Exchanging Steem or SBD for EOS - Using Exodus Wallet to register EOS tokens
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I admit it, I am a noob when it comes to Cryptocurrencies. It is one of the main reasons I got into Steem as I've always been fascinated by the world of cryptocurrencies. So today I decided to play around and start investing a bit to get an idea about the markets and play around with different currencies.
After investigating and reading around a bit, I spoke with my old mate @Bulleth about EOS and its future once it is released in June 2018. His latest article about EOS can be found here: EOS is a bloody bargain right now - Conservative price targets. I decided to take a step into EOS and purchase a small amount of tokens to begin with. Using the Steem I got from the @BuildTeam's first auction (BUILDTEAM Auction Results - August), I went about the exchange process. For any other noob's out there wondering what to do, these are the steps I took:
Exchanging Steem for LTC and EOS in Exodus Wallet
- I used Blocktrades.us and exchanged Steem for Litecoin (LTC) as this was the best exchange rate on Blocktrades at the time. Go to https://blocktrades.us/ and follow the instructions to exchange Steem or SBD to another currency. You will need your Exodus wallet address and your Steem Active Password to make the exchange occur.
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Enter your LTC wallet address from Exodus into 'Receive Address' and click 'Get a new Deposit Address'
This will generate another screen with a memo. Go back to your Steemit wallet and send the amount of Steem to 'blocktrades' and included the generated memo.
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- The LTC then appears in your Exodus Wallet. I then used the exchange function in Exodus to change the LTC to EOS tokens.
Done. Now I have some EOS tokens registered to HODL and wait for them to go to the moon.
Registering EOS Tokens in Exodus
The next crucial step is to 'register' the EOS tokens so they will be exchanged for EOS on the blockchain when it is officially released in June 2018. Exodus has developed a fairly straight-forward set of instructions on how to register your EOS tokens in the Exodus wallet. You will need a small amount of Ethereum (ETH) as gas for the registration. You can exchange a small amount of LTC or some other currency for ETH within the Exodus wallet as well. The link for this process is included below:
You are not registering the coins, per se, you are registering your EOS address to your Ethereum address. Once the tokens are frozen on the Ethereum blockchain in June next year, the EOS genesis block can be created with the allocation of how much EOS you have in your Ethereum address to the register EOS address.
Overall it was a simple process, though the registration of the tokens can be a little tricky.
Other helpful links outlining this process can also be found here:
- Mapping your EOS tokens for dummies - step by step walkthrough
- How to EASILY buy EOS using your extra Steem or SBD with Blocktrades.us + Exodus Wallet(with Shapeshift.io built in) just a few clicks away to hodling the dankest crypto in the world! EOS WILL make you rich, its a promise.
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This post recieved a vote from @minnowpond. For more information click https://steemit.com/steemit/@minnowpond/boost-your-rewards-with-minnowpond
Thanks for the information, success
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Thanks Scotty - will reread this post tonight - however if you are right it will mean I can load up either a MyEtherWallet or Exodus Wallet with only the need to register once. Cool.
No worries. If the ether wallet has a different address than the Exodus wallet you will need to register both.