So it seems like nearly every day right now we have a little more good news about Bitcoin price. For those folks that have stuck with the markets over the past few years it has been a hell of a ride and if feels like, with the recent influx of industrial players, that we're edging ever closer to widespread adoption. However, you may well have noticed recently that there has also been an influx of newer folks to the crypto-sphere. Indeed, I think I read just the other day that there were record highs of ETH addresses. It is inevitable when we have prices soaring that there are going to be more mainstream media outlets picking up the story and running with it. This in turn leads to newer faces and then from there hopefully drives adoption a little closer. With that said it is also a very dangerous time for new folks and for those of us that have been in the game a little while.
Dangerous?? How so?
See the thing is that when newer folks look into crypto and get involved there isn't really one singular resource that they can go to learn before the jump. Also, we probably all on occasion don't do enough research before getting into a project (I know I've been guilty of this in the past). However, for those new to the crypto-world there is a lot....I mean A LOT.... of information and projects out there and it can be overwhelming. The bad bit is if folks make a mistake and get burned it can easily lead to bad press for the whole crypto-community. In the past it has be described as the 'Wild-West' which, while I am sure was dangerous at times, doesn't mean that has to be completely without a moral compass.
In this article I'm going to go through a few recent Reddit posts that clearly point toward inexperience and explain how these problems were resolved and how it only took a few mins of my time to do so.
Questions and Answers
Problem: Issues with using dApps through the CoinbaseWallet. We know that the WalletConnect functionality isn't universally used nor is it all that stable. But the user wasn't sure how to get involved with Farm as that was their wallet of choice.
Solution: Sent them a link to one of my articles where I showed they can import address into another wallet (MetaMask). The result was they were able to use MetaMask to invest in Harvest.Finance without wasting more gas fees moving wallets etc.
Problem: User wasn't sure how the gas fees were being calculated, focused on gas price and didn't consider the units required for the contracts to execute and therefore the overall cost of interacting with a dApp.
Solution: Explained a bit about the basics of Gas pricing and how it is calculated. Sent them a short video that explained it better than I could. The result was they went away understanding a little more about the transaction process and not blaming Kyber for the crappy gas prices.
Problem: So the problem here (you may well have spotted) was the user had sent WETH to their Coinbase ETH address. This wouldn't be a big issue for a normal wallet but it meant that their funds didn't appear to arrive in their Coinbase account. Also they'd thought that the swap back to ETH from WETH would be automatic.
Solution: Explained the difference between ETH and the ERC20 version (WETH). Helped them with the information they needed to tell the Coinbase staff and get the funds located. Also explained in more detail the process of unwrapping their ETH once they get it back via Uniswap. The result was they tried the method and confirmed it worked, just waiting on hearing back from Coinbase......you cannot win them all (I'm sure it will get fixed though).
Problem: So this was relatively simple, they wanted a way to buy CEL tokens (which isn't immediately clear from the Celsius app).
Solution: Explained one method of buying another crypto (like XLM) and then swapping it to CEL using a swap provider like Swapzone. Hopefully the result was to help save them on transaction fees incurred with buying ETH (or an ERC20) and then transferring it to a wallet to be able use it to trade on Uniswap. I realise this is just one solution, but since they had a Coinbase I thought it was easier than signing up to another exchange.
Problem: They sent funds from Coinbase to their DeFi wallet and expected the value to not change. This seemed like a misunderstanding of how crypto market value changes by the seconds and also confusion over what was meant by 'cold' wallets.
Solution: Explained a little more about wallets and the difference between hot/cold wallets as well as the relative price of crypto.
I'd like to challenge everyone who reads this to keep an eye open on the various social platforms you use and lend a helping hand when you see other struggling. Why should we do this? Well the thing is there are scammers out there just waiting to jump on these kind of problems. Some people may say it is their own fault if they got scammed, but for every person scammed you need to remember how many people they will tell to stay away from Crypto, that is bad for us all as it create a barrier to adoption and potential holds down the value of all those coins you're hodling on to for dear life.
The goal for us is to have new folks go away from their crypto-experiences with a little more knowledge and without being burned. This isn't completely altruistic, remember that helping others indirectly helps your own crypto-wallet. When people realise that crypto doesn't have to be scary, or dangerous and that there are still good people out there not trying to scam them they are more likely to share their good experience with others.
Thank you very much for reading the article, I hope you enjoyed it and will offer a helping hand when you see someone struggling. Good luck y'all!