How to Purchase and Store AMPs in an Online Wallet
Step 1: Create an AMP-friendly wallet
First, you’ll need to have a wallet that can store AMPs.
If you don’t have one, we recommend you use omniwallet.org, a simple online wallet.
Other wallets that can store Bitcoin will work as well. Just make sure you choose one that allows you to own the private key (e.g., Electrum, Bitcoin-Core).
Please note: not every wallet that stores AMPs is able to display the AMP balance. You may need to use omniwallet, omnichest, or the like if you want to see your balance.
- Write down your credentials
- Store your credentials in a safe place
Step 2: Buy AMPs
AMPs can be purchased on various online exchanges using Bitcoin (BTC) or a credit card (at a higher fee). In this section, we’ll describe both options and instruct you on how to buy Bitcoin, should you wish to do so.
Option A: Buying AMPs on exchanges
To obtain the best rates and fees, we recommend exchanging BTC to AMPs, using bittrex.com or upbit.com. Other exchanges where you can trade BTC (or any other supported currency) to AMPs can be found here.
- Choose an exchange
- Look for the Sign-Up button
- Follow the instructions
For security reasons, most major exchange services require a detailed account verification process, which may include sending a copy of your ID or your bank account details. Make sure you’re providing accurate information, and verify that your address is written correctly.
Option B: Buying AMPs with a credit card
Some exchange services allow you to buy AMPs using a credit card, instead of Bitcoin, such as Changelly.com. While this option may be more convenient, please note that it may involve higher fees and hold several restrictions, such as mandatory minimum/maximum amounts, a limited number of allowed transactions per day, etc.
- Select USD or EUR in the You have field
- Select AMP in the You get field
- Enter the desired amounts
- Click Exchange!
- Follow the instructions
Buying Bitcoins (BTC) can be done using various exchange services, including:
How to cold-store AMPs
While exchanges are great for buying and trading cryptocurrencies, they are NOT safe for storing tokens or coins, especially long-term. Do your best to keep your assets off of exchanges and web wallets. Exchanges do get hacked!
AMP tokens are based on the Omni Protocol, which means they can be stored on a standard Bitcoin address.
This step-by-step guide will explain how to store and move your AMPs safely. Make sure to follow it carefully.
Step 1: Download a suitable Bitcoin wallet
- Wallets that use 3 key pairs
- Ethereum wallets
Confirm you have a suitable wallet with the above list or download a different compatible 2-key pair Bitcoin wallet. This tutorial will instruct you on how to use the Electrum 2-key pair Bitcoin wallet.
Step 2: Setup Your Wallet [Electrum]
- Label your AMP address
Once your wallet is ready, edit the address you are given with a sensible description for easy reference. AMPs will not be visible directly from your Bitcoin wallet, so make sure to add that written reminder and print it out. It’s advised to print out this address and back it up somewhere safe and secure. Keep the printout and your handwritten password/wallet SEED in a fireproof, safe and secure place.
- Send a small amount of BTC and AMP
Transfer a few AMPs to the same Bitcoin address to test the process.
For example, try sending 0.01 BTC and 5 AMPs:
Once the Bitcoin has arrived in your wallet, it’s almost certain the AMPs are there as well, even though they will not be visible. For that reason, it’s highly advisable to go to Omniwallet.org and check the address’ balance to verify the transfer was successful.
- Create an Omniwallet account
Sign up on Omniwallet.org and create a new Omniwallet account. Choose a strong password and store the password in a secure place.
To prevent phishing, we suggest apps which use Two-factor authentication (2FA), such as Google Authenticator or Authy. To do this:
- Go to the Account Settings page, under my account tab
- Click MFA to add Multi-factor authentication (MFA) device
- Use the authentication app of your choice to verify your identity. QR code scan is considered the easiest way. Be sure to save the MFA Token Secret, and store it in a secure place.
- Copy private key from “AMP STORAGE ADDRESS” in your Bitcoin wallet
Right-click and select the private key from the “AMP STORAGE ADDRESS”, copy it to your clipboard, or manually enter it into Omniwallet. For security reasons, you don’t need to print this information out, nor should you.
- Import Bitcoin private key into Omniwallet
Select Import address with private key and paste in the private key you copied earlier. Omniwallet will create a new address, which you’ll use to move the AMPs associated with your Bitcoin wallet.
- Complete the testing process
- Copy the new address from your Omniwallet
- Send a small amount of BTC from your Electrum wallet to the new address.
- Wait for the transaction to complete. Bitcoin transaction times may vary, sometimes reaching 30 minutes or more. After the BTC has moved, you will be able to send your AMPs.
- Send your AMPs back to an exchange.
Once the AMPs have arrived, you can rest assured that everything is set correctly and that larger quantities of AMPs can be moved safely.
- Create a new Bitcoin address without sharing its private key
For extra safety, it’s recommended to create a new Bitcoin receiving address whose private key has never been shared and is known only to you. Repeat the process, alter descriptions as desired, store address information with the rest of your paperwork, move your AMPs into it, and use the Omniwallet explorer to verify the process’s success, as explained earlier.
You now have the means and knowledge to store your AMPs safely and securely in your Bitcoin wallet, offline.
All interactions, dealings, and transactions that you make with digital currency exchanges, and all consequences resulting from the above, are strictly between you and the relevant exchanges. Synereo is not a party to these interactions, dealings transactions and takes no part in the process.
References that we make to digital currency exchanges do not constitute Synereo’s endorsement, sponsorship or partnership with those exchanges, or an indication of Synereo’s affiliation with them. Synereo does not guarantee and makes no representation or judgment about the security, value or reliability of conducting transactions with these digital currency exchanges.
Finally, we encourage you to treat digital currency transactions with caution and discretion.