The world of cryptocurrency can be a little overwhelming if you’re not familiar with it, and many new investors aren’t very sure where to start.
We are going to be looking at a specific form of cryptocurrency known as Spark Tokens and how to go about claiming the tokens on the crypto exchange platform Coinbase.
Hopefully, this should give you a bit of insight into what Spark Tokens are all about, and how you could potentially benefit from investing in them.
Let’s begin by looking at the platform that is Coinbase and how it works! Let’s get started.
What Is Coinbase?
Coinbase was founded by Brian Armstrong and Fred Ehrsam back in 2012, and they have been running the business ever since.
The company offers an online wallet that allows users to store their digital currency safely, and also provides them with tools for buying, selling, and trading cryptocurrencies.
It has become one of the most popular ways for people to buy Bitcoin, Ethereum, Litecoin, and other major cryptocurrencies because of its ease of use and user-friendly interface.
In fact, Coinbase claims that over half a million people use their service every month.
Coinbase is available through both desktop and mobile apps, and it has recently added support for Apple Pay.
This means that users can now pay for items using their iPhone or iPad without having to enter any personal information.
They also offer a number of different payment methods including credit cards, bank transfers, and PayPal.
How Does Coinbase Work?
When you first sign up for Coinbase, you will need to create a free account.
Once your account has been created, you will then be able to log into your dashboard and view your balance.
If you want to purchase some coins, you will need to fund your account first.
This is done by entering your debit card details into the system and selecting the amount you wish to spend.
Once you’ve made the transaction, you’ll see the funds appear in your account balance.
You can then choose to send these funds to another address (which may be linked to your bank account) or to a third-party wallet such as MyEtherWallet.
When sending funds to a third-party wallet, you will need to provide your private key so that the funds can be transferred directly to your wallet.
Once you’ve sent the funds to your wallet, you can then access your wallet from anywhere in the world via your smartphone.
From there, you can transfer the funds to another wallet, sell the coins or simply hold onto them until you decide to move them elsewhere.
Now that we have an idea as to what Coinbase is and how it works, let’s take a closer look at Spark Tokens and how they are used as a cryptocurrency.
What Are Spark Tokens?
Spark Token is a token that runs on the Ethereum blockchain network.
It uses ERC20 technology, meaning that it follows the same rules as other Ethereum based currencies.
However, unlike most others, it doesn’t require users to download a separate app to manage their wallets.
Instead, it comes preloaded on the Coinbase Wallet App, making it easy for anyone to claim their Spark Tokens.
Spark Tokens were originally released as part of the ICO (Initial Coin Offering) that took place back in 2017.
At this time, the tokens were only available to those who participated in the ICO.
Since then, however, the tokens have been listed on multiple exchanges, allowing investors to trade them and make profits.
The main purpose of Spark Tokens is to allow users to earn rewards when they refer friends to Coinbase.
These referrals are called “referrals” and each referral earns the person referred 5% of the total amount paid out by Coinbase.
For example, if someone pays $100 with Coinbase, they would receive $5 in Spark Tokens.
Spark Tokens were born from The Flare Network, which is a platform designed to help people get involved in crypto trading.
As well as offering its own currency, the company offers a range of services that include educational content, news, analysis, and social media.
The Flare Network also provides a mobile application that allows users to easily track their portfolios and make trades.
Now let’s take a look at how Spark Tokens can be claimed via Coinbase.
How Do You Claim Spark Tokens On Coinbase?
To begin claiming your Spark Tokens, all you need to do is open the Coinbase app on your phone and tap on the menu icon located in the top right corner.
Next, select Settings. Here you will find the option to link your bank account, as well as the option to add more payment methods.
If you haven’t already set one up, you should use the option to link your debit card or credit card.
Next, scroll down to the bottom of the page and tap on Accounts.
This will bring up a list of accounts you currently have connected to Coinbase. Tap on Add Account to continue.
You’ll now see a screen asking you to enter your email address and password. Once you’re done entering them, tap Continue.
You’ll then be taken to a page where you can choose the type of account you want to create.
Select Personal Account and continue through the rest of the steps.
Once you’ve created your account, you’ll be brought to the dashboard.
From here, you can view your transactions, balance, and any other information about your account.
If you click on the menu icon in the top left-hand corner, you’ll see the option to Link Your Bank Account.
This is where you will link your bank account so that you can access your funds.
If you don’t already have a linked account, you’ll need to go to your bank’s website and log into your online banking portal.
After logging in, navigate to the section labeled Other Services. Click on the tab marked Withdrawals and Deposits.
Here you will be able to search for Coinbase. Enter your username and password, and you’ll be logged into Coinbase.
Once you’re logged in, you’ll be taken to the settings page. Scroll down to the bottom of this page and click on the button labeled Deposit Funds.
This will bring up a form where you can deposit money into your account.
Choose the method you’d like to use: Debit Card, Credit Card, or Wire Transfer. Then follow the instructions provided.
After depositing, you’ll be taken back to the dashboard.
Now you just need to wait until your transaction has been processed before you can claim your tokens.
The process may take anywhere from 5 minutes to 24 hours, depending on the amount deposited.
Once it’s completed, you’ll receive an email notification with details on when you can expect to receive your Spark Tokens.
Final Thoughts
Spark Tokens are available on Coinbase, but there are a few things to keep in mind if you decide to buy some.
First off, they aren’t listed under the ERC20 category. Instead, they’re listed under the Ethereum Classic (ETC) category.
Second, they are not tradable yet.
However, they are still being traded on EtherDelta, which means you could potentially sell them at a higher price than what you paid for them.
They are also only available in US dollars. So if you live outside of the United States, you won’t be able to purchase them.
Overall, Spark Tokens are a great way to get started investing in blockchain technology.
They offer investors exposure to the cryptocurrency market without having to worry about technicalities such as mining.
