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FAQ 

  1. ICO BASICS

1.1 What is an ICO?

An initial coin offering (ICO), also known as a digital token sale or crowdsale, is a way of raising funds from the public for the development of a product outside of the traditional VC world. Usually products are blockchain-based technologies, but the crowdsale model is increasingly being used for other kinds of projects as well.

Each project creates a new cryptocurrency in the form of tokens, which are then sold to the public to raise funds for project development.

If a product successfully completes their ICO funding goal, their tokens are distributed to those who bought them and they become tradeable on the cryptocurrency market. If the product itself is then successful, these tokens can potentially become very valuable (ex. this is what happened with ETH, the computing platform Ethereum’s coin, which was originally sold to the public as tokens during the project’s own ICO).

1.2 What are tokens?

A token is a digital asset that is sold to the public during an ICO campaign, usually for other popular cryptocurrencies, namely BTC or ETH, or sometimes directly for fiat currency.  Unlike a cryptocurrency, tokens usually do not have their own blockchain, but rather are hosted on another blockchain, such as Ethereum’s.

Once an ICO campaign is complete, the token developers can release the tokens on an exchange, where they can be traded and fluctuate in value, like any other cryptocurrency.

Tokens can also have other functions that are particular to the product that issued them. However, tokens themselves do not necessarily give rights or equity to the product/company that originally issued them -- in that sense tokens are definitively not equal to shares in a traditionally structured company.

 

1.3 What are the risks of contributing to an ICO?

When you contribute to an ICO, there is never a guarantee that the product whose tokens you’re buying will succeed, either with their ICO or in their future development. Like any crowdfunding campaign, people should think of contributing as a donation to a project in support of its potential development, and the tokens as a kind of reward for your support. However, in the case of an ICO campaign, your reward (tokens) has the potential to increase in value once the tokens are released and available on exchanges. Bottom line, each particular ICO also has their own terms and conditions for contributing, so be sure to check those out before donating.



2. ICObazaar BASICS

2.1 What is ICObazaar?

ICObazaar is a platform for ICO research and crypto market insight.

We list, rate, and review upcoming, ongoing and past ICOs with the help of experts in blockchain, cryptocurrency, finance, business, and angel investing. We also capture the dynamics of the crypto market via Metaindex, our real-tim index for cryptoassets.

 

At your request we’ll send you email notifications on specific campaigns as well as market opportunities and more general updates from the crowdsale world.

 

2.2  How do I know if an ICO is worth investing in?

There is no right answer to this question. Potential investors (you) need to use all the information available to make your choice about contributing to a project during its Initial Coin Offering.

Investors should look for project creators who present a clear plan for how their project will be developed and who ideally have a history of successfully completing other projects and ventures. Creators are encouraged to share as much background information as possible so that potential supporters can make more informed decisions about the projects they contribute to.

2.3 How can I rate and review ICOs on ICObazaar?

There is a review section at the bottom of each Upcoming ICO’s project page. Registered ICObazaar users can rate any upcoming ICO listed (with 1-5 stars) and leave a review of whatever length and rigour they should choose.

Of course, we encourage users to research projects and write reviews that they themselves would find helpful when deciding whether or not to invest in a given ICO.

 

2.4 How do I get rewarded for reviewing ICOs?

If you haven’t heard, we have a reward system for ICO user reviews. The idea is to reward (in ETH) users for producing reviews that are genuinely useful to other potential investors (users). But how do we know?

We have two types of rewards:

  1. ICObazaar’s choice - for every upcoming ICO, we choose one review that we determine to be of the highest quality and value. The reviewer we choose receives 0.1ETH, deposited into their ICObazaar account. Their review is also marked as

  2. In the case that there are at least 10 reviews for a given ICO, we distribute ‘user’s choice’ rewards. 0.4 ETH is distributed to the top 4 reviewers, according to the number of upvotes they have from other users.

Rewards are deposited directly to your ICObazaar account balance!

2.5 What is Metaindex?

Metaindex is a real-time, marketcap weighted index for the cryptocurrency market. Generally speaking, in the fiat world an index is a statistical measure of the changes of a selection of stocks that represents a portion of the overall market.

In this case, Metaindex shows the changes of 22 top (by market cap) cryptocurrencies (cryptoassets). Metaindex captures about 92% of the overall crypto market. The 22 currencies that currently make up Metaindex are BTC, ETH, XRP, BCH, LTC, DASH, XEM, NEO, XMR, MIOTA, ETC, BCC, QTUM, ADA, ZEC, LSK, WAVES, STRAT, XLM, STEEM, HSR, BCN.

About weights - our algorithm calculates the weight of each asset in the index so that the weight of an individual currency is limited to 15% and the weight of any five cryptocurrencies is limited to 60%. If not properly weighted, a crypto index would just follow the dynamics of bitcoin, whose capitalization dominates over 50% of the overall market as of the last quarter of 2017.

 

2.6 What is Metaindex Daily Guess?

Metaindex Daily Guess is our ongoing guess competition. Every week you have three chances to study Metaindex and guess what its value will be the following day. The person whose guesses closest to the actual value gets 0.2 ETH as a reward.

Check out all the details and terms here.

