Get into the crypto craze with Trust Wallet.
Whether you are a strong believer of cryptocurrencies, have been tempted to give it a shot, or feel like you are missing out on this “GOLD RUSH,” having a starting point can prove to be quite frustrating.
With the constant increase of crypto terms and slang, one can easily fall behind on the latest trends.
Let us start with 3 basic terms that you should keep in mind.
Q: What is a “CRYPTOCURRENCY”?
A: Cryptocurrencies or Cryptos are digital currencies that allow you to exchange them for goods or services based on their worthiness. Cryptos use decentralized technology shared between multiple nodes which record transactions, “Blockchain.”
Q: What are “COINS”
A: Crypto coins are cryptocurrencies that have been built within their native blockchain network. (e.g., Ethereum (ETH), Ripple (XRP), Bitcoin (BTC))
Q: What are “TOKENS”
A: Crypto tokens are cryptocurrencies that do not have a native blockchain network, and instead, their currency is built on top of another blockchain such as Ethereum.
Now to the fun part…
I will be using Trust Wallet simply because it is a well-known “Multi-coin Wallet” that supports an extensive number of cryptocurrencies to transact on and its relative ease of use.
Step 1: Download “Trust Wallet” from your mobile application store or directly from https://trustwallet.com.
Step 2: IMPORTANT
While creating your wallet, the application will present you with a 12-word recovery phrase. Never share recovery phrases with anyone and store them securely.
If you ever need to recover your wallet, export it to a new device on purpose (new phone), or if your device is lost, you will need them to access your wallet. Without it, your wallet and currency are gone forever!!!.
You will be asked to verify the recovery phrase; it does have to be in the same order it was presented to you.
Step 3: You now have a wallet… Yay!!!
To add currencies to your main view:
Become familiarized pancakeSwap.
Pancackeswap fees are charged in the form of BNB (Smart Chain) tokens. For this, you will need to buy BNB (Binance Chain) tokens and then swap them to Smart Chain.
After execution, you will see the crypto balance on your main view.
Hopefully, this brief intro to accessing cryptocurrencies is of benefit.
Remember to be careful when investing, do not use money that you would not be okay with losing if things go south.