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How to participate in 2nd wave of auctions (for total & poor noobs like me, since Binance doesn't allow it) (cross posting /polkadot /binance /cc /dot I hope it's OK)

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Hi everyone, I wrote a short (basic) tutorial, I hope it helps someone, if it's not allowed here, my apologies, the point is not to promote any particular project, simply to help people like me who found themselves in a similar situation.

So as a lot of people I first got interested in this project when it was announced on Binance, and in order to get some of their early lock up rewards I've participated by bidding 1 DOT each for 3 of the winning projects. Obviously the fact that less could be contributed was a big deal for me, as even this was quite a big investment for me. However Binance doesn't seem to be doing the 2nd wave, I was waiting until today to see it for myself, as I was hoping it would be announced on 26th.

When this didn't happen I've started doing some research on how I would be able to participate in the auctions, and I've initially found quite a lot of conflicting information, some people claiming it's easy, some that it's hard, some people saying how they've sent their coins to wrong addresses, and all kinds of messes. I've also seen people saying how some of the other wallets like fearless can be used to make it easier. After reading through some of the reviews, I didn't (personally, no offense to devs whom I'm sure are working hard) to commit, what is for me, a large amount of money there, so I've decided to go for the https://polkadot.js.org/extension/. I was already prepared to sink in hours of research how to do it. After about a day of research I've decided to back Centrifuge as it seems like a project with decent usecase, rewards and a good chance of being selected.

so things you should know. Minimum amount says 5 DOT, but in order to do this, you will actually need about 6.2 DOT minimum (recommend 6.3). The reason for this is that for the 5 donated, you need 1 to remain on your account to keep it "active" (can be topped later), and current network fees seem to be about 0.1, so you will need 0.1 to transfer to the account (from where you bought it for me it was Binance, so not sure if that's Binance fee or also regular fee, as they're known for adding fees). For the parachain bidding for me it was 0.11 DOT, not sure if this gets returned.

Overall the process is actually MUCH easier than everyone made it seem.

  1. Simply download the https://polkadot.js.org/extension/ browser extension (if like me you're using Brave, I'm sure you know you need the Chrome one), just accept T&S, save the 12 word seed phrase, input a password (password is for browser only I believe), select that address is polkadot one (it should start with 1) and if you want you can export it and save it somewhere if you feel that's safer than the seed phrase.
  2. Then you go to polkadot.js.org , click the first thing https://polkadot.js.org/apps/ and also accept there T&S, your address should show "injected".
  3. Buy some DOT from anywhere and transfer it to your address simply by copying it, and selecting DOT network. I was VERY skeptical here, and main reason why I'm making these notes if it can help someone. Sending out a "test" transaction wasn't very viable as Binance allows minimum 1.5 DOT with 0.1 fee, and I only had a bit more than 6 available. I sent the whole amount and it went through, so it was good.
  4. Click on the https://parachains.info/auctions on the desired auction, it will take you to their page, allow the page access and just click the amount you wanna put, and that's it.

One mistake I made that I would like to warn everyone, the amount of DOT I was able to scrounge up was 6.15, because I thought there would be no fee for the auction, and I was wrong, so the amount I was able to try to put was 4.95, which isn't enough, so that led to having to trade a lot of other assets to get another 1.5 dot, as that's the minimum Binance will let you send, so please don't make the same mistake. Go for 6.25 ready. (the 1 is always left, so for further ones you would only need 5.2 (a bit more just in case).

Well that's it, I hope this helps someone, all the information I was getting online seemed really overwhelming, when in reality it only took a few minutes for the whole thing, in fact I hope with this it will be even shorter for you.

You can do all of that stuff through other wallets and places like kukoin kraken parallel and fearless, although apparently not all are eligible for all the rewards, so I do believe it's best going directly, if you can afford the 6.25 DOT for it.

Oh and if someone would use my referral for the Centrifuge, I would be super grateful, both you and me apparently get additional 5%, so why not. I'm not sure if it's allowed to post such a link, but I hope it is. Best of luck everyone.

Link for Centrifuge for 5% referral, once you've made the extension, logged into main account and transferred DOT you simply go here select amount, and that's it.

submitted by /u/FilthyCasual2k17
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