Buying Drops from an exchange and getting them into the Dropil platform may seem difficult and confusing, but we are here to make it as easy as possible for you. The goal is to convert your fiat currency (USD, GBP, EUR, etc) to Drop tokens on an exchange and then transfer those tokens to the Dropil platform. Unfortunately, not all exchanges support conversion of your fiat currency to crypto, let alone converting from currency to Drops directly. This is where Dropil Direct comes in. You can convert your Bitcoin/Ethereum to Drops from within the Dropil portal.
Getting Started with Coinbase
- You will start by creating or logging into your Coinbase account and clicking the “Trade” icon. If you run into any issues you can view the Coinbase’s knowledge base here: https://support.coinbase.com
- Input the amount you would like to purchase
- Select the coin you are buying (in this case, Bitcoin)
- Choose your payment method (You will need to either link your bank account or a debit card to purchase on Coinbase. See their Knowledge Base above if you need help with this step).
Once you have signed into your Coinbase account and linked your preferred method of payment, click the “Trade” button at the top of your Coinbase dashboard. This will bring up the option to buy cryptocurrencies directly from your bank account or linked card.
Input the amount you want to buy and choose your coin of preference. For example purposes, we are going to buy and send Bitcoin.
After selecting “Preview Purchase” there is a confirmation screen where the details of your purchase are displayed. Clicking “Buy Now” will finalize your purchase.
Coinbase often places a hold on purchases made directly from cards or through bank transfers. In this instance, it will take 6 days before the Bitcoin can be moved and exchanged for Drops. After your waiting period is up and your funds are available to send, your balance is viewable under the “Accounts” tab on Coinbase.
Initiating a Dropil Direct Purchase
Once your waiting period has completed, open the Accounts tab on Coinbase and press the send button next to the coin you will be purchasing with. This will bring up a dialogue for your transaction.
Enter the funding amount you want to use for your DROP purchase. Keep in mind that the number displayed needs to take into account network transfer fees which are constantly changing with Coinbase. The maximum value that you can send (after taking fees into account) is the amount your Dropil Direct purchase will be created for.
Back in the Dropil portal, follow this guide for setting up your Dropil Direct purchase. Click the Get Drops button at the top of the portal and then select Dropil Direct instead of Deposit from External Wallet. Enter the amount (presumably the maximum you can withdraw from Coinbase after fees)
Select Next at the bottom to begin your Dropil Direct purchase. You will receive a unique one-time address to deposit funds to. This address is only intended to be used one time, and if you create a separate purchase you will need to send the funds to the new address.
Copy the address given in Dropil Direct and paste it into the address field in Coinbase. When entering the amount of your Dropil Direct transaction, make sure the amount Dropil receives is enough to fill your transaction after fees.
After your transaction from Coinbase has been sent, it will show as Confirming in your Dropil Direct window.
Once it has adequate confirmations on the network, your transaction will show as complete. If it is stuck pending for an extended period of time, it is likely because the amount of Bitcoin or Ether received was less than the purchase amount, and you will need to send a second transaction to fill the purchase or create a ticket.