Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. If you’re like me, you probably have a lot of ethereum wrapped up in different projects and wallets. Luckily, unwrapping your ethereum is easy! Just follow these simple steps.
Get a wallet
You’ll need a wallet that can hold ether. I recommend using myetherwallet.com, which is a free, open-source wallet that is simple to use. Create a new wallet: On the myetherwallet homepage, click on the “Create New Wallet” button. Enter your password: Choose a strong password that you will remember. This password will be used to encrypt your private key.
Download Keystore File: This file contains your encrypted private key. Be sure to back it up in a safe place. Unlock your wallet: To unlock your wallet, you’ll need your private key or keystore file. If you have your keystore file, click the “I understand. Continue.” button. If you have your private key, select the “Keystore / JSON File” tab, then click the “Select Wallet File” button. Once you’ve selected your wallet file, enter your password to unlock it.
Choose your method of purchase
Now that you have a wallet, you need to purchase some ether. You can do this via an exchange such as Coinbase or Kraken, or you can buy ether directly from someone else using a service like LocalEthereum. Once you’ve purchased ether, you can transfer it to your wallet by clicking on the “Send Ether & Tokens” tab on myetherwallet.com.
From there, you’ll need to enter the address of your wallet (which you can find by clicking on the “View Wallet Info” tab), as well as the amount of ether you want to transfer. Be sure to double check the address before sending, as ether cannot be recovered if sent to the wrong address.
Verify your identity
In order to verify your identity on LocalEthereum, you’ll need to provide a government-issued ID. This can be a passport, driver’s license, or national ID card. Once you’ve provided your ID, you’ll also need to take a selfie with it. This is to ensure that the person who is buying ether from you is the same person who is listed on the ID.
Enter your credit card information and wait for the transaction to go through
Once you’ve provided your ID, you’ll be asked to enter your credit card information. LocalEthereum accepts Visa, Mastercard, and American Express. You’ll also need to enter the amount of ether you want to buy, as well as the price you’re willing to pay for it. Once you’ve entered all of this information, click on the “Create Listing” button. Once your listing has been created, it will appear in the “Buy Ether” section of the site. Other users will be able to see your listing and, if they’re interested in buying ether from you, they’ll click on the “Buy Now” button.
Once they do, a chat window will open and you can negotiate the terms of the sale. When you’re both happy with the terms of the sale, click on the “I agree” button. This will initiate the trade and LocalEthereum will hold the ether in escrow until the trade is complete. Once the trade is complete, you’ll receive the ether in your wallet and the buyer will receive the fiat currency (USD, EUR, etc.) that they paid for it.
How to unwrap ethereum
- Find your ethereum private key. This is usually stored in a file called “wallet.json” or something similar. If you’re not sure where to find it, just search your computer for “wallet.json”
- Copy the private key into a text editor such as Notepad++ or Sublime Text.
- In the same text editor, open up the Unwrapping Ethereum Tool. This can be found here: https://github.com/ethereum/go-ethereum/wiki/Unwrapping-Ethereum-Tool
- Paste your private key into the “Private Key” field.
- Select the “Unwrap” button. Your ethereum will now be unwrapped and ready to use.
Keyword: Unwrap your ethereum in minutes