I want to help my friend understand how to buy some EOS because he's interested in getting eosDAC tokens via the airdrop on April 15th. I was going to email him, but figured I'd make a post and send him that instead. :)
Note: You have to have EOS tokens in a wallet you control before April 15th in order to be included in the eosDAC snapshot.
In case I've already confused you, an airdrop is where tokens are distributed to an existing cryptocurrency public address based on other tokens already held at that address. A snapshot is a picture of a blockchain at a given point in time used to determine which addresses hold which tokens at that time.
This write up assumes you've already watched the videos at at http://understandingblockchainfreedom.com/, especially episode 3 on safety and security. Once you know what you're getting into, continue on. Please remember, never invest more than you're willing to lose. Cryptocurrency speculation is wild and crazy. You've been warned.
This post explains how to buy the ERC20 version of the EOS token. ERC20 tokens are tokens on the Ethereum blockchain which means you send and receive them using Ethereum addresses. After the June 1st launch of EOSIO, all EOS ERC20 tokens have to be registered with an EOS address so you'll receive the real EOS tokens on the EOSIO blockchain. We'll talk about that more when we get closer to June 1st or you can view this post by @eosnewyork to learn more.
Buying BTC with USD (Coinbase Example)
Buying bitcoin is pretty simple as this page outlines:
Sign up for Coinbase (here's a referral link, if you're into that sort of thing).
Connect Your Bank Account.
Buy Bitcoin.
According to this page, you'll be paying 1.49% in fees, with a $0.15 minimum.
My recommended approach:
Use GDAX! Your Coinbase login and bank connection work on GDAX which is the market-maker exchange for Coinbase. According to gdax.com/fees, you only pay 0.30% (less if you're dealing with more than $10M, but that's probably not you anyway). If you want, you can pay 0% by being a "maker" which means you put your order on the books outside of the current ask or buy price. It means you add an order on the books and wait for the market to come and meet your order. This is what I almost always do, but be careful because if the market is moving strongly in one direction, you may miss out at buying or selling at the price you want. In such cases, paying the 0.30% for the price you want may be cheaper than watching the market pass you by.
Buying EOS (Binance Example)
Once you have BTC, you can use it to buy EOS. First check the EOS price on coinmarketcap.com and click the Markets tab.
Since I'm thinking in terms of US customers, let's go with the Binance exchange. Kraken, HitBTC, and others would work also. I'd love to suggest OpenLedger DEX on BitShares, but the volume is usually too low, though you can certainly try that.
I could do a full write up on how to buy EOS on Binance, but other posts have already covered this, so I'll just link to them:
How to buy EOS (EOS) on Binance
Investor's Guide: How to invest in EOS and store your tokens safely.
Guide: How To Buy EOS Tokens On Binance
That last example uses ETH instead of BTC as the trading pair, which is totally fine. If you want, you can start with buying ETH from Coinbase/GDAX instead of BTC.
If you prefer videos, there are some out on YouTube like this one: how to buy eos at binance.
Keep in mind, when you buy via Binance, you'll pay a 0.1% trading fee (if you own BNB and use that, it's only 0.05%). Once you buy your EOS, you'll want to withdraw them from Binance to a wallet you control because the first rule of cryptocurrency is: if you don't control the private key, you don't own the cryptocurrency. Also, the eosDAC airdrop will only work for sure if you have your EOS in your own wallet. You'll be charged a 0.4 EOS withdraw fee according to this schedule.
Storing Your EOS Safely
Ideally, you'll want to buy a Ledger Nano S, which I talk about more here. When you go to withdraw your EOS tokens from Binance, you'll need an ETH receiving address. You can get this from your Ledger Nano S from within the Ethereum app.
Another option is to use https://www.myetherwallet.com/ which is a secure, web-based Ethereum wallet where the private key never leaves your browser. It's important to securely back up your private key and login passwords using a password manager (1Password or Lastpass as examples) or some other secure system you trust.
Once you've transferred your ERC20 EOS tokens to a wallet you control, you should be all set for the eosDAC airdrop snapshot on April 15th. Though you do have to pay the withdrawal fee each time you withdraw from Binance, it's a good idea to start with a small amount first to ensure things are working correctly and to confirm the EOS shows up in your wallet as you expect. You can verify all transfers via https://etherscan.io/.
Thank you for all the words of encouragement on my announcement yesterday about joining the eosDAC launch team. I'm really excited about the decentralized future and the roles DACs will play!
