Published by
Manuel Del Vicente
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Cryptocurrencies series
Move your bitcoin or ether to a wallet you control.
This step is important because you cannot participate in an ICO from your Coinbase account. The reason for this is that when you use a centralized service such as a company like Coinbase, you do not own the private keys to your bitcoin or ether address. The way the ICOs typically work, you send them your ether or bitcoin, and the smart contract immediately sends the tokens back to your address. But since you don’t have private keys in a Coinbase account, if you send ether or bitcoin to an ICO address from your Coinbase account, you’ll simply be enriching Coinbase instead of getting your desired tokens.
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If you’re using ether, which is commonly accepted in ICOs, you can use a site like My Ether Wallet to create a new Ethereum key there and transfer your ethers on Coinbase to that wallet. Another option is Parity, which enables you to do things like invest in an ICO at an exact time — a feature that you might want to use if you believe the ICO will sell out within seconds. If you’re using Bitcoin, Blockchain.info has a good user-controlled wallet. (Many token sales accept other coins as well, but bitcoin and ether are the two most popular.) Once you’ve transferred your coins to a user-controlled wallet, you’ll have an ether or bitcoin address whose private key you control — and that means that you’ll be able to receive tokens there as well.
Credits :Forbes
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