Cryptocurrencies, NFT, Defi, dApps are really hot at the moment and most of my friends and colleagues I know of are working hard to learn about Web 3.0 and the blockchain. I see many of them getting into it and starting to ask me questions about it and how I do, this and that, with it, etc.
While I have been learning about CryptoVerse for the last 6 years, I can tell you that it has not been an easy ride. I write this article in part to help newcomers start their journey and to give them the tools they need to become comfortable with the technology from a consumer standpoint.
What are cryptocurrencies?
Cryptocurrencies are simply digital currencies that are created by computer algorithms to have value. The fact that the currency is digital means that no one is required to exchange any money for it. Additionally, because there is no central authority controlling it, it becomes a truly decentralized currency that is not subject to political manipulation. And unlike fiat currency, which is backed by government support or gold reserves, all cryptocurrencies are backed by technology itself.
The 2022 Crypto/Web 3.0 RoadMap for Everybody
Create a Wallet
First things first you need to create a wallet for your crypto. There are many out there, but to start off with we recommend MetaMask.
💡 Never download a wallet from an unverified source and before you download always make sure that you double-check the link — even the one we have given you above.
💡 MetaMask is a browser extension, and it helps you run Ethereum dApps right in your browser without running a full Ethereum node. You can create and use as many wallets (you don’t technically need to make one for each coin) and there is a lot of cool functionality like You can do transactions without running a full Ethereum node.
Fund Your Wallet
After you have your wallet ready you need to add funds to it. You can buy funds from exchanges such as Binance, but rather than wait to set all that up instead just change the network on your MetaMask wallet to the Ropsten Network. The easiest way to change the network is to go to the top-right drop-down menu and click “Ropsten Test Network”.
Then go to the https://testnet.etherscan.io/ website and enter your public key or your account name (which is the same as your public key.) It will then display your balance for you. Now go back to your Metamask wallet and select Copy Address to clipboard, then go back to Etherscan and paste it into the top box on the right. You can then see your balance there.
To get a bit more background on what is a test network, just read this article.
Let’s do some Transactions
Now that you have funded your wallet let’s do some transactions, you can either:
1) Send money to someone else
All you need to do is, click on the “Send” button within the MetaMask Wallet, enter the wallet address of the recipient, enter the desired amount of Eth you would like to send, and click on “Next”.
Once you click on next you will be on the review page. Here, you will see the Estimated Gas Fees (Transaction Fees) for this transaction. You may now confirm the transaction.
Click “Confirm” and the transaction will be sent! If you wish to track your transaction, you can find that information on etherscan.io, I have shared a detailed guide on EtherScan here.
2) Buy an NFT
Alternatively, you can buy an NFT however, I won’t be sharing a lot of details about NFT on this guide as this is just to get you started in the CryptoVerse. If you are interested in learning about NFTs you may read this article on what are NFTs and how to “Mint” them.
If you’re not into reading and would rather spend your time with the action you can learn more about NFTs and OpenSea’s Testnet with this helpful guide.
What you would have noticed that is if your wallet is funded, doing transactions and making purchases is surprisingly easy especially compared to when you do it with your bank account or through online banking. There are certain things you need to learn about though.
Login to a Website
Your MetaMask wallet can also act as a Single sign-on (SSO) with Facebook. You can log in and out of websites very easily.
So go to https://www.cryptovoxels.com and log in using MetaMask, just to get a taste of how easy it is.
Key Learnings
Gas Fee
Every time you do a transaction you will have to pay a “Gas” fee or GWEI. This at times can become very costly i.e in the hundreds of dollars. So before you do any transaction make sure you ALWAYS double-check the gas fee. Here’s a detailed article dedicated to Ethereum’s “Gas” Fee.
⚠️ Pro Tip: Never reduce the Gas Limit to such a low level as that transaction may never go through and to cancel the transaction you will have to pay the actual Gas fee.
Recovery Seed Phrase
With a MetaMask or any wallet, the recovery seed phrase is your bank or if you are like me, your life. If you lose it or someone else has access to it, you’re screwed! So don’t forget to take all the necessary precautions to keep it safe like keeping a copy of this safe with you in the form of a USB or hard drive, or preferably on a piece of paper, so hackers do not have access to it.
Multiple Cryptocurrencies
It’s hard to keep up with all the different cryptocurrencies on the market. It is understandable that newcomers might be confused by the different currencies and their uses. That is the reason why I tailored this guide specifically for Ethereum. We have not touched Bitcoin or any other major cryptocurrencies.
Final Thoughts
This guide is an introduction to the world of Crypto and I hope you’ve found it helpful. The difficulty with understanding these kinds of complex but important topics is that many people do not take the time to understand them, therefore the user experience of cryptocurrencies and blockchain is mostly horrible and impersonal.
After you have all of the basics set up you will be able to buy some Crypto assets and play around with them, however, keep all the precautions in your mind when dealing with the Cryptoverse.
You can go ahead and purchase some Crypto assets today.
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