Using the Bancor Protocol, It’s Easy Peasy
The Bancor network is a decentralized liquidity network. It allows you to hold any Ethereum token and covert it to any other token in the network. If you’re unfamiliar with the project check out my previous article.
Today we’ll check out actually using the protocol.
First, go to Bancor Protocol and sign up.
You’ll have to create a password and save a seed phrase. Make sure to store both in a safe place.
When you sign in you’ll be given an option of signing in through Messenger, Telegram, or WeChat. I use Telegram. Just follow the links, it’s easy.
To fund your wallet first click on the person icon at the top right of the screen (see the picture below). Then click on My Wallet and then the Receive button.
Once you have tokens in your wallet you can easily convert.
Take a look a the screen shot below, all you do is click on the Buy button of whatever crypto you want. Then when the buy box pops up you exchange it for the crypto you want to get rid of.
Tip… save your transaction IDs just in case something goes wrong.
I sent tokens and exchanged. Very quick. Easy peasy.
Keep in mind though the wallet is in beta, so don’t go crazy. But I like what I see from Bancor so far.
and trade cryptos on Binance
Thanks for the heads up! Getting paid today. Will try it. Re steemed.
Cheers!
Bancor protocol works with any ERC20 token. The liquidity comes from a Smart Token Relay which holds DAI and BNT, enabling conversion between them using the #Bancor formula which assures liquidity at a market-driven conversion rate.
Thanks for the info!
... a DAI use case, interesting.
I might be way off but isn’t this an online wallet hosted on Bancor’s server? Assuming you trust them this is fine but if they aren’t using proper security(like any exchange) you could still be hacked. So an offline hard wallet still is king, correct?
Correct. I did mention the wallet was beta and to use small amounts. Just position size according to the risk and then if the worst happens your still ok.
Fair enough.
I need something like that
Good job
One of my main concerns about Bancor was that it was supposed to have a reserve of Ethereum and last time I checked it had been depleted.
It looked a bit too much like a form of fractional reserve banking for me to be totally comfortable with it.
i think you sharing a fantastic post about bitcoin... thanks for new updates...
You're welcome!
hey updator... thanks lot for your great post.
upvote
Thanks!
Great! I'll give it whirl. Thanks @g-dubs :)
Thanks!
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Thank you g-dubs for making a transfer to me for an upvote of 1.49% on this post!