You want to get in the world of crypto but you’re scratching your head: Metamask, Uniswap, TX, ERC-20 token what is all this?
Let us get started on the basics so you can buy and trade crypto on your own.
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Setting up Metamask
1. Depending on which browser you have it can vary slightly but I will explain it for chrome users.
2. Download the Metamask extension and install it for your browser.
3. Once installed click on the fox icon in your toolbar and you are prompted to set up a new wallet or use an existing one
→ Do you want to link your Coinbase-wallet for convenience or make a new one?
4. Select the option according to your liking and set a password
4.1 If you choose to create a new wallet you will be presented with a seed phrase; this is the password to your wallet, the “open sesame” to your treasury. Keep it somewhere where nobody will see it ever.
5. You have now set up your wallet, this wallet has its own address ie. 0x2324235253….
This is where you can send your cryptocurrency to and where you will will receive it. It is like your bank account number.
6. This is it, you are now in the world of ethereum.
You now have a Metamask but what do you do with it? Calm down. Breath.
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Open Uniswap and you will be presented with your trading interface. You see “from” and “to” which indicate what you want to trade. You will now connect your wallet to access your funds. Click the top right “connect to my wallet” and click the Metamask icon.
You can now enter your normal password NOT the seed phrase and boom you are connected.
You can now see your funds if you click on this field:
After you clicked the field:
and the token you want to buy here:
What did you say?
I want to buy a token but it is not on the list what do I do?
Just like your wallet, a token has an adress which is called “contract”
Just like your wallet address, a token also has an address. Search for the token on etherscan and copy the contract to the search field.
click add next to the token and you will now be able to trade it.
That is all for today! I hope you now understand a little more about the crypto world. Next time I will go further into detail on how to trade and tracing transactions.
Thank you for taking the time to read this and have a keking day!
For donations (ETH-Address): 0x20590c641Ac65223f4163870e99cb4f1837f4629