In February of 2018, Commodities Futures Trading Commission Chairman J. Christopher Giancarlo said this in front of Congress “The new generation of Millennials and GenZ sees generational change driven by technological disintermediation of distrusted institutions. They see virtual currency — along with social media — as a means to bypass control by a failed generation of leadership.”

His words echoed among us young crypto enthusiasts. Bonds bored us, mutual funds confused us, and stocks, well stocks are alright…

Cryptocurrencies are digital currencies that use cryptography to secure and validate financial transactions. All transactions are stored and decrypted on a public ledger known as a blockchain. One of the most popular blockchains today, Ethereum, has created an ever expanding chain that hosts thousands of different tokens.

These tokens can be thought of as start-up companies. Each start up company has its own token and is funded through a Token Generation Event (or Airdrops). A Token Generation Event, or ICO (Initial Coin Offering), is the sale of a token project’s currency to users. This is sort of like an Initial Public Offering, except ICO’s happen in the infantile stages of a project whereas IPO’s occur at more mature stages.

After conclusions of sales, tokens get listed on exchanges where users can buy, sell, and trade tokens for one another. Some of the most popular exchanges are Binance and Bancor. Binance uses a centralized system that holds your tokens within the exchange. Users do not directly control their funds.

Another is Bancor, which in terms of user experience, is generally known to be simpler to navigate than most exchanges, especially for the beginner. Bancor does not hold user funds and allows users to trade directly from their own private wallets on its network. Below is a step by step guide displaying how to setup a wallet, purchase ETH using a credit card, and convert tokens using Bancor’s web application.

Ask questions. Learn. Engage with the community. After understanding how to buy, sell, and convert cryptocurrencies, spread knowledge. There’s a long road ahead- buckle up.

How to Set up a Wallet?

Step 1: Go to https://www.bancor.network/

Step 2: Click Sign In

Choose your favorite social messaging app and and follow the sign-in process.

Step 3: Create a new wallet or import an existing one

Already got a wallet? Great! Choose “Import Existing Wallet”

Choose your favorite method, and import your funds into your Bancor Wallet.

If you don’t have a wallet yet, create a new Bancor Wallet with a safe password.

Step 4: Backup Recovery Phrase

These 12 words are the ONLY way to restore your wallet if you forget your password. Make sure you keep them somewhere safe!

Now choose your Recovery phrase words in their original order.

Congrats! You’re now ready to convert tokens.

Step 6: Deposit Funds

There are 3 options to deposit funds into your Bancor Wallet:

Import any ERC20 wallet (see Step 3 above) Buy ETH using a credit card Deposit any ERC20 token from an external wallet

Deposit any ERC20 token from an external wallet:

Within your new Bancor Wallet, click Receive.

Copy your Bancor Wallet Address in order to deposit funds from an external wallet.

After sending funds from the external wallet, you will see the token balances show up in your Bancor Wallet.

Note: Funds sent in ETH from an external wallet will not be recorded in Transaction History.

After you complete setting up your wallet, you will be able to purchase ETH using your credit-card.

How to Buy ETH on Bancor

Step 1: Go to https://www.bancor.network/ & Click Sign In

Step 2: Go to My Wallet

Click Buy

Step 4: Choose the amount of ETH to buy

Step 5: Fill in your personal information

You will receive a confirmation once the ETH is available in your wallet.

Step 6: Check your Bancor Wallet

Once your ETH has arrived, you can convert it to any token in the Bancor Network, directly from within the Bancor Wallet.

Now that ETH is in your wallet, you are free to convert with over 100 different ERC-20 tokens.

How to Convert Tokens on Bancor

Step 1: Go to https://www.bancor.network/

Step 2: Click Buy/ Sell

Step 3: Enter an amount to convert

Step 4: Review gas fees. Bancor doesn’t charge fees — these gas fees are attributed to the Ethereum network.

Step 5: Transaction process — you’re all done!