Ok, so your interest has been piqued by all this crypto and web3 talk. What next?
Here's what I recommend:
Setup a crypto trading account on Coinbase.com and then open up a Coinbase Pro account. The Pro account has lower fees so use that when buying/selling.
- Transfer in a few thousands dollars and with that money, use a third to buy Bitcoin and two-thirds to buy Ethereum. Warning: crypto is highly volatile and risky. Only put in what you can afford to entirely lose.
- Why put more into Eth? It's way more exciting and useful. People keep telling me Bitcoin is a store of value like gold. I don't really know what that means and quite frankly, I have never bought gold on the commodities markets. I am not looking to park my money as a hedge against inflation candidly. Eth has captured my imagination. I get it. It is a global super computer. It can execute complex code and that means developers can build cool apps (or decentralized apps / dapps as they're know in web3). When that happens, more people will frequently use the Eth blockchain and presumably the value of the Eth token will go up. Saying all that, Bitcoin is the oldest cryptocurrency and withstood numerous hacking attempts and believed to be secure. It has also been a fantastic investment so I do recommend holding some of it.
Get a MetaMask wallet and install the extension for Chrome. A wallet, like MetaMask's, is the gateway to using dapps and this wonderful world of web3.
- It is important you save your seed phrase somewhere secure. If/when you get logged out of MetaMask and if you don't have your seed phrase, the items/currency in your wallet will be irrecoverable. I know, web3 is scary. 💀
Buy a decentralized domain. A decentralized domain is yours for the duration you have bought it for; there is no central authority who can take it back from you. I bought "allibhai.eth" for example. Buy a domain for your name.
- Login via your MetaMask wallet. Look up the estimate amount of Ethereum it will cost to buy the domain (including gas fees). I suggest buying the domain for 5 years.
- Transfer 2x that amount from your Coinbase account to your MetaMask wallet. Why? Because buying a domain is just one step. Attaching info to your domain, such as linking it to your wallet address, will also cost gas fees.
- Yes it is freaking scary transferring money from one wallet to another. Did I copy the address correctly? Why is the confirmation taking so long?? Phew, it went through!!! I have transferred many times and I still transfer a small amount first; make sure it worked successfully; then transfer