How to Buy Ibilecoin . . .
The Bitcoin for Africa by C. Edward Good

Personal Note

I guess I don’t look like the typical crypto investor. Here’s the checklist:

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Table of Contents

I. Set Up Your Cardano Wallet

I. Set Up Your Cardano Wallet

Summary: As your first step, you’ll set up your Cardano Wallet. In this Guide, I’ll show you how to set up an Eternl Wallet. If you decide to use one of the other Cardano wallets, you’ll find that the process for all of them is pretty much the same.

A. To Get the Eternl Wallet, Go to eternl.io

Eternl — a Cardano community wallet

A Cardano light wallet.

eternl.io

1. Click Chrome Web Store

This link takes us to the Chrome Web Store and already has Eternl as the selected extension. See the screen below.

a. Click Add to Chrome

So on this screen, just click Add to Chrome.

b. Click Add Extension

You then get this notice.

c. Click the Manage Extensions Icon (Black Puzzle Piece)

Now, look at the top of your browser window, at your Tool Bar. There you’ll find something that looks like this:

d. Click the Pin Icon to Add Eternl to Your Tool Bar

This window will then appear. See the little “pin icons”? Click the one next to Eternl.

2. Click the Pinned Eternl Icon

Here is the screen you encounter when you click the Eternl Icon.

3. Click Add Wallet

4. Click Create Wallet

You’ll get this screen, where you should click Create Wallet.

a. Name Your Wallet, Create a Safe Password, and Click Save

On the next screen, you’ll name your wallet and create your password. I’ll name the wallet we’ll use in this Guide “How To Buy Ibilecoin — Wallet.” And I’ll use the password “FlyIbilecoinToTheMoon$1.00Soon” (remember, crypto investors are optimists).

b. Click Save Again

5. Get Ready to Receive Your Seed Phrase

The next screen says you’re about to receive your 24-word Seed Phrase. Note the stern warnings. USING YOUR RECOVERY PHRASE IS THE ONLY WAY TO RECOVER YOUR WALLET [and everything in it] IF YOUR COMPUTER IS LOST, BROKEN, STOLEN OR STOPS WORKING.

a. Check the “I Confirm” Box and Then Click “Continue”

B. Write Down Your 24-Word Seed Phrase and HIDE IT

Here you have to make sure no one is looking at your computer screen. You’re about to learn the 24 secret words that will enable you (or anyone else) to restore this wallet. If a thief gets ahold of your words, you can kiss your Eternl assets goodbye.

1. Check the Yes Box and Then Click Continue

2. Pass the Seed-Phrase Test

On the next screen, you’ll enter each of your Seed Phrase words in the same order they originally appeared.

3. Check the “I Understand” Box and Then Click “Continue”

When you enter the 24th word on the screen below, scroll down on this screen, read the warnings, check the box saying you understand how important the Seed Phrase is, and then click Continue.

C. Say Hello to Your Eternl Wallet

Here’s your Eternl Wallet. The screen might look busy and a bit intimidating, but after you use the wallet to receive ADA, to buy Ibilecoin, to claim rewards, and to complete other functions, it’ll become a lot friendlier.

II. Send ADA from Your Exchange Account to Your Eternl Wallet

Summary: It’s time to put some funds in your Eternl Wallet so that you can buy Ibilecoin. You’ll go to your exchange account (Coinbase, Binance, Crypto.com, or other exchange). I really can’t provide sample screens for all exchanges, so I’ll use Crypto.com for the screenshots here. Though you’ll obviously encounter different screens if you don’t use Crypto.com, the process is much the same.

A. Go to Your Crypto Exchange Account

Summary: You’ll now go to your Coinbase, Crypto.com, Binance, or other cryptocurrency exchange account. Here you will buy ADA (the coin for the Cardano blockchain). Figure out how many dollars (Euros, Pounds, etc.) you want to invest in Ibilecoin. Buy that amount of ADA. Once the purchase settles, you’ll then call up that asset in your exchange app, and look for the way to “withdraw” that asset (or it might say “transfer” or “send”).

1. Open Your Exchange App and Select Your ADA Asset

Note: In these instructions, we assume that you have purchased ADA (Cardano) in your exchange account. If you have not, here are some videos to get you caught up to these instructions.

a. Select the Transfer (or Withdraw) Function for Your ADA Asset

When you tap Transfer, two options open at the bottom of the screen below: Deposit and Withdraw. You want to withdraw your ADA and send it to your Eternl Wallet. So you tap Withdraw.

b. Paste in Your Eternl Wallet’s Receive Address

Here is one of the most important steps in the entire process. On the screen below, you’ll provide the Eternl Wallet Receive Address.

c. Name and Save Your Eternl Wallet’s Receive Address

When you paste the Eternl Receive Address, it will appear in the ADA Wallet Address box.

