How to Buy Ibilecoin . . .
The Bitcoin for Africa by C. Edward Good
Please note: If you have experience with crypto currency (e.g., you know what a wallet is and what a seed phrase is), then you can probably follow the steps in the Table of Contents and learn exactly how to buy Ibilecoin. Others, with less experience, should start reading below and follow each step. Click here if you’d like to go straight to the Table of Contents.
But if you’re using your iPhone, the internal links might not work. Don’t ask me why. Ask Medium. The links work fine when using your PC, but on your iPhone, you can click the internal links in the previous paragraph, and they won’t take you where they say they will. Frustrating. Yes. So I urge you to use your PC.
Personal Note
I guess I don’t look like the typical crypto investor. Here’s the checklist:
Typical Crypto Dude — Boxes to Check
Male. Well, my Mom’s doc―after a quick peek―“assigned” the male gender to me, so I can check that box.
Optimist―“All my coins will moon.” All crypto owners are optimists! Yes, I can check this box.
Age 25–45. Oops, the doc did his Quick Sex Check some 77 years ago.
Yes, I’m a Boomer, which, among other things, means I follow rules of punctuation. You’ll understand why when you learn some highlights of my life. It also likely means I have grandchildren. Yep. Five. (Ask me about them, if you’ve got a few extra hours.)
A Penchant for Writing
Upon getting my law degree at the University of Virginia, I became its Director of Legal Writing. After declaring myself an expert to land that plum position, I proceeded to become one. I resigned from U.VA. in 1980 to start my own business. For the next 13 years, I conducted on-site training programs in effective writing for thousands of lawyers at law firms, corporations, and federal agencies in the U.S., Asia, and Europe.
In 1993, I accepted an offer to become the Writer-in-Residence at a law firm devoting its practice solely to intellectual-property law―a position I held for 24 years until my retirement in 2017. There I was charged with developing and conducting training programs in effective writing for attorneys who had not only law degrees but Ph.D.’s in Microbiology, Nanotechnology, Computer Science, and other esoteric fields. Through the years, I reviewed and provided feedback on hundreds of writing samples submitted by the firm’s attorneys.
Some Publications
Along the way, I wrote several books and scores of articles on the art of writing simply and clearly. I penned a 443-page book, A Grammar Book for You and I … Oops, Me! Alas, it didn’t sell enough copies for me to retire to a hammock in Fiji to sip umbrella drinks for the rest of my life.
And I’m still waiting for MGM to come along with a fat offer for the movie rights (I could play the role of the “dangling participle”).
The Oops Me book did manage to get a favorable review by William Safire in The New York Times, but, again, millions of sales failed to materialize. Barnes & Nobel bought the rights to the book and republished it as Who’s … Oops, Whose … Grammar Book Is This Anyway? Funny thing, I don’t remember receiving a check for that deal.
Of the many articles I’ve written, my favorite is:
5 Writing Myths Neil Gorsuch’s Lively Opinions Bust To Bits
Even a cursory look at Neil Gorsuch’s opinions shows his disdain for a conventional wisdom that has unfortunately…
Retirement and Cryptocurrency
Retirement left me with little to do. After floundering around a few years, I followed increasing pressure from a couple of close friends whose emails screamed from my Inbox: “Ed, you’re crazy if you don’t buy Bitcoin and Ethereum right now!” So for lack of a better word, I bit the, uh, bullet … or in this case, the Bitcoin. In November 2020, I bought some Bitcoin when the price was $19,000.
In 2021, I bought some Akash Network (AKT) and discovered staking. I then found out about liquidity pooling, learned how to set up a Keplr Wallet, and bought various Cosmos coins on Osmosis.zone: ATOM, OSMO, JUNO, EVMOS, and SCRT. Then I discovered Airdrops and enjoyed money falling from the sky as a staker of ATOM, JUNO, and OSMO. And I discovered NFTs when I bought 3 of the Genesis Characters in the upcoming StrangeClan Game and 2 Army Anons, started by “ranger, ranger,” whom I met on a Telegram Channel.
And then … and then … I discovered UST―the ideal, fool-proof place to park my staking and pooling rewards. After all, UST’s algorithm ordered Anchor to pay me 19%.
Surely a “can’t miss,” right?
On the Saturday before the big Luna collapse, I dumped all my UST―at a slight loss. At the same time, I withdrew all coins I had in interest accounts at Celsius and BlockFi―just before Celsius froze withdrawals.
