My Quest on MetaMask and PancakeSwap CryptoWorld (Part 1)

My Quest on MetaMask and PancakeSwap CryptoWorld (Part 1)

By Feax21 | Crypto Monkey | 14 Dec 2020


Few months ago during my journey in the crypto world, i came across MetaMask a dApp platform and gateway for exchanging and storing tokens and signing in crypto websites in a decentralised way such as Captain Bitcoin. which is a DApp containing education and promotional content about cryptotokens.

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Later on, Binance started promoting PancakeSwap, a LaunchPool dApp for staking and exchanging tokens so i setup an account and i connected my Metamask and Brave Crypto Wallet with it and created my Binance Smart Chain network according to the instructions on the Binance article about Metamask and on the article How to add multiple binance smart chain networks to metamask

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However apart from signing in crypto websites in a decentralized way I couldn't find any special use of Metamask and since my funds are limited I was doing all of my staking operations in Binance. At the same time i was farming various crypto tokens in Binance through the LaunchPool that allows to users to stake Binance's native tokens BNB, BUSD in order to  earn various launched tokens. However, after allocating these tokens in my spot account, they were actually useless as there are no staking or flexible saving accounts for them. I could only exchange them for BNB which could have been proved an interesting idea, but, what if their value in the future will rise? By converting them into BNB i actually lose them especially after the rise of BNB price around 30 USDT because the profit could have been very little.

Yet, recently i came across in this platform some interesting articles Pancakeswap NFTs and farming with Certik and Pancakeswap got hard get cake from [PVMihalache] who had the same problem like me having his HARD and CERTIK tokens sitting in his Binance spot account. 

Still, I came across various problems while transferring my funds to Metamask and PancakeSwap in order to start staking my tokens and although i asked him multiple times to provide some clarification he decided to ignore them responding in an arrogant way that he has already answered them in his articles!

Problem 1. Adding the tokens into my BSC network wallet.
Obviously when a user creates a new BSC network in Metamask, the default available token is BNB. So I tried to add CTK, SXP and HARD protocol tokens but these weren't found in the list!

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Not even DASH ! However both in ETH and BSC networks i could add UNI and USDT and other stable coins were also available.

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There is a tutorial about adding custom tokens manually on the article How to add a new token to metamask wallet manually but the user needs to know the "contract address" of the token. So it isn't helpful how to add HARD, SXP, CTK etc tokens.

2. Transferring my tokens from Binance Spot account to Metamask BSC Network. 
Even in the situation that you have managed to setup the tokens in the Metamask wallet, the problem is which address to use in order to withdraw the tokens from Binance Spot wallet to Metamask Wallet. Are you using the Metamask address? Is the Metamask address of your wallet universal and can be used to transfer ANY token into your Metamask wallet using the same 0x..... address under the BEP20 (BSC) network ?

And this step is very important as Binance warns the user to

make sure that the currency is charged and withdrawn on the same network, otherwise the currency withdrawal cannot be successful. The different effects of the network are the rate, the minimum  amount of money withdrawn and the transfer time. 

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In this example the transaction fee is only 0.055 CTK with a minimum 0.11 CTK withdrawal. On another screenshot Binance also warns you again to use the correct network otherwise the funds will be lost in the crypto world forever. After managing to setup the desired tokens into Metamask (Problem 1) and successfully withdrawn them from Binance spot wallet into Metamask by using the default Metamask address without losing your funds (?) (Problem 2), then the user has to do only one thing to transfer the funds from Metamask to PancakeSwap by selecting the corresponding deposit. Then the Metamask popup window will emerge asking the use to confirm the transaction and pay another gas fee as follows:

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For my opinion, there are 2 kinds of people. The ones who are willing to help you and provide all the necessary information without hesitation or hiding any information and others who are arrogant and will reply to you in a manner "I have learned everything on my own you should do the same instead of asking for help" or "This is very simple you can just google it".

Even in youtube tutorials are very basic. For example this one shows you JUST how to transfer ether from your coinbase account to metamask ethereum network wallet which is very straightforward.

 

Unfortunately, some people believe that they know everything and they expect that others are doing the same so they are arrogant and unhelpful. As a technologist and crypto enthusiast, I might know quite few things about cryptocurrencies since 2013 when I started using the bitcoin faucet but i am eager to learn much more after the latest crypto boom. However I don't know everything so I expect help only from the first category of people. For convenience you can create a new article with a complete tutorial in order to answer how to overcome my problems.

All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions

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