I hope this post helps you and your friends and family get up to speed on how to purchase EOS tokens.
Please let me know if you have any questions. If you understand this process, you can use it to buy any cryptocurrency tokens you're interested in such as STEEM which powers this wonderful blockchain you're reading this post on.
As always, this is for educational and entertainment purposes only. I'm not giving out financial advice or suggesting you buy or sell anything. I'm just helping people learn.
Hey thanks for linking my post (Investor's Guide: How to invest in EOS and store your tokens safely) @lukestokes :)
Thanks for writing it! I used google and yours was in the top results. Well done!
Oke, so just to be clear, I have to claim the EOS tokens for the airdrop right?
You just have to hold EOS tokens in a wallet you control. You can learn more here:
https://steemit.com/eos/@solarwarrior/registering-eos-tokens
if you hold EOS or buy before end of May you should register them! otherwise you could lose your money
Every time I mention this prime ask about it. Many people are clueless about the need to register let alone how to do so.
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Thanks for the hint @solarwarrior!
I just bought my first EOS tokens, so will study your blog post now and make sure they'll be registered accordingly :-)
you are welcome.. happy if I could be of some help!
Yay, following your instructions I've just bought my first EOS tokens on Binance. Feels great!
Now what I've still not perfectly understood is the difference between ERC20 EOS tokens and EOS tokens. On Binance they were just called EOS tokens, but what I got from your article is that the real coins are available, once the EOS.io blockchain is launched (on the 1st of June).
Now is this kind of a pre-sale, and these ERC20 EOS tokens will be exchanged into regular EOS tokens then?
Sorry for asking such stupid newbie questions here :-)
Hurray! Congrats. :)
Nah, that's not a stupid question at all. That's exactly right that the "real" EOS tokens on the EOSIO chain won't exist until the EOSIO chain launches (which, when we say it that way, explains things a little better. Can't have coins on a chain until the chain itself exists.)
Right now, "EOS" is just represented as an ERC20 token called "EOS." In the future, those will be replaced with the real EOS token. Binance has already announced they will support that conversion for their users on June 1st. The tricky thing is, there may be multiple EOS blockchains at the launch. If Binance doesn't support all of them, some people might lose out. As always, rule number 1 applies: If you don't control your own private key, you don't own the cryptocurrency. Also, if you don't control the token you may miss out on airdrops such as what eosDAC is doing.
Thanks for getting back in detail, Luke!
I'm doing some research now in order to find the best way to register my tokens. I also transfered them to myetherwallet.com holding the key for them, according to your suggestion :-)
Exciting! hehe
Excellent!
As far as registering your EOS tokens for the June 1st conversion, this post can help, though I haven't done it myself yet. I used a different method earlier, but will probably do this instead as I like running official code from EOSIO (the other method was a forked bit of code).
I imagine there will be many easier official tools once we get closer to the launch date.
Do we need to do anything besides simply hold in an address we control?
Simply hold and you're good.
Good advice. Too many people continue to store tokens and coins on exchanges.
Hi @lukestokes ! I have something interesting about the EOS registration to the ETH network to avoid the 15 to 20 clicks and lot of work to do it!
Now Exodus Wallet lets you register to the EOS Mainnet in just 1 click! Yes, just 1. Its incredible. I have been looking for this solution for many months and now we have it!
Here is the link to the Exodus wallet website explaining this
Hope this helps even more!
Regards, @gold84
Yes, I remember hearing about that as well. My hunch is there will be many more options closer to June 1st.
Just a suggestion: be careful with Exodus wallet. You can probably research Exodus hacks (there was a recent one involving EOS, when tokens were taken from a popular YouTuber). Using a Trezor or Nano Ledger hardware wallet is the recommended way. The Exodus wallet is convenient, but it pays to be safe when you're holding a significant number of tokens on it.
Do you have details on that hack? I'm still not sure what happened there and if it was the fault of Exodus or a poorly secured computer.
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Thanks for sharing the knowledge :) Are there any news about social platform build on EOS blockchain?
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Ah, thanks for the tip. :)
Nah, I'm not really involved in anything like that, just eosDAC. If I hear something, I'll probably write about it as I'm sure the STEEM community is really interested to see what happens there.
Just a question: shouldn't US based citizens not invest in EOS? I mean I knew there are some legal limitations on distributing EOS for US, but I am not that well informed.
