How to Participate in Token Generation Event? 3 Easy Steps
Many first-time buyers of token don’t know about crowd sales and even ICOs. Probably, they heard the term and the notion ‘ICOs are hot for investment’.
Is there a difference between ICO and token launch? Not really. They are used interchangeably and liberally in the ICO market.
Some say token launch is related with Ethereum and ICO is related with Bitcoin / Altcoin. But the fact of the matter is, there is no distinction line. They serve the same purpose one way or another. Know in detail and hire ICO experts even if you just want an advice.
Now we believe there is one more important thing we clear before we proceed further. Is there any difference between Token Generation Event (TGE) and Initial Coin Offering (ICO)? Not really, they are the same. However, the first timers don’t know how to participate in crowdsales based on blockchain.
If you are one of those participants who know what ICOs are but you are a first-timer for token generation event, here are few steps to follow.
Step 1: Buy Bitcoin / Ether or Any CryptocurrencyMostly ICOs or TGEs accept funds in the form of cryptocurrencies. Find out which cryptocurrency is acceptable in the token sale. This is the most important thing before you think of participating.
Many ICOs limit crowdsales in Ether while there are many which accept funds contribution in Bitcoin.
So from where can I purchase Ether, Bitcoin or any cryptocurrency? Check out reputable cryptocurrency exchanges. Some of them accept bank drafts and credit cards.
Don’t forget doing buying weeks before token sales. As for token buyers’ transactions take time.
Step 2: Use Crypto Wallet for Saving CryptocurrencyICOs or TGEs don’t allow anyone’s participation from cryptocurrency exchange wallet directly. Buy personal crypto wallet and transfer your cryptocurrencies there. Personal wallets offer private keys and you can transfer funds to TGEs contact address.
There is a caution. If you send your funds using exchange wallet, you may lose the funds and they won’t recover.
Step 3: Transferring Funds to TGEs Smart Contract AddressSmart contracts govern token sales and they have their contact addresses just like your personal wallet. Another imperative point here is, send funds on correct contact addresses otherwise you’ll lose your money again.
This stage is very sensitive and there are many risk factors involved. TGEs send purchased tokens to the address from where a participant or an investor contributes.