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III. Time to Buy Ibilecoin

Summary: You’ll now return to your Eternl Wallet. In the screenshots, you’ll notice the wallet now has two accounts: (1) the How-To-Buy account and (2) one called “GC,” another account I added to this wallet to show that one Eternl Wallet can hold multiple accounts, one for you, one for your spouse, one for your best friend, one for your favorite charity … you can have multiple accounts, all buying Ibilecoin or other Cardano assets.

A. Select the Account You Want to Use

B. Use Your Browser to Go to minswap.org

1. Click Launch App

The silly cat offers you cookies. Might as well Accept All. Then click Launch App.

2. Click Connect Wallet in the Upper Right of the Screen

3. Click Eternl

When you click Connect Wallet, you’ll see that your Eternl Address and your ADA balance shows up in the upper right.

4. In the Top Line, Click Trade

Look to the immediate right of Overview. Click Trade.

5. Click “Select a Token” to Swap with ADA

6. Type “BLC” in the Search Box and Click the BLC Icon

7. Enter the Amount of ADA You Want to Spend

You’ve got 276 ADA to spend, but you should keep 25 or so on hand. You’ll need some ADA when you claim your rewards every five days. So let’s put 250 ADA in the From Box.

8. Scroll Down and Click Confirm Swap

When this window pops up, you must scroll down.

9. In Your Eternl Wallet, Type Your Password and Click Sign

Your Eternl Wallet then opens and asks for your password. Put in your spending password and click Sign.

C. Return to Minswap.org and Click Orders

Back at minswap.org you’ll see “Orders” at the top of the screen. Click it and you’ll get this screen.

1. Keep Track of Your Purchases

In my tax records, I keep track of my purchases like this:

D. Check Your Transactions in Your Eternl Wallet

You now want to check and see that you’ve indeed bought 1497.173 BLC.

1. In Your Eternl Wallet, Click Transactions

So go to your Eternl Wallet and click Transactions, shown on the screen below.

E. Make Sure You Stake Your Eternl Wallet

One of the most attractive features of Ibilecoin is the returns it produces when you Stake your ADA. By staking in one of the Ibilecoin Partnering Pools, you’ll earn an additional 0.5 BLC along with the regular BLC rewards (the rewards earn you 6.57% APR). When you Stake, you’ll automatically receive new Ibilecoins at no cost to you. Let’s see how to Stake your ADA.

1. In your Eternl Wallet, Click Staking

Click Staking and you’ll get this screen. Notice the Filter Pools feature. You can type the first few letters of the Ticker Symbol of the pool to select it for staking.

2. List of Ibilecoin Partnering Pools

Here are the Ibilecoin Partnering Pools. I personally use Carpool Crypto [ticker VROOM], but you can select any of these pools and receive the additional 0.5 BLC reward.

3. Use the Filter Box to Select Your Pool

So let’s use VROOM as our example. Type VRO… in the Filter Pools box. You’ll get this screen:

4. Click Delegate to Stake Your ADA

Click Delegate on the screen above. Then this screen appears. Enter your Password. Click Sign.

5. Click Sign to Complete the Staking

On the above screen, click Sign and the staking deed is done.

6. Wait 10 Days Before Claiming Rewards

Before rewards begin to accrue, you’ll have to wait 10 days (2 epochs). Then, you’ll start to cash in with rewards every 5 days.

IV. Now Comes the Fun Part: Collecting Your Rewards

Summary: In the Cardano ecosystem, you can receive Ibilicoin rewards every “epoch,” which is 5 days. To receive your rewards, you’ll copy your Eternl Wallet’s Receive Address. Then you’ll go to dripdropz.io and paste in your Receive Address. Then you’ll click Check My Dropz and proceed to select the rewards you want. The main rewards you seek are additional Ibilecoin. If you hold 100,000 BLC, then you’ll receive 90 new BLC every 5 days. There are 73 5-day periods in a year, so you’ll receive 90 x 73 or 6,570 Ibilecoins. As a percentage of 100,000, that’s a 6.57% APR. Not bad. Try getting that at any bank. If you hold 10,000 BLC, then you’ll receive 9 BLC every 5 days, 657 per year. Again, an APR of 6.57%.

A. Follow These Steps to Claim Your Rewards

1. Plug In the Little Green Plugs

As shown on the screen below, you should connect the plugs. This is crucial if you have more than one account in your Cardano Wallet.