How did I make such prescient moves? Simple. I read some insightful analysis by Duo Nine on Twitter. His posts convinced me that UST and Anchor and Luna were doomed. I don’t know him personally, but I’m indebted to him. His astute analysis saved me a few thousand dollars. Give him a Follow on Twitter.
twitter.com/du09btc?s=11&t=sWYjBkKThs9FgNgRV6hCVA
And while you’re at it, give Ibilecoin a follow as well:
twitter.com/ibilecoin1?s=11&t=7vI3jVtW39jdVMIktfD8BA
So I’ve Been Around the Crypto Block
Recently, I showed a close friend how to set up a Keplr Wallet and buy and stake various Cosmos coins. A retired U.S. Navy jet navigator, he jumped into crypto with both feet, devoted hours to studying the various ecosystems, and then became a Cardano devotee. An African-American, my friend zeroed in on a new coin―Ibilecoin … The Bitcoin for Africa.
Then we reversed roles. He taught me how to navigate the Cardano ecosystem. When he described the Ibilecoin project to me, my eyes opened wide. I visited Ibilecoin.com. I watched the Cardano Hotel Podcast. I watched an Ivy Crypto video. I watched a fascinating interview of Akin Soyoye―the Ibilecoin Founder―conducted by a new holder of Ibilecoin who contacted Akin and arranged to interview him. And I watched an interview with Akin that took place on Aljazeera News (Akin appears at the 13:40 mark).
As a result of all this homework, I bought some Ibilecoin. I found the process of owning Cardano (ADA) fascinating and the process of using ADA to buy other coins a bit complicated―well, maybe not complicated but certainly new to me.
“All Hope Abandon Ye Who Enter Here”
Entering the world of cryptocurrency brings Dante’s Inferno to mind. It can be scary. It’s certainly intimidating. With this Guide, you’ll avoid some traps and, I hope, feel more secure and confident.
So here we are. I own Ibilecoin. I found the process of buying and staking it a bit strange. I’m a writer. I’m fairly good at explaining complicated information and procedures―experience gained in working for that huge patent law firm.
Put those tidbits together and you’ll understand why I’m writing this detailed description of how to buy Ibilecoin. How to stake it. How to claim rewards that will pay you 6.57% APR. And one day how to sell it … or some of it … you’ll probably want to hold on to some and enjoy the passive income you’ll receive simply from holding Ibilecoin.
If You’re Already Familiar with Ibilecoin, You Can Skip This Section
Note: If you’d like to skip this section, click to go to Table of Contents.
Ibilecoin came into existence in February 2022. Founded by Akin Soyoye, a Nigerian citizen living in the U.K., Ibilecoin provides Africans (and anyone else) the means to store wealth safely; to transfer funds quickly, cheaply, and anonymously; and to earn a rate of return unavailable at any bank.
Why the name? In the Yoruba language, Ibile means “tradition.” Borrowing from African artifacts, Mr. Soyoye gave Ibilecoin a traditional look:
Ibilecoin Logo
Mr. Soyoye patterned Ibilecoin after the big Bitcoin―the world’s first cryptocurrency. The trading symbol for Ibilecoin is BLC, which resembles Bitcoin’s symbol BTC. The total number of BLC that will ever exist is 21,000,000, the same as BTC’s maximum number.
Some key differences make BLC (Ibilecoin) more attractive than BTC (Bitcoin) (from now on, I’ll use the symbols BLC to refer to Ibilecoin and BTC to refer to Bitcoin).
Environmentally Friendly
BTC is a proof-of-work blockchain. This means enormous computing power consuming huge amounts of electricity keeps the BTC blockchain secure and records every single BTC transaction. BTCWires.com estimates that 300,000 Bitcoin “miners” are holding up this huge computer network. btcwires.
BLC, on the other hand, is a proof-of-stake system and, as a result, consumes far less electrical power. Fossil fuels are burned to produce most of the world’s electricity, and BLC requires very little of it to record transactions, distribute rewards, and keep everything safe, secure, and anonymous.
Built on Cardano
BTC is its own blockchain. BLC, on the other hand, is built on Cardano, one of the world’s largest blockchains. Mr. Soyoye learned the complex computer coding called Haskell and wrote the code that created BLC on the Cardano blockchain.
Tiny Fees to Transfer BLC
Once you own BLC in a Cardano Wallet, you can send it to any other Cardano Wallet for just pennies. The BLC team has plans to create a special BLC Wallet that will be used as a means of payment to merchants that join the BLC Payment System. But right now, if you have a Cardano Wallet holding BLC, you can send it to any other person in the world who has a Cardano Wallet. When that person receives your BLC, he or she can sell it and ultimately deposit dollars, Euros, or any other currency in a checking account.
