Category Archives for Exchanges

How to Sell BitShares or Trade it For LiteCoin

December 11, 2017

This blog tells you how to sell your BitShares. What does “sell” mean? Well, if you want to cashout to your bank account, you would trade it for BTC, LiteCoin, or Ethereum, then move it your on/off ramp (such as CoinBase), and then sell that currency and get the proceeds in your bank account. I bought BitShares earlier this year when I heard Stan Larimer speak at a conference. I still believe in it, but the crowd is going crazy right now with LiteCoin and a few other cryptos; so I re-allocated my portfolio today.

Even though BitShares has it’s own exchange, I couldn’t find regular BitCoin (BTC) or LiteCoin (LTC) on it. I ultimately wanted to trade some of my BitShares for LiteCoin. At first, I did a small test using https://wallet.crypto-bridge.org. I was able to do a manual trade from BitShares (BTS) to BitCoin (BTC) and then did a withdrawal to CoinBase. Like I said above, I really wanted LiteCoin, not BTC, but the process worked, even though it was rather confusing. It’s not something I would recommend my elderly parents to do.

Then I kept looking and found https://BlockTrades.us. You don’t have to submit a trade. This is how their site works.

You select the currency (cryptocoin) you are sending (selling), and the coin you wish to receive. The amount is used at this point just to estimate what price you will get; the actual price may vary. You can decide if it’s a fair exchange rate or not (perhaps more about that in another blog). You paste in your receive address, i.e. where you want your new currency to go (LiteCoin address in my case). The receive address is validated after you enter it. Note: If you are converting to BitShares or SteemIt, it asks for the account as appropriate for those tokens.

Then click the “Get Deposit Address” button.

Based on the information above, you go to your BitShares wallet, and make sure you paste the AccountName and Memo. NOTE: It’s best to copy/paste because at first I almost entered “blocktrade” instead of “blocktrades”. Had I sent my BitShares there, that party would not have to return it.

Note: BitShares recently upgraded their wallet. It’s odd to me that they say their “Send” function is “Beta”, yet they don’t offer any other choice on how to send your BitShares. I couldn’t get it to work in Chrome (I could enter the data, but the “Send” button at the lower right didn’t want to work), but it worked fine in FireFox.

As we know, BitShares is fast, and the tokens show up in a few seconds. In the bottom of the BlockTrades.us screen, you can see either pending or completed transactions (probably based on whether the trade was done, and whether they sent the coins to your target address).

If you click on the Transaction ID, you can get the full transaction ID displayed, and go to your favorite blockchain explorer to view it and watch the confirmation happening.

 

 

 

 

How to Buy EMV Token (or any ERC-20) token with Parity Wallet and EtherDelta Exchange

This video shows you my first experience buying EMV tokens on EtherDelta using the Parity Wallet. So it’s slightly rough in a few places, and maybe later I’ll make a shorter version now that I’ve had the experience.In the video, I bought EMV tokens with a small amount. I suggest starting with a small amount of $1 to $10 to begin with. Make sure you know how everything works before you try a larger amount. EMV is one of several thousand ERC-20 tokens hosted on Ethereum; for full info about EMV, see their website (Ethereum Movie Venture).


from my YouTube Channel:NealsVideos.com

Steps:

  1. The first step is really to make sure that you have some Ethereum to invest. If you have BitCoin, you might have to trade it to Ethereum first (not covered in this video). Most people have an “on-ramp”, such as CoinBase or CoinMama connected to their bank account. Others uses local dealers to buy BitCoin or Ethereum.
  2. If you don’t have a suitable wallet available, download one, such as Parity. Download parity from here: https://parity.io/parity.html. This is where you want to store your EMV (or other ERC-20 token). Make sure you backup everything, and save your recovery words somewhere safe (or print them out). If a hacker gains access to these codes, they can take all your tokens.
  3. Transfer the amount of Ethereum you want to invest to your EtherDelta account. (In the video, I went from CoinBase to Parity Wallet, then to EtherDelta, but the intermediate step was unnecessary).
  4. In EtherDelta, select the EMV token from the top
  5. In EtherDelta, enter an amount of Ethereum and click the Deposit key to move your ETH to the EtherDelta Smart Contract for Trading.
    Make sure you have a little extra ETH available to cover fees. You might have to wait a minute or two for the transaction to get processed, and you will see the deposited amount.
  6. In EtherDelta, click the lowest price in the red. You can see how many tokens they are selling. If more than what you want to buy, then type in the amount you wish to buy.
    If you want to buy more than that, you will have to buy all of tokens of that order, then repeat the process with the next lowest price until you are able to buy what you want. When you change the number of EMV tokens and click or tab off that field, then the “ETH” will automatically get recomputed.

    NOTE: looks like there is no”are you sure button”, so be sure you enter the proper numbers before clicking the blue “Buy” button.
  7. Withdraw your EMV (or other selected and purchased ERC-20 token) from the EtherDelta trading contract to your EtherDelta Wallet
  8. Transfer your EMV (or other selected and purchased ERC-20 token) to your Parity Wallet (or any other Wallet where you want to store your tokens)

    You might have to wait a few minutes for it to process.
  9. Check your Parity (or final wallet). Within a few minutes you should see the tokens your purchased there.