2. Copy Your Receive Address

Click the little squares at the end of your Receive Address. This will copy it to your clipboard.

3. Use Your Browser to Go to dripdropz.io

You should check dripdropz from time to time to see when the next epoch ends. Here you can see that it ends in 11 minutes.

4. Click Clear if an Address Appears There and Paste In Your Address

Recently, I’ve had trouble with the Clear box. When I click it, the address already there doesn’t go away. So I just highlight it, backspace or hit the delete key, and get rid of it. Then I paste in my Eternl Receive Address.

5. Click Check My Dropz

On the screen below, click Check My Dropz.

B. Welcome to Coins and NFTs Falling from the Sky

You’re about to encounter a dizzying array of coins and NFTs on the Cardano exchange. You’ll soon learn that you claim rewards in batches of 10. When you claim 10, you’ll have to send in a 5-ADA fee to receive those rewards. When you do receive them, you’ll get a rebate of 3.20664 ADA. So the net cost of claiming a batch of 10 is 1.79336 ADA. Now if you have only a small number of BLC, it can cost you more in ADA than you receive in Ibilicoin (depending on the price of BLC at the time). I believe you should claim these coins even if you pay more than the value you receive, for I believe that BLC will appreciate significantly in price. So one day these coins will pay you more than the 1.79336 ADA you paid to receive them.

1. In Addition to Ibilecoin, Which Coins Should You Claim?

When you click Check My Dropz, you’ll first see newly minted coins or NFTs available to claim. Frankly, ignore these and proceed to the master list of claimable coins.

2. List of the Top 10 Coins

Which ones should you claim? Here are the Top Ten. Good idea to stick with those. You must select 10. Your main target, of course, is Ibilecoin. So start scrolling and click just NINE from this list, saving one choice for Ibilecoin.

3. Start Selecting Your Tokens or NFTs

4. Select Ibilecoin

Bingo. Here’s Ibilecoin. And spacecoins. Even tough Hosky also appears, I’d skip that one (what’s with the 1,000,000 number?). You have 9. Need 1 more. Keep scrolling.

5. Click the “I Agree” Toggle and Then Click “Claim My Dropz”

Here’s the end of the list. You click the I Agree toggle. Then click Claim My Dropz.

6. Click Copy Address

A new screen opens, showing an address. This is the address that will receive your 5-ADA fee. So click Copy Address.

C. Now Return to Your Eternl Wallet

You must now return to your Eternl Wallet to pay the 5-ADA fee for your claimed rewards.

1. Click Send and Paste In the Copied Address

On the screen below, click Send and scroll down a bit until you see the place to paste the Send Address you copied from DripDroz. Then paste in the Send address. And then click Next.

2. Click Next on Screen Above and Scroll Down to Enter 5 ADA in the Appropriate Box

Now scroll down a bit and enter “5” in the amount box. Then click Next.

3. Click Next on the Screen Above and Then Scroll Up a Bit to Enter Your Password

You’ll probably have to scroll up just a bit until you see the box for your Spending Password. Enter FlyIbilecoinToTheMoon$1.00Soon and then click Sign.

D. Click Transactions to View Your Newly Claimed BLC and Other Tokens

After a few minutes you’ll be able to see your new tokens in your Eternl Wallet. Click Transactions and scroll down a bit. Here you’ll see the 10 coins you received, including the 1.847 Ibilecoins.

1. Is It Worth It to Claim Your Rewards?

There is a slight problem: You received 1.847 Ibilicoins and at today’s price of $.0859 that totals just $.15. You thus paid 82 cents to receive 15 cents―not a good investment. It is true that the other tokens you received do have some value. Here are the values of all tokens you received and their value in ADA, which I determined on Minswap.org:

V. Welcome to the Ibilecoin Community

You are now the proud owner of Ibilecoin―The Bitcoin for Africa. Our Founder, Akin Soyoye, created Ibilecoin in February of 2022. As I write this guide in October 2022, the coin is still a baby … just 7 months old.

A. Join Our Discord Channel

We invite you to join us on our Discord Channel.

Join the IBILECOIN’s server Discord Server!

Check out the IBILECOIN’s server community on Discord — hang out with 815 other members and enjoy free voice and text…

discord.gg

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IBILECOIN $BLC is a cryptocurrency deployed on Cardano. $BLC is a decentralized financial payment network built on Cardano with Proof of hold staking mechanism

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IBILECOIN $BLC

IBILECOIN $BLC

IBILECOIN $BLC is a cryptocurrency deployed on Cardano. $BLC is a decentralized financial payment network built on Cardano with Proof of hold staking mechanism