Safe and Secure
In this guide, I’ll be showing you how to set up and use the Eternl Wallet. Eternl used to be ccVault. Their stated mission for the Eternl Wallet: “Establish Eternl as one of the major Cardano wallets by implementing features requested by the Cardano community.”
When you set up an Eternl Wallet, you’ll get a 24-word Seed Phrase. ONLY YOU will know your Seed Phrase. If you keep it secret and NEVER share it with anyone, your crypto in your wallet is safe.
Additional Information About Ibilecoin
If you’d like to read a bit more about Ibilecoin, I urge you to check out this article in the Nigerian newspaper Vanguard. click here. It tells the story of Akin Soyoye, the Founder of Ibilecoin. In late 2021, Akin took a two-month leave from his work in the U.K. and set about learning all there is to know about the Cardano Blockchain. He learned Haskell, the special programming language used to create Cardano projects. All by himself, he wrote the code that is Ibilecoin today. He uploaded the code in February of 2022.
In March of 2022, Ibilecoin had a market cap of $15,000.
As I write this in early October 2022, that market cap has grown to $1,875,000.
The time to buy Ibilecoin is now. I hope this guide will help you do just that―buy and hodl BLC.
When you become an Ibilecoin “hodler,” click the link below to join 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…
For the uninitiated, Discord is a chat channel where you can learn about, and ask questions about, Ibilecoin. We have an active and close-knit group there. My handle is … “Hodler.” So when you join us, please feel free to ask me any questions. If I don’t know the answer, I’ll figure out how to find it. Feel free to “DM” me on Discord. (You can go to the App Store and download a Discord App.)
So let’s begin.
How to Use This Guide
I’m going to create a detailed Table of Contents.
If you’re familiar with basic crypto concepts, you’ll be able to become an Ibilecoin owner simply by following the steps in the Table of Contents.
Those who need more detailed instructions may simply click the links in the Table of Contents and proceed to discussions of each step in the overall process of buying, staking, holding, and one day selling Ibilecoin―The Bitcoin for Africa. In the detailed discussions, you’ll find screenshots showing exactly what to do in each step along the way.
I am going to assume that you have an account on one of the major crypto exchanges: Coinbase, Binance, Crypto.com, or other exchange. If you don’t have an account on one of the big three, make sure that your exchange does cover ADA, the coin for the Cardano ecosystem. If it doesn’t, you’ll have to establish an account that does list ADA.
Let’s get to it.
An Overview
Let’s start with a broad overview of the process you’ll follow. I’ll break things down into 6 steps.
First, you will set up a Cardano Wallet―I recommend Eternl and will use Eternl screenshots in this How-To Guide.
Second, you will buy some ADA on an exchange like Coinbase, Binance, or Crypto.com.
Third, you will send that ADA to your Cardano Wallet.
Fourth, you will connect your Cardano Wallet to a DEX, preferably Minswap.org.
Fifth, you will then buy Ibilecoin.
Sixth, you will collect Ibilecoin rewards every 5 days (5 days = 1 epoch). Those rewards produce an APR of 6.57%. Thus, if you have 10,000 Ibilecoin (BLC), at the end of the year, you will have 10,657 (actually you’ll have more than this, for if you leave your rewards in your wallet, those rewards will earn additional rewards―just like compound interest).
Ready?
Here’s the Table of Contents.
Table of Contents
A. To Get the Eternl Wallet, Go to eternl.io
c. Click the Manage Extension Icon (Black Puzzle Piece)
