What can i do with the storj tokens?

Hi guys i have recived a payout 20$ token. But i down’t know how to use it. Someone has any ideas?

Install Atomic Wallet

Restart your node using the receive address of that wallet…

When you get paid, do an “Instant Exchange” for ETH… and then buy an ENS domain or a few Cryptokitties

Or…

Hold on to the STORJ coin and wait until the network enables satellite node operation based on the amount of STORJ coin you have (or buy)…

hi thx for your fast answer :slight_smile:
I use MEWconnect is atomic wallet better?
What do you mean with “Hold on to the STORJ coin and wait until the network enables satellite node operation based on the amount of STORJ coin you have (or buy)”
do i need storj coins to be a note operator in the future?

Dunno… But Atomic Wallet has a built-in exchange system, so if you don’t know what to do with STORJ coin, you can swap it for something else…

After clicking your link, it seems MEWconnect provides similar functionality.

Very unlikely.

However, satellite nodes (as opposed to storage nodes) pay the storage node operators in STORJ coin. So, if you want to move up in the world of storj… you’ll likely need to have some native coin to distribute.

Sia employs a similar mechanism.

You will need to find some way to fund the wallet. Mining is not really a viable option unless you have 6+ GPUs. Most people get their coins from either Poloniex (US based exchange) or Yunbi (China based exchange).

siad will need to fully synchronize before money shows up in your wallet.

Sia is a competitor of sorts with Storj.

As far as I understand, Storj has not yet enabled random applicants to run a satellite node… but it seems to be a component of the near term roadmap.

ok thx for the info :smiley:
it looks like mew is a little scam i can nothing do with the storj coins until i buy eth min value 50$ so rip 150 storj coins -.- im now using atomic wallet. thx for the hint ^^

STORJ coin is an ERC-20 token. Any transactions or exchanges are performed on the Ethereum network. Each transaction needs to be funded in ETH.

The $50.00 USD minimum purchase of ETH is likely due to the integrated exchange (probably Simplex) in the the wallet program. This is a normal and expected minimum level of crypto-currency purchase on any exchange. Since about a year ago, most crypto exchanges also require a Know Your Customer (KYC) process for withdrawal of funds. This is due to US SEC regulations.

However, there’s a method (very slow but functional) to getting a little bit of ETH in a wallet to fund a few transactions… you can install Brave Browser … activate Brave Rewards… watch a few ads while you browse the Internet… collect about 30 Basic Attention Token (BAT) per month… pass the KYC with Uphold exchange… and withdraw ETH into your external wallet.

If you do this, you’ll pay a hefty percent fee on the BAT you collect… but you’ll have plenty of ETH to pay on-chain transactions such as converting STORJ to ETH.

Or, you can pay the $50.00 USD plus $10.00 purchase fee for transaction enabling ETH.

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I don’t think it’s very useful to suggest to just any SNO that they could go that route. Unless you have high end server hardware at your disposal on several locations in a high availability setup and significant experience in managing such setups, you’re not going to be running a satellite. Running a satellite is like running a business, you’ll have customers to keep happy and suppliers to pay and a lot of IT to manage. Needless to say this isn’t a realistic option for at least 99% of SNO’s.

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there are a number of wallets that have some built in exchange facility, atomic wallet is not the only one. For example, Exodus also has that option. I just checked and it turns out MyEtherWallet also has this facility. So there is no need for you to change wallets at all. Just look for the exchange option in MEW and swap your STORJ for any of the available other tokens, for example BTC or ETH. Those are the two cryptocurrencies most easily exchanged for cash on a local crypto exchange in your country.

As i understand, we who are new to cryptocurrencies and wallets have to buy ETH or BTC to be able to exchanged storj to the currency of our choise.

This because we have to pay for the exchange from storj to coin of choise.

The least we can by is for 50$. Well atleast at Mew.

If i am wrong or somethings lacking please correct me.

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In order to interact with the blockchain, a certain amount of native coin needs to utilized in order to pay the miners or “Proof of Stake” blockchain maintainers. STORJ is an Ethereum ERC-20 token, so the native blockchain coin is ETH. When one wishes to exchange STORJ for another type of token, the smart contract will be created on the Ethereum network and the transaction fee paid in ETH.

The transaction fee varies by how congested the network is at the time as well as adjustable gas. If you want a transaction to proceed very fast, you can pay more… if you don’t care if the transaction takes a week… you can adjust the gas to a very low level. At some low level, the transaction will probably never be accepted. Many wallets hide the gas level adjustment from the user in order to avoid users setting a fee too low.

Currently, the Ethereum network is a Proof of Work (PoW) blockchain. However, there are plans to start morphing Ethereum into a Proof of Stake (PoS) blockchain. The transition of Ethereum to PoS should enable more transactions per second as well as lower transaction costs.

In any case, if a storage node operator does not have any ETH in the target payment wallet, the STORJ coin will not be able to be sent anywhere else or exchanged for another type of token.

Please note that I am not trying to indicate that whatever wallet anyone happens to be using is “good” or “bad”. I happen to be using Atomic Wallet, and have had a decent user experience with it so far. A lot of “which wallet is better” discussions come down to user preferences and individual user work flow.

However, if a storage node operator asks, “What can I do with the STORJ tokens?” … my guess is that that particular node operator is unfamiliar with crypto transactions and the need to pay for those transactions via a small amount of native blockchain coin.

I’m quite new to crypto as well, but IIRC I bought ETH for €5 at coinbase and transferred some to my MEW address. This should be more than enough to transfer your storj tokens to somewhere else.

Definitely… although the transaction fees can rise as high as $0.50 USD depending on the time of day and network congestion. So, I make sure I have about $2.00 USD worth of ETH minimum in each wallet to fund movement of funds and exchanges.

Again, if someone doesn’t want to spend fiat funds to purchase ETH, the slow method of obtaining BAT via Brave Rewards and withdrawing ETH from Uphold will work.

@beast thanks for that great info @donald.m.motsinger 5 instead of 50👍🏻.

thx for the gread input :smiley:

Wondering if there’s any investment potential in Storj tokens?
What could cause their price to go up/down?
SNOs provide supply but who forms the demand for them? In other words who is buying Storj tokens and why?

I’m not going to speculate too much on that. I prefer to stay away from course speculation as it is very much tied to other cryptocurrencies. It is the intention though that customers could buy capacity using storj tokens and if third party satellites pop up they will need storj tokens to pay SNO’s as well. I’ll leave it to you to speculate what that will do with the value of the token.