Algorand Opt-In guide for Buying.com token

Are you participating in the Buying.com launchpad? Read this guide to ensure that your wallet can receive the tokens after distribution.

The token from Buying.com is called $BUY and resides on the Algorand Blockchain. Algorand works with a mandatory Opt-In principle so there are some important steps needed to ensure that your wallet can receive your new tokens. This guide describes the steps to prepare your wallet to receive the $BUY tokens.

What do you need?

  • A small balance in ALGO tokens.
    The gas token from Algorand is called ALGO. Make sure you have ALGO in your wallet to pay for opt-in gas fees and token reservation. You can find the ALGO trading pairs on the CoinGecko Markets page. The Opt-In gas fee will be low (approximately 0.001 ALGO) but you also need a minimum amount of ALGO’s in your wallet to keep it active. Which is 0.1 ALGO per token, including for the ALGO token itself. If you only have ALGO tokens in your wallet and want to receive $BUY we suggest a minimum balance of 0.3 ALGO.

Opt-In?

MyAlgo Connect is a service that enables you to securely review and sign Algorand transactions. It enables Algorand applications and tokens to use your MyAlgo Wallet and interact with the Algorand blockchain in a secure environment.

Follow the 3 steps below to prepare your wallet to receive the $BUY token.

Prerequisite: A MyAlgo Wallet account and a balance in ALGO tokens.

Opt-in Guide

  • Enter your ‘MyAlgo Wallet’ security password and click “Connect”.
  • (If you have multiple wallets:) Select the wallet you want to use for the Buying.Com Launchpad and click “Connect”.
  • Your wallet is now unlocked.
  • Verify your Algorand address is indeed correct.
  • Click “NEXT”.

Step 2: Select your Asset/Token

  • From the dropdown list, select the token you wish to Opt-in for.
  • Ensure “BUY — buying.com” is selected.
  • Click: “Next”.

Step 3: Complete the Opt-In

  • Click the “CLICK HERE TO OPT-IN” button.
  • In the MyAlgo Connect popup, verify the data and click “Continue”.
  • Enter your MyAlgo wallet secret password to sign the transaction. By doing this you allow your wallet to receive the $BUY tokens.
  • Press “Sign”.
  • A small fee in ALGO will be charged for this approval.
  • Click “FINISH” to complete the opt-in process.
  • That’s it. You are done!

If you have any issues, please check if you have a sufficient ALGO balance in your wallet or if you have a popup blocker active.

Verification

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