d. Click the Pin Icon to Add Eternl Icon to Tool Bar
2. Click the Pinned Eternl Icon
a. Name Your Wallet, Create Password, Click Save
5. Get Ready to Receive Your Seed Phrase
a. Check the I Confirm Box and Then Click Continue
B. Write Down Your 24-Word Seed Phrase and HIDE IT
1. Check the Yes Box and Then Click Continue
3. Check the I Understand Box and Then Click Continue
C. Say Hello to Your Eternl Wallet
II. Send ADA from Your Exchange Account to Your Eternl Wallet
A. Go to Your Crypto Exchange Account
1.Open Your Exchange App and Select Your ADA Asset
a. Select the Transfer (or Withdraw) Function for Your ADA Asset
b. Paste In Your Eternl Wallet’s Receive Address
c. Name and Save Your Eternl Wallet’s Receive Address
A. Select the Account You Want to Use
B. Use Your Browser to Go to minswap.org
2. Click Connect Wallet in the Upper Right of the Screen
4. In the Top Line, 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
8. Scroll Down and Click Confirm Swap
9. In Your Eternl Wallet, Type Your Password and Click Sign
C. Return to Minswap.org and Click Orders
1. Keep Track of Your Purchases
D. Check Your Transactions in Your Eternl Wallet
1. In Your Eternl Wallet, Click Transactions
E. Make Sure You Stake Your Eternl Wallet
1. In your Eternl Wallet, Click Staking
2. List of Ibilecoin Partnering Pools
3. Use the Filter Box to Select Your Pool
4. Click Delegate to Stake Your ADA
5. Click Sign to Complete the Staking
6. Wait 10 Days Before Claiming Rewards
IV. Now Comes the Fun Part: Collecting Your Rewards
A. Follow These Steps to Claim Your Rewards
1. Plug In the Little Green Plugs
3. Use Your Browser to Go to dripdropz.io
4. Click Clear if an Address Appears There and Paste In Your Address
B. Welcome to Coins and NFTs Falling from the Sky
1. In Addition to Ibilecoin, Which Coins Should You Claim?
3. Start Selecting Your Tokens or NFTs
5. Click the “I Agree” Toggle and Then Click “Claim My Dropz”
C. Now Return to Your Eternl Wallet
1. Click Send and Paste In the Copied Address
2. Click Next and Scroll Down to Enter 5 ADA in the Appropriate Box
3. Click Next and Scroll Up a Bit to Enter Your Password
D. Click Transactions to View Your Newly Claimed BLC and Other Tokens
1. Is It Worth It to Claim Your Rewards?
V. Welcome to the Ibilecoin Community
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.
Here’s what you’ll do: You’ll go to the Eternl’s website, which will explain how to Create a New Wallet. As you follow each screen’s instructions, you’ll get your list of Seed Phrase words. Eternl uses 24 words, which is very safe. You’ll then write down these words on a piece of paper (not on your computer). You must NEVER share these words with anyone. If you do, that person can steal everything in your wallet. And if you lose your Seed Phrase and your computer breaks (thereby destroying your Eternl Wallet), you’ll never ever be able to retrieve the assets in your wallet.
Your wallet wants you to prove that you’ve written down the words, so you’ll have to recreate the list in the same order. Once you do that, you’ll name your wallet and select a password, which you’ll use whenever you tell your wallet to do something like send coins, buy Ibilecoin, and other tasks. (NEVER share your password with anyone and do not write it down on your computer; instead, write it on a separate sheet of paper and then HIDE both your Seed Phrase and your password).
Here’s the process, step by step.
A. To Get the Eternl Wallet, Go to eternl.io
Eternl — a Cardano community wallet
A Cardano light wallet.
Here’s what you see at the website. It doesn’t exactly tell you what to do to get an Eternl Wallet. That’s why we’re here to help.
Home Page of Eternl.io
Right below Open Wallet, you see this:
Browser Extension — The Version to Use
WT … Heck? DApp connector? A browser extension will connect me to a … uh … a DApp … oh … a DApp like … MINSWAP.ORG.
Frankly, this is typical. And it’s absurd. Many of us out here have never used a Browser “Extension” and wouldn’t know one if it jumped up and bit us in the butt.
Let me do Eternl’s job for them. Here’s what the Home Page should say:
“ATTENTION: If you plan to use Eternl to buy or sell certain Cardano assets, you MUST get the Browser Extension version. It’s easy. Just click Chrome Web Store and find the Eternl extension.”
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.
Click Add to Chrome
When we click Add to Chrome, the window below pops up and promptly scares us to death, for it says it “can read and change your data on all websites”! Not sure why it says it this way. I think it’s referring to the fact that when you buy any crypto the Browser Eternl Extension can record that fact in your Wallet. So don’t worry.
b. Click Add Extension
You then get this notice.
You’re safe. It won’t hurt you.
Click Add Extension
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:
Click the Black Puzzle Piece
See the solid black icon that looks sorta like a puzzle piece? It’s the third from the left on the screenshot above. Click it.
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.
Click the Pin to Pin Eternl to Your Tool Bar
When you click the pin, the Eternl icon moves to your tool bar. And there it will stay. Whenever you want to access your wallet, just click the Eternl Icon (blue and red) and your wallet will open in a browser tab.
Here you see the Eternl Icon pinned to your tool bar. See the Eternl Icon next to the funny puzzle piece.
The Eternl Icon Moves to Your Tool Bar — Click It Now
2. Click the Pinned Eternl Icon
Here is the screen you encounter when you click the Eternl Icon.
The Screen You Get When You First Click the Eternl Pinned Icon
3. Click Add Wallet
Click Add Wallet
4. Click Create Wallet
You’ll get this screen, where you should click Create Wallet.
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).
Then click Save.
Name Your Wallet, Dream Up Password, and Click Save
b. Click Save Again
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.