So right now I should move the EOS I have from meta mask to an ETH address, okay, I hope that will be simple :)
I'm not a lawyer, so don't ask me for legal advice. :) I know they can't participate in the ICO, but the tokens themselves are not illegal, as far as I know. When you say MetaMask, that is an Ethereum address. You should be fine.
thanks for Secure Your EOS share rule regulation ,,its great
Wonderful post ..thanks for sharing...Best of luck friend ✫ resteemid
Thanks for this. Are you familiar with the open.EOS > EOS process with Bitshares? Do they simply replace the open.EOS for you without any further steps, or do I need to move anything to a wallet I control as you mentioned above?
Yes, if you own OPEN.EOS, you don't own a real ERC20 EOS token. You have a promise from OpenLedger to send you an EOS token. You'll definitely want to transfer them out of BitShares to an Ethereum wallet you control both for the eosDAC airdrop before April 15th and so you can later register your EOS tokens.
Thank you. So open.eos tokens can be shipped directly from Bitshares to Exodus? I didn't think the "promise" tokens would be compatible to ship out.
OPEN.EOS tokens represent real ERC20 EOS tokens held by open ledger. When you withdraw, they send you the real thing and burn the corresponding OPEN.EOS.
EOS on binance is the option for me. Although I still keep a portion of holding on the exchange itself. Don't worry too it's not too much, quite a small amount actually.
(Myetherwallet for some as well)
If you leave your EOS on an exchange, you'll miss out on the eosDAC airdrop on the 15th of April. Your MEW balance will receive eosDAC tokens though.
I hope EOS isn't a new coin up to compete with steem?
When I open the wallet do I have to refer another person to get the airdrops?
Please elaborate to a better understanding of a crypto newbie
Check my post from yesterday for more info on eosDAC and the airdrop. No referrals needed.
EOS is a low-level system for building many blockchain applications. There has been talk of a Steemit competitor built on top of EOS, but I don't know much about that. See my post for more thoughts on that.
Nice write up Luke. My EOS tokens sit in my exodus wallet, now I just have to get around to registering them. Buddy of mine already did it and said it was simple enough using the instructions exodus provided. :-)
Yeah, I heard that was an easy approach. If you're Exodus, you'll get some eosDAC tokens no problem. :)
So it's pretty much a definite that Binance is not going to give out the eosDAC tokens then?
Why is it an issue if we have less than 100 EOS? What does that mean?
Thanks for the info.
I wouldn't say anything is definitely unless Binance makes an official announcement. I wouldn't count on them though, personally. It's better to control your own private keys than to leave cryptocurrency on an exchange anyway.
The issue with less than 100 EOS is it costs gas to send ETH transactions. eosDAC is only going to be dropped on addresses that actually have enough EOS to make it worth it. Those with less than 100 EOS can still get their eosDAC tokens, but it will be more of a manual process. You can check the website for more details.
Openledger Dex volume is constantly improving. The eos token is represented by open.eos, and as a bonus there's no need for you to register the little suckers. I bought a four figure batch of 'em, went smooth as Viuda de Romero tequila.
What do you mean by there's no need to register them?
Has Openledger said they will support the eosDAC airdrop? Unless you can add an EOS key to them, I don't see how OPEN.EOS won't have to be fully withdrawn and registered before June 1st.
I mean that since they are not the real eos, there is nothing to register. Don't know about the airdrop, first time heard of it here.
From openledger's own page;
"OPEN.EOS is OpenLedger-issued asset for EOS Ethereum token. After EOS release it will be replaced by "real" eos The EOS.IO software introduces a new blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. https://eos.io"
I suppose openledger takes care of registering their own tokens. You certainly can withdraw them to an ethereum wallet and do as you suggest, may be a good idea considering airdrop.
Ah, I understand what you mean now. Very cool! I'm glad to hear OpenLedger will take full responsibility for that. I can imagine it will be a bit confusing though when one day OPEN.EOS tokens will be withdrawn to an ETH address and the next day they will have to be withdrawn to an EOSIO address. I hope they validate that well so people don't lose anything.
But yeah, as far as the eosDAC tokens... we should reach out to them and ask them to support it.
Great guide! Do you know how US residents can get EOS new tokens come June as they are restricted in the US. Also saw that they are seeing computer IPs to restrict registration of tokens. This is a problem as it may force US holders to sell before June.
I think there's a difference between US residents participating in the ICO (something they are not allowed to do) and actually owning the token directly. Once you own the ERC20 token, you can register an EOS address to it and get your real tokens in June automatically. I'm not a lawyer though, so if you're concerned, you should talk to one.
