Let me state my intention. I have gathered a small group of friends, who are interested, and currently trying to learn more about Maidsafe. We are trying to get invested in the smartest way we can learn. We are by no means traders, or even that up to speed on Crypto in general. But having learned about Maidsafe, and the intention of the SAFE network, it screams as massive opportunity for the world, let alone any small investor.
You hear stories of these things taking off and people missing the boat in investing. I have seen this too many times and regret not having gotten my knowledge up to scratch to become a part of it.
So i am looking for advice in terms of Maidsafe, as i browse the web and scan through site after site reading about MAID, i have not really come across a solid base for watching its price, or a real transparent way of buying into it.
I do know, that i have to buy BTC as a start, and i see the links to recommended exchange on this site. So i just want to hear peoples advice as to what exchange would work best for me.
I am living in ireland, and will be using EUR, i plan on buying BTC from Coinbase. That is as far as i am willing to go, until i am sold on the next best step.
Thank you for your time, and please, if i have repeated a similar post, could someone please link me?
Bittrex or poloniex would be the exchanges to move your btc to in order to buy maid.
They can then be stored on any btc address for which YOU CONTROL the private key.
As they are a omni asset you need to use their software to move the assets.
The exchange you choose will transfer them to a btc address of your choosing.
You would need to learn how to use omni in order to move them at a later date, but their software is very simple and straightforward to use.
And it would seem with BTC at 1500 below its all time high and MAID/BTC at a reasonable low value it would be a good time to buy rather than later on.
Suggest you donât buy too fast though as it might raise the price unnecessarily, but that depends on how much you are buying. The price always goes up and down so be patient and just buy smaller and more often. You should put your buy orders in and wait till it fills.
Good place to get BTC is coinbase although choosing an exchange with bank wire option is cheaper than coinbase. Cost me $30 USD to wire any amount domestic to buy my BTC.
Good for tracking prices and market differentials, you can also see where maidsafe has the highest trade volume https://coinmarketcap.com/
reliable trading exchange
not to much experience with(listed as highest trade volume https://hitbtc.com/
thank you @bones i appreciate the feedback. This, as i am such a newbie, begs more questions⌠so my apologies.
Could you please elaborate on this point âThey can then be stored on any btc addressâ to guide me on what this is to a new user? Maybe a link or some general points on best way forward here? I get the point, but i am just want to become as clear on everything as i canâŚ
I will now look up and get informed on what an âomni assetâ as this is new to me also.
âin order to move them at a later dateâ my intention is to buy MAID and hold it offline for a long time, a long term investment where i just put it away and hope it does well. So when you say move it at a later date, does this mean if i want to sell it? Or is there another point there i should get?
Lastly, with using Coinbase as a start to buying BTC, would this seem a good place to start, or would someone advise me otherwise?
I dont plan on buying big, as much as id like to⌠So i dont think i will be making any waves, dont worry.
when you say âYou should put your buy orders in and wait till it fills.â could you elaborate, for a complete newbie like me? in an example, lets say i have bought my BTC, i have moved in to Bittrex and i am ready to buy⌠am i at the place where you state 'buy orders"?
Its pretty simple. FIAT > BTC > MAID. Once you have youâre MAID store it (This is probably the most pain in the butt part) and then eventually sell when MS Coin is well above 100
the comment of moving it at a later date refers to having to move it via the Omni protocol when/if you want withdraw your MAID prior to real safecoin.
However, are you aware you will have to exchange MAID for Safecoin once the network is live? Your post indicated you were looking to just store it away till it was valuable. Just making sure you know youâll have to move MAID at this time and exchange it not just leave it in storage (unless of course you decide to store it on an exchange in which case Iâll personally spank you)
Lets say you were happy to buy MAID at 0.00013000 BTC per MAID then place some orders at 0.00013000 and maybe some at 0.00012900 to try and get a little more. When you place the orders at those prices the trades happening might go up a little to 0.00013500, but later they would usually go back down and your orders should be filled. The market at the moment is not doing much so I would not expect a sudden rise for a few days.
Yes but even buying 10,000 MAID at once might require you to start at the current price but end up buying the last 5000 at 1% or more. So just buy at the price you are happy with and not follow the price up as you buy. Just be patient.
When i say you can store them on any btc address. What i mean is that until launch of the network, you can buy maid, once the network is live they will be exchanged for safecoin which will power the network.
So until launch you can buy maid, in order to store them safely offline you can send them to any btc address.
Personally i use btc qt wallet. Create a new receiving address and send my maid there making sure my wallet is locked with a password and keeping multiple copies of the wallet.dat file that can be used to restore the wallet should anything happen to it.
Hopefully that clarifies what you want to know.
@neo made a very good point about buying strategy and current price, with which i agree with him 100%.
MAID uses the omni-protocol. if you visit omniwallet.org there should be some help and explanations there to learn about the omni-protocol,
The essence is that omni-protocol uses the BTC blockchain. It does this by encoding omni transactions on BTC transactions of very small BTC value. So a omni transaction is done by encoding the transaction into a series of bytes of data, then a BTC transaction is generated and the encoded omni transaction is included in the data area of the BTC transaction. Thus omni-protocol tokens reside at BTC addresses.
So any BTC address can hold omni-protocol tokens and many people store their tokens on âpaper walletsâ A paper wallet is simply a BTC address generated at (say) bitaddress.org and keeping the private keys for that address on paper and stored securely (multiple copies at multiple places)
MAID is one of the omni-protocol tokens
So when you buy MAID at say Poloniex or Bittrex you can then withdraw the MAID to the address you generated and keep it there till its time to exchange them for SAFEcoin or such time you want to sell them. To send them elsewhere you then import the private keys into a omniwallet you created at omniwallet.org and then you can send them using the omniwallet.org site.
The only other thing you need to do is make sure you have a little BTC at the same address you store your MAID at. Personally I keep about 0.0100000 BTC at the same address to allow me to do a few sends of the coins when the time comes. Whatever BTC I donât use then I can send that BTC elsewhere. The BTC is required to pay the miners for the BTC transaction that carries the omni transaction.
NOW this maybe too much info at once but should give you something to guide you in your research.
Hes saying he wants to invest⌠your info is good for trading, not investing at that level IMHO just go for it if you plan to sit on it makes not much difference.
I was indeed aware of this, but you still make a valid point in reminding me of this.
Begs the question, if and when I do buy MAID, should I still store it offline for when Safecoin goes live, or would this complicate things for me?
My best understanding is to get your coins offline when you can, this was my plan.
History bears your answerâŚcontrol your private key and youâll be hunky dorey
Google Mt Gox and see what happens when you donât take them offline
Storing them offline wonât complicate things, when the time comes you can do a small test transfer (only a few coins) to make sure youâve got the process down pat
Yeah. Personally I buy BTC from Coinbase and then I use Bittrex to exchange. Also if you are going to hold the coin for long time it is wise to get the OMNI wallet and store them there rather than just leaving it in the exchange site. It is more secure that way.
