Sound Money Coin (SOV) is a sound money and a secure store of value. It’s also the hardest money in existence — even harder than gold which is physically indestructible. Given its scarce supply and limited emission rate and the fact that value always flows from easy money to hard money, the price of 1 SOV could easily surpass the price of 1 Bitcoin (BTC) in the future. But you don’t take to have our word for it — do your own research first by reading the introduction and ANN post about SOV Coin.
The good news is that at this early in the game, you can still mine SOV Coin from your web browser. However, if you don’t want to do that for whatever reason, you can also grab a few on a decentralized exchange called ForkDelta. The following steps are required to buy SOV Coin:
1. Install the Metamask extension for Chrome or Brave Browser.
2. Follow the instructions in the Metamask to set up your wallet. Make sure to keep the seed phrase somewhere safe. If you into any issues with setting up Metamask, check out this guide.
3. Get some ETH (you can skip this part if you already have ETH). This is the most difficult part — you’ll either need to transfer some from an exchange or buy it from Coinbase, LocalEthereum, or an exchange. See also the howto for buying ETH on Coinbase.
4. Send the ETH to your newly created Metamask wallet address.
5. Visit the SOV/ETH market on ForkDelta. Select your Metamask wallet from the dropdown menu on the top right.
6. You now need to deposit ETH to ForkDelta for trading. In the “Balance view”, enter the amount you want to transfer and click “Deposit”. Confirm the transaction in the Metamask popup. After the transaction has confirmed you might have to refresh your browser.
7. You now have to decide what price you are willing to pay for your SOV. This is where the order book comes in: It lists the buy order (bids) and sell orders (asks) currently in the system.
Usually, you won’t just buy at the cheapest asking price, but either match one of the existing bids or bid slightly above the highest one. The higher your buy price, the more likely someone will take the other side of the trade.
8. When you have decided on your price put in the buy order. You need to add the number of SOV you want to buy and the price you are willing to pay for each. Click “Buy” at the end of this process and click “sign” in the Metamask dialog that pops up.
Your buy order should now be active (and might or might now be filled). You can view and cancel your open orders in the “Orders” tab of the “My Transations” view.
Once your trade is fulfilled, you can view your balance on https://mint.soundmoneycoin.io.
You can also add SOV token to Metamask in order to send or receive SOV, or trade them on the OTC channel on Discord. To do that, click the Metamask extension icon, open the leftmost menu, and click “Add token”.
Select the “Custom Token” tab and enter the following address:
Metamask should fill in the remaining fields automatically. Click NEXT followed by “ADD TOKEN”. Your SOV balance should now show up when you open the menu on the left.
Pick SOV from the list and you’ll be able to send SOV from the Metamask interface.
If you have any questions, visit the support channel on Discord. Happy trading!