS. I went through it all last night and I decided on using the Simpleos wallet created by EOSrio - a legitimate block producer.
In crypto there are no one holding your hand. It's your responsibility to make sure the websites and wallets are legit, and you have to double check everything with what people say and comment. You watch youtube-videos and you double check once again that you never write your private keys into a scam site or give it away to the wrong people.
Personally I'm not 100% comfortable with a wallet that doesn't support Ledger. But as airdrops are coming very soon, there is no time to waste. And there will soon be wallets that support ledger and trezor.
In this Reddit thread people are discussing different EOS-wallets.
My choice fell on the really great designed Simpleos wallet. I watched a few videos on how to do it.
And that was it.
The interface is really great, very easy to operate and it even has a sidebar where you will be able to see your airdropped tokens as they are dropped into your wallet.
Not my wallet - but a random one from the Internet
I read a good description of what holding EOS is like. When you hold EOS you basically own office spaces in a big building. The more EOS you have, the more offices you own. Dapp developers need an office to create their Dapp, so they look for offices that are out for rent. If you stake your EOS that means you are renting them out. The reward for that is Airdrops. Free tokens given to you for your service.
In the future you might also be able to delegate to the project of your choice (same way as we can on Steem by delegating SP)
As more EOS is locked up and staked, there will be more buying pressure as EOS is scarce on the market. Just this year there is at least 150-200 airdrops projected. That means one per day on average. How cool is that? This is a totally new way of investing - and for the people that had the time and did the effort to learn how to do this (you) it will be something that can give you passive income for the rest of your life. We are very early - and 99% of all people don't even know what EOS is, much less do they have the capacity to do what we are doing - setting up wallets, registering tokens, staking etc. If you understand this and reads this and is involved in this at this point in time..you are joining pioneer work. You are as early as it is humanly possible to be.
PS: Keep in mind that even if you don't register for a wallet now, you will still receive airdrops. Airdrops are dropped on addresses. And you use your private key to access that address. Unfortunately exchanges and certain centralized wallets like Exodus will not give you your airdrops. The reasons why could be many and could challenge them logistically. Often times they even are in their full right to take your airdrops because you dont control your private key - they do.
So I would keep my EOS away from exchanges and wallets who do not let you stay in control of your private key. If you have not done anything yet with your MEW-registered tokens and you don't want to do anything with them until there are ledger supported wallets, you can just stay put. Airdrops will be dropped and they will be viewable in any wallet that support viewing airdrops. Remember..EOS is your private key. The Wallet is simply different interfaces. You don't store ether or EOS or any other token ON your ledger or in MEW-wallet. They are simply interfaces.
Hi , nice post! So if i registered on Exodus can i already now move the coins to the simple eos wallet, and how do i go about doing that?
https://support.exodus.io/article/757-eos-claiming-your-eos-with-simpleos
:)
Awesome! Many thanks!Do you know if the airdrops that have already been made will be uploaded there as well, or is it too late to claim it?
They will! They will just wait until everything has been distributed to holders. So IQ token and a few others that was droppen on ethereum network will be transferred so that they will be seen in the Simpleos wallet late June or early July.
Looking forward to see that wallet fill up with cool tokens :)
Thanks for this... However, just like you, I have a concern about wallets. I know there are Airdrop coming, but is that a risk you really want to take?
The Simpleos is as legit as it gets. Its made of one of the big blockproducers. If you don't want to trust them at this point you must wait for these wallets to implement ledger support. Thats an honest thing. I chose to trust these guys so that i can see the airdrops early.
Ive also read that the wallets are only interfaces and that the airdrops are being done to the addresses. Makes sense..but then I don't understand how Exodus and exchanges dont let you get the aidrops..must mean they take the coins themselves?
Either way it seems like you should have your coins in one of these wallets...
Ill look more into it..
Edit: Yes.Exchanges control your private key and you may or may not receive airdrops. They can legally just transfer the airdrops to themselves. Always keep your crypto in a proper wallet will always be the correct answer.
Thanks @baronvonbitcoin. What about the bitshares exchanges? Would eos on those exchanges receive their airdrops?
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Thank you!
I bought my Eos coin through bitshares exchange, will I still receive my airdrops from my bitshares wallet @baronvonbitcoin
I'm not completely sure, but usually tokens held on exchanges are NOT yours. So they can take all the airdrops legally from you. They control your private key.
I would strongly suggest moving my EOS to a proper wallet now that several are available.
What if your EOS tokens are on Binance or some other reputable exchange?
If you don't have your private keys, you can't be guaranteed you will get your Airdrop. You will have to contact the exchange to see if they will support the Airdrop or not.
ANd you will guarantely lose a lot of airdrops keeping your tokens on exchanges + the risk. I dont understand why people chose to do that. Its so easy to get your tokens on a desktop or online wallet that is supported by ledger. Soon these desktop wallets for EOS will get support for ledger as well
Yeah, I read about it. Binance doesn't support airdrops by default. They may or may not. It seems that the best thing to do is to move the coins into a wallet of your own as soon as possible.
As far as I understand, airdrops goes to the addresses (your public address) yet the exchanges and certain wallets like Exodus will not let you access the airdrops? But how is that possible? If you move your private key over to another wallet then you should still be able to see the airdropped tokens anyway? Unless the exchanges simply steal your tokens?
I guess if you don't control the private keys then you don't own the coins, either. In case of Exodus, I think what should happen is exactly that: if you move your private key to another wallet, you should be able to access the airdrops.
Makes sense I think.
Get your tokens out of the exchanges guys. Do your dilligence and make sure you send a little bit at the time to see that it works. You need to get it on a proper wallet.
This is a great write-up for SimplEOS, you should consider adding this to Fuzzy's voting portal challenge...
https://steemit.com/eos-project/@officialfuzzy/community-challenge-what-is-your-favorite-eos-voting-portal-eosbit-prizes-inside
Thank you so much, and thanks for letting me know about that contest!
I still have my EOS on Binance. Any recommendations on how to get it off exchange into a wallet? TIA
I would suggest you do your own research on that. It is very important to understand what you're doing and how you do it. It's a about learning. I could of course google it for you, but I would much rather that you do the work yourself and learn.
Great wallet. It has all my airdrops. Thanks for the article.