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Getting started

Create a wallet and make sure to save its seed phrase/mnemonic phrase. If this phrase is lost, you will lose your ability to generate the wallet from any device. If you decide to go the software wallet aka hot wallet route, make sure to have the aforementioned keys/phrases saved onto a completely separate device. If you insist, you could rent and save your info on my cloud storage space.

You have several choices in wallets such as but not limited to:

(the below wallet names are clickable)


Software Wallets

Coinomi

TrustWallet

Metamask

Hardware Wallets

Trezor

Ledger

Keepkey

Hardware wallets are also known as cold storage wallets. Why is it called cold storage? The notion of having the wallet not connected to the internet and being offline makes it “cold”. These are the most secured type of wallets you could get. To start a transaction you need to be physically infront of the wallet and go through several steps to get a transaction started and to top it off with many other proprietary security features the company may add onto it.

What should you get started with?

I am NOT a financial advisor therefore I suggest to do some research yourself. You could see a list of several crypto’s I believe and/or trust in here. From my own experience, I generally like to lean with fundamentals, decentralized exchange tokens(to a certain degree centralized exchange tokens too ie BNB, EBX, etc), Altcoins with actual utility and NFT tokens. Does this mean you should do the same? Maybe? Maybe not? At the end of the day, anything which helps with decentralized finance will definitely be useful in the long term. It also doesn’t hurt to include a couple of meme coins too in your portfolio.


There are so many blockchains and ecosystems! What should I do!

At the beginning there was only one crypto + blockchain which was bitcoin and its lightning network (not including the MANY BTC copy cats). A couple years later, a genius by the name of Vitalik Buterin went out and expanded on what bitcoin could do! He included a feature which would change the whole crypto ecosystem from then on, the smart contracts. Smart contracts is the equivalent to a contract written and signed between two individuals in person where there is an agreement and a promise for performance. However in blockchain smart contracts allows open source code to be law instead of individuals and organizations which you may not truly trust.

With this, MANY bright minds were able to create decentralized applications (dApps) on the Ethereum blockchain to serve many purposes but what stood out the most was decentralized finance. From 2019 onwards, this brought a whole new boom into the industry which obviously benefits ANYBODY, despite your background, your credit score, your patronage etc. Just like with any technological advances in history, there’s always going to be a bottleneck which in this case was Ethereuems lower transactions per seconds (TPS) and eventually a congested network which resulted in very ridiculous gas fees overtime. Gas fees is what you pay in that blockchains native token to commit to any action. If you cannot pay the gas fees well, you’re pretty much outta luck in doing anything, even to move your money from one address to another.

To benefit off of this, Changpeng Zhao or CZ from Binance cease the opportunity to release their own smart blockchain which was nearly a copy and paste of Ethereum but with much faster TPS and very low gas fees (nearly in the pennies to a maximum of 5$) and a lot of similar dApps arriving on the scene not too long after.

Reading up to now, you might be asking yourself why are there more blockchains releasing then if Binance smart chain seems to be the answer? Well the problem with that is that the smart chain is completely centralized. Not only does this contradict the spirit of what blockchain and crypto is all about but there is also a single point of failure. This is a huge issue. In my opinion, I believe the binance smart chain is a great tool to accumulate some tokens and to also make crazy returns but should never be dependant on.

Alternative decentralized blockchains that I think are great are Cosmos, Cardano, Avalanche, Algorand (kind of centralized at this moment), Rune with it’s Thorchain and Polkadot.

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