This is a detailed guide to buy Verify which goes by the symbol CRED. Apart from learning how to buy CRED, you will also learn where to buy CRED. The guide will also explain where to store CRED and how to setup CRED wallet.
Verify is a distributed reputation protocol. The main idea of CRED is to let the holders earn a reputation for holding it in a long run. The reputation can be then used to earn perks such as credit, advance payments and more. Verify relies on the feedback, history and other signals that add to the reputation of the holdings. Verify has already introduced a payment platform known as Verify Payments. This is the first application to run on the Verify reputation protocol. Buyers are completely protected from the fraudulent sellers. The sellers only receive the payment once the buyers have verified that they have received the product. The Verify tokens are called CRED. The CRED is an ERC-20 Token and it runs over the Ethereum Blockchain.
How to buy Verify (CRED)
Step#1: Buy Ethereum
First of all, you need to buy Ethereum. You need to decide whether you want to buy Ethereum from Coinbase or using some other exchange. If Coinbase doesn’t operate in your country, you will have to buy Bitcoin from LocalBitcoins and then convert that into Ethereum.
Buy Ethereum from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Ethereum now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Ethereum now. Your Ethereum will appear in the Accounts tab.
Note: If you do not have Coinbase working in your country, you can buy Bitcoin using Localbitcoins.com and then transfer Bitcoin from Localbitcoins to an exchange like Binance. From Binance, you can trade Bitcoin for Ethereum. In the end, you can send the Ethereum balance to EtherDelta from where we will purchase Verify (CRED) coin.
Step#2: Transfer Ethereum to EtherDelta
- It’s time to transfer the Ethereum from Coinbase to EtherDelta now. Open EtherDelta on your computer.
- From the top-right corner, click on Select account > New Account.
- Copy your Ethereum account address and the Private Key somewhere safe. The account address is your EtherDelta Wallet address and the Private Key will be used to access your EtherDelta account.
- Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Ethereum. Click on Send and paste the EtherDelta Wallet address here. Enter the amount of Ethereum you want to send and then send it. It will take a few minutes for you to receive Ethereum in your EtherDelta wallet.
- Now your Ethereum is in EtherDelta Wallet, we have to transfer this Balance from EtherDelta Wallet to EtherDelta Smart Contracts. To do this, have a look at the Balance tab on the left side.
- You will find your Ethereum Balance appearing with a deposit button next to it.
- Enter the amount of Ethereum you want to send from EtherDelta Wallet to EtherDelta Smart Contracts.
- Click on the deposit button now and you will get the ETH in Smart Contracts instantly.
- If you have Ethereum on Binance, you will simply open Binance and click on Funds > Withdrawals > Select Ethereum and enter the EthereDelta Wallet Address along with the amount of ETH you want to withdraw. Click on Withdraw and you will get the ETH in your EtherDelta.
Step#3: Trade Ethereum for CRED (ETH -> CRED)
- Now have a look at the token selection in the centre of the EtherDelta page, you will find PPT which will be the default token. Click on PPT and change it to CRED.
- CRED exchange will open now. In the centre, you will find the ongoing buy and sell orders. Below the buy/sell orders, you can find the form to place your buy order for CRED.
- It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of CRED you want to purchase and also enter the CRED/ETH rate at which you want to buy. Place the buy order and wait for someone to fulfil your order.
- Your newly purchased CRED tokens will be in the EtherDelta Smart Contracts now.
- Now click on Withdraw button appearing under the Balance tab on the left side.
- Enter the amount of CRED you want to withdraw from Smart Contracts to EtherDelta Wallet.
- Click on the Withdraw button now and you will get the CRED tokens in the main EtherDelta Wallet now.
- Have a look at the next procedure to transfer them to CRED Wallet now.
Step#4: Store CRED in MyEtherWallet
Now that we have purchased CRED, it’s time to store them in a wallet. It’s very common for exchanges to get hacked. It is always recommended to store your tokens in a wallet. The official wallets of the tokens are secure as the developers use cold storage to store them. There are web wallets as well. Since CRED is basically an ERC20 token and it runs on Ethereum Blockchain, we can store it on MyEtherWallet as well. Here’s how you can store it right now.
- Open MyEtherWallet and sign up.
- Save your private key and the KeyStore file somewhere safe.
- As you are done making a wallet on MyEtherWallet, click on view wallet info.
- Choose your method of login. In the screenshot, I used the KeyStore file method.
- As soon as you get into your MEW, you will see your wallet address.
- This wallet address is the same for all ERC20 tokens. You do not need a specific address for CRED, the address displayed on the homepage of MyEtherWallet will work.
- Now open EtherDelta and click on the Transfer button appearing under the Balance tab on the left side.
- Enter the MyEtherWallet address in the address form and click on transfer.
- It will take a few minutes for you to get your CRED tokens in the MyEtherWallet account. The received tokens will appear under Token Balances tab.
More information on Verify:
- Verify Price Tracker – CryptoPit
- Verify Official Website – Verify.as
- Verify Reddit Community – r/verifyas/
- Verify Wallet – MyEtherWallet
- Verify White Paper – White Paper Link
- Verify Exchanges – EtherDelta | YoBit | Token Store
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.