First Steps For New Centric Investors
So, you just bought your first bag of Centric Cash (CNS) at one of our supported exchanges. Smart choice—congratulations!
Perhaps you’re wondering what to do next?
Maybe you want to double-check and make sure you aren’t making a rookie mistake?
New people discover Centric all the time. Some are already savvy crypto investors, and others are complete newbies.
Some investors simply spotted CNS trending on CoinGecko or CoinMarketCap, and bought it blindly, knowing nothing of the project. (We know you’re out there. No worries, though, this is a judgment-free zone).
Whatever drove you to invest in Centric, we’ve got your covered. In this post, we’ll provide you with tips and steps to:
- Keep your newly acquired precious tokens safe.
- Convert your Centric Cash to Centric Rise. (Where the real magic happens!)
- Learn more about your Centric investment.
What To Do With Your Centric Cash Tokens
If you’ve acquired Centric Cash (CNS), the most important thing you can do is convert your CNS to CNR. We’ll cover how to do that in a moment, but for now, keep in mind that’s what you’ll ultimately want to do—assuming you’re looking to hold your CNS for more than sixty minutes.
Most experienced crypto traders will advise you to withdraw your tokens from the exchange where you purchased them as soon as reasonably possible. One reason is that you don’t really have possession of the tokens until they are in a wallet under your control. While it might see the tokens in your account, and it looks like you have them, what you really have is more akin to an IOU for the tokens. When you withdraw the tokens, you are essentially turning in your IOU and collecting your goods.
For the purposes of this post, we will cover how to transfer your tokens to the Centric Web wallet. (Technically, you can store CNR and CNS in external wallets like TronLink, SafePal, or the other compatible wallets listed at the bottom of this page. But we’ll cover that process in a future post.)
First, let’s create a Centric Web Wallet
Create Your Centric Web Wallet
You can watch a video showing this process here; just keep in mind the video references the former joincentric.com domain and shows a previous iteration of the website.
- Go to https://wallet.centric.com
- You’ll see a login box pop-up. Click on New Account at the bottom (next to Don’t have a Centric account?)
- Enter your email address and a password, then click Create Wallet.
TIPS: Create a new, secure password unique to this account. Do not re-use a password you use elsewhere. Make it at least 16 characters long, and use a combination of letters, numbers, and symbols. For more best practices on password creation, see these tips.
- Write down your email address and password, and keep it somewhere safe. (Like in a locked, fireproof safe. Seriously).
- Within a few minutes, you should receive an email at the address you entered. Click the link to confirm your email address.
- Clicking the link will verify your email address and bring you to the login page: https://wallet.centric.com/
- Login with your new email address and password. You are now in your Centric Wallet!
Send Your CNS to Your Centric Web Wallet
Next, you’ll want to send your CNS tokens from the exchange where you purchased them to your Centric Wallet. Here’s how. (We’ll use the Probit exchange as an example, though each exchange has a slightly different user interface and navigation).
- Login to the exchange account where you bought your tokens.
- Find the spot on the site where the exchange shows your tokens, and allows you to exchange them. E.g., on Probit, you’d click on Wallet > Withdrawal.
- Type CNS into the search tool, and when it pops up, click on it.
- In the Withdrawal Address field, you’ll want to put your CNS address for your Centric Wallet. Click the green Request button on your Centric Wallet to find this address. Click the copy icon after your address to ensure the entire address copies to your clipboard.
- Go back to your exchange account and paste the CNS address into the field for Withdrawal Address.
- Enter the amount you wish to withdraw.
- Probit gives you the option to pay fees in either CNS or TRON (TRX). We recommend paying in TRX, as the fee is only 1 TRX, which is only about $0.12 USD at the time of this writing).
- Click Withdraw CNS.
- If you have Two Factor Authentication (2FA) set-up on your exchange account (recommended), you may need to verify in one or more ways.
- Your tokens are now on the way to your Centric Wallet. Most exchanges will show you the status (e.g., Processing). Watch your Centric Wallet. Once the tokens hit, you’ll see the amount in the green circle on the right side of the Centric Wallet.
You are now ready to convert your Centric Cash into Centric Rise. Like we said, that’s where the real magic happens. So let’s move on to that step quickly (if you don’t know why already, you’ll soon find out).