Are you beginning to understand the importance of your Seed Phrase?
The instructions urge caution, so you must check the box to confirm that nobody is looking at the screen; if someone is looking and writes down your Seed Phrase, in a matter of minutes they’ll be able to steal everything in your wallet. Not a pretty sight.
a. Check the “I Confirm” Box and Then Click “Continue”
Confirm That You’re Alone and No One Is Looking at Your Computer Screen
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.
Below you see your 24 secret words. Trust me when I tell you that I am NOT using the wallet you’ll see in these pages. You can go ahead and use these 24 words and actually take control of this wallet.
But guess what. You won’t find any assets in it. Those I’ve added for this discussion have long since been sent to my other Cardano wallet.
Here are your 24 words. You must write them down on a piece of paper in the same order they appear here: 1 through 24.
When you’ve written them down, scroll down on this screen and you’ll see the next screenshot.
These are the actual seed words used to create the wallet used in this Guide.
Write Down Your 24-Word Seed Phrase — NEVER SHARE THESE WORDS WITH ANYONE EVEN IF YOU THINK SOMEONE SHOULD SEE THEM! NEVER MEANS NEVER!!!
When you scroll down on this screen, you’ll see further instructions. You must then check the box confirming that you’ve written down the 24 words in the same order.
1. Check the Yes Box and Then Click Continue
Click Yes 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.
In the box with the edit pencil, you simply start typing the word. Here, the third word is “shine.” When you type just “shin,” the word “shine” appears in the box right below “Enter Word.”
When your word appears, just hit the Enter key and it’ll appear in the numbered box at the top of the screen.
Type Each of Your 24 Words in the Same Order You Received Them
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.
Check the “I Understand Box” — 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.
As you become more proficient, you’ll learn the intricacies of the Eternl Wallet. For now, I’ll point out the features you’ll begin to use right away.
Here’s An Overview of the Eternl Wallet
1. Look up and right from the word “Summary” (with a box around it). There you’ll find Receive. Clicking it will give you your Receive Address. You’ll use this address when you send ADA from your exchange (Coinbase, Binance, Crypto.com, etc.) to your Eternl Wallet.
2. To the left of Receive you’ll find Send. You’ll use this function to send ADA or Ibilecoin to a friend or family member. You’ll also use it when you claim your rewards every 5 days.
3. To the left of Send you’ll find Transactions. When you click it you’ll see a chronological list of every transaction your wallet has ever made. It will show coins you’ve received and the coins you’ve sent, the funds (ADA) you’ve received, and the funds you’ve sent.
Here’s Your Eternl Wallet — It Looks Intimidating but You’ll Get Used to It
When you click Receive, your screen looks like the one below. Your Receive address is a long list of letters and numbers. It looks like this when copied and pasted:
addr1q8qvnamcpzlaq40wac3lkjcdevjrusdhefzxem5he7zydw3ga8sag7m0tf8ve5a7xjxvxvqxd0hhmjmjmmjyzw44y2squt5d93
At the end of the address, you’ll see a set of small squares (the universal symbol for “Copy”). Click those squares and you have now copied your address to your Clipboard. Don’t copy anything else until you Paste this address in your exchange account. Once you’ve copied your Receive address, you’ll proceed to the next step.
Screen When You Click “Receive” — Click the Little Squares at the End of Your Receive Address — That Will Copy the Address
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.
Here’s what you’ll do. Open your exchange account and locate your Assets. As I mentioned at the beginning, I am assuming you have purchased a supply of ADA―the coin used for “spending” on the Cardano Blockchain. So locate ADA among your assets. You’ll “open” a screen showing ADA. There you’ll typically find things you can do with ADA: Buy, Sell, or “Transfer” (your screen might say “Withdraw”). Select Transfer and find a way to Withdraw your ADA. The screen should show a box where you can paste in the address you want to receive the ADA. This, of course, is the Receive address you just copied in your Eternl Wallet.
Paste in your address and click the Do It button. Your wallet will then ask you for all sorts of verification. You might have to enter your 2FA Verification code, your password, or even a special code you receive as a text on your smart phone.
Let’s look at the process unfold on Crypto.com.
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”).
Once you find out how to withdraw (transfer, send), you will then paste in the Eternl Receive Address. Follow the instructions in your Exchange App.
Most likely your Exchange App will tell you that you cannot withdraw your ADA now. You’ll have to wait 24 hours for the Eternl Receive Address to be “whitelisted” in your account. When that time period passes, you’ll then be able to send ADA from your Exchange App to your Eternl Wallet.
Follow along, step by step. I’ll use my Crypto.com account for screenshots.
