Last Updated on February 22, 2021
In this tech-driven era, the Token Generation Event (TGE), also known as Initial Coin Offering (ICO) is the most exciting real-world applications of cryptocurrency technology. However, there are many first-time buyers of token who lack the information about how to participate in these crowdsales conducted on the basis of the blockchain. The process is overwhelming, and a professional TGE or ICO Consultant can help you provide with novice and experienced token buyers and resources required to navigate seamlessly through the marketplace.
Here are the three steps one must follow for participating in an ICO or TGE:
1. Purchase Ether or Bitcoin
Generally, almost all the major ICOs and TGEs accept contributions only in the form of cryptocurrency. The foremost thing is you need to identify what kind of cryptocurrencies the token sale is accepting and purchase some accordingly. Many crowdsales limit contributions to the ether, which is the native currency of Ethereum platform while others also accept bitcoin contributions.
You can purchase bitcoin and ether from a reputable cryptocurrency exchange accepting credit cards or bank drafts. It is important that you complete this step in advance of the token sale as token buyers have to wait up to a week for transactions to get clear at their banks.
2. Transfer the Funds to your Wallet
The technical structure of ICOs and TGEs does not allow you to participate in the token sale from an exchange wallet directly. You must transfer your ether or bitcoin to a personal wallet which you can control through private keys and send funds to TGE contract address from your wallet. If you try to send them from an exchange, you can lose the funds and will not be able to recover them.
3. Send the Funds to the TGE Smart Contract Address
The smart contract governing the token sale has a specific address like your personal wallet. It is imperative that you send funds to the correct address else there are risks again that you will lose your money. This phase of a TGE bears many security vulnerabilities, hence you must remain cautious. Also as a rule, never send funds to a contract address received via email or social media though it appears to be from a TGE organizer.
Generally, the tokens you purchase during Token Generation Events are sent to the address directly from where you have contributed. You can continue to save the crypto tokens in your wallet, however, it is wise to transfer large balances to hardware wallets like Trezor, KeepKey and more. This is one of the most secure ways to hold the coins and tokens while having an access to transfer them if required.
Whether you are a startup or existing company wishing to enlist in a TGE, hire ICO consultants from leading agencies who are committed to offering trustworthy information about the launch and participation in the cryptocurrency world.