Initial Coin Offerings (ICOs) or token sales are gaining a lot of attention these days, from institutional investors and individuals alike. ...
Overview
Most token sales today run on top of the Ethereum blockchain through a smart contract that collects Ethereum tokens and automatically exchanges these for a new token presented by the start-up company. This happens completely P2P without any exchanges or brokers as middlemen. Every ICO has a different pricing mechanism (price decreases, increases, is fixed, nonexistent). For more info on types of ICOs click here. If the exchange rate of the token issued is fixed allowing investors to get as many tokens they like at that fixed price.
This mechanism is appealing to large investors because they don’t have to worry about influencing the price when purchasing a big number of tokens.
After a token sale ends, there is a cool-off period where tokens might be frozen (investors are not allowed to transfer their coins for a certain amount of time) or kept away from exchanges. After the end of the cool-off period, exchanges can start listing then tokens thus allowing other people to trade it at a market price, here is where investors rip a huge barge to what they have invested. The ICO of GIFA Tokens sales started on 10 October 2020 and will end on 09 March 2021.
1. Register with GIFA Exchange
To participate in an ICO you need cryptocurrencies, usually Ether or Bitcoin, Ripple, Tether. You cannot participate in an ICO with fiat currency. If you don’t own cryptocurrencies at this moment, you will first need to buy the cryptocurrencies. The best way to buy large amounts of tokens (1 GIFA Token = 1$) is through online exchanges by sending or transfer money from your bank account to your newly created account with a cryptocurrency exchange.
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| Photo: GIFA App on Playstore (Androids) |
Please note that the registration process might be required further verifications for the purpose of security assurance. If you don’t have a bank account or don’t want to reveal your privacy by sending your ID to a third party, there are other options like buying ether from an ATM or locally from other people.
2. Exchange Fiat for Bitcoin or Ether
Once you registered on an exchange and the money from your bank account has arrived in your cryptocurrency exchange account, you now have to exchange your EUR, USD, GIFA Token and etc for the cryptocurrency you want to buy. This process takes a few seconds to minutes depending on when the next block is created (note: block creation times differ from blockchain to blockchain). Your cryptocurrencies will be sent to a wallet offered by the exchange. The mining starts immediately after confirmed payment. First payouts within 24 hours. It is highly advised that you send your cryptocurrency to a wallet that is under your control.
2. Transfer your Coins from the Exchange to your Wallet.
Another reason for you to move your coins to a wallet that is under your control after token sale participation. Here don't need to worry GIFA exchange is all-in-one, a digital wallet and trading platform that offers the explicit possibility to participate in a specific ICO with your online wallet. Other exchanges lack those important features. Note that most exchanges are currently overloaded with requests and mostly still have poor customer service. Furthermore, exchanges might not be obliged to process your request depending on the conditions set in their general “terms of use “. GIFA Crypto Centre has set its goal focusing on the needs of the clients.
3. Set up your Wallet
Most token sales today happen on the Ethereum network. Therefore you will need a GIFA wallet to participate in the token sale. Not every wallet is suitable for ICOs. The most user-friendly and widely accepted Ethereum wallets are MetaMask and MyEhterWallet. MetaMask is a plugin for the Google Chrome browser. It is not only a wallet but also a lightweight Ethereum dApp browser. MyEtherWallet is a client-side wallet and does not hold your private keys. It also connects with hardware wallets like the Ledger Nano S or Trezor. Depending on the startup and the ICO one of these wallets might be recommended for participation. Some exchanges have not defined a preferred wallet for the ICO, we recommend you using none other than those wallets, since GIFA Token has already provided customers with a secure digital wallet.
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| Photo shot: GIFA Payment process |
MetaMask is a desktop type of wallet, and we do not recommend storing large values in it. Use it only for the ICO and then move your funds to a more secure place like a hardware wallet or paper wallet. Don’t forget to back up your wallet. Store your 12-word seed in a safe place (not in the cloud). After your wallet is properly setup.
4. Buy ICO Tokens
Before you proceed make sure to read the general terms of the ICO in the well-stipulated Whitepaper and the token purchase agreement. Most start-ups provide step-by-step guides for token sale participation including screenshots for each step. Make sure you read these. You should also join the social media channels including slack and follow the news around the ICO. Sometimes token sales experience technical problems and staying up to date during the token sale is crucial.
All ICOs start either at a certain time or a previously specified block number. You can use an Ethereum block explorer to check the block numbers translates into real-time of the time you live in. Note that some ICOs end in a matter of minutes. GIFA Token sales start on 10/09/2020 and will end on 09/03/2021.
5. Secure your Tokens
After you receive your tokens in your Wallet or – address make sure to transfer these to a more secure wallet. All users who are eligible for GIFA Token 100% offer can now also sell their crypto directly from their trading wallet! Users can keep the funds in their USD/EUR/GBP cash wallets and use this to fund future orders. Users residing in regions where bank transfers are supported for Blockchain.com can even withdraw funds from their cash wallets to their bank accounts!
Before initiating a cash withdrawal to a bank account, users must first make a small bank transfer to their Wallet, in order to link their bank account. Once linked, cash can be withdrawn from the Wallet to the linked bank account.
Please note, we're working hard to bring more payment options and cash withdrawal availability to more regions around the world. Thanks to Visa Credit Card that recently entered into an agreement with Ethereum to make it more possible for the crypto traders to withdraw their earning at ATMs or anywhere in the world.