A pleb's guide to participation and attention economy, part VI: "exchanging and working with cryptocurrency"

By arinbasu | Arins blog | 19 Feb 2022

Future of bitcoin

In this series we have discussed so far the tools you will need to start on your cryptocurrency and web3 journey and how to earn cryptocurrency. In the last episode, we discussed tools to earn your cryptocurrency, and in this one, we will discuss cryptocurrency exchanges, and wallets to work with (we covered wallets briefly in Episode III). 

Cryptocurrency exchanges

If you use Brave browser then:

  • they ask you to synchronise your assets with Uphold exchange 
    • Or, you can use Gemini
    • There are many others ...
    • In any case, in order to use them, you will need the following:
      • Your ID (Driver's licence or passport)
      • A cellphone where you can take your selfie and photo (ideally a smartphone with a decent camera)
      • Ideally a notebook and pencil (you must keep the notebook, do not throw it away, see below)
      • Lots of patience, :-)
      • Sign up with the service, and then verify yourself first with your camera and ID. 

What do you need to know with the exchanges

You can:

  • Buy cryptocoins (well, duh) with your "fiat" currency (fiat currency is the currency issued by your Government) 
  • Swap cryptocoins
  • Send cryptocoins
  • Receive cryptocoins

Buying, selling cryptocurrency

Note a few things:

  • Each cryptocurrency has its own wallet. -- This is important, because if you send wrong cryptocurrency to the wrong wallet, either the system will refuse to send it or it won't work. So, note your wallet address carefully and save it somewhere
  • Not all exchanges will send all types of cryptocurrency; in general, all exchanges such as Coinbase, Uphold, Crypto.com etc will allow you to trade in ETH/ETH2, and BTC, but there are many more interesting "Altcoins" (Ethereum itself is an altcoin, we will discuss these in a later episode); for example, this is my Algorand wallet receiving address (you can access the web based wallet at https://wallet.algorand.com) 8cecad379c01a639474562d76d5eee65be7e6c3acf0b0c563a983a34827cbaca.pngI can only receive Algorand currency in this "wallet", because remember that a wallet is ONLY an id associated with a transaction, it actually does not "hold" money, so each wallet address is specific. 
  • Not all exchange wallets will send money in every currency, so it is a good idea to sign up for different exchanges. In general, I find that Coinbase and Easycrypto gives me most of the options I need, YMMV
  • You also need to have your "own" wallet such as MetaMask, Brave, (Coinbase offers a browser based wallet), cold wallets such as Ledger Nano, Safepal, etc, see a previous post on this series
  • if you want to have a visa card with your cryptos, use Wirex or Crypto.com or nexo where you can use your stored value in cryptocurrency to make real world payments; 
  • You can also store ("HODL"), stake and do other things, but more on these things as we progress through this series

In our next episode, we will dive into web3, till then, happy 'exchanging'

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