How to Purchase Ocean Protocol – suren
This article is aimed at newcomers to the blockchain space. It will guide the reader, step-by-step, on how to purchase Ocean tokens. These same methods may be applied to buy other cryptocurrencies.
Please read this before continuing:
- This article is focused on Australians looking to purchase crypto and is NOT financial advice.
- Highly volatile space! DYOR (Do your own research) and only invest on what you can afford to lose.
- You need to pay tax on profits. Both crypto to AUD and crypto to crypto trades are taxed if a profit is made aka Capital Gains Tax (CGT). More info in regards to tax may be found at the end of this article.
- Blockchain technology uses public addresses to move ‘coins’ between wallets. If this is your first time moving ‘coins’, transfer a small amount and see if it is successful. Any mistakes when inputting the public address will result in a loss of funds (see article for details).
- If you require help on setting things up, you may join my telegram channel: t.me/crypto_investing_new
- No financial advice will be given on the telegram channel.
— — High Level Overview — —
The diagram below explains the high level steps on how to purchase Ocean.
I will expand on the steps below:
- Register on MyEtherWallet (abbreviated to MEW)
- Register on BTCmarkets
- Register on Kucoin
- Purchase Eth on BTCMarkets
- Move Eth from BTCMarkets to Kucoin
- Use your Eth to purchase Ocean on Kucoin
- Send Ocean from Kucoin to MEW
- Register on MyEtherWallet
You will need to create an account on MEW (MyEtherWallet). You can think of this as a physical wallet that will store your Ethereum and Ocean coins. When you register with MEW, you will get a MNEMOIC phrase — DO NOT LOSE THIS PHRASE!!!!
Your MEW wallet will have a public address (see figure below). You will use this public address when sending funds TO this wallet. Your public address will be a long string of alphanumeric characters (I have blanked mine in orange).
2. Register on BTCMarkets (www.btcmarkets.net)
BTCMarkets is an Australian exchange focused on cryptocurrencies like Bitcoin, Litecoin and Ethereum. They only offer the most popular coins, therefore, you need to go elsewhere to purchase Ocean tokens.
This video will show you how to do this (do NOT purchase any Eth yet):
The user interface has changed from the video above. To deposit money into BTCmarkets, click on balances > deposit > choose osko > use the commbank app and transfer AUD into BTCMarkets
Another Australian exchange you may try is: https://www.independentreserve.com/
3. Register on Kucoin (or Bittrex)
Kucoin is an exchange where you can buy Ocean tokens. Use KYC to register your account. Don’t put any banking details on this exchange as we will strictly be moving crypto in and out of this exchange.
Cointracker
Tracks buying and selling of crypto for tax purposes.
Details
- Setting up your MEW to accept Ocean tokens
To be able to store Ocean tokens on MEW, a little setting up is necessary. This link will show you how to do this: https://kb.myetherwallet.com/en/tokens/how-to-add-custom-token/
2. Buying your first Eth
Click on account > deposit > Osko
Transfer appropriate amount of funds from an Australian bank account into BTC Markets. I have provided screenshots below to guide you.
Please remember to include the deposit reference number in the description field when transferring money into BTCMarkets.
3. Send Eth from BTCMarkets to Kucoin
Same as step 2, but click withdrawal this time.
Make sure you choose Ethereum from the drop down menu.
For Ethereum address, you would use your Kucoin public address (see the second screenshot below)
4. Buy Ocean from Kucoin
5. Move Ocean from Kucoin to your MEW
Final Thoughts:
Many believe that blockchain = bitcoin = scam.
At the time of writing this article, there were approximately 5000 coins available for purchase with many of these being scams. Having said that, projects like Bitcoin, Ethereum, Ocean and Quant are being actively being worked on by thousands of developers around the world. Bitcoin may not exist in 10–15 years time, but as a technology/concept, blockchain will be as big, if not a bigger revolution than the internet
Published at Fri, 07 Feb 2020 10:52:40 +0000
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