Hi guys,
Relatively new to cryptocurrency, so pardon my newbie questions. I have been reading and studying everything I can lately. I would like to purchase some FCT that I will hold for the long term (no trading), but I have some questions about storing it first. FCT doesn't have an easy to use wallet like many of the others. I followed the directions here to set up the papermill: https://www.factom.com/devs/docs/howto/use-factoidpapermill
The papermill didn't launch at first, so I followed the directions, opening the terminal window, etc.
Now, every time I click on factoidpapermill-mac, it gives me a newly generated factoid private key and factoid address. So all is well correct?
Now all I have to do is purchase the FTC on poloniex and then send those purchases to the factoid address that was generated? Then I just need to store the FTC privatekey and FTC address on paper and keep them in a safe place?
Since this isn't like a typical wallet I'm used to, how will I confirm the transfer was actually completed? How will I ever view my balances? How would I ever send them to another wallet such as Exodus (when the option becomes available)?
Thanks for all your help in advance. It's much appreciated.
Relatively new to cryptocurrency, so pardon my newbie questions. I have been reading and studying everything I can lately. I would like to purchase some FCT that I will hold for the long term (no trading), but I have some questions about storing it first. FCT doesn't have an easy to use wallet like many of the others. I followed the directions here to set up the papermill: https://www.factom.com/devs/docs/howto/use-factoidpapermill
The papermill didn't launch at first, so I followed the directions, opening the terminal window, etc.
Now, every time I click on factoidpapermill-mac, it gives me a newly generated factoid private key and factoid address. So all is well correct?
Now all I have to do is purchase the FTC on poloniex and then send those purchases to the factoid address that was generated? Then I just need to store the FTC privatekey and FTC address on paper and keep them in a safe place?
Since this isn't like a typical wallet I'm used to, how will I confirm the transfer was actually completed? How will I ever view my balances? How would I ever send them to another wallet such as Exodus (when the option becomes available)?
Thanks for all your help in advance. It's much appreciated.
The simple way would be this:
1. You generate a key-pair with the papermill (or more if needed)
2. You send FCT from Polo to the address (and you store the private key safe and in best case offline)
3. You can check the balance of that address on the explorer: http://explorer.factom.org (just copy-paste the adress)
(sidenote: the explorer lagged a little bit in the last weeks but they are working to solve it or it is already solved)
4. If you want to transfer your FCT you can import the private key into exodus (once it's released).
A screenshot how to do that (Mac, but PC won't be that different is my guess): http://imgur.com/QYAin3c
What I do to be extra safe:
1. I use an old laptop that stays offline
2. I generate a keypair with papermill
3. I've also the wallet installed - it is offline of course because the laptop is offline, but it's possible to import the private key to doublecheck
sidenote: there was never a problem
4. I send FCT on the address
5. private key doesn't touch any online device until I want to move my Factoids.
any tips where to safely store my factoids ?
