Store Your Own Tokens
Big News: Store Your Own Tokens
In 2013 a Cyprus bank was forced to impose a one-time bank deposit levy on all uninsured deposits. Accounts were only insured up to €100,000. In response, people took flight into bitcoin to take complete control of their money.
The whole premise of owning cryptocurrencies is to take control of our money. By keeping our crypto in an exchange, which I have done for nearly a year now, you and I are giving up that control. We are exposing yourself to hackers and unfortunately the exchanges don’t offer any insurance.
Here is a guide on how to store your Ethereum and other ERC20 tokens:
Step1: Generate a strong password. (16 digits at least) I recommend this site: http://passwordsgenerator.net. Store this password and do not lose it at all costs.
Step 2: Go to myetherwallet.com. Input the strong password and click “Generate New Wallet”.
Step 3: Click “Download Keystore File (UTC / JSON)” and save in a place that you will not lose. It’s recommended that you keep this file in multiple locations, preferably on a thumb drive. Do not open file.
The combination of the password and this Keystore File are required to unlock your wallet. Without either one you will lose complete access to your wallet and any crypto stored there.
Step 4: Now Click “View Wallet Info” select the “Keystore File” radio button and navigate to your Keystore File you saved previously. Then enter your strong password. This will then unlock all your wallet information.
Your wallet information includes:
- Account Address
- Private Key
- QR Code version of your address
- Balance for each coin
- Transaction History
Step 5: Send your Ether to your Account Address.
Step 6: Remember to keep your password and Keystore File very safe. You might consider putting them on separate thumb drives and store them in an actual safe.
If you want to participate in Civic's ICO Wednesday June 21st at 6:00am PST you will need to send Ether via this type of wallet instead of an exchange.
Let us know if you have any questions!
Microsoft teams up with Accenture to provide blockchain-based digital ID to everyone on the planet. The project aims to help individuals such as refugees prove who they are in order to gain access to basic services such as education and healthcare. Link.
Not all cryptocurrencies with a market cap worth millions of dollars have an actual product. Here is a matrix of their progress in relation to other cryptocurrencies. Link
What are cryptocurrencies actually worth? Chris Burniske provides a unique perspective to better understand the fundamental analyses of cryptocurrencies. Link
8 Ways the blockchain will change mobile payments. Link
Blockchain-based payments startup Circle Internet Financial launched an international online money transfer service that allows people in the US and Europe to send money to each other (like Matt and I) instantly and at no cost. Link
Podcast - ICO Woes with MyEtherWallet. It’s not what it sounds like. The podcast addresses how MyEtherWallet works and the game theory around ICOs.
Cambridge University with the support of Visa put out a report stating there are 3-6 million users of cryptocurrencies. That would put the average user with about $20,000 of crypto. If that’s true, we really are in the early, early days! Link
Civic’s Founder, Vinny Lingham, does a live Q&A session on YouTube about Civic and their upcoming ICO Link.
- Messaging app, Status, just raised $270 million via their ICO. RIDICULOUS! Link
Chart of the Week
People are paying close attention to what’s being called “The Flippening” The Flippening refers to Ethereum’s progress towards a larger market cap than Bitcoin. Do you think it actually happens?