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.
How to create a Coinbase account:
How to Create a Coinbase Account
How to buy Cardano (ADA) on Coinbase:
How to Buy Cardano (ADA) on Coinbase
At this point, you should open your Coinbase, Binance, or Crypto.com App. In these instructions, I’ll use my Crypto.com App. If you use one of the other exchange Apps, you should be able to follow along, for you’ll find the processes from one exchange to another are quite similar.
Using Crypto.com, tap “Accounts” at the bottom of the screen, then tap and open your Crypto Wallet, and then tap Cardano to bring up the screen you see below.
Your ADA Balance in Crypto.com Account
When you’ve displayed the ADA asset, tap “Transfer” (or “Withdraw” or “Send” on other exchange apps).
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.
Tap Withdraw
When you tap Withdraw, several options open up at the bottom of the screen. Here you want to send your ADA to an External Wallet.
Tap External Wallet on the screen below.
Tap External Wallet
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.
At the top, under “Select Network,” make sure you tap and highlight the “Cardano” network.
Then, to provide the Eternl Wallet Receive Address, you will paste it in the “ADA Wallet Address” box.
Make Sure You Select the Cardano Network
Steps in other exchange apps will be similar: They will ask for the address where you want to send the ADA. That, of course, is your Eternl Wallet’s 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.
On this screen, you should give this wallet a name. Here I’ll use “Eternl ADA Address.” Then, when you save it, you’ll be able to re-use the address without having to copy it again. After all, this is just your first purchase of Ibilecoin. As time goes by, you’ll probably want to DCA (dollar cost average) and buy more to achieve your ultimate Ibilecoin position.
Thus, a series of Ibilecoin purchases is likely in your future.
Paste In Your Eternl Receive Address and Name This Address for Future Use
Tap Continue. A new screen will open asking you for your Two-Factor (2FA) Verification Code, which you get from your authenticator app.
You Must Now Check Your Authenticator App
If you don’t know how to set up the Google Authenticator either (1) for Crypto.com or (2) for Coinbase, you can find assistance here:
How to Set Up Your Crypto.com App 2FA?
Two-Factor Authentication (2FA) is an additional security layer to your password. With 2FA enabled on your account, you…
How to Set Up 2FA Authenticator for Coinbase App
Now leave your Crypto.com (or Coinbase) app and switch to your Authenticator App. You’ll find the screen below. Locate the Crypto.com account (second from bottom) and tap those numbers (587 0980). By tapping, you automatically copy the numbers “587 098.”
Open Your Authenticator App and Tap Numbers for “crypto.com”
You have only a minute to copy the code. Pay attention to the little blue clock on the right that will wind down. If it hits the red, just wait for another code to appear.
Now leave or close the Authenticator App and return to your Crypto.com App. On the screen below simply tap Paste to paste the code you copied from the Authenticator.
Tap Paste to Paste In Your Authenticator Code
Now you must decide how much ADA you want to send to your Eternl Wallet.
Here on the screen below―just for illustration purposes―we’ll send 15 ADA. When you want to buy IbileCoin, however, you’ll want to send a lot more than that. (In fact, in later screenshots, I’ve sent a lot more ADA to enable us to buy around 1500 Ibilecoin.)
Decide How Many ADA You Want to Send to Your Eternl Wallet — Here I used “15” for Illustration — Later I Sent a Lot More to Enable Us to Buy Around 1500 Ibilecoins
On the screen below, you can review your “withdraw” transaction to make sure everything is correct: You’re withdrawing 15 ADA, but notice that Crypto.com will charge you ½ ADA as a fee. So you’ll receive 14.5 ADA.
Once you’re satisfied, tap Confirm.
A Review Screen to Make Sure Everything Is Correct — Tap Confirm
Providing a final layer of security, Crypto.com now requires you to receive a cell-phone text message with a code. To start the process on the screen below, tap Send to receive the Mobile Verification Code.
Tap Send to Get Your Smart Phone Code Texted to You
When you receive your text-message code, copy and paste it in the designated box.
Then check your Google Authenticator, copy the code by tapping the numbers next to Crypto.com, and then tap Paste on the screen below.
You’ve entered your codes. Now tap Continue.
Paste In Your Text Code and Your Authenticator Code (Just Tap Paste)
Don’t freak. Crypto.com has another little surprise in store.
Crypto.com Is Apparently Doing Away With This Painful Requirement
When you first try to send out a crypto asset from Crypto.com, you’ll find this final safety valve. When you put in a withdrawal address for the first time, you must wait for 24 hours for it to be approved. See the screen above.
