How to Trade Crypto Using Uniswap and Explaining the Basics of Transactions

So you set up Metamask and connected your wallet to Uniswap? 

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if not please read this article first: How to use Metamask and Uniswap

You can now begin trading, I am going to show you how to trade Ethereum to another token.

  • Open  Uniswap  and leave the “from” untouched if you want to trade ETH
  • select the token you want to obtain here and choose from the list or add it by pasting the contract address from etherscan into the field
  1. You can now specify the amount you want in these two fields. If you change on the other will automatically adjust.

  2. After you have selected the desired amount, click swap and you will be prompted to confirm the swap


  3. Click on confirm swap and Metamask will open showing you details about the price of the transaction and the gas fee


     

  4. Confirm in Metamask and the trade has been made, you will now be shown a Tx-ID and will soon receive the token you bought.

What is Gas?

Gas? I already pay my gas bills at home.

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Let’s break it down:

  • Gas is the unit on the ETH network to judge how many resources were needed to complete a certain action
  • Gas Fee is the fee that the miner has to pay for a certain action.
  • Gas Limit is the limit you set on the maximum Gas that you want to pay.
  • Gas Price is the amount of money you want to pay for each unit of gas, this will affect how fast your transaction will go through. The higher the Gas Price is set the more you have to pay but your transaction will also go through quicker

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What is a TX-ID?

The TX-ID is a transaction identification number just like a bank has its number for a transaction. It helps you find your transaction on the blockchain.

You can see who the crypto came from and where it went, you can see how much gas fees you paid and how long the transaction took. It is a viable tool to prove transactions and trace them.

A typical transaction

Once again, I hope you now have a deeper understanding of the crypto world.

Thank you for taking the time to read this and have a keking day!

Peter T.

For donations (ETH-Address): 0x20590c641Ac65223f4163870e99cb4f1837f4629

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