Dummies Guide to Purchasing Nervos CKB and Uploading to Online Tax Software
Dummies Guide to Purchasing Nervos CKB and Uploading to Online Tax Software
For a novice who wants to invest in Nervos, it can be a daunting process to purchase Bitcoin and send to a cryptocurrency exchange. Additionally, converting the coin to Nervos CKB can be cumbersome. Finally, you have to track all trades so you can set your cost basis for tax purposes.
Are you technical?
Not everyone is technical and not everyone understands how to purchase Bitcoin and send to an online exchange for conversion.
All of this can be a daunting experience and can scare off investors.
Not anymore.
I have the easiest way for you to purchase Nervos CKB directly. Simply use Crypto.com. It allows you to quickly purchase CKB without having to exchange. It is a one-step process. Once complete, you can quickly send the funds to your Hot or Cold Wallet of your choice.
Buying CKB directly on Crypto.com is a piece of cake. First thing you will want to do is install the app on your iPhone or Android.
Point your camera at the QR code and it will open the app to install Crypto.com. Alternatively, you can just goto the App or Play store and type Crypto.com.
Note: Please see previous posts for more information on the different wallets Nervos CKB supports.
Let’s walk through the process. We will begin by opening the app on an iPhone or Android device.
Tap the Blue Lion on the toolbar and tap Buy. Next, choose the cryptocurrency you want to purchase. For the purposes of this post, we will choose CKB. You can find it by tapping the magnifying glass (far right) and typing CKB.
You are now ready to choose the amount you want to purchase. For this post, I will purchase 1500 CKB valued at 23.56.
Type in the amount of CKB you want to purchase.
Click Buy 1500 CKB.
Note: They charge a 2.99% fee. Select I understand and click Continue.
A Summary appears of what you are purchasing.
Click Confirm. It is that simple. You just purchased CKB. Welcome to the CKB club. Celebrate, you are now investing in Cryptocurrency.
You can now leave your holdings on your Crypto.com Hot Wallet or withdraw it to your hardware wallet. If you leave it on Crypto.com, you can track it easily by going into the app.
I personally like to control all of my holdings, so I will be moving it to a Hardware Wallet. Let’s now walk through withdrawing it to a wallet (hot or cold). Open the App and click on Accounts as shown above:
Tap Nervos Network.
Tap Transfer.
Tap Withdraw.
Tap External Wallet.
Withdrawing to an External Wallet is easy.
Click + sign to add a CKB withdrawal whitelist address. It will add the address to the list below.
Note: As a security measure, you cannot simply withdraw your funds to any address. Crypto.com wants you to enter the address as a validated address.
Adding an address as a security measure.
Once you add the address, you will see Withdraw CKB as shown below to the right of the address you just created.
Click Withdraw CKB. Choose the amount you want to withdraw and click Withdraw.
Next, Review and Confirm your Withdrawal. A fee of 2 CKB is charged. You will be left with 1,498.00 CKB.
You have successfully withdrawn your CKB to your External Wallet.
Uploading Trades to Koinly
Let’s now show you how to export the transactions to our tax software. I use Koinly.io. Open the Crypto.com app and select Account on the bottom left. On the top righ-hand corner, select Transaction History (circle + $ sign).
Select the Start Date, End Date and Crypto Wallet (CKB) as shown below:
Click Export to CSV. It will download the file where you can share it to your computer. Let’s now navigate to our tax software and import the transaction. I will open my Crypto.com wallet in Koinly and drag my CSV into the box as shown below:
As you can see, I have captured the Deposit of CKB and the transfer minus the fee. The cost basis is also captured. In the future, if I ever sell the coin, I will be able to export out all the proper tax documents to be in full tax compliance.
-CryptoCat
If you want to learn more about Nervos CKB see the following: