Knowing how to buy on an exchange is not enough to be profitable in the world of cryptocurrencies, it is just the tip of the iceberg.
Knowing how to use Metamask or any other decentralized wallet is crucial to success.
Through them we can interact with all blockchains.
It gives us access to buy tokens at their early stage, before they are listed on Binance, radically increasing our profits.
What are decentralized wallets?
As the name suggests, it is a self-custody wallet.
Unlike an exchange, where a third party holds our tokens and, consequently, charges for them, in a self-custody wallet we are the only ones who have access.
A wallet, such as Metamask, allows us to create an address within the blockchain itself. Thanks to this, we can buy any available token without having to list it on any exchange.
Create it:
Depending on the blockchain we want to interact with, we will choose the appropriate wallet.
The most popular and used ones are "Metamask" and "Phantom". In Metamask we will have access to networks such as BSC, ETH, all the Ethereum 2 Leaguers, while in Phantom we will be able to access Solana, FTM (Sonic coming soon).
Both are available in 2 versions:
For PC we must download an extension in our browser.
For cell phones we downloaded them from our app Store.
Once downloaded and installed, its use is the same in both.
The application will ask us if we want to create a new account or import an existing one.
If we are going to create one, the process takes 30 seconds but, it is crucial that you save your "keys".
The access key to a wallet is a series of 12 randomly generated words, which are not saved or recorded. Only we have access to them when we create the wallet and it is with them that we can recover the account.
Note: Do you remember those stories of people who lost their KEYS and can't access their wallet with more than 100 BTC? Well, that doesn't have to happen to you.
The 12 words of your wallet should be stored either on physical paper, in a notepad or anywhere where you won't lose them. The ideal is to write them down on paper and keep them in a drawer or book, because on a PC if our hard drive is damaged we can lose access to them forever.
â ïž Cautionâ ïž We must have access, not others. Anyone who has those 12 words can access your wallet, so keep them and don't let anyone see them.
Once those 12 words are generated, the wallet will do a second step. It will put only a few words, leaving spaces that we must fill in. If we copy the 12 words, fill them in in order, and the wallet will have been successfully created.
Our wallet will have a unique serial number, which we use as an address to send and receive tokens.
Like cryptocurrency contracts, it consists of a random alphanumeric code.
In Metamask, that code, address, will be valid for all networks. It doesn't matter if you send USDT for BSC or ETH, you will receive it in your wallet on the network you have chosen.
â ïž However, not all tokens are supported on all networks. If we withdraw BNB from Binance and mistakenly send it through another network, we may lose it forever, since once a transaction is executed on the blockchain it cannot be reversed.
Once the wallet is created we can choose the network.
By tapping on the NETWORK, we can change it to use any one.
Please note that unlike an exchange, every transfer or movement on the blockchain requires paying a Fee (network tax) in your native currency.
BSC: BNB // Ethereum: ETH. // Solana: SOL. // And so on.
Therefore, to use them we must have a balance in the wallet.
Except for Ethereum, most networks charge a small fraction, similar to 0.0001 unit (just a few cents).
Use:
Once created and with a balance, we can buy any available currency.
We just have to search for it on Coinmarketcap or Coingecko to find out its native network and in which swap it is available.
To add a new coin, we can do it manually, by copying its contract or from Coinmarketcap, using the "add to Metamask" function and in this way we will have the coin enabled.
Within the wallet we can buy, sell, send and receive any available currency, opening up the possibility of accessing any trend and currency with potential before it reaches the exchange.
I hope this mini guide has been useful to you. If you have any questions, leave them in the comments and I will help you.
Crypto Citizen says goodbye!!
