Let’s take a short break from gaming and drop some knowledge bombs about Bountie and its cryptocurrency options.
To recap: Bountie is Asia’s first gaming platform that allows gamers to earn cryptocurrency while playing their favourite games. One of Bountie’s features is for gamers to buy into tournaments, win the competition and earn 95% of the pool. They buy in and win using Bountie Tokens.
Bountie Token is the underlying currency on Bountie. It’s a crypto token that’s built using Ethereum’s ERC20 Token Standard so you can’t keep it in your normal wallet. You’d have to get something we call “crypto wallet”.
By the word itself, you know that it’s basically a wallet to store your tokens. A full technical definition would be that crypto wallet is a software program that allows you to store your private and public keys, send and receive tokens through blockchain, and check on your balance.
You can access it via a web browser quickly. Coinbase and Coinhako are great examples of a web-based wallet. Although they are easy to set up and use, it’s not highly secure because there are hackers on the internet. There have been cases of web-based wallets being hacked and people losing their tokens.
From the name, we know that mobile wallet is used on mobile devices. Similar to web-based wallets, mobile wallets are easy to use on-the-go. Mobile wallet has more features than a web-based wallet. However, it leaves cryptocurrency relatively exposed to malware and viruses. Also, if you lose your mobile device, there’s a high chance you can’t retrieve your tokens.
A desktop wallet is a software you install on your desktop so it isn’t as fast and portable as the previously-mentioned wallets. This is a favoured wallet to store huge amount of cryptocurrency when the desktop is slate clean to ensure no malware or virus cannot hack the wallet.
Though not as user-friendly, the hardware wallet is one of the most secure crypto wallets out there. If you are familiar with using a hardware wallet, it is advisable to use it for the long term to get a huge amount of tokens.There are a couple of different types of hardware wallet you can choose. Read this article about the different hardware wallets out there.
Just remember not to lose your hardware!
Paper wallets are physical documents that contain all data needed to generate private keys. You can store multiple keys in a paper wallet. A paper wallet used to be the most common crypto wallet before hardware wallet because you can keep it as safe as possible in your home.
Bountie Token is a crypto token that is built on Ethereum’s blockchain. Like many other utility tokens, Bountie Tokens will need to be stored in a form of crypto wallet – let’s call it a “Bountie wallet” for now. Bountie is working on creating a Bountie wallet but as of the time this article is written, the only possible way to store Bountie token is through myEtherwallet. As this is a web-based wallet, if your network is hacked, you could lose your cryptocurrency.
So how do you sign up for myEtherwallet? We will show you a step-by-step guide on how to do so for any kind of cryptocurrency
First, go to https://www.myetherwallet.com. Ensure that you are on a secured network with “https” and not “http”. When you enter myEtherwallet, a couple of pop-ups will appear. Read and understand every pop up carefully. Do not proceed until you’ve completely understood the terms and conditions of using myEtherwallet.
*The wallet created in this article is for educational purposes and the wallet address is not in use.
Be sure to install EAL or MetaMask or Cryptonite for security.
Disclaimer: Please take care of your personal files related to your wallet. Bountie is not responsible for any breach, lost of data, lost of tokens relating to myetherwallet.
It is highly important that you remember this password and keep it safe.
We suggest backing it up on multiple hard drives and keeping it somewhere safe so that you don’t lose the file.
Paper wallet contains your wallet address and unencrypted private key. If you forget your password or lose the Keystore file, you’ll need your paper wallet for access. Hence, guard it with your life. If anyone has access to your paper wallet, they can steal all your cryptocurrency.
That’s it! Congratulations, you have created your wallet. Pat yourself on the back for a job well done! Now comes the part where you view your wallet.
Here’s how you do it.
This refers to the Keystore/JSON file you previously downloaded when creating your Ether wallet. You will be prompted to key your password to unlock the encrypted file. Once that is completed, you will be able to scroll down to view the following.
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