![]() ![]() The file you downloaded at this stage represented your private key to the wallet encrypted with your password. With the payment done and accepted, you would then move on to the next step, where you had yet another opportunity to download the wallet. The Ethereum site would then provide you with a Bitcoin address to send the payment to. As can be seen from the screenshot above, the Ethereum site warned users, “Without the wallet and password, your Ether will be lost and unrecoverable.” It added, “By clicking the ‘Next’ button, you agree that you understand this.” PaymentĬlicking “Next” would take you to the point where you could now make the payment. Users were advised not to send any BTC before the JSON wallet file had been installed on their computer. You would then pay for ETH using Bitcoin from your Blockchain wallet. The wallet could be downloaded using the format, “ethereum-wallet-.json.”ĭownloading the wallet file would start with entering the amount of Ethereum you wanted to buy on the Ethereum website. A contributor on indicates that the name of the wallet file was “ethereum_wallet_backup.json.” Downloading the Ethereum Wallet Fileīefore sending Bitcoin, your first task was to download your Ethereum wallet file, or it could be sent to an email address that you specified. Bitcoin Bulls, a YouTube channel, provides a step-by-step video on the steps buyers followed to buy ETH during the crowd sale. Participating in the presale was a pretty straightforward process. What was the Experience of Going Through the Presale? While the Williams' claims have received quite a bit of press attention, many Ethereum presale wallet passwords were lost. ABC’s News 7 reports that Art and Yuki Williams claim that even though they created a password for the wallet, the “very important JSON file which acts as a private key to open a crypto wallet never completely downloaded online.” For instance, a DC family claims that it’s struggling to access about $6 million locked away in an Ethereum presale wallet. Sometimes things went wrong during the presale. A multi-signature account permits a group of users to sign one document. By then, the ETH sale marked the largest use of multisig, pushing the percentage of all BTC stored in multi-signature accounts to 0.41% from 0.23% before the sale. ![]() Transaction values ranged from a minimum of 0.01 BTC to 500 BTC.By that date, the presale had received more than 25,000 BTC from selling over 50 million ETH, marking the largest cryptocurrency sale by then.In an August 8, 2014, statistical overview of the presale, Buterin shares some impressive numbers: Russo’s suggestion that the Ethereum presale was the “Sale of the Century” may sound like hyperbole, but the numbers support the claim. He wrote, “If you purchase Ether, DO NOT lose your wallet file or your password, or you will never be able to access your ether.” Impressive Statistics “The sale will last 42 days, concluding at 23:59 Zug time September 2 ,” he wrote.īuterin’s message was very clear to anyone that wanted to participate in the presale, also called the premine, crowdsale, and genesis sale. In his announcement, Buterin tells the story of the substantial hardships his team had faced: “We certainly miscalculated the sheer difficulty of navigating the relevant legal processes in the United States and Switzerland, as well as the surprisingly intricate technical issues surrounding setting up a secure sale website and cold wallet system.”īuterin also informed potential investors that Ether (his company’s transactional token) would be available in the presale at a discount price of 2,000 Ether (ETH) per Bitcoin (BTC). When it launched on July 22, 2014, the Ethereum presale was so successful that Camila Russo described it in a article as the “Sale of the Century.”įollowing weeks of speculation, Vitalik Buterin, the Ethereum founder, posted an announcement on the Ethereum Foundation Blog announcing the sale. Investors could buy Ether with Bitcoin, even though the Ethereum blockchain did not yet exist, and the genesis block had not yet been mined. ![]() The Ethereum presale was literally a sale of Ether to investors before Ether existed. This article covers those questions and more, to give you the best possible chance of recovering your funds. ![]()
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