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A step by step guide on how to buy & store the ShipChain (SHIP) cryptocurrency

What is ShipChain?

Disrupting transport and logistics on the blockchain.

Important note

This guide is not, and should not be regarded as 'investment advice' or as a 'recommendation' regarding a course of action.

Note: the exchange used in this guide, Idex, currently has a minimum trade amount of 0.05 Ethereum (you can use this calculator to see how much that is in your own currency). So you will not be able to purchase less than 0.05 Ethereum worth of ShipChain.
How to buy ShipChain
Important: The links in this guide are correct as to the best of our knowledge. It is your own responsibility to double check that clicked links look correct in your browser bar, and that any wallet you install on your computer is from a legitimate source.

Note: Images can be clicked to see a larger version. If you're confused by any terms used, a glossary can be found here.

There are three parts to this guide (click to skip to them): Setting up a ShipChain wallet, buying Ethereum and then exchanging Ethereum for ShipChain.

1

For this guide we'll be using the easiest & most convenient wallet option for storing your ShipChain coins- provided by MyEtherWallet (which can store any coin on the Ethereum blockchain, including ShipChain).

Go to myetherwallet.com and enter a password that would be hard to guess (but which you won't forget!).

Note: if you forget this password you might lose access to your coins.

Press 'Create New Wallet'.

Creating a wallet at Myetherwallet.com
2

Click 'Download Keystore File'. Be sure to read and understand the warnings.

It's very important that you back this file up somewhere safe (think multiple external hard drives and/or USB drives that you put somewhere safe).

Once you've done that, click 'I understand. Continue.'

Saving your keystore file
3

Now you will be given a powerful unencrypted private key to your wallet.

Note: Never give your private key to anyone. If you do, they can open your wallet and take your coins.

Consider printing out your private key and storing it somewhere safe- then deleting all references to it from your computer. Why? Because sometime in the future you might get a virus, or malware, or visit a website with an advert that has malicious code.

These things will target a private key, as it's an easy way to open your wallet and steal your coins.

So why print out your private key at all, if it's so insecure? Because it's your last resort. If you lose your keystore file (e.g. your computer gets wiped or damaged), or if you forget your password, with your unencrypted private key you can still access your account as a last resort.

There is also an option to print a paper wallet (which displays everything you'd need to access your wallet).

If you choose to print this, treat it just like the Keystore file you just downloaded- keep it hidden and keep it safe.

Next, click 'Save your address'.

Saving your private key

Important Note: We all hear of computers and phones being hacked. Websites running illicit code to steal passwords. Phishers tricking people into clicking links that steal information from their computers.

Another line of defence to keep our coins from being siphoned out of our wallets is essential.

And that's a hardware wallet.

Hardware wallets plug into your computer like a USB stick, and they have one job- to be a firewall between your ShipChain and the outside world.

To do this, they encrypt the private keys to your cryptocurrency wallets so that no-one- not even you- can know them. That way only someone with physical access to your hardware wallet- and who also knows its password- has a chance to access and move your coins.

Which hardware wallets support ShipChain?

Hardware wallets made by Ledger support the storage and sending of ShipChain.

Where do I get a hardware wallet?

Our recommendation is to get a Ledger Nano S from their official website or Amazon.

Their Nano S makes it easy to manage your coins- it's compact and discreet, and wallet management is achieved through a small LCD screen and two buttons.

Ledger Nano S

Once you have your Ledger, here's a step by step guide to setting it up.

4

Now we're going to open your new wallet.

Select the 'Keystore File' option, then upload the keystore file you saved in step 2, then enter your password.

Once you're done, scroll down the page to see your opened wallet.

Unlocking your wallet
5

You will see a long string of letters and numbers labelled 'Your Address'.

This is your personal wallet address, and it's where we're going to be sending your ShipChain coins.

Copy this address and keep it somewhere safe as we're going to need it soon.

Finding your wallet address
6

Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for ShipChain (if you already own Ethereum you can skip ahead).

Choose which Ethereum exchange you'd like to use (by clicking on the logo), and the guide will continue:

Choose your exchange
#
Coinbase
  • Operates in 32 countries.
  • Accepts debit & credit cards and bank transfers.
  • Can have low buy limits at first, increases with use.
  • ID verification required.
#
Cex.io
  • Worldwide coverage, 99% of countries.
  • Accepts debit/credit cards and bank transfers.
  • High initial buy limits compared to other exchanges.
  • ID verification required.
There are also some other exchanges (but without step by step guides) listed here.
7

If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).

