Currently to purchase Komodo you must own Bitcoin. Not to worry! Soon, Komodo users will be able to purchase with fiat directly. However, until then, this guide will help you understand the simplest way of buying KMD on Bittrex.
How do I buy Bitcoins?
You can buy bitcoins from either exchanges, or directly from other people via marketplaces. You can pay for them in a variety of ways, ranging from hard cash to credit and debit cards to wire transfers, or even with other cryptocurrencies, depending on who you live and where you are purchasing.
First, get yourself a bitcoin wallet
Next, you will need a place to store your new bitcoins. In the bitcoin world, they're called a 'wallet' but it might be best to think of them as a kind of bank account.
Depending on the security levels you want, different wallets will provide different levels of security. Some act like everyday spending accounts and are comparable to a traditional leather wallet, while others tout military-grade protections.
The main options are: (1) a software wallet stored on the hard drive of your computer, (2) an online, web-based service or (3) a 'vault' service that keeps your bitcoins protected offline or multisignature wallet that uses a number of keys to protect the account.
They all have different vulnerabilities but are fairly safe to use: if you store bitcoins locally on your computer, make sure you back up your wallet regularly in case the drive becomes corrupted; and online web wallets employ varying degrees of security against hackers, from quite good (multi-factor authentication) to quite poor (ID and password).
Second, you must purchase Bitcoin
There are several methods to buy BTC in the USA. The simplest way is to buy Bitcoin with cash. Currently a service known as Bitquick.co is a reliable way of purchasing Bitcoin with cash. The process is simple. You select an order, make a cash deposit to the seller's account, and in 3 hours you get your BTC.
Buying BTC at Bitquick.co
1. Select an order from the current order book, enter your email address and submit.
2. Pay the described sum in cash (physical bills) to the account shown on the confirmation page by going to any local branch of the sellers bank and filling out a deposit slip. How to fill out a deposit slip
3. Upload the receipt to link that is provided in your email.
We send you the coins typically within 3 hours of the funds being confirmed by the seller.
4. Make certain that your BTC address is correct before finalizing the purchase. Always check the first and last 7 characters of your BTC address to make sure they match. This is a good rule of thumb when sending Bitcoin.
Video and more information: https://bitquick.co/how-to
I Have Bitcoin...Now what?
You are now one step closer to buying Komodo. At this time, Bittrex has the highest KMD volume. Therefore, it is the best exchange to purchase KMD/BTC pair.
1. Navigate to https://www.bittrex.com
2. Open an account
3. Find your Bitcoin deposit address:
4. Send your Bitcoin to your Bittrex address. You must wait for 2 confirmations in order to access your funds. Once your Bitcoin has been confirmed, you will see your balance when you navigate to the wallet tab.
Trading your BTC for KMD
Now that your Bittrex account reflects your BTC, you are ready to purchase KMD.
1. Navigate to Markets tab on Bittrex. Type Komodo on the search bar and click the KMD option.
2. Scroll to the Trading window and on "Buy Komodo" tab you choose the type of bid and click BUY KOMODO.
3. After order confirmation, your KMD balance can be seen in your wallet.
I am a proud owner of Komodo....how do I protect them?
Once you become a Komodo holder you have serveral wallet options. Agama and the Komodo Swing Wallet are operational for Windows and MAC. Additionally, you can opt-out for an offline wallet to keep your KMD extra secure. Below you will find all the links to help you decide which wallet is a better choice for you.
Komodo Swing Wallet: https://github.com/ca333/komodoGUI/releases
Agama Wallet: https://github.com/SuperNETorg/Agama/releases
It is important that you keep your KMD in a wallet that you control. This guarantees that you will receive the 5% interest and airdrops that KMD holders enjoy. If you need more help installing our wallets, please join Slack and ask for help at the #support channel. We have support staff 24/7 to answer any inquiries you might have.
Final Step: Withdrawing KMD from Bittrex to your own wallet
1. Navigate to your wallet. Click the minus button next to "Komodo". A Confirm Komodo Withdrawal page will pop-up. Add your withdrawal address, KMD amount, and click withdrawal.
2. After a few minutes, you can check your receiving address on the Komodo block explorer to verify the transaction has been initiated. Bittrex takes a couple of minutes to approve a withdrawal. However, the explorer is always a great tool to verify that transactions have gone through.
Komodo Block Explorer: http://kmd.explorer.supernet.org
SuperNET Support: https://support.supernet.org/helpdesk
Alternatives to buy Bitcoin
Written by: PTYTrader