The ultimate guide
Sorare Crypto: What is a cryptocurrency?
It is a peer-to-peer (P2P) asset without a trusted third party like banks. They have no physical medium like coins or banknotes, are not regulated by a central body and are not pegged to the dollar or gold for example. These new electronic currencies use blockchain (ledger) technology to transfer ownership of the cryptos between their various owners. These crypto-currencies are therefore just a series of numbers whose ownership is transferred from one person to another. It is now possible, thanks to cryptos and the blockchain to transfer value on the internet! According to the French government crypto currencies are not currencies because they are too volatile, not forced to be accepted by merchants and not considered as a store of value. Who knows, this may change soon. In 2017 and 2018 crypto-currencies have seen an incredible boom with a strong popularity for fundraising or ICOs. Raising money in crypto allows anyone, anywhere in the world to invest in a project. Sign up now!
You can also read Sorare Academy's articles on Sorare NFT, Sorare coin, Sorare token, So rare and what is Sorare?
Sorare Crypto: What is Ethereum?
Ethereum is a blockchain protocol created by Vitalik Buterin, a Russian-Canadian developer. Blockchain is a technology that allows information to be stored and transmitted transparently, securely and without a central control body. Launched in 2015, Ethereum, the second most valuable blockchain after Bitcoin, enables the development of decentralized applications, known as Dapps. It is different from Bitcoin, which is solely focused on peer-to-peer payments. Tens of thousands of developers are building applications on Ethereum for the financial, entertainment, cloud and real estate sectors. The Ethereum blockchain developer community is one of the largest and most active in the world. Sign up now!
What is Ethereum used for in Sorare?
Ethereum Crypto is the "currency" of the game. Ethereum is used to buy and sell players on Sorare. But it will also serve as a reward that you can then reinvest or even withdraw to your bank account or crypto wallet if you need it. Like any crypto-currency, ETH is subject to market volatility and therefore its price can fluctuate from day to day. Keep this in mind when buying Ether.
You don't buy a crypto or a stock when its price is at its highest point, but rather when it is on a downward curve. This avoids losing money unnecessarily. (NFA) To follow the price of Ethereum, you can go to a site like Coinmarketcap
If you use Ethereum as a currency in the game, you also use its network. All the transactions or purchases you will make will go through this network and are registered on what is called the Blockchain. Here too, network fees apply. These are called Gas Fees. They can vary and will be charged to you. You only have to pay for the purchase or withdrawal of Ethereum. However, Sorare takes care of the fees when you buy a card on the new card market, or when you buy it from another manager. It will only cost you the posted price of the player's card.
Adding Ethereum to my Sorare wallet
When we want to add money or more precisely ETH to our Sorare wallet, we have 2 solutions. Join Sorare now and win a free card thanks to the partnership between Sorare and Sorare Academy
How to add Ethereum on Sorare for beginners
The simplest solution when you start playing Sorare and want to invest money in it, is to use the Ramp platform. You don't need much knowledge of crypto-currency to be able to buy Eth via Ramp. And that's why we like Sorare, it gives access to NFTs to the general public by offering a simple and intuitive platform. However, you will receive a little less than the requested amount, because Ramp applies transaction fees.
To add money on Sorare with Ramp, it's simple: Click on the small wallet tab on the top right of the screen. Then click on the small tab "Ramp". Then choose the amount you want to deposit and follow the instructions. Nothing too complicated. Join Sorare now and win a free card thanks to the partnership between Sorare and Sorare Academy
How to add Ethereum on Sorare for advanced crypto users?
The second solution to add money on your Sorare wallet is to buy Ethereum on an exchange like Coinbase or Binance.
Why use this solution instead of Ramp ? It's simple, if you plan to buy a large amount of eth directly, you will pay much less fees on Binance or Coinbase. Gas fees will remain the same if you transfer 100 or 1000€. But Ramp charges higher fees than Binance or Coinbase for any crypto-currency purchase. However, and this is where it gets complicated, in order to buy ETH on an exchange and send it to your Sorare wallet, you will need Metamask. SIGN UP
Sorare: Create a Metamask wallet
Metamask is a wallet that you can integrate directly into your Chrome or Firefox browser, or download to your mobile. It is also essential if you want to withdraw your money from Sorare.
To install Metamask, it's very simple to consult this page. The installation is quite easy. Metamask is available on IOS/Android but also as an extension for Chrome or Firefox.
Once it's done, you'll have to register on an exchange like Binance.
Sorare: Withdraw my money
You have sold a lot of cards and acquired a significant amount of Ethereum that you would like to withdraw from Sorare and convert into Euros in order to offer a gift to your wife who is tired of seeing you play cards? But maybe you don't know how to proceed? We will explain here the steps to take to be able to enjoy your hard earned money.
To convert your ethereum into euros and then withdraw it, you will need Binance.
We explained above how to make a deposit on Sorare using an exchange like Binance. To withdraw your money you will also need it. If you haven't registered yet, I invite you to read the paragraphs above and then come back here. You don't have to create a Metamask wallet, it will not be used in the steps to withdraw your money from Sorare.
Once this is done, the steps to follow will be almost the same, but in the other direction:
1 - Log in to Binance and access your spot portfolio.
2 - Look for the Ethereum line, and click on the "deposit" button
3 - Select the network ERC20 - Ethereum and copy the address that appears.
4 - Go back to your wallet on Sorare, choose the "Withdraw to" tab and paste the address in the empty box. Then click on "Send" and follow the instructions.
5 - Go back to your Binance wallet, to check if the operation was successful. (Be patient)
6 - Once the ethereum has arrived in your spot portfolio, click on "Trade" and then look for the ETH/EUR pair and click on it.
7 - You will then arrive on a page with numbers and curves everywhere. Don't bother with all that. Scroll down a bit, click on "Market" then select the amount you want to withdraw and finally press "sell ETH".
That's it, your ETH have now been converted to €! Now you just have to go to your portfolio, choose the EUR line and click on "Withdraw". Then follow the instructions (Amount to withdraw, bank card number, etc...) Join Sorare now and win a free card thanks to the partnership between Sorare and Sorare Academy