To note: It is not financial advice. This is for educational purposes only. Please note that cryptocurrency is a very volatile and extremely risky asset class; Only invest what you can afford to lose.
“How to buy CluCoin” is the question seasoned cryptocurrency investors and newbies alike want to know as it evolves on Twitter and Google. According to white paper, CluCoin boasts that it aims to be a “hyper-deflationary token with a smart staking system”. If that sounds like gibberish to you, don’t worry, I’ll explain it to you in an easy-to-understand way.
In the crypto world, you can choose to “stake” your cryptocurrency, which is like locking your fiat money in a CD or IRA account so that it can earn interest. Crypto-staking services entice holders of digital assets to stake their coins on blockchains by offering high interest rates.
However, just like an IRA account, there are hurdles when it comes to “undoing” – or withdrawing – your crypto. In many cases, your cryptocurrency is locked for a specific period of time. CluShare, the team behind the CluCoin project, plans to offer a staking option that allows users to earn passive income on cryptocurrencies without fully locking in their digital assets. CluShare wants to allow users to withdraw their crypto whenever they want, but they will have to pay a 10% penalty: 5% goes to CluCoin token holders and the rest goes to liquidation.
CluShare would also focus on philanthropy; they claim that every time someone sells CluCoin, a portion of it goes to charity projects. The blockchain system offers transparency, so CluShare says CluCoin holders can rest assured that donations will go to the right hands.
If CluShare’s mission tickles you, here’s how to buy CluCoin.
How to buy CluCoin
To buy CluCoin, you need to download the TrustWallet app and purchase Binance Coin (BNB). You can buy BNB coins on Binance or BitMart and send them to TrustWallet. You can also buy BNB directly on the TrustWallet app by selecting “BNB” in the Wallet tab and pressing “Buy” in the upper right corner.
Once you have obtained your BNB, here are the steps to buy CluCoin.
1. Go to the main TrustWallet page and you should see your BNB. Tap “BNB”, tap “More” and tap “Switch to smart channel”.
2. Under “Swap”, tap anywhere in the BNB “You Pay” area. This will bring up four options: 100%, 75%, 50%, and 25%. Press “100%” to transfer 100% of your BNB to Smart Chain. Press “Swap”, press “Submit” and wait for the conversion to be processed. (Keep in mind that there is a network fee; you will need to subtract the network fee from your BNB balance for the exchange to proceed).
3. Go back to the main TrustWallet page and you should see that your Smart Chain order is fulfilled.
Using PancakeSwap to Convert Smart Chain to CluCoin
For the next set of instructions, if you have Android, you can skip the first step. But if you have iOS, you’ll need to type in a URL to install “dApps”, a browser in TrustWallet that gives you access to PancakeSwap.
1. Open Safari and enter “trust: // browser_enable”. A prompt will appear with the following message: “Open this page with ‘confidence’?” Press “Open”.
2. In the Trust Wallet app, tap “Browser” in the lower taskbar (in Android, instead of “Browser” you will see the word “dApps”). Then press “PancakeSwap”.
3. Tap the “Connect” button in the upper right corner and tap “TrustWallet”. You should see that your Smart Chain Tokens are now in PancakeSwap.
4. Press “Select currency” and enter the following string (CluCoin contract address) in the search box: 0x1162e2efce13f99ed259ffc24d99108aaa0ce935. You should see that “Clu” appears as a selection.
5. Click the clock icon and set your slippage to 12%. Click “X” to save and exit the window.
6. Tap “Swap” and “Confirm Swap”. This will bring up a “Transaction submitted” message.
7. Click on “Show on BscScan”. The status bar should read ‘Success’, which proves that you have successfully converted Smart Chain to CluCoin. Quit PancakeSwap.
How to see CluCoin in TrustWallet
Now you might be wondering, “Okay, I bought some CluCoin, now where are they?” Do not worry; I will show you how to activate its visibility on Trust Wallet.
1. Copy the CluCoin contract address here.
2. Go to the main TrustWallet page. Click the blue icon in the upper right corner.
3. In the search bar, enter “Clu”
4. Tap “Add custom token”. Change the Ethereum network to a Smart Chain. Under “Contract Address” paste the contract address of CluCoin.
5. Type “CluCoin” for the name, “Clu” for the symbol and “9” for the decimal places. Tap Save.
5. Voila! You should see your CluCoin tokens in the TrustWallet app.
At the time of going to press, it appears that only the number of tokens you have is displayed on TrustWallet; not its estimated dollar amount. This is something that the owner of the CluCoin project needs to correct on their end.
Keep in mind that CluCoin is still in its infancy so it is a very risky asset. As with any investment, you should assess your tolerance for risk and only invest what you can afford to lose.