Why Bother Converting Your Centric Cash (CNS) to Centric Rise (CNR)?
So, your tokens are now safely resting in your Centric Wallet. What’s the purpose of converting them to CNR? Why the big rush? The answer to that question strikes at the heart of Centric.
Here’s why you want to convert your CNS to CNR:
Because CNR rises in value every hour.
In other words, if you convert your CNS to CNR, at the end of an hour, you’ll have MORE CNS than you started with!
You will yield additional CNS for every hour you hold these tokens, for as long as you hold them. Amazing, right? We think so, too
Later in this post, we’ll show you how to find out how much growth you’ll gain from holding CNR, which is a lot of fun. But for now, just take our word for it, and let’s get on to converting that CNS to CNR.
Remember, the price of CNR increases at the top of every hour (depending on your time zone), but you’ll only realize that growth if you’ve converted your CNS to CNR before the clock strikes twelve. So depending on what time it is now as you’re reading this, we may not have time to waste. To see how much time is left before the next increase, see the countdown clock on the Centric Wallet where it says Price updates in? If there’s at least a minute or two left before the update, we can still get this done if we move swiftly.
How To Convert Your Centric Cash (CNS) to Centric Rise (CNR)
You can watch a video showing the conversion process here. Note, however, the video shows the conversion of CNR to CNS—the opposite of the conversion we are covering below. So please keep that in mind if your goal is to convert Centric Cash to Centric Rise.
- Go back to your Centric Web Wallet at https://wallet.centric.com
- Click the green Convert button within the Centric Cash section at the top right.
- Ensure the box that pops up is showing the conversion from Centric Cash to CNR. It should look like this:
- Click the light blue All button to convert all of your CNS to CNR. Or type in the amount of CNS you wish to convert if you are not converting it all.
- Click Next. If a Confirm Convert box pops up asking you to enter a security code, that means you have 2FA enabled on your wallet. Take a moment to get the security code from Google Authenticator (or whatever other 2FA app you might use), type it in.
- Smash the Convert button.
- Now watch your screen, because this part is fun!
A box will pop up showing you the transaction processing. If you watch closely, you’ll notice your Centric Cash balance go to zero (if you are converting everything) shortly after it starts processing, and then your Centric Rise balance will automagically grow (see the left-hand side of your screen).
Congrats, you’re now holding Centric Rise in your Centric Web Wallet.
Did you get it converted before the price increase? If not, don’t worry.
Remember: there’s another price increase coming next hour.
And the hour after that…And the hour after that…And the hour after that…
You get the picture.
By the way, if you don’t already have 2FA (Two-Factor Authentication) set up on your Centric Wallet, now would be a good time to do that. You’ll need to have a 2FA app installed on your smartphone, such as Google Authenticator or Authy.
Click on Security on the left menu, and then click Activate. Follow the onscreen prompts.
This video provides an overview and walkthrough on setting up 2FA on your Centric Web Wallet.
Learn More About Your Centric Investment
Now that you’re now holding Centric Rise tokens, let’s take a look at some ways to learn about your investment, and why you might want to consider holding it for a while.
Let’s start with a really fun tool.
Want to see how much CNS you’ll yield in a month? Three months? A year? Visit our Yield Calculator and plug in the amount of CNS you converted.
While the price of CNS sold on the exchanges will vary, if you are holding CNR, you will continue to yield additional CNS every hour. Keep in mind, these gains are not speculative—they are programmed into the blockchain. You can leave your position in CNR and watch it grow. Or when you’re ready, convert back to CNS, and sell on the exchange. It’s up to you—you’re in control of your investment.
Here are some other great educational resources:
Our 2-minute explainer video provides a quick, high-level overview.
The Centric Basics page will take you a little deeper into the details of Centric’s dual-token economy.
For a comprehensive overview, you can read and download the Centric Whitepaper.
Take a moment to browse our Frequently Asked Questions (FAQs) for quick-hit answers to many commonly asked questions about Centric.
To stay informed, we invite you to follow us on social media. You can find links to our various channels at the bottom of Centric.com.
Finally, keep an eye on this blog. We’ll be covering lots of exciting aspects of the Centric project in the weeks and months to come.