There are a few ways you can send KBC coins to the Karatbit.com platform. You can use the following methods:
- Send ETH, BTC and USDT from a cryptocurrency exchange platform such as www.altcointrader.co.za (if you are in Southern Africa)
- Send ETH, BTC and USDT from a cryptocurrency wallet such as Crypto Trust Wallet.
We are going to use both methods in this tutorial. Before we dig deep into how we send the coins, a few basic requirements are necessary to enable the process to be completed successfully. First, you will need a desktop computer or laptop with access to the internet. You will also need to have a smartphone with access to the internet. Lastly, you will need a cryptocurrency wallet (CD wallet or paper wallet). With all the requirements fulfilled, we can then begin the process of sending your KBC coins to karatbit.com.
Step 1 Prepare your altcointrader account (Computer)
If you are located in the southern parts of Africa (e.g. South Africa, eSwatini, Lesotho etc.), you will need a platform where you will exchange your fiat paper money (e.g. South African Rands) into cryptocurrencies such as BTC, ETH or USDT. There are many other platforms to use for such purposes but in this tutorial, we are going to use the altcointrader platform to send money into the blockchain. Let us look at some of the steps below;
- Go to www.altcointrader.co.za and register an account. If you already have an account please skip this step.
- Turn to your smartphone and search for the Google PlayStore application and open it. Search for the Google Authenticator application. Download and install it.
- Enable two-factor authentication using the Google Authenticator app to protect your assets from malicious activity.
When you have registered your altcointrader account and completed setting up your two-factor authentication you can then proceed to the next step of preparing your digital wallet.
Step 2 Prepare your wallet application (Smartphone)
The next step is to switch on your smartphone device, search for the Google Playstore application and open it. In the Google Playstore application search for the “Crypto Trust Wallet” mobile application. Download and install it. This application will be used to send, store and receive cryptocurrency tokens and/or coins.
Step 3 Prepare your wallet (Computer)
There are two types of cryptocurrency wallets which we are going to look at. They include physical and digital cryptocurrency wallet. Cryptocurrency keys can be stored in a compact disc or a paper wallet.
Compact Disc Wallet
- Take your compact disc that contains your cryptocurrency address and private key and insert it into the compact disk drive on your laptop or desktop computer. The objective is to convert the private key stored in the CD into equivalent QR code so that it can be scanned by the QR code scanner on your smartphone device. In other words, the text-based private key will be changed into a black-dotted square that represents the address text and private key text in a graphical format.
- In order for us to convert the text into a graphical format, we will need to access myetherwallet.com. This platform will enable us to convert the text-based wallet keys into graphics-based wallet keys.
- Type in “www.myetherwallet.com” in the URL of your browser and press <Enter>.
- Scroll down the homepage until you see two options; Create New Wallet and Access My Wallet. Click on the Access My Wallet button to access your wallet.
- Once you click on the Access My Wallet button, you will be redirected to the Access My Wallet page where you will be presented with four options to open your wallet;
- MEWconnect: this is where you will use your smartphone device as wallet by downloading the MEWconnect mobile application.
- Hardware: this is where you will use your hardware wallet to open your wallet.
- MEW CX: this is where you will use Metamask web application to open your wallet.
- Software: this is where you will use your Keystore file, Private key or Mnemonic phrase.
- A pop up window will appear with three options;
- Keystore file
- Mnemonic phrase
- Private key
- Choose and click on the third option (Private key) then click on the Continue button. You will be redirected to the dashboard of your wallet. The dashboard looks like the image below.
- Under the address section of the dashboard, hover the mouse pointer on the print icon and click on it. A pop up window will appear containing the public address and the private address of your wallet. The window will additionally prompt you to print your wallet as a paper wallet. However, in our case, we just want to scan the private key QR code using our digital mobile wallet application (Trust Wallet).
Step 4 Scan QR code (Smartphone)
The next step is to scan the QR code associated with the private key using the Trust Wallet digital wallet app.
- Turn to your smartphone device and open the app.
- You will be presented with two options; Create a new wallet button and I already have a wallet link. Since you already have a wallet, tap on the I already have a wallet link. This will open up the import section.
