ETH Buying Guide
0 ... Introduction
This text will help you buy ETH. If this is your first time buying ETH, the whole process might seem a bit scary, but once you've done it once, you'll get used to it.
0.1 ... What is ETH and why do I need it?
ETH is the shorthand ticker for 'Ether'. ETH is the primary currency on the Ethereum blockchain. The StripCoin token (or STRIP for short) is built on top of Ethereum, so you'll need ETH to buy STRIP. ETH is also used to pay for transaction fees on Ethereum, so you'll also need an additional small amount of ETH for every transaction related to STRIP. The transaction fee for buying STRIP starts from around $20-$30 worth of ETH, and can be more on days of high network traffic (the transaction fee scales by the network traffic -- on busy days it's more).
0.2 ... What do I need to prepare before buying ETH?
You need two things:
Preparation #1: You need to set up your Ethereum wallet.
An Ethereum wallet is kind of like your "user account" on Ethereum. Your Ethereum wallet is cryptographically stored on the global Ethereum blockchain. Your Ethereum wallet will hold your ETH and STRIP, and you'll be using your wallet to buy/transfer/sell your STRIP. You access your Ethereum wallet by using a wallet software -- for the purposes of becoming a STRIP holder, the recommended wallet software is MetaMask. If you don't have an Ethereum wallet set up yet, please see our Wallet Setup Guide by clicking here:
pageWallet Setup GuidePreparation #2: You need to know your wallet address.
Your wallet address is a unique string of numbers and letters. When you are receiving ETH, you need to know your wallet address so that the ETH doesn't get sent to someone else by accident. You can find out your wallet address when opening up your wallet software, and looking at your account details. Your wallet address looks something like this: 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B. Note that all wallet addresses start with "0x", and are followed by a long string of letters and numbers.
Once you have your wallet set up, and you have figured out your wallet address, next step will be to choose a method for buying ETH. Below are listed some options. There are many ways to buy ETH, so choose whichever seems easiest for you.
1 ... Different ways to buy ETH
Here we will list different ways to buy ETH. Choose the one that seems easiest for you. Note that our instructions are not very detailed, because every method has it's own intricacies, so you'll have to study them on your own to some degree. If you feel uncertain, you can try buying a smaller amount at first, and then buy a bigger amount once you feel more comfortable.
The Ethereum foundation has a good guide for buying ETH, you can see it here: https://ethereum.org/en/get-eth/ A neat feature on that page is that when you scroll down a bit, you'll see it asking you "What country do you live in?". By selecting your country the page will show you a variety of options available for you. Some options have regional limitations, so make sure you are using a service that is legally supported in your country. Here in our guide we will explain some of the options, to help you choose.
Note that depending on the method you choose, there might be a processing period between your payment and your receiving of ETH. The processing times vary between minutes and days, depending on the method.
Note also that some of the services listed might not be accessible to you due to regional legal restrictions.
1.1 ... Buy Directly Within Your MetaMask Wallet Software.
If you followed our Wallet Setup Guide, you should have MetaMask installed now. MetaMask has integrated some direct ETH buying options, which might be the easiest way for you to buy ETH. Note that there are some regional limitations. One of the buy options on MetaMask, called TRANSAK, has support for 59+ countries, and allows you to buy ETH directly with your debit/credit card. Another direct option on MetaMask desktop version (not available on mobile version) is WYRE, which works similarly to TRANSAK.
You can access Transak and Wyre through MetaMask, by first opening MetaMask, and then clicking on 'BUY'. The process is quite simple on both options, just follow the instructions found on their pages, enter the amount you want to buy, and then confirm the payment with your debit/credit card. You should then be receiving your ETH.
Be extra careful when inputting your wallet address during the BUY process! If you input the wrong address, you will likely lose your money irrevocably. When buying ETH through the MetaMask interface, MetaMask should automatically input your wallet address for you, but it's a good idea for you to double check it anyway.
1.2 ... Buy Through a Crypto Exchange.
There are many crypto exchanges that allow you to buy ETH with a debit/credit card. You can use the Ethereum.org's page to choose an exchange to use.
Popular exchanges include the following:
The process of buying ETH from these exchanges is a bit different for each exchange, but the basic process is similar to all and goes something like this:
Create an account.
Verify your identity.
Follow their instructions for buying ETH on their platform. Confirm the payment with your debit/credit card.
Withdraw the ETH you bought from the exchange's account to your personal wallet address.
Note the final step. Some exchanges allow you to buy ETH directly to your own wallet address, but many exchanges require you to take the extra step of 'Withdrawing' your assets to your personal wallet. By default, many of the exchanges hold the assets for you in their vaults, rather than depositing the assets directly to your own wallet. So you need to withdraw the ETH you buy to your own wallet address.
Be extra careful when inputting your wallet address during the WITHDRAW process! If you input the wrong address, you will likely lose your funds irrevocably.
1.3 ... Trade Bitcoin or other crypto currencies for ETH.
If you already own Bitcoin (BTC), Dogecoin (DOGE), or other cryptocurrencies, you can trade them for ETH on crypto exchanges. See above step for some recommended exchanges.
The process of trading varies from exchange to exchange, so please see the instructions on the website of the exchange of your choice.
Note that most exchanges will hold your ETH in their vaults by default. You need to 'Withdraw' your ETH from the exchange into your own personal wallet before you can use it to buy STRIP.
Be extra careful when inputting your wallet address during the WITHDRAW process! If you input the wrong address, you will likely lose your funds irrevocably.
1.4 ... Find an ETH seller on localcryptos.com.
This is the wild card option. If you don't like the idea of using the big exchanges listed above, you can attempt to find an ETH seller on https://localcryptos.com/
Localcryptos.com is a service where anyone can put up a post about either selling or buying crypto. You can think of it as the Craigslist or Ebay of crypto. You can even set up a meeting with a local ETH selling individual to buy ETH from them face-to-face, where you hand the cash and show the seller your ETH address QR-code on your mobile phone, and they will then transmit ETH from their mobile wallet to yours. It should go without saying however, that arranging cash deals with strangers from the internet can be a risky idea.
Some vendors on Localcryptos.com accept bank transfer payments, paypal payments, etc., and you never have to meet them face-to-face. Some vendors do it as their job, taking a small cut from each sell. Other ETH sellers might just be looking to sell their ETH one time.
If you're seriously looking into this option, you might get some added security by employing an "escrow" service, but the details of that are out of scope for this ETH buying guide.
Risks with buying ETH from Localcryptos.com include:
Getting scammed during the buy, losing your funds.
Buying ETH which could be traced to past criminal activity -- this might alert the authorities to investigate you.
Difficulty explaining the source of your ETH when doing your taxes.
Due to the risks included, using Localcryptos.com is not recommended.
2 ... What's next?
If you successfully bought ETH for yourself: Congratulations!
You're now ready to start interacting with the Ethereum ecosystem. Remember that every transaction on the Ethereum blockchain costs you a little bit of ETH (this is called the transaction fee). Owning ETH allows you to buy, sell and transfer StripCoin tokens.
If you have any questions or concerns, please review the documentation.
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