MY IDENTITY COIN is a blockchain-based cryptographical software that allows individuals to own their data. It’s not just about privacy but also about control. In this article, we’ll cover how to invest in id coin (MY IDENTITY COIN, MYIC) with Ethereum by using Coinbase Wallet.
Several cryptocurrencies, like My Identity Coin, may only be bought on decentralized exchanges using another coin. You must first buy Ethereum (ETH) in order to invest in an id coin, and you must utilize ETH to do so.
A self-custody wallet is required for this, by the way. For Americans, the procedure is as follows when utilizing Coinbase Wallet.
What is MY IDENTITY COIN?
A utility token called MY IDENTITY Coin (MYID) is used to tag cryptographic blocks with specific owner identification codes.
Blockchains are marked with MYID currency coding to lessen and eventually remove the fear of theft, loss, or arbitrary seizure. If you’re interested in how to invest in an id coin (MY IDENTITY COIN MYID), you’ll need to have either Bitcoin, denoted by the symbol (BTC), or Ethereum, denoted by the symbol (ETH), for trading purposes.
Step 1: Download Coinbase wallet:
Step 2: Add Coinbase Account:
After logging in, click on the “Accounts” tab on the top navigation bar. From there select “Send” then “Receive” and you will be given a unique address that you can use to send ETH from outside sources into your wallet. Navigate to Coinbase Wallet and click “Get Started”.
Step 3: Select “Set Up Wallet”:
Navigate to the directory where you would like to store your account information and click to select it when prompted. A file named Keystore will then be downloaded onto your computer. For example, this may be your desktop, downloads folder, or if you chose an alternative location above, that directory.
Copy the Keystore file and paste it into a safe location as you will need to access it later with your new wallet.
Step 4: Click “Save Wallet”:
Enter your password for your newly created Coinbase Account.
Select “Choose a Different Wallet File” to upload another file if you would like to move the Keystore file you just copied onto another computer or to a different location in order to keep it safe from unauthorized access.
Step 5: Keep your recovery phrase in a safe place:
A recovery phrase made up of 12 random words will be sent to you when you make a new self-custody wallet.
Anyone who knows your recovery phrase gains access to your crypto because it is the key to it.
Keep your recovery phrase a secret from others.
We strongly advise taking these down on paper, keeping them in a safe place, and using the cloud backup function of Coinbase Wallet.
Do not divulge your recovery phrase to anyone, please.
Your recovery phrase will never be requested by Coinbase.
Additionally, Coinbase cannot assist you in accessing your wallet if you forget your recovery phrase.
Step 6: Understand the plan for ETH
After you’ve downloaded the wallet and have received your account credentials, you can use the Coinbase app to buy MY IDENTITY COIN with another cryptocurrency like ETH. To do that, select “Accounts” from the top navigation menu and then select “Send / Request”.
From there, select “ETH”. You will be given instructions about how to send it through your wallet to add ETH to your account.
After the transaction is complete, you will be able to see the amount of ETH you received in your wallet. If you didn’t receive anything after attempting a transaction, use this guide to troubleshoot and contact support. If all went well, you will be able to access your newly purchased MY IDENTITY COIN on the “Wallets” page on the top navigation bar of the Coinbase app. You can also see previous transactions by going to “History” from the top navigation bar.
Step 7: Purchase ETH and send it to your Coinbase Wallet:
To purchase Ethereum, you must first open a Coinbase account if you don’t already have one (ETH).
Find out more here about how to sign up for a Coinbase profile and purchase Ethereum (ETH).
Using the Chrome extension or the mobile app will affect how you send ETH to your Coinbase Wallet. In the trade tab, use your ETH to purchase MY IDENTITY COIN. You can buy MY IDENTITY COIN directly from the app if you use Coinbase Wallet on the smartphone.
Click the Coinbase Wallet App image.
Then select the “Trade” option to exchange ETH for any token which adheres to the Ethereum protocol (also known as “ERC-20 tokens”).
Make sure to leave plenty for transaction fees. Tap “choose coin” and choose MY IDENTITY COIN. Enter the quantity of ETH you’d like to swap for MY IDENTITY COIN.
To complete, verify your purchase and adhere to the on-screen instructions. Click “Convert” if you are using the Coinbase Wallet plugin. Enter the desired quantity of ETH in the search box for MY IDENTITY COIN.
How does selling MY IDENTITY COIN work?
When you buy MY IDENTITY COIN with Ether, it’s not converted into real-world money unless you want it to be. The Ethereum you’re using to buy MY IDENTITY COIN stays in escrow until you decide to cash out.
To sell MY IDENTITY COIN, click “Accounts” on the navigation bar at the top of the screen and then select “Sell”. You can either enter a specific amount of MY IDENTITY COIN (eg. “0.1”) or an amount of ETH you would like to sell (eg. “3,000”). You can also choose to sell either BTC or USDC.
You will receive a confirmation email once the transaction is complete. To access your account go to your “Wallets” page and select “Sell MY IDENTITY COIN” from the top navigation bar.
MY IDENTITY COIN’S Price:
- What was the My Identity Coin’s lowest price?
On June 23, 2022, My Identity Coin reached an all-time low of $0.000062773707.
- What was the My Identity Coin’s highest price?
On July 23, 2022, My Identity Coin reached an all-time high of $0.016771093643. (2 days).