Smack dat

This guide only works if you currently hold some bitcoin and you don't mind using some of it to wage on Ether.

Anyway.

1. Go to poloniex.com and create an account. This is a two minute job not like on a lot of exchanges. All you need to do is verify your email.
2. Under the balances tab click deposits and withdrawals then wait a few seconds for all the crypto currencies that can be bought and exchanged to load.
3. Click deposit on the BTC column and then click show me the deposit address.
4. Send some BTC to Poloniex. This should show in your account instantly.
5. Click the Exchange tab and ensure ETH is selected. Directly below the graph you can place a buy order for ether using your deposited BTC. Buy some ETH.
6. Goto https://www.myetherwallet.com generate a new ethereum address. Download the JSON file and save your address. Print or store a copy of your private key for later.
7. From Poloniex send some ETH to your myetherwallet address.

That's it you now hold Ether. To view your holdings at anytime go to myetherwallet and click view wallet info. You will then be prompted to open your wallet file from your PC and use the password you chose for your wallet.

DraX

Smack what's your say about the ethereum.org wallet ?

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Smack dat

For a casual user it sucks. Like Bitcoin Core you need to download the whole blockchain before you can make or receive transactions.

Thats 30GB+ and around a week of downloading..

A lightweight wallet is best but there currently isn't one.

DraX

Alright so it's ethers equivalent to bitcoins core wallet.

Do you know if users can send BTC to their ethereum wallet or it have to through yet another account ?

Are you mainly using the setup you have in first post?

Thanks

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Smack dat

No you can't send btc to ether unless it's in an exchange - not a wallet.
The setup in post 1 works for me is safe and secure.

deonbell

Thank you. I will create a wallet with myetherwallet.

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Odysseus

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Smack dat

It's now over $50

Jel

I'm obviously missing something, I'm just not sure what.

The json file - what do I do with this? Is this my wallet where the eth are stored?

If I go to myetherwallet and just open that json file from there, I can see what's in there - does this mean if someone gets hold of my json file they can now do what they want with the contents of my wallet?

Jel

bump for this. To clarify, "To view your holdings at anytime go to myetherwallet and click view wallet info. You will then be prompted to open your wallet file from your PC and use the password you chose for your wallet." - it doesn't ask for a password, so I'm assuming if the json file is compromised, you're fucked?

EDIT

Ok I think I must have downloaded the wrong json file - there's one at the bottom that's unencrypted. Just tried again by generating a new wallet, and the encrypted json file works as I'd expect, asking for a password

Smack dat

Sorry, only just seen this. Yes, there are to JSON files. You should be using the encrypted one.

jscott

why is all that necessary... just open gemini acct and buy ETH there. gemini is an exchange and wallet with 2Fa

but why would you suggest ETH anyways? i'd go ripple before go for ETH. Japan could eventually launch ripple into higher % gains imo

still BTC is by far best for those who want the long term best gains

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Smack dat

I was going to buy some ripple. 50,000 for $250 but it seemed crazy so I didn't bother.
I see people are going crazy because the price has hit a penny.
I actually used to own ripple but sold them.

Jel

I actually went and got the trezor that I'd been meaning to get around to but hadn't (which took a bit of getting used to and understanding with the eth part of it), so all good.

Jel

Because us n00bs have no idea what gemini is

obviously can't speak for the OP, but I've been looking at ETH for a while (as in about a month) after it popped up as a big deal regarding blockchain technology. Obviously the coin is an offshoot of their blockchain work, and while I don't pretend to know anything at all about blockchain 'stuff' (still trying to source a decent book for dummies on the subject), I read enough to make me think it was worth gambling with a few $k long-term. I actually dallied that I could have bought at $16 and trebled my initial outlay (well, sold 2/3 and then had 'free' eth to hold longer term) so meh on that.

I'm aware enough to realise I may have fell for a load of hype, and that the stuff I read about eth was written through rose-tinted glasses - after all, I do know pretty much fuck all about the technology itself, time will tell I guess. I'd be interested to read any (extremely) layman terms stuff on blockchain though if you have anything you can recommend. Book form is preferable to web articles, though those are fine too

Have some btc for long term, though do dabble in shorter term trading, not sure I'd be looking to get into much of that short term trading that ripple strikes me as, unless there are long-term pro's I'm unaware of (highly likely, ha!) with other crypto coins.