Crypto or cryptic currency, my #POWRtoken purchasing experience
I never thought it would be so complicated to purchase cryptocurrency.
An initial search online presents a plethora of sites that appear to be selling Bitcoin, Ethereum and Litecoin (BTC, ETC and LTC, respectively).
The first few sites I tried required a very complicated verification process, which varied from site to site:
1. Photo of driver’s licence, Passport or acceptable other photo ID, sometimes with you in the picture sometimes without
2. Photo of credit card with your and or your driver’s licence in the same photo
3. Credit card verification whereby one or two cents is deducted from your credit card (and refunded) to test it is your card (you need to input the amount they deduct when it appears in your statement).
After playing around with all of the above on a few sites I finally realised that neither of my two main banks would allow the verification debits.
I was getting pretty frustrated by this stage and wondering how could PayPal not be part of the cryptocurrency revolution. I could not find any website accepting that seamless and joyous payment method I use for 95% of online purchases.
Finally, I came across BTC Markets, after photo verification, I was able to use Australia Post POLI payment direct from their site to withdraw money from my own bank to transfer to their account.
The first POLI payment was pretty slow, about 48 hours (normal). The next one was within a few hours.
With money in my BTC Markets account I was able buy some coin! The delay had allowed me to watch the fluctuations in Ethereum over a few days. I picked a price to purchase ETC that was as low as the most recent low point several hours earlier.
Sure enough, after a bit of patience my bid was accepted and I had bought ETC. I noticed over the next day or so that the price never went that low again so I felt pretty chuffed!
Finally I was ready to purchase my #POWRtokens, the reason I had embarked on the process of deciphering the cryptocurrency purchase process. I have followed Power Ledger, a Perth company, since their inception and I know they are a global leader in using block chain for energy.
One more step however, Power Ledger had recommended sending coin from a non-trading based wallet. A wallet unsurprisingly is where you keep your highly prised coin! A trading account is where you can place bids on buying coin or you can set the offer price to sell your coin, now that was fun and after an hour I felt like a trading boss.
I went with My Ether Wallet as my non-trading wallet, being the wallet Power Ledger mentioned as a compatible wallet to receive by POWR tokens (ERC20 compatible). The wallet was very easy to use, you log in using various methods, however it important the private key they give you is kept safe, private and somewhere you will never lose it.
The private key opens the wallet. The next thing you need is the public address of your wallet, this is the address you need to enter when you are wanting to receive coins or tokens. It was a simple process of sending my ETC or Ether coins from BTC Markets to My Ether Wallet and it happened pretty fast.
I should note you are losing bits of your original dollars transferred from your bank along the way on various fees. The good thing was that the ETC price rose much faster than the rate I was losing money on transfer costs.
Token Generation Event presale launch day! I rushed home from lunch and a walk in the park with my dogs early on the Sunday afternoon of the presale, watching the countdown for the last two minutes was pretty exciting, my adrenalin racing.
When the countdown hit zero the page changed and offered up some instructions which I ticked rapidly without reading not knowing how long I had before tokens were all gone or their website would crash with too many buyers.
I was straight through to the buy screen, simply entered by pre-registered email address and my wallet public address, clicked and then they provided a unique address for me to send my ETC from My Ether Wallet.
All up 15 seconds and then a feeling of relief.
The Power Ledger presale is racing along towards sold out in 3 days. An amazing result for a well deserving team with an incredible leadership and a platform for energy trading using block chain and POWR tokens that will decentralise energy.
The public Token Generation Event will start soon and with only a portion of the total tokens left available it is sure to be highly sought after, cue the whales (another blog needed to explain that!).