Afterschool contribution guide — step 2: Buy Ethereum

Afterschool
Sep 13, 2017 · 9 min read

With your Ethereum wallet all set up, the next step is to buy some ETH on an exchange. Below are the instructions on acquiring ETH on various exchange services.

Since the cryptocurrency trading is in high demand, it can sometimes happen that the exchanges are temporarily unavailable. If this happens, you shouldn’t worry — your funds are safe in your account.

COINBASE

1. Create a Coinbase account

Get started with Coinbase by entering your email on their landing page — www.coinbase.com and click the “Get Started” button. A verification email will be sent to your address — be sure to confirm it.

After confirmation you’ll have to choose your account type and verify your identity. You will have to provide your phone number, ID and send a confirmation payment. As mentioned, cryptocurrencies are in high demand right now, so it can take some time to get you verified.

To avoid rejections in the verification process, it’s recommended to use the Google Chrome web browser. If you keep experiencing issues, contact Coinbase support for more details and direct help: https://support.coinbase.com/.

You can buy cryptocurrency on Coinbase with a credit card or bank account transfer. Although buying with credit card is easier, it’s highly recommended that you add your bank account, so you’ll be able to buy larger amounts of currency and also withdraw funds back your bank account.

Visit “Settings > Payment Methods” to manage your payment methods.

It’s advisable to enable a 2-factor Authentication option, which you can find under “Settings > Security.” This adds an additional security layer through the Google Authenticator app for Android, iPhone or Blackberry.

2. Buy ETH, and send them to your Ethereum wallet

After your account and payment method get verified by Coinbase, you can buy your first ETH with either your bank account or credit card.

2.1 Buy ETH using a bank account

To buy ETH with a bank account transfer, you need to top up your local currency wallet on Coinbase, which you can find under the “Accounts” tab. Look for “EUR Wallet” or “USD Wallet.”

Once you’re in the EUR or USD wallet, click the “Deposit” button on the right side. This will bring up an overlay window, stating the details of the Coinbase account to which you must deposit your local currency. Deposit the desired amount via your online bank, and the amount will appear on your Coinbase account.

When the deposited funds appear in your USD or EUR wallet, go to the “Buy/Sell” tab. Select ETH as the currency you want to buy, and select EUR/USD wallet as your payment method. Type in the amount of EUR or ETH you wish to buy.

Click on the “Buy Ethereum Instantly” button to initiate your order. Once your order is processed, you can send the ETH to your Ethereum wallet you created in the previous tutorial.

2.2 Option 2: Buy ETH on Coinbase using a credit card

To buy ETH with a credit card, go to the “Buy/Sell” tab, select ETH as the currency you wish to buy, and choose your verified credit card as the payment method. Choose the amount of EUR or ETH you wish to buy and click the “Buy Ethereum Instantly” button. Once your order is processed, you can send the ETH to your Ethereum wallet you created in the previous tutorial.

3. Sending ETH from Coinbase to your Ethereum wallet

To send your freshly bought ETH to your Ethereum wallet, click on the “Send/Request” tab and paste your public ETH account address in the recipient field. Choose “ETH Wallet,” and select the amount of ETH you wish to send. Click “Send Funds.” Be sure to double-check the address to which you’re sending funds to avoid mistakes.

THIS STEP IS REALLY IMPORTANT. DO NOT SEND YOUR FUNDS TO AFTERSCHOOL’S CROWDFUNDING ETH ADDRESS FROM AN EXCHANGE, BUT ONLY FROM YOUR WALLET, OF WHICH YOU CONTROL THE PRIVATE KEYS. IF YOU SEND FROM AN EXCHANGE, WE WON’T BE ABLE TO SEND YOUR AST TOKENS TO YOU, AND THEY’LL BE LOST!

KRAKEN

1. Create a Kraken account

Get started with Kraken by entering your email, username and password on their landing page — www.kraken.com. Agree to their Terms of Service and Privacy Policy then click the “SIGN UP” button. A verification email will be sent to your address — be sure to confirm it.

Click on the activation link in the e-mail. This brings you back to the “ACCOUNT ACTIVATION” page, where the activation code is inserted automatically. Alternatively, you can simply copy the activation code from the e-mail.

Enter your username and password. Click in the “I am not robot” field, select the desired images and confirm your selection. Click on “ACTIVATE ACCOUNT” to open your Kraken account and go to the homepage of Kraken.

2. The verification

In order to buy Ether, you have to deposit money in the form of Euro or Dollar into your Kraken account. To do this, you must verify the account. This takes place in several stages, the “Tier.” In order to deposit Euros, you need the levels “Tier 0” to “Tier 3.” You have already reached the first level “Tier 0” by opening your Kraken account. To reach the remaining levels click the “Get Verified” tab. Here you will find the overview of the individual steps. Navigate to the bottom of the page. Here you can unlock the stages “Tier 1” to “Tier 3” in sequence.

Tier 1: Enter your surname, first name, date of birth, country and telephone number. Click “Get Verified” to confirm your details.

Tier 2: Enter your street address, your city,state and the postal code. Click “Get Verified” to confirm your details.

Tier 3: This level is required for deposits and withdrawals in Euros in your bank account. Please note the prerequisites (file size, resolution, etc.) of the documents you want to use. For the documents only the formats jpeg, jpg and png are allowed.

- Occupation: Select your occupation or a suitable entry.

