HODL Archives - Crypto News Articles

Setting up the Trust Digital Wallet to HODL BitUnits

August 15, 2021 Cameron 5 comments

The Trust digital wallet allows you to control access to digital assets like BitUnits and Ether but do beware that the tokens are stored on the blockchain, not on your smartphone. BitUnits are ERC223 compliant tokens which use the Ethereum Classic (ETC) blockchain network whereas Ether uses the Ethereum (ETH) blockchain. We recommend the Trust digital wallet for the following reasons:

Available for Android and iOS devices
Has the financial backing of the digital exchange giant, Binance
Audited as a secure digital wallet
Ease of use

Installing the Trust Digital Wallet

Links for Android and iOS are available at trustwalletapp.com, and they also provide direct access to the Android apk for users that aren’t able to use Google Play. Wherever possible use Google Play as their servers are generally more secure than developer sites.

When you have set up your wallet but before you have received your first BitUnits it will look something like the first image below and once configured, and you have received BitUnits it should look similar to the second image.

When you first install the app, you will be asked to create a new wallet, and you will be provided with 12 very important words. These words are known as your seed phrase and allow you to restore your wallet to another smartphone. For security reasons, the app prevents you from taking a screenshot of the actual seed phrase process, so the blurred image below is a photo (not a screenshot) of the seed phrase for my wallet.

The 12-word seed is shown as the “Backup Phrase” in the screenshot, but it should be more accurately be called the “Restore Phrase” as that is the purpose of the seed phrase. You need to store a copy of your seed phrase in a secure location, and many crypto enthusiasts suggest etching it into metal as paper degrades over the HODL years.

Do not let anyone have access to your seed phrase as that would give them control of your digital tokens on the blockchain. Once you have been through the validation process to confirm you have recorded the phrase the screen will show you have zero tokens on the Ethereum blockchain (ETH).

We now need to add Ethereum Classic (ETC) tokens including BitUnits. This is done by selecting the + at the top right of the screen. You will see a selection of different tokens that you can control via the Trust digital wallet. ETC is below ETH and UNITS (the ticker for BitUnits) is further down the list. NOTE: BitUnits will only appear in the list of available tokens if you have already sent your ETC address for a BitUnits airdrop, or similar, and had the BitUnits sent to your address.

The two screenshots below show the tokens, and you move the slider to the right for ETC and UNITS for control to be given to the wallet.

Now let’s get some token for the wallet by clicking the BitUnits row to reveal a screen with a SEND and RECEIVE button. You will not be able to send any BitUnits at this stage as you don’t have any, so click RECEIVE. You will be shown a QR code and a button labeled COPY WALLET ADDRESS. If you click this button, it will copy your address to the clipboard, and you can then send this to the BitUnits sender via email, SMS or posting it in Telegram, Twitter or Facebook.

Securing your BitUnits

As the Trust digital wallet does not hold the tokens in your phone, it is vital that you secure access to your digital assets. Trust provides a six digit pin code which you should activate from the Settings menu at the bottom right of the software screen. This ensures that if your phone is stolen that the thief can’t transfer your BitUnits to their wallet.

Write a comment below or in our Telegram group if you have any questions or spotted the gift we provided for the first observant reader. [Update: gift now claimed]

Transfer BitUnits from Binance Trust to Saturn Browser Wallet

October 14, 2018 Cameron 3 comments

Transfer BitUnits from Binance Trust Wallet to Saturn Wallet

Before you set off to transfer BitUnits to a DEX to cash out understand that optimum returns for most investments require they are held over the longer term. HODL your crypto tokens and this applies to BitUnits. You should be looking at keeping hold of the tokens for upwards of five years. Just looks at how far bitcoin has come in ten years, and this is what BitUnits Club developer Issa Clunie, had to say about cashing out to fiat.

“Cashing out of crypto to go to the dying banking fiat currency is like taking a PS4 and trading it for a PS1.“

Inevitably there will be the weak hands that sell too early and live to regret it, and this guide is aimed at them. Most of the BitUnits were airdropped into Trust wallets, but a Saturn wallet is required to trade on their DEX. In the last article in the series, we covered the different types of trades available on Saturn, and this is a follow-up piece.

An article on cross-browser and mobile support was published in September 2018 by the Saturn team. We will concentrate on the Firefox browser as the Saturn wallet works on mobile as well as desktop with this browser. In Saturn’s article, they provide a link to the Firefox extension for the wallet, but it is also available here.

Setting up the Saturn Wallet to Transfer BitUnits

If the Firefox extension doesn’t take you straight to the wallet set up screen look for a menu item in the browser settings marked as Saturn Wallet. It will generate a random 12-word seed, and you will also need to set a secure password. Be sure to keep the seed and password available in case you need to restore the wallet to a new phone etc.

Ensure you have ETC network selected from the dropdown list at the top left of the web browser. We are now ready to add the UNITS token to the Saturn wallet. It will look like this screenshot to the left, but the ETC and Saturn tokens will be at zero unless you have imported an existing Saturn wallet with tokens. Click ADD TOKEN button and paste in the BitUnits smart contract address, as shown on their website.

The smart contracts address: 0xd1c10d433c888e6d1841ff924d0ce45157f0d5cd is the Token Contract Address and when you enter this address into the Saturn wallet it should populate Token Symbol with the word UNITS and set Decimals of Precision to 6.

Make a note of the address for the ETC and BitUnits (just one address) in the Saturn wallet and send the tokens you have in the Trust wallet. You will need less than 0.001 ETC to set the gas to transfer BitUnits from wallet to wallet. If you don’t have any ETC you will need to buy some or ask a crypto friend if they will send some to your Trust wallet.

You are now ready to trade on the Saturn network DEX. If you trade UNITS for ETC you can keep the ETC in your Saturn wallet or send them to your Trust wallet. As Saturn is providing a true decentralized exchange, where you are in control of your private key, it is safe to keep your digital assets in the Saturn wallet indefinitely. This is not the case for most of the exchanges operating today like Binance. If a regular exchange gets hacked, and they do with alarming regularity, you stand to lose all your tokens.