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Getting into cryptocurrencies can be scary, but it doesn't have to be.
It's a BRAVE new world when we start talking about taking custody of your digital assets. The term "DeFi" stands for decentralized finance and the easiest way to think about this space is to consider it a new of internet.
This is how it works: There are websites that have special features and functions that require a special token to use, kind of like an arcade that requires a special token to play their set of games. You simply connect your wallet to site in order have access to the tools on the site.
It's usually a big button in the top right corner that says "connect wallet."
Here's what it looks like on pancakeswap.finance.
Oh, you wanted to talk about bitcoin $BTC?
Bitcoin was the initial contract put in place which in part allowed wallets to be built and the community to begin growing. Bitcoin is a decentralized store of value. Period. It has no "utility", which is a key word to look out for when scrutinizing projects for long-term upward movement. (Lightning Network is working to add utility to $BTC, but utility is not native to the bitcoin contract.) Bitcoin should be looked at as digital gold; as of right now in history it doesn't do much except sit there and grow in value as more people begin to adopt the technology.
So back to Trust Wallet
The most important aspect of a wallet is security, which is controlled by a secret key phrase. The phrase is randomly generated when you first set up your account.
It looks like this:
Write down your key phrase and keep it in a secure location.
DON'T SHARE YOUR KEYS WITH ANYONE.
DON'T TAKE A PICTURE OF YOUR KEY WORDS.
DON'T STORE YOUR KEY WORDS ON THE CLOUD.
DON'T EMAIL YOURSELF YOUR KEY WORDS.
Again, write down your key phrase in a safe place, put a copy of it in a lock box, and be sure to keep it safe. Also, if you accumulate a significant value in your wallets, don't forget to include your keys in your estate planning documents.
It's so serious that when I took a screenshot of these keys it prompted a warning...
There will be times when you need to reload your wallet and that's one of the beautiful things about this technology. Those keywords are your actual wallet, and you can load them into different applications at your own free will. You aren't locked into one application or one service provider.
You'll need to re-enter your key phrase in numerical order to confirm you have them secured, and then you'll immediately gain access to your wallet.
It's that simple.
Next, in trust wallet visit the slider/menu icon in the top right corner to see all the coins and tokens available to you through the app's native DEX.
(DEX stands for decentralized exchange...)
Don't overcomplicate things at first.
Here is the buy button.
Pressing "Buy" loads up ALL the currencies available to purchase directly with cash, meaning a debit card. You need to pay cash - if you use a credit card you will be charged a cash advance fee. I wouldn't recommend it.
When you have selected your currency of choice, you'll enter the amount you would like to purchase and select which ACH provider gets you the best rate. At this time, Trust Wallet uses two service providers, Simplex and Moonpay; shown below.
It may take a few minutes to process after you place your order so be patient. There is A LOT going on behind the scenes here as paying directly with FIAT currency requires a trip to the exchange, which is exactly what this service is providing without you having to get your hands dirty.
Buying crypto is great, and Trust Wallet is by far the easiest way to get some skin in the game...
... but eventually you'll want to diversify your assets and should begin that adventure by looking at the BNB Smart Chain.
Once you have purchased your BNB you can swap from the BNB token and Smart Chain token simply by selecting "swap to smart chain" or visa versa.
(They both use BNB as their ticker and are always exactly the same price).
As time moves on, you'll get more comfortable with the software and start adding and removing coins at will as you sniff out value and do your own research.
If you're interested in trading, I strongly recommend to start by watching two charts, $BNB and $TWT. You can use the DEX native to Trust Wallet to swap $Smart Chain (BNB) for $TWT (the Trust Wallet token) and the fees associated with BNB swaps are extremely cost efficient, often times costing mere pennies on the dollar.
The BNB chain, also referred to as BEP20 token, is extremely efficient. So as you expand your crypto knowledge, keep an eye out for BEP20 tokens and know that they are VERY friendly when it comes to gas fees.
PancakeSwap (mentioned earlier in the article) is a decentralized exchanged for BEP20 tokens. Simply connect your wallet and, voila!, the world is your oyster.
There are also very little to no regulations, so know what you're buying... scams run amuck in this space.
(At the time of writing this article $ETH gas fees (post London fork) averages $100 per swap, and I do not recommended trading on the ETH chain until they finish upgrading their network).
If you do want to hold an ETH token, I'd set up a MetaMask Wallet and use Uniswap protocol as my preferred DEX.
How to connect Trust Wallet using iPhone?
Recently Apple made a move against Trust Wallet in the Apple app store and forced TW to remove the browser feature to stay listed. Though inconvenient, it only adds one additional layer to utilizing the wallet and does make other businesses relevant in the space. Android users can still access the new internet via the browser feature in native to the Trust Wallet app.
For Apple users, Enter WalletConnect.
Let's go through the process. It's silly simple.
When you go to connect your wallet, you'll be introduced to this screen:
Select WalletConnect. (Don't select Trust Wallet, trust me here.)
On the next screen you will select Trust Wallet:
After selecting Trust Wallet it will load up the Trust Wallet app on your phone, and have you confirm the connection. (If it doesn't load automatically completely close out of the Trust Wallet app, and try to establish the connection again, starting the process from the beginning.)
The confirmation screen should look something like this:
Click connect and you'll see this little window pop up towards the bottom of your screen.
When you see this confirmation you back out of the Trust Wallet app and return to your browser and you'll see that your wallet is now connected to the site.
What are gas fees, you ask?
Thinking about money as energy is the new paradigm. In order to purchase, use, and transact in general with cryptocurrency requires a network of computers to verify the transaction, and we pay those verifiers for their service.
$ETH should be viewed as gas for Ethereum projects.
$BNB Smart Chain should be looked at as gas for BINANCE chain projects.
$XRP is gas for the XRP Ledger... (Coming soon to America).
Just like a motorized vehicle you need gas to make it work. It's the same idea with your crypto wallet on the new internet.
$BNB gas fees are extremely low, which is why I recommend starting on this chain, and highlighted what, in my opinion, is the easiest wallet to learn and get your feet wet.
I'm sure I've missed a few things...
I'm open to feedback and improvements. Please feel free to email [email protected] your feedback, questions, and concerns so we can continue to grow and learn together.
Godspeed.