- Under the Import section, tap on Ethereum and you will be redirected to the Import Ethereum section.
- Under the Import Ethereum section, tap on the Private key tab to scan the QRcode associated with the private key.After tapping the Private key tab, tap on the QR code scanner icon on the top-right corner of the application (under the Import Ethereum section).
- Move the camera so that it aligns with the QR code on the screen as shown below.
- Once the camera is aligned correctly, the QR code will be scanned automatically and the text-based private key will be shown on the Trust Wallet app.
- Tap on the Done button to complete the wallet import.
Now that you have completed your wallet import, you need to send your KBC coins to the Karatbit.com platform. However, since KBC is an Ethereum ERC20 smart contract, you will need a bit of Ethereum deposited into your wallet to enable your KBC coins to be transferred to karatbit.com
Step 5 Buy Ethereum from altcointrader platform (Computer)
The next step is to acquire Ethereum from the Altcointrader platform. You need to register for an account and deposit fiat currency (e.g. ZAR) so that you can exchange it for Ethereum. Once you have the Ethereum, you can then send it to the cryptocurrency wallet that contains KBC. The Ethereum acts as gas for KBC.
Step 6 Send KBC coins to Karatbit.com
The next step is to send KBC to its destination platform – Karatbit.com. Do the following:
- Login to your Karatbit.com account.
- Enter your 2FA authentication code when prompted.
- Once logged in, click on the Dashboard tab.
- Then click on the Wallet and Balance tab. A list of the cryptocurrencies and their balances will be displayed. next to each cryptocurrency are action buttons.
- Scroll down and look for Karatgold coin and click the deposit button next to it. A QR code and its corresponding public address key will be shown.
- Turn to your smartphone and open your Trust Wallet app. Select the wallet that contains the KBC and Ethereum coins. Click on the Send button and scan the destination wallet address by scanning its associated QR code using the smartphone camera. Then click Send. That is all.
Step 7 Verify transfer details on the Etherscan platform
The last and final step is to verify that your transaction has been completed and executed correctly – that is, you have not sent to the wrong address. This will also help in facilitating the transaction speed just in case your funds have not reflected in your Karatbit.com account. We are going to use the etherscan platform to verify our transaction details.. Here are the steps;
- Go to Karatbit.com and login with your account details. Under Dashboard, Wallet and Balances, look for the Karatgold coin and next to it, click on the deposit button. The public address will appear with a Copy Address button underneath.
- Click on the Copy Address button. The public address of your wallet has now been copied to your clipboard.
- Go to your browser’s URL and type ‘www.etherscan.io’ and press <Enter>
- On the search box, paste the public address of your wallet that you copied from your Karatbit.com account and click the Search button. All details about your wallet will appear here. However, at first glance, you won’t see the transaction details of your KBC coins because it runs over an ERC20 smart contract address.
- To see your transaction details, scroll down to the section that begins with the transaction tab.
- Click on the Erc20 Token Txns tab. This section shows the latest Erc20 token transfer events such as the transaction hash, age of the transaction and so forth.
Step 8 Conclusion
The transfer of assets via the Ethereum blockchain can seem challenging at first, but it is really simple once you understand whats going on. What you need to understand is that for assets to be transferred from one wallet to another, you will need gas (it’s like a transaction fee).
The first step is to register an account with the Altcointrader exchange platform in order to acquire Ethereum to be used as gas over the blockchain when transferring assets. Next step is to download Trust wallet app so that you can simply scan the QR code of your wallet rather than copying and pasting it as to avoid making mistakes.
You then need to send the Ethereum you have acquired from the exchange to your digital wallet on your smartphone. When the ETC has reflected in your wallet, then you can transfer your KBC coins to your wallet in Karatbit easily. Lastly, we need to verify that our transaction has been sent successfully. to do that we need to copy the address of your wallet in Karatbit and paste in the search box on Etherscan. Etherscan will show you all the events associated with your wallet address.
Additionally, Karatbit will send you notifications regarding the transfer of your KBC coins into your Karatbit account. If your coins have not reflected into your account, you will send support a message so that they facilitate the transfer manually.
Please leave a comment for any suggestions or queries you might have regarding the transfer of KBC tokens to your Karatbit account.