- Identity document“: Here you can upload a picture of your passport, your driving license or front and back of your ID card. Click “Choose file” to select the image.

- Proof of residence“: Choose a picture of an energy bill (for example, an electricity bill), an account or credit card withdrawal. The date cannot be older than 3 months, and the address must match the address of “Tier 2”. Click “Choose file” to select the image.

- ID confirmation“: Take a picture beside your face holding the Identity document (which you selected with “Identity document”) and a piece of paper that has in handwriting — “only for trading digital currency on kraken.com,” the current date and your signature. Your face, the handwritten paper and the identity document must be visible. Click “Choose file” to select the image.

Click “Get Verified” if you have selected the required images. The examination of the documents usually takes 2 to 5 working days. You will then receive an e-mail confirmation from Kraken and the level “Tier 3” will be unlocked.

3. Transfer money to your Kraken account

When you reach Tier 3, you can transfer money from your bank account to your Kraken account and buy Ether. Click the “Funding” tab and then “Deposit.” Now click on “Euro (EUR)” in the left column and select the “Fidor Bank AG SEPA” method for a SEPA transfer. Transfer at least €50 to your Kraken account. Please include your reference number so that the transfer can be assigned to your Kraken account. After 2 to 3 business days, the money should be available in your Kraken account. Then you can buy Ether immediately.

4. Buy Ether

Proceed as follows to buy Ether: Click on the “Trade” tab and then “New Order.” Choose the ETH/EUR currency pair to buy Ether with Euro and click “Buy.” Enter the number of emitters you want to buy in the “Amount” field. Please note that Kraken uses English spelling for numbers. Select “Market” to buy Ether at the current price. Click “Buy ETH with EUR” and check your details again. By clicking “Submit Order” you confirm the purchase of the Ether.

Get acquainted with all the elements of Kraken before you buy and trade Ether. In the “Kraken Help Center” you will find lots of information and explanations about the general use of Kraken. In the “Kraken Trading Guide” you will learn everything about the topic of buying and trading.

5. Sending ETH from Kraken to your Ethereum wallet

To send your freshly bought ETH to your Ethereum wallet, click on the “Funding” tab and then “Withdraw.” Select Ether on the bottom left side.

- Click the “+ Add address” button. (Don’t send Ether from Kraken to Afterschool’s crowdfunding address, but send it to your preferred wallet and then from your wallet to our crowdfunding address.)

- Add a description and your Ether address. No need to fill in the data field.

- Save the address.

- Click the back button.

- Select the address you just created from the dropdown.

- Enter the amount.

- Click the green “Review Withdrawal” Button.

- Check it over one last time and click “Confirm Withdrawal.”

You can now view the withdrawal to see the status. Usually this is pretty quick. Once the “Initiated” status changes to “Success” you can access your Ether wallet on a blockchain explorer or in your wallet client and see the balance.

THIS STEP IS REALLY IMPORTANT. DO NOT SEND YOUR FUNDS TO AFTERSCHOOL’S CROWDFUNDING ETH ADDRESS FROM AN EXCHANGE, BUT ONLY FROM YOUR WALLET, OF WHICH YOU CONTROL THE PRIVATE KEYS. IF YOU SEND FROM AN EXCHANGE, WE WON’T BE ABLE TO SEND YOUR AST TOKENS TO YOU, AND THEY’LL BE LOST!

SHAPESHIFT

If you have other cryptocurrencies, you can easily exchange them on Shapeshift. The platform gives you the power to quickly swap between assets — no account required.

Let’s assume you have Bitcoin and you want Ether. It goes like this:

1. Select Bitcoin as the input (Deposit) and Ether as the output (Receive). You can choose “Quick” or “Precise”

- “Quick” transactions refer to a transaction where the user inputs the receiving address and is given a deposit address from ShapeShift. With this quick order, the user does not need to tell us how much of a certain altcoin they want to receive, and they can deposit whatever they would like as long as it is between the deposit limit (max.) or minimum.

  • “Precise” transactions (also known as “specific amount orders”) refer to a transaction where the user tells ShapeShift how much they want to deposit BEFORE we provide you with a deposit address. We tell you how much of the receiving coin you would receive with that amount deposited, and then we supply you with an address to deposit that precise amount you specified you would like to deposit to us. You can get a better rate with this type of order AND a higher deposit max.

2. Provide your Ether address from your Ether wallet in the top box (destination address) and your Bitcoin address (refund address). Click on “I agree to Terms,” then click the “Start Transaction” button.

3. Shapeshift will generate a bitcoin deposit address for you (this is the address you will send your bitcoin to from your bitcoin wallet). Send your bitcoin to this generated address, being sure to not send an amount over the “Deposit Max” or under the “Deposit Min.”

That’s it. In a few moments your Ether will be sent to you.

THIS STEP IS REALLY IMPORTANT. DO NOT SEND YOUR FUNDS TO AFTERSCHOOL’S CROWDFUNDING ETH ADDRESS FROM AN EXCHANGE, BUT ONLY FROM YOUR WALLET, OF WHICH YOU CONTROL THE PRIVATE KEYS. IF YOU SEND FROM AN EXCHANGE, WE WON’T BE ABLE TO SEND YOUR AST TOKENS TO YOU, AND THEY’LL BE LOST!

Afterschool

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Afterschool is a two-sided after school activity marketplace set to decentralized its platform using ethereum blockchain. ICO will be on Sep 26, 2017.

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