101 | Ethereum to AppCoins
In order to buy AppCoins you will also need Ethereum. Here is everything you need to know about the cryptocurrency.
- What is Ethereum?
- What does Ethereum have to do with AppCoins?
- What is gas money?
- How much Ethereum do I need to do a transaction?
- How to process a transaction?
- How can I buy Ethereum?
- How to buy AppCoins?
- What’s the difference between AppCoins and AppCoins Credits?
What is Ethereum?
Ethereum (ETH) is an open way to access digital money. But what does this mean? Ethereum is a technology that allows you to send cryptocurrency to anyone for a small fee. This type of currency is present in numerous accessible applications, allowing everyone to take advantage of it. It is easily programmable, and is within a blockchain security system, ensuring that it can’t steal your data or censor you. It works as a kind of universal currency that can be used to trade other digital currencies, and it’s utilized in an immense amount of financial services, games and apps.
What does Ethereum have to do with AppCoins?
Ethereum allows you to trade for several different digital coins, including AppCoins. However that’s not all! Once you have your AppCoins, you will also need ETH to make purchases within the AppCoins universe (also known as “gas money” mentioned below).
What is gas money?
Gas money is the fee necessary to make a transaction. It works just like gas in your car does: you need X amount of gas to drive Y km, in the same way that within the ETH blockchain you need X amount of ETH to run Y transactions. The amount of Ethereum you will need will depend on the amount you want to trade, sender amongst others, if you wish to calculate there are multiple websites that can help you calculate the amount of ETH you will need for an AppCoins transaction. Here is one: https://ethgasstation.info/calculatorTxV.php
How much Ethereum I need to do a transaction?
In the Ethereum blockchain, a fee is usually referred to as gas money, and the payment is made in Ethereum. The required fee amount is calculated based on two elements: the amount the user is willing to pay for each gas unit, and the maximum overall gas amount the user is willing to spend.
How to calculate the transaction fee:
You can calculate the cost of a transaction fee at any time by multiplying the current gas price by the current gas limit (i.e., gas price x gas limit = transaction cost).
How to process a transaction:
- When making a transfer, first and foremost, your transaction will be added to a waiting list for it to be processed.
- For the process to begin, the transaction needs to be selected from the list. The transactions are selected based on the gas price you’ve chosen, which means the higher the price you select, the higher the probability your transaction will be picked first.
- Once your transaction is chosen, the process will start and continue to run until the necessary gas limit is achieved.
Once the process starts, one of two things may happen: you can either accomplish a successful transaction, or the transaction will fail if you do not have enough funds to process the full transaction.
NOTE: The gas limit you have chosen can be reached if the transaction takes too long to be processed, and if this happens, you will not get your gas money back.
Bear in mind that:
- If you set a value too high for the gas price and too low for the gas limit, your transaction could be picked but might not have enough gas units to be processed.
- If you set a low value for the gas price and a high limit for your transaction, it may never be picked to be processed.
With these rules in mind, let us show you how you can make a transaction involving Ethereum in the AppCoins Wallet:
NOTE: The value suggested by us is based on the information received from the network. Editing the previously established information could directly impact the transfer’s success.
More about gas and fees: https://ethereum.org/en/developers/docs/gas/
Check current gas price: https://ethgasstation.info/
How can I buy Ethereum?
First and foremost, you will need to create an exchange account. You can use this account to trade on an exchange website, or you can download it to a pre-existing digital wallet. You can find the best ones (depending on where you live) here: https://ethereum.org/en/get-eth/#country-picker.
Since you can’t purchase APPC directly from your bank account or credit card, you have to purchase Ethereum (ETH) or Bitcoin (BTC) first, so that you are then able to exchange it for APPC in the exchanges. We will use ETH for this example: in order to buy ETH you can select any secure online platform where you can buy, sell and transfer this cryptocurrency, i.e. Coinbase, Cex, Kraken. For this example we will use Coinbase.
- Create an account in Coinbase.
- Go to the section “Trade” on Coinbase, and click on “Buy”.
- Select amount you wish to transfer and follow through with the payment.
- Select which cryptocurrency you want to buy and how much you want to buy. According to our example, you should select ETH. Leave the Coinbase tab open, as you will need it for the next step.
After purchasing ETH, you can finally proceed to the transfer of your credit to an exchange of your choice that lists APPC. At the moment, AppCoins is listed in five different exchanges, as previously mentioned: Binance, Huobi, Lykke, Kyber Network and HitBTC. We will use Binance for our example.
- Create an account on Binance.
- Go to “Wallet” in the navigation bar, and select the option “Balances”.
- Search for ETH and you will find three different clickable categories, choose the option “Deposit”.
- You will find the ETH Deposit Address, this is the address that you will use in Coinbase, in order to send ETH to Binance.
- Copy the address and go back to the Coinbase page to finish the transfer.
- Back on your Coinbase account, go to the “Accounts” section of the navigation tab. (as seen below)
- Below “ETH Wallet”, it should display a positive number. Click on the button “Send” right below your ETH credit.
8. On the section “Wallet Address” (as the image shows below) you only need to paste the wallet address you copied from Binance, and select the amount of ETH you want to transfer.
How to buy AppCoins?
Back to Binance, it usually takes only a few minutes until you are able to see the transferred ETH credit on your account. Go to the top navigation bar, select “Trade” and then “Balances”. You will see the positive balance on the Ethereum bar. After confirming that the transfer was successfully concluded, you can go back to Binance main page and search for APPCon the search query.
- Click on top of the APPC/ETH, and you will be directed to a page that displays the current price of APPC with its paired coin (ETH), and data from the latest transactions.
- Below the graphics from selling and buying transactions you will find a place to Buy and Sell APPC, as you can see on the table below.
- Decide the specific amount of AppCoins you want to purchase or select the percentage of your ETH balance that you want to spend on your purchase, from 25% to 100%.
4. After deciding the amount, you only need to click on “Buy APPC” and the process is complete! Soon you will be able to see your positive APPC Balance on Binance, or any other exchange that you have selected.
Now that you have successfully bought your AppCoins, you will need to make sure you have the gas money in order to use them to make an in-game purchase.
What’s the difference between AppCoins and AppCoins Credits?
Within the AppCoins Universe, there are multiple ways to make payments, two of them being AppCoins and AppCoins Credits. But it’s important to distinguish the two, so you know which one requires ETH, and which one doesn’t. AppCoins are a digital coin in the same way that Bitcoin is. It does not have a set value, and depending on the market it can fluctuate. ETH is required to make purchases using AppCoins. On the other hand, AppCoins Credits are bonuses that are immediately acquired after performing a top up within the AppCoins Wallet, or through buying products in games. You do not need ETH to make purchases, however you also can’t use AppCoins Credits to invest or trade to other digital currencies. If you want to know more about APPC-C, you can click here.