How to Participate in the CDX Token Sale. A Step-by-Step Guide 8 months ago

We realize that many people in the alternative media community have limited experience with crypto currencies. That is why we took upon ourselves to create a guide that will take them throughout the full process of taking part in our CDX token sale.

In this guide, we will be using Coinbase as our exchange and MyEtherWallet as our ether wallet.

You can use any other exchange but we strongly recommend using MyEtherWallet to send your ether (ETH) to us.

Step 1 — Set Up Your Exchange Account

When you sign up with Coinbase, they will need your full name and address, your email, your mobile phone number, and a source of funds (bank account or card) from which you will be depositing fiat currency.

The email address and phone numbers are used as additional means of verification when you log in to your account.

Step 2 — Deposit Fiat Currency into Your Exchange Account

To deposit fiat currency, you can use bank transfer or card payment. There’s a fee for card payments but they are faster. Bank transfers take longer. Coinbase notifies you in an email when the transfer arrives to your account.

To deposit funds to your Coinbase account, go to Accounts and click on the Deposit button below your fiat currency.

Coinbase will generate a reference number for you, if you decide to use bank transfer. Make sure to include this reference number in your payment details. Without it, Coinbase will reject your deposit.

You will also need to check a box next to This name matches the bank account I’m sending from. Obviously, make sure that the name you have used for your Coinbase account perfectly matches the name you have used for your bank account. You can change your name in Settings > My Profile > Nick Name.

Step 3 — Convert Your Fiat Currency to Ether (ETH)

After your fiat currency deposit has arrived, you can go to Accounts and click on the ETH Wallet. Then click on the Buy ETH button.

Convert Funds to ETH

Now you can use Coinbase’s exchange rates to purchase ether (ETH) for your fiat currency.

Step 4 — Set Up Your Ethereum Wallet

You must have an Ethereum wallet besides you exchange account wallet. You need to be in possession of your wallet’s private key. Since you do not have a private key for your exchange account wallet, you need an Ethereum wallet as well.

First, go to StrongPasswordGenerator and generate a password. Copy and save this password to a safe place. I recommend using KeePass for this purpose.

Important Note

To learn more about creating very strong passwords and how to keep them safe, please, read the following two posts: How to Create a Strong Password and Use KeePass to Safely Store Your Passwords.

Now that you have a safely stored strong password, go to MyEtherWallet. Paste in your password to the Enter a password box and click Create New Wallet.

Create MyEtherWallet

Next, download your keystore file by clicking on the Download Keystore File (UTC / JSON) button. Then click on the I understand. Continue. button.

Next, copy your private key and save it in KeePass. You will need your private key each time you want to access your MyEtherWallet.

Finally, select Private Key on the left of the Unlock your wallet to see your address page. Then paste in your private key in the middle box and click on the Unlock button to the right.

Unlock MyEtherWallet with Private Key

You will now see your wallet address. Copy it and save it in KeePass as well.

Step 5 — Transfer Ether (ETH) to Your Ethereum Wallet

Go back to your Coinbase account. Go to Send and select ETH Wallet from the dropdown menu.

Enter your MyEtherWallet address into the Recipient box. Copy-paste your wallet’s address from KeePass, so that you inadvertently don’t make a typo.

Important Note

You need to enter your MyEtherWallet address, NOT the CDX token sale address! Do not send us any ether (ETH) using your exchange account wallet!

Enter the amount of ether (ETH) that you wish transfer to your MyEtherWallet address. There will be a tiny network fee added to the amount you specified.

Transfer ETH to MyEtherWallet

When you are done, click on the Send Funds button.

In a minute, you will be able to see that the ether (ETH) have been added to your MyEtherWallet address’ balance.

Step 6 — Take Part in the CDX Token Sale

You are now mostly ready to participate in the CDX token sale.

Here is what you do. Go to MyEtherWallet and select Send Ether & Tokens from the top menu. Unlock your wallet with your private key.

At the top of the page, there are three settings: Language, Gas price, and Network. You can leave all the settings at their default positions, you don’t need to change anything. You can select whatever language you prefer. But leave Gas Price: 21 Gwei and Network: ETH (MyEtherWallet).

MyEtherWallet Settings

You copy-paste in the official CDX token sale address, which is cdxnetwork.eth, to the To Address box.

Then, in the Amount to Send box, you enter the amount of ether (ETH) you wish to send to the official CDX token sale address. Please, make sure not to enter an amount that is the whole balance of your wallet. For your transaction to be successful, you need to pay a tiny fee for gas.

Please, set the Gas Limit setting to 150,000 in order not to run out of gas. If your transaction runs out of gas, it will fail.

By using these settings, your transaction will end up costing 21 Gwei × 150,000 Gas Limit = 0.00315 ether (ETH).

Now you can click on the Generate Transaction button.

Send ETH from MyEtherWallet to CDX Pre-Sale Address

MyEtherWallet will make extra sure that you are absolutely certain that you want to send us those ether (ETH).

First, confirm by clicking on the Send Transaction button.

Confirm with Send Transaction

And, finally, confirm by clicking on the Yes, I am sure! Make transaction. button.

Confirm with Yes, I am sure! Make transaction.

Final Thoughts

We hope that this guide will help you figure out the best way for you to participate in the CDX token sale.

We have also published a step-by-step guide which explains how to access your tokens after the CDX token sale.

If you have any questions or comments regarding the CDX token sale or this write-up, please, don’t hesitate to contact us.