Coinbase
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Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email, password and location.

Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.

To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.

Note: If you have problems verifiying your ID using your computer, try downloading the Coinbase app (on Iphone or Android), signing into your Coinbase account and verifying your ID using your phone camera.

Signing up to Coinbase
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Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).

Once your payment details are verified, click 'buy/sell' on the top menu.

Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.

Once you're happy with the amount, click the big 'Buy' button.

Buying Ethereum on Coinbase
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You'll be asked to confirm your purchase.

Press the 'Confirm Buy' button.

Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.

Confirm buying Ethereum on Coinbase
7

Click here to go to Cex.io

Click the 'Register' button along the top menu.

Cex.io
8

Enter your email address and a secure password. Click the checkbox to agree to the terms.

Click 'Register'.

Signing up to Cex.io
9

You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.

We recommend using the 'Smartphone App' option.

Signing up to Cex.io
10

Once your security has been set up, you'll be taken to your account dashboard.

Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.

You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.

Signing up to Cex.io
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Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.

Signing up to Cex.io
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Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.

Complete the Cex.io verification process by supplying your personal information and uploading your ID.

Signing up to Cex.io
13

Once you're verified, click the 'Deposit' button along the top menu.

You now get to choose how you'd like to deposit money:

Via credit/debit card

If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.

Via bank transfer

This option takes a few days for the transfer to arrive but has no commission fees.

Choose the method you prefer and follow the instructions to deposit your money.

Signing up to Cex.io
14

Once your money is in your account, click 'BUY/SELL' on the top menu.

Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).

You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.

Once you've decided, click 'Buy'.

Signing up to Cex.io
15

You'll be asked to confirm your buy.

Check everything looks correct and click 'Confirm the order'.

Signing up to Cex.io
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Congratulations- you now own some ShipChain!

Press 'Ok'.

Signing up to Cex.io
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1

We'll use the site Idex to exchange your Ethereum for ShipChain.

Click here to go to Idex.

Read the pop-up that explains what the exchange is and does.

Press 'Explore'.

On the top right menu bar, click 'New wallet'.

Enter a secure password (that you won't forget!).

Note: If you forget this password you can lose access to your coins.

Read the warning.

Click 'I understand, create new wallet'.

Note: This new wallet is for use with Idex only. Don't store anything in it permanently.

Idex exchange
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2

Press 'Download keystore file'. This will download a wallet file to your computer. You should keep this file somewhere safe and private.

Read the warnings the page gives you. Understand them.

Once you do press 'Got it. Get my private key.'

Setting up a Idex account
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3

You will be presented with the private key to your wallet.

It's very important to save this somewhere safe and private. Anyone with access to it can open your wallet and take your coins.

Once you've done so click 'Return to exchange'.

Setting up a Idex account
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4

Click 'Unlock wallet' in the top right menu.

Make sure 'Keystore file' is selected, then press the 'Select wallet file' button.

Find the Keystore file you saved two steps ago. Upload it.

Enter the password.

Click 'Unlock'.

Setting up a Idex account
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5

Click the small 'person' icon in the top right menu.

In the drop down menu, click 'Wallet'.

This will copy a wallet address to your computer's clipboard. This is the wallet we'll be sending your Ethereum to so that we can trade it for ShipChain.

Paste this wallet address somewhere safe as we'll need it soon.

Setting up a Idex account
16

Now, return to Coinbase.

Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.

Click 'Send'.

Sending Ethereum on Coinbase
17

In the 'Recipient' box, paste the Ethereum wallet address we just copied from Idex.

In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).

Click 'Continue'.

Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.

Sending Ethereum on Coinbase
22

Go back to Cex.io

Press 'Withdraw' on the top menu.

Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.

Input the amount of Ethereum you're sending.

In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Idex.

Once you've looked everything over, click the check box to confirm you've double checked everything is correct.

Press 'Withdraw'.

Signing up to Cex.io
23

You will be asked for a 2-factor authentication number.

Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.

Signing up to Cex.io
24

You will be sent an email to confirm the withdrawal.

Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.

Signing up to Cex.io
6

Go back to LocalBitcoins.

You should still be in your wallet page.

In the box labelled 'Receiving Bitcoin address' paste the Ethereum wallet address we just copied from Idex.

Enter the amount of Bitcoin you're sending.

Press 'Continue'.

Signing up to LocalBitcoins
7

You will be asked to enter your password to confirm the send.

Once entered, press 'Send from wallet'.

Signing up to LocalBitcoins
8

You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.