Do you have to register your EOS in order to get the air drop?
No, you do not need to register your EOS ERC20 tokens to get eosDAC airdrop tokens. You just need your tokens in a wallet you control as most exchanges will, most likely, not support the airdrop so you won't receive anything. Of course, I hope they do support the air drop and list the token. That would be great.
Nice article. I have my EOS on an Exodus wallet [www.exodus.io ]
And they handle all the registering stuff for a small Ethereum fee.
Works for me.
Yep, that will work for the eosDAC airdrop as well.
Getting ready for EOS :)
Getting super excited for EOS!
I really hope this marks a significant turning point for blockchain usage and adoption by major corporations, organizations and even local municipalities. EOS may be a path toward distributed governance and non-violent, free market solutions.
I agree with your statement about the need to have EOS in a wallet off an exchange, so you control the keys. Am I correct in thinking that Binance is supporting the token swap and if so, I’m wondering if putting EOS tokens on Binance before the 15th would be an option?
Binance will support the main token swap on June 1st from ERC20 EOS tokens to real EOS tokens, but that's a separate thing from the eosDAC airdrop on April 15th. For that, you need to be in your own wallet, not an exchange (unless that exchange officially announces it will support the eosDAC airdrop). Binance has not, to my knowledge, announced they will support the eosDAC airdrop.
Thanks for the info 👍
This is the time that most should be taking to LEARN about crypto, instead of just buying the top app on the AppStore. If they knew better they would clearly see this is just the Patient taking from the Impatient right now.
great!! i resteem to french community!!
A really helpful post to for the beginners and indeed detailed. Yes I would say MEW + METAMASK is very convenient way or place to keep your EOS safe. I am almost ready for eosDAC airdrop. :)
I have noticed there is another EOS airdrop currently on for free airdrop 100 tokens i.e Carmel tokens.
Checkout and claim your free airdropped carmel tokens against the EOS you are holding carmel.io/SkZND4LiM
Thanks @lukestokes !
I was just reading up about eosDAC and saw your name up there on the team. Congrats! I am very happy to see a fellow Steemian and a Witness I have great respect for up there and involved. I hope it all goes well!
Thanks. Me too.
When we get more DAC tools figured out, I hope they'll be helpful to many, many people who understand how beneficial these can be for the world.
Hey @lukestokes I have a small amount of EOS. I had heard that you needed 100+ to qualify for the "airdrop"?
Plus I still haven't registered my erc20 tokens yet. I have my EOS in a jaxx wallet. Do you know how to register them from that particular kind of walker?
Thank you
@lukestokes great article. Thanks for the advice. I was going to leave my EOS on Binance but you've convinced me otherwise.
I have a quick question if that's ok... I've heard rumours that when EOS goes live and they issue their actual tokens, people who own these tokens will be dropped free tokens from every dapp that uses an EOS blockchain (based on the % you own.). Do you have any info on this? This would be like having free coins from every altcoin built on ETH. An absolute game-changer.
The EOS website estimates only 1billion offical EOS tokens will be left in circulation after the deadline as many will fail to register and lose out.
I don't know how many EOS tokens will register on the EOSIO blockchain, but I imagine most people with real investments will take steps to protect those investments and do what's needed.
As to how many dapps will do airdrops, there's no way to know. I do think it will be a common practice because there's an understanding the EOS ICO was widely distributed.
Binance didn't explictly support the airdrop, but according to a post they made a month or two ago, they said they would be registering tokens when mainnet launches.
I went to try and manually claim my EOSDAC tokens here: https://eosdac.io/airdrop/
When I entered my Binance ETH wallet, it actually said I collected my 100 EOS tokens (SWEET!) I thought I only had 68, so that's extra awesome. However, how do I now go in and find my EOSDAC tokens? I suppose they would be under the Distributions section in my Account page?
Alas, they are not. When will they appear? All I could find was a comment at the bottom of this article that said they might show up sometime around late April/early May: https://usethebitcoin.com/airdrop-alert-eos-holders-to-receive-free-eosdac-tokens/
If your tokens were on Binance, then unfortunately they were not your tokens. Binance owned them and you're hoping they will give them back to you some day if you ask. This is cryptocurrency rule number one:
Binance does not appear to be supporting the airdrop so in that case, you won't get tokens from the airdrop.
Simple, detail and helpful. and i prefer to get it on Binance.
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