On decentralized exchanges, certain cryptocurrencies, such as Lorde Edge Coin, may only be bought using another cryptocurrency. Lorde Edge must be purchased using Ethereum (ETH), which must first be purchased. And you need a wallet known as a self-custody wallet to achieve so. Here’s how American citizens may accomplish so using Coinbase Wallet.
What is the Lorde Edge coin?
It is a cryptocurrency based on the Ethereum blockchain. In the Lorde Edge world, blockchain technology will be applied to syndicate music. A decentralized peer-to-peer system that allows users to share and sell digital content.
Download Coin base Wallet
The first step; we need to download a cryptocurrency wallet. The Coin base Wallet allows us to buy, sell and securely store digital currencies such as Ethereum (ETH) and Bitcoin. It’s an easy-to-use mobile app for iOS or Android devices.
But before downloading the Coin base Wallet; you must have a Coin base account. This is absolutely free and only takes a few minutes to create. To create an account; go here; enter your email address, choose a strong password, and tap “Create New Coinbase Account.
Choose a Coinbase Wallet username
After creating an account, go to “Settings” and choose a wallet username. This will be the public name of your wallet. It is always advisable to use; your own name or an alias that is easy to remember. For example; if you want to buy a Lorde Edge coin using the Coin base Wallet, you could use the username “LordeCoin”.
Choose a Coinbase Wallet password
Next is choosing a password for your Wallet. This will be used to log in to your account and make transactions when required.
Securely store your recovery phrase
Before you can send or receive digital currency, you need to set up a recovery phrase. This phrase is a backup model that will let you recover your account if you forget your password. The Recovery Phrase is your private key, so keep it safe and secure. Don’t share it with anyone.
Enable two-factor authentication
You may also enable two-factor identification to add an extra layer of security to your Coin base Wallet account. This may be a unique code that you receive when accessing your Wallet or via text message.
Understand and plan for Ethereum network fees
Coin base Wallet charges a fee for sending digital currency transactions. The fee is calculated as a percentage of the transaction amount. The exact fee will be shown to you before you send your transaction. These fees are designed to cover the work of the Ethereum network.
Buy and transfer ETH to Coinbase Wallet
After downloading the Coin base Wallet, create a new Ethereum wallet address. If you don’t have any cryptocurrency yet; then you will need to buy some from an exchange such as Coinbase. You can either sell your Ethereum for fiat money or transfer it to your existing Ethereum wallet.
To buy ETH using your bank account, select the “Deposit button at the top of the screen and hit “Continue”. Select the amount of money that you want to deposit, enter your bank account details, and process payment.
Exchange Ethereum for cryptocurrency
On Coinbase, select “Buy” from the top menu, choose “Ethereum” and confirm the purchase. Select “Continue” and follow the steps.
Once you’ve successfully purchased Ethereum, transfer it to your Wallet by going to “Receive” under the menu bar and hitting “Send”. Enter your new address and the transfer amount. It will automatically create a new address for you. Copy this address; it is used to receive your digital currency.
Use your ETH to buy Lorde Edge in the trade tab
Now, you can exchange your Ethereum for Lorde Edge. Select the “Trade” tab and search “Lorde Edge”. Input the amount of Lorde Edge that you want to buy. Enter the amount of ETH that you will be spending and click “Buy”.
After a few minutes, your digital currency transactions should show in the Wallet app. Your transaction may show in “Unconfirmed” status.
Once it has been processed by the Ethereum network, your digital currency will appear in the Wallet app and you can accept it from others.
Congratulations, you’ve purchased a Lorde Edge coin using a Coin base Wallet! Visit here to read about how to transfer your Lorde Edge coin to a hardware wallet for maximum security and privacy.
Final Words for Lorde Edge Coin
I have used this guide. And it is very simple and easy to use. I have learned more about the world of blockchain technology. I am very excited to join the Crypto community. If you have any difficulties in using this guide, please leave a comment below, and I will be glad to help you.
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