Signing up to LocalBitcoins
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9

Now we've got to wait a few minutes for the coins to move across the network.

Unless there's an unusually large network backlog, the coins will take between 1 and 20 minutes to appear in your Idex wallet.

Hover over 'Balances' in the top menu and then click 'Full balances'.

Click 'Hide zero balances'.

Once the Ethereum is in your wallet it will show under 'My wallet balance'.

Setting up a Idex account
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10

Once it has, press 'Deposit'.

Note: The minimum withdrawal from Idex is currently $40. So be aware, if in the future you try to withdraw less then $40 of any coin from Idex it will not work.

Press 'Send entire balance'.

Note: Some of your Ethereum will be automatically kept in 'My wallet balance' to pay gas costs for your transactions.

Press 'Deposit'.

You will be asked to confirm the deposit. Press 'Confirm'.

It may take upwards of ten minutes for the transaction to confirm, and once it has the Ethereum will show in 'My IDEX balance'.

Setting up a Idex account
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11

Click here to jump straight to the SHIP/ETH exchange market on Idex.

Scroll down the page until you see 'BUY SHIP'.

There are two options for buying ShipChain:

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OPTION ONE (easy but you can get less for your money)

Next to 'Type' is a drop-down box. Click that and select 'Market'.

Click 'Amount'.

The maximum number of coins you can buy using all of your Ethereum will appear in the box beside it.

However, you may end up with less coins than this, as buying at market price can be unpredictable.

If you're ready to purchase using this method, click 'BUY'.

Setting up a Idex account
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OPTION TWO (more complicated but you can get more for your money)

Make sure 'Type' is set to 'Limit'.

Click 'Price'. This will load the best available price (at this moment) to buy one SHIP at. You can use this online calculator to see how much this works out in dollars.

Click 'Amount'. This will show you the number of ShipChain your Ethereum will get you.

If you're happy with this, press 'BUY'.

Your order will be placed. Check to see if it appears in the box marked 'MY OPEN ORDERS'. If it does, it means your order was not completely filled, as not enough coins are available at your chosen price.

You can choose to wait and see if the order is filled over time, or cancel your order and place another one at a higher price.

Setting up a Idex account
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If you're comfortable with it, you could just leave your coins on Idex and they would probably be safe. However, exchanges have been hacked in the past, and people have lost coins, so we do recommend you keep them in a personal wallet. Here's how:

Note: You CANNOT store Ethereum tokens, such as ShipChain, on Coinbase. If you send your ShipChain to Coinbase you will lose them.

Hover over 'Balances' on the top menu and select 'Full balances'.

Click 'Hide zero balances'.

Your ShipChain will show under 'My IDEX balance'.

Press 'Withdraw'.

Setting up a Idex account
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In the pop-up that appears click 'Withdraw entire balance'.

Press 'Withdraw'.

Press 'Confirm'.

Your ShipChain will begin moving to your temporary wallet. This can take some time so be patient.

When the transaction has completed your coins will be credited under 'My wallet balance'.

Once it has, press 'Transfer'.

In 'To Address' enter the personal wallet address that you saved from MyEtherWallet (in step 5).

Click 'transfer entire balance'.

Press 'Transfer'.

When it asks you to confirm the transaction, double check that the address you're sending it to is correct. If it's not you'll lose your coins!

Once you're satisfied it is correct, press 'CONFIRM'.

You will be given a link to view the transaction on the blockchain.

Setting up a Idex account
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Go back to MyEtherWallet.

You should now see the ShipChain (abbreviated to SHIP) in your wallet under 'Token Balances'.

Not all newer tokens automatically show in your token balance list. If this is the case with your ShipChain, follow this tutorial to have them show up.
MyEtherWallet token balance
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One note of importance is that the example wallet in this guide has no Eth in it. Why is that important?

ShipChain coins exist as a token on the Ethereum network. To move ShipChain coins across that network costs 'gas', which are in the form of Ether coins. If in the future you want to move your ShipChain coins to another address, you're going to need some of those Ether coins to power the transaction.

You already know how to buy Ether, but you can use this guide if you're still unsure how to move them to your personal wallet.

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What about when you're ready to sell your ShipChain?

You simply reverse the order of tasks you performed in this guide.

For example, you send your ShipChain to Idex, exchange it for Ethereum, send that Ethereum to Coinbase Cex.io Local Bitcoins and sell it for your preferred currency.
Links

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Other coin guides
Further reading
The Age of CryptocurrencyThe Age of Cryptocurrency
The Internet Of MoneyThe Internet of Money

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