After 24 hours pass, you repeat the withdrawal steps shown above. This time, you’ll find that 15 ADA will make a successful trip from Crypto.com to your Eternl Wallet.
Update: As these materials were being assembled in October 2022, Crypto.com sent a message to customers saying the 24-hour Whitelist period would no longer apply. So if this pain in the rear end has stopped, bravo to Crypto.com.
Note: After 24 hours, I returned to my Crypto.com account and bought another 260 or so ADA. With the Whitelisted address approved, I then sent 277 ADA to our Eternl Wallet address.
Now it’s time to use those ADA to buy our first Ibilecoins.
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.
To buy Ibilecoin, you’ll select the How-To-Buy account and then click the little plugs. When you attach your Eternl Wallet to the Minswap exchange, the little plugs will tell Minswap to use the “plugged” account in your wallet.
You’ll “connect” your Eternl Wallet to Minswap and find the Trade Menu. You’ll select BLC as the coin you want to buy. You’ll enter the number of ADA you want to spend and then find out how many Ibilecoins you’ll receive.
When you click Swap, you’ll then have to approve the transaction by entering your Eternl Wallet’s password; FlyIbilecoinToTheMoon$1.00Soon.
Voila! You’re now the proud owner of Ibilecoin.
Let’s see the process unfold, step by step.
A. Select the Account You Want to Use
In Our Sample Screenshots I Added an Account to Our Sample Wallet — Just to Show You That You Can Have Multiple Accounts in Your Eternl Wallet
When you plan to attach your Eternl Wallet to a crypto exchange like minswap.org, you should first select which account in your wallet you intend to use and then connect the plugs. Then, when you visit minswap, the plugs will tell minswap you plan to use the How To Buy Ibilecoin account and not the GC-Eternl account.
So click the plugs.
Cute Plugs
You can see that the plug icon turns green when it’s “plugged in.”
Plugs Turn Green When You Plug Them In
B. Use Your Browser to Go to minswap.org
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.
Accept the Cookies and Click Launch App
If you get this window, just X it out.
X Out This Screen
2. Click Connect Wallet in the Upper Right of the Screen
Upper Right, Click Connect Wallet
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.
Click the Eternl Icon
4. In the Top Line, Click Trade
Look to the immediate right of Overview. Click Trade.
Notice Your Balance of ADA Upper Right — Click Trade Upper Left
5. Click “Select a Token” to Swap with ADA
Lower Right, Click “Select a Token”
6. Type “BLC” in the Search Box and Click the BLC Icon
Add “blc” to Search Box, Click 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.
When you enter a number of ADA in the From Box, you’ll see the number of Ibilecoins you’ll get in the To (estimated) Box.
You can calculate what these Ibilecoins are costing you by getting the current price of ADA and multiplying that by 250. Take the resulting dollar amount and divide by 1503.447 to find the cost per Ibilecoin.
I’ve provided that analysis below.
Enter the Number of ADA You Want to Swap — Keep Some to Pay for Rewards
8. Scroll Down and Click Confirm Swap
When this window pops up, you must scroll down.
Keep Scrolling Down on This Screen and Find Confirm Swap
When you scroll down, you’ll find the Confirm Swap button. Click it.
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.
When Your Eternl Wallet Opens, Enter Your 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.
Back to Minswap — Click Orders at Top of Screen
The screen above provides a history of BLC purchases. If you want to keep a running record, you can screen-copy the individual transaction. On a PC, to copy a screen, hold down the Windows Key, the Shift Key, and the S Key. Then select the part of the screen you wish to copy. For my records, I copy this and paste it in my Cost Basis Document, which I keep in MS Word.
Price Analysis. To keep a record for your taxes, use Coingecko or other website to obtain the price of ADA. When I completed the above transaction, ADA was selling for $.4494. If you multiply the 250 ADA by $.4494, you can see that this purchase cost you $112.35. For that you bought 1497.173 BLC (rounded off). Divide the dollar amount by the number of coins, and you get the average coin price of $.075.
1. Keep Track of Your Purchases
In my tax records, I keep track of my purchases like this:
BLC purchases
IbileCoin Cost Basis
Date 9/18/22
Number 1497.173
Price .075
Amount 112.35
Notes 250 ADA x .4494 = 112.35
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.
You Can Capture a Screenshot of Your Purchase — Paste It in Your Tax Record Document
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.
You MUST Stake Your ADA — Click 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.
List of Partnering Pools Offering 0.5 BLC Bonus for Staking with One of These Pools
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:
To Select a Pool, Use the “Filter Pools” Box — Type First Few Letters of Pool Ticker Symbol
4. Click Delegate to Stake Your ADA
Click Delegate on the screen above. Then this screen appears. Enter your Password. Click Sign.