2.7  I have funds on my ICObazaar account balance, how do I withdraw them?

Once rewards have been deposited into your account, they can be easily withdrawn to an external wallet of your choice (see section 3.3 for help selecting wallets), just click on ‘Withdraw’ near your account balance.

2.8  What do I do if I’m having problems using ICObazaar?

We’re sorry you’re having problems! Write to our support team at support@icobazaar.com describing your problem and we’ll get things sorted out.

 

3. Crypto basics

3.1 I have fiat money (USD, EUR, etc.), how do I get cryptocurrency?

There are several ways you can get cryptocurrency, some are easier and cheaper than others. Here are your main options:

  1. ICObazaar.com! We currently have two ways for our users to earn Ether on our site. To earn Ether with us all you’ll need to spend is some time and thought. Here’s how:

    1. We reward users in ETH for writing solid reviews about upcoming ICOs (see point 2.4).

    2. We rewards users in ETH for correctly guessing the value of Metaindex (see points 2.5 - 2.6)

 

  1. Services. Places you can buy crypto relatively easily and cheaply.

    1. Coinbase is something between an exchange and a wallet and provides an excellent, relatively easy and cheap (low fees) way to buy and sell bitcoin, ether, and litecoin via a fiat bank account or credit card. The only thing is they don’t provide their buy/sell service in every country. Check out if you country is supported here.

    2. LocalBitcoins is a service that lets you make over-the-counter trades of your local currency for bitcoin.This is basically a peer-to-peer service, so it’s more flexible -- there are various ways you can choose to transfer your fiat money to the person you’re buying bitcoin from.

    3. Changelly’s main purpose is to let you exchange from one cryptocurrency to another (very convenient for this also!), however they also let you buy various cryptocurrencies with fiat money via a credit card. Keep in mind, generally the fees for buying with a credit card are fairly high.

 

  1. Exchanges. Buying cryptocurrency with fiat money on exchanges is one of the more complex ways to get crypto, given the registration and setup processes. Generally on exchanges you will buy bitcoin by sending money from your fiat bank account. But each exchange has its own terms, so check them out. Here are the exchanges we would recommend for buying bitcoin: Kraken, CEX.io

 

  1. Mining. Technically you can still mine some cryptocurrencies, though getting the hardware and physical space to do it is extremely expensive. Those who want to earn cryptocurrency via mining are also turning to cloud mining, which is basically like purchasing a share in a mining farm and thus collecting a percentage of the profits.  Mining services we would recommend are Minergate and Genesis Mining.

 

3.2 I have cryptocurrency, how do I sell it for fiat money (USD, EUR, etc.)?

Selling cryptocurrency for fiat money works similarly to buying, only your choices are slightly more limited:

  1. Services. Places you can sell crypto relatively easily and cheaply.

    1. Coinbase is something between an exchange and a wallet and provides an excellent, relatively easy and cheap (low fees) way to buy and sell bitcoin, ether, and litecoin via a fiat bank account or credit card. The only thing is they don’t provide their buy/sell service in every country. Check out if you country is supported here.

    2. LocalBitcoins is a service that lets you make over-the-counter trades of your local currency for bitcoin.This is basically a peer-to-peer service, so it’s more flexible -- there are various ways you can choose to transfer your fiat money to the person you’re buying bitcoin from.

 

2. Exchanges. Selling cryptocurrency with fiat money on exchanges is one of the more complex ways to get fiat, just given the registration and setup processes. Each exchange has its own terms for registration, etc. Here are the exchanges we recommend for selling bitcoin: Kraken, CEX.io

 

3.3 What’s the best way to store my cryptocurrency?

Once you’ve gotten your crypto, you’ll need a place to store it. There are all sorts of wallets out there of various sorts, namely desktop, mobile, hardware, and web.

The main thing to keep in mind is that you should never store large sums of money on exchanges or in wallets that hold your private keys for you. Mobile, desktop, and/or web wallets that hold your private keys for you are useful for small sums of money that you need to make everyday transactions.

For significant savings, it is highly recommended that you hold your own private keys.

BTC - You can browse the best wallets (of various kinds) for storing BTC here and read more about securing your wallet here. We also recommend using blockchain.info as a wallet

ETH - For storing and transacting in ether we recommend using MyEtherWallet (MEW), which is a web-wallet. It is integrated with TREZOR (a hardware wallet), and also lets you transfer between other hardware wallets/cold storages.

Altcoins - First off, often altcoins have an official wallet, so it’s worth googling for your specific coin to see what the best options are for that particular currency.

You can also store altcoins altogether in a multi-wallet such as Freewallet’s multi-wallet or Coinomi, both of which are mobile apps. But keep in mind, the safest way to store your coins is always offline.

Remember! If you store your cryptocurrency on third party services, like wallets or exchanges that hold your private keys, it is possible that your money could be lost if the service is compromised.

3.4 How do I exchange one cryptocurrency for another?

To very easily and relatively cheaply exchange one cryptocurrency for another we recommend using Changelly. For every exchange they scan prices across major exchanges and pick the best rate. They charge a small fee of 0.5% and let you exchange unlimited amounts at a time.

You can also use exchanges, but the process is more involved. The largest and most popular exchanges to compare exchange rates on are Bitfinex, Bittrex, Poloniex, HitBTC, Kraken, CEX.io.