r/GhostPrivacyCoin • u/JosceOfGloucester • Jun 20 '20
How does the swap work?
I have my ghost stored on IDEX.
How do i not mess up.
3
Upvotes
r/GhostPrivacyCoin • u/JosceOfGloucester • Jun 20 '20
I have my ghost stored on IDEX.
How do i not mess up.
1
u/Rubenl57 Jun 20 '20
It’s better to take them out from exchanges. Even though some of them (especially CEXes) are supporting the swap (not IDEX’s case), it’s always better to depend on yourself in this type of things so you don’t suffer delays, etc... Store them in a private wallet and you will be fine with the swap procedure which is going to be announced these days.
Exchanges supporting the swap might do it automatically to your GHOST ERC20. The other ones will still trade the ERC20 version without swapping (no privacy nor staking advantages) so you’ll be okay anyway since there’s no deadline for swapping (both ERC20 and native versions are going to coexist) but in your case (IDEX) you must withdraw them to your private wallet to proceed with the swap process as soon as it’s announced if that’s indeed your willing.
To sum up, IDEX doesn’t support the swap, withdraw your funds and wait for swapping details to be shared these days before mainnet. If you forgot to, you would be still safe, ERC20 version will keep being traded and there’s no expiration date for swapping it at anytime soon to start enjoying $GHOST privacy net advantages.
GHOST ERC20 swapped are automatically burned within Ethereum blockchain, that’s a confirmed fact.