To Complete the Staking Process, Enter Your Password and 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%.
In addition to Ibilecoin, you’ll also be receiving a whole bunch of other coins and NFTs on the Cardano Blockchain. As you’ll see in the instructions below, you should claim at least 9 of these coins. Many do have value, and one day they’ll add something to your net worth.
Let’s take it step by step and see how to claim your rewards.
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.
Plug in the Little Plugs
2. Copy Your Receive Address
Click the little squares at the end of your Receive Address. This will copy it to your clipboard.
Click the Receive Link and Click the Little Squares to Copy Your Receive Address
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.
Say Hello to DripDropz — The Place to Claim Your Rewards
So you wait for 11 minutes.
On the screen below, you see that the epoch has ended. You may now claim your rewards. Scroll down a bit on this screen and you’ll see a box named Clear.
The Epoch Has Ended — Time for Rewards — Every Five Days — Click Clear and Paste In Your Receive Address
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.
After Pasting In Your Receive Address, 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.
Let’s see how the claiming process works.
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.
These Are Newly Minted Tokens — You May Claim If You Want — I Ignore Them
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.
The 10 Tokens Most Often Claimed by Others
After you click Check My Dropz, you get the screen with the newly minted coins and NFTs. Scroll down a bit. Here’s where you begin your search. Notice it says “All Other Tokens (61).” Yes, you could claim 61 coins, but you’ll owe a net fee of 1.79336 ADA for each batch of 10 you claim.
3. Start Selecting Your Tokens or NFTs
In the First Two Rows, None of the Top Ten Appear
In the first two rows of tokens, you don’t spot of the Top Ten. So you keep scrolling.
Here you find two on your list: Cornucopias and NEWM. Here you click the box for Cornucopias and see that you’ll receive 5 tokens. Then at the end of the row, you should click the box for NEWM; you’ll get 5 of those as well.
Claim 2 of the Top 10
Continue scrolling and select Growth and Stripper.
Claim 2 More of the Top 10
Keep scrolling and select adosia and MNML. That’s 6. You’ve got 4 more. Keep your eyes open for Ibilecoin.
Claim 2 More — That’s 6–4 More to Go
Here you find one more: Tokhun.
Claim 1 More — Tokhun
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.
At Last! Here’s Ibilecoin! You May Claim 1.847 BLC
Here’s the end of the list. You choose your 10th selection: Proxie. Then scroll down some more.
Claim Proxie and Scroll on Down
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.
At the Bottom of the List, Click the “I Agree” Toggle and Click “Claim My Dropz”
You’ll have to pay 5 ADA to claim your rewards. But, as mentioned above, you’ll get 3.20664 back. So your total cost is 1.79336 ADA.
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.
Here’s the Address That Will Receive Your 5 ADA — 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.
Click Send and Then Scroll Down to Paste In the Address — 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.
Scroll Down a Bit and Enter the 5 ADA — 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.
Scroll Up a Bit and Enter Your Password — 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.
Wait a Few Minutes and Then Click Transactions to View Your Rewards
Notice that with these tokens you also received 3.206640 ADA. So instead of this transaction costing you 5 ADA, it cost you 1.79336 ADA. At today’s price of $.4605, that totals $.82.
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:
25 Space = .0647 ADA
5 COPI = .5572 ADA
300 MNML = 0 ADA
5 Stripper = .9578 ADA
5 NEWN = .0526 ADA
100 ADO = .0783 ADA
14 Growth = .0451 ADA
1 Tokhun = 0 ADA
1.847 BLC = .3429 ADA
Total ADA value of coins received = 2.0986 ADA
You received 2.0986 in ADA, which at today’s price of $.4605 totals $.96. So you spent $.82 to receive $.96. It won’t make you rich, but it does make sense to claim your rewards every five days. As your Ibilecoin stake increases, you’ll be receiving interest on interest, so your claim each time will increase.
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.
If you are fortunate enough to buy Ibilecoin before the close of 2022, then you are very early. We have no idea whether the price of BLC will go up or down. No one knows that. But we do know that an active Ibilecoin community can join forces to spread the word.
A. Join Our Discord Channel
We invite you to join us on our Discord Channel.
Here’s an invitation link.
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…
If you have any questions, just join our Discord group, post your question, and someone will respond.
My Discord Handle is “Hodler.” It’s also my Twitter Handle. Feel free to DM on either platform.
We hope you have enjoyed this Guide. Please share the link with your family, friends, Twitter Followers, and colleagues.
The Ibilecoin Community wishes you the best of luck in all your endeavors.
