At first, it might seem complicated to invest in your favorite ICO project. In this article, we are going to bust this myth and show you how straightforward it is to take part in an ICO that’s based on the Ethereum Blockchain.
Since GIFcoin is an ERC20-based token, we need to set up an Ethereum ERC20-compatible wallet.
Why Do I Need to Create an ERC20-compatible Ethereum Wallet?
To be able to buy GIF tokens, you need to have an Ethereum wallet and Ethereum inside it.
Not all digital wallets are able to support ETH-powered ICO tokens. To invest in GIFcoin ICO, you need to create ERC20-compatible Ethereum wallet. And you are the sole person who owns the private keys to it. These keys are needed to correctly interact with ICO’s smart contracts — to be able to send and receive tokens.
REMEMBER: DO NOT TAKE PART IN GIFCOIN ICO BY SENDING ETH FROM A CRYPTOCURRENCY EXCHANGE. TO PARTICIPATE IN THE GIFCOIN ICO, YOU NEED AN ERC20-COMPATIBLE ETH WALLET. OTHERWISE, YOU WILL LOSE YOUR MONEY.
The following wallets support Ethereum ERC20 tokens. Tokenmarket updates them on a regular basis.
Compatible wallets
- MyEtherWallet (no download needed)
- MetaMask (Firefox and Chrome browser addon) Recommended
- Mist (Desktop)
Incompatible wallets
Up till now, these Ethereum wallets are NOT incompatible with ICOs. Before investing in GIFcoin, you must move your ETH to one of the wallets listed above.
- Any Bitcoin exchange
- Any Ethereum exchange
- Coinbase
- Exodus
- Bitrexx
- Jaxx
- Poloniex
- Kraken
- Bitfinex
- Cex.io
- Bitstamp
Now, we are going to show you how to create an ERC-20 compatible wallet, with which to invest in GIFcoin. We will use MyEtherWallet for that.
How to Create MyEtherWallet to Invest in GIFcoin?
The majority of ICO investors use MyEtherWallet for acquiring ICO tokens. Besides being an online wallet, it also offers an offline and a hardware wallet support. These options make it an amazing solution for everybody who’s interested in taking part in ICOs.
Here are the steps to set it up:
Several security reminders will immediately show up. Go to “Create New Wallet”.
2) Compose a Password
It’s highly advisable to use a combination of letters, numbers, as well as symbols (-, _, etc.) to have a password that’s as strong as possible. Immediately after you compose a password, write it down on several copies and store it in a very secure place. Then, select “Create New Wallet”.
3) Download and Save Keystore File
On the next page, you’ll see a button to save your Keystore file. Download it to your computer and make several copies. Select “I understand. Continue.” Click on “Save Your Wallet” when you are redy.
*REMEMBER: Lost keystore files and forgotten passwords cannot be retrieved. Thus, take all necessary measures to prevent that — as suggested on the website.
4) Unlock Your Wallet with the Keystore File
One way is to choose “Keystore File (UTC / JSON)” and click on “Select Your Wallet File” to locate your Private Keystore, which we saved in Step 3. Since your wallet is encrypted, you have to re-enter your password created in Step 2. After you select “Unlock”, you’ll see a notification “Wallet is decrypted”. Scroll down a bit to check your Wallet’s ETH Address.
Another option to sign into your ETH Wallet is by using your Private Key, which was generated in Step 3. Refresh the page and click on the button “View Wallet Info”. This time, choose “Private Key” and type or paste your private key. After click on “Unlock”.
5) Congratulations. You have just created your ERC20-compatible ETH Wallet.
Now, you can charge your wallet with ETH. If you already have some, send it to your public ETH address. Via MyEtherWallet’s website, you can also easily purchase ETH from Coinbase (although the rate is a bit more expensive this way).
Steps to Invest in GIFcoin ICO
To be able to invest in GIFcoin ICO, you will have to do the following steps:
1) If you don’t have any Ethereum yet, purchase it from any cryptocurrency exchange (Bitstamp, Coinbase, Kraken, etc.).
2) Ignore this step if your wallet already has Ether inside. Transfer your ETH to your ERC20-compatible wallet (MyEthWallet, Mist, imToken, Parity, Trust, Cipher, etc.).
3) Copy and paste the ETH address from the official website of GIFcoin ICO — https://gifcoin.io/. It will be published as soon as the ICO begins — February 22nd, 08:00 AM, UTC.
WARNING: DON’T COPY THIS ADDRESS FROM ANYWHERE ELSE.
4) The next step is to add your custom token. Please follow this step-by-step procedure. It applies to any new cryptocurrencies that are created on top of the Ethereum Platform:
- Let’s use the GIF token as an example.
- Go to www.MyEtherWallet.com and login to your Ethereum Wallet, using your Keystore or Private key. Scroll down, and on the left, click on the button “Add Custom Token”.
- For GIF Token, use these:
o Token Address: {use the address from GIFcoin’s dashboard}
o Token Symbol: GIF
o Token Decimals: 18
- Once you have clicked on “Save”, you will see the GIF token on your ERC20-compatible ETH wallet.
- You are now ready to buy GIFcoin.
5) Go to “Send Ether & Tokens” on the top left, and send ETH to the GIFcoin ICO’s address for payment. Select the exact amount you want to invest and use the correct value in Gas. The recommended Gas limit is 200,000.
6) Confirm the transfer to the specified address and click on the “Send” button.
This is it.
If you have any questions, please don’t hesitate to post them here or send us an e-mail to support@gifcoin.io.
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For a Video Tutorial, watch the one below:
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