Want to jump straight to the answer? You can buy ASH on Uniswap after getting ETH from eToro.
Burn (ASH) is a token of creation through destruction. For every NFT you burn, you get ashes in return. You burn art to get ashes to get art to burn art.
Interested in ASH token but don’t know where to start? Benzinga’s review will help you understand ASH and how you can invest in the token through a decentralized exchange today.
What is ASH?
ASH is an Ethereum based ERC-20 token. ASH is a social token created by Murat Pak, an NFT artist. It is possible to mine ASH by burning NFTs, which further depletes the remaining supply of NFTs in a collection.
Burning refers to the act of transferring a coin, token or NFT to a burn address. A burn address is a cryptocurrency wallet that lacks private keys. As a result, anything transmitted to this wallet is unreachable in perpetuity.
Collectors who wish to receive ASH tokens just need to send their NFT to this burn address. ASH has two burn tiers, where Pak’s NFTs yield more ASH than other NFTs. If the token supply ever reaches 5 million, a halving will occur that will impact all burn tiers.
Brief History of ASH
Murat Pak created ASH token and launched burn.art in April 2021. ASH is a fair launch token that started with zero supply. Burn.art is an NFT burning platform that allows NFT owners to burn their NFTs in exchange for ASH tokens.
Any NFT owner who visits burn.art to burn their NFTs will be asked the question, “Which do you value more, the artwork or the token?” The vision for ASH token is that someday it might take on a life of its own. Some future Pak collectors will only accept ASH tokens as a medium of exchange.
In the 12 days since the beginning of the year, ASH is down a little over 18%. Since the beginning of September 2021, ASH is up about 12.5%. On November 19, ASH hit a high of $54.65, so to date, ASH is down over 50% from its all-time highs.
As you can see from the chart below, ASH has been loosely correlated to Bitcoin’s price action over the last two months.
Bitcoin vs. ASH 12-hour Time Frame
How to Buy Burn (ASH) Token
Since Uniswap is decentralized, it will only allow transactions through the wallet you connect to the site. You will also need to have ETH in your wallet to make swaps on Uniswap.
- Open an online account.
If you don’t already have one, the first step will be to open an account at Gemini. We will be using Gemini for this example so that you can buy the ETH (Ether) needed to transact on Uniswap. Uniswap, a decentralized exchange, does not require you to open an account.
From the Gemini main page, click on Get Started, then fill in the required information for each step. You will be required to provide personal details and a photo ID. This is so that Gemini can verify your identity.
Because Gemini is a regulated exchange, it must comply with the Know-Your-Customer (KYC) requirements. To remain in compliance, they must verify the identity of every customer. To assist in uploading your identification, Gemini has a link that you can use. This link enables you to use your cell phone to take the pictures and upload them.
Once they are uploaded, click on submit verification. You will now have opened your account, and if you wish, you can directly link it to your bank account.
- Buy or download a crypto wallet.
Now that you have an account at Gemini, you will need somewhere to store your crypto. It is possible just to leave it on the exchange, but when you do that, you expose yourself to the risk of losing it if the exchange is hacked. The chances of an exchange getting hacked may be small, but the risk still does exist.
- Make your purchase.
As mentioned above, you will first need to buy Ether (ETH) on Gemini. Log into your account and click on the markets tab in the upper left corner. Next, click on Ether which will open the order page. On the right side of the page, you will see the order box, which allows you to make market buys and sells.
Once you have Ether in your Gemini account, you will need to transfer it to your Coinbase wallet. On Gemini, on the upper right side, click on Transfer, then click on Withdraw from Gemini. Then simply follow the instructions to complete the transfer.
If you’ve never transferred crypto before, it is always a good idea to make a small test transfer first. You will want to pay attention to the transfer fees, though, especially with Ether. At times they can get extremely high.
- Connect to Uniswap.
Now that you have ETH in your Coinbase wallet, head over to Uniswap and connect your wallet. Then, select the token that you want to swap with ETH. In this case, it will be ASH.
Next, enter the amount of ASH you want to swap into, then click on Swap. You will have to confirm the swap but read through all the transaction information provided. It will tell you how much you are paying for each ASH token and the Network fee you will be paying. If you are okay with all of the transaction details, click on Confirm Swap.
Best Crypto Wallets For ASH Token
Best Hardware Wallet: Ledger
The best hardware wallet to store your ASH tokens is the Ledger. There are two models available, the Nano S and the Nano X. The Nano S is the less expensive of the two but does not allow you to add as many crypto apps as the Nano X does.
Ledger takes security very seriously. Ledger wallets are the only hardware wallets on the market certified for their security by ANSSI, a French cyber security agency. The Ledger wallet also contains a certified Secure Elements chip used in credit cards and passports.
Ledger has also developed their custom operating system (OS) called BOLOS. The custom-made operating system allows for installing apps that are isolated from each other. BOLOS also keeps your 24-word recovery phrase isolated from all applications.
Another vital feature is that the BOLOS OS makes a physical confirmation for every transaction necessary. This means a hacker would have to have the Ledger in hand to complete a transaction from your wallet.
Best Software Wallet: Coinbase Wallet
The Coinbase wallet is the best hot storage wallet for storing ASH tokens. The Coinbase wallet comes as a mobile wallet and a browser extension. The Coinbase wallet supports over 4,000 different coins and tokens. It will even store your NFTs (ERC721 tokens).
The Coinbase wallet is also one of the most secure hot storage wallets available. Secure Enclave technology protects private keys by keeping them isolated from the central processor.
This isolation provides an extra layer of security. It is designed to keep sensitive data secure even when the Application Processor kernel becomes compromised.
Something To Consider
The popularity of NFTs will most likely have the most significant impact on the price of ASH.
Trade, Sell or Convert your ASH
When to sell out of an investment is something each investor will have to decide. If you decide it is time to sell your ASH tokens, you can either swap them back into ETH or swap them for another token. Uniswap does not provide the ability to sell them for USD, but you can swap into a stablecoin like USDC.
Current Crypto Prices
Bitcoin Daily Chart
Since setting a new all-time high, Bitcoin has been downtrending for over two months now. In that time, Bitcoin has lost over 40% of its value. So far, the 40K level is holding, although a death cross has just occurred. It’s not uncommon to see price run-up first after a death cross before continuation of a down trend.
It’s possible Bitcoin could run up to the 200 SMA and be rejected, sending the price lower. But if Bitcoin does make a run higher and push above the daily 200 SMA, that would be a very bullish sign. It would be even more bullish if Bitcoin could push above the $52,000 level. In three previous attempts, Bitcoin has been rejected from that level.
Is ASH a Good Investment?
Whether or not the ASH token is a good investment is difficult to determine. Unfortunately, Uniswap is the only exchange where you can buy and sell ASH tokens. Also, there isn’t a lot of liquidity for ASH tokens at the moment.
The use case for ASH is currently limited, but if the use case expands in the future and ASH is available from more exchanges, motivation to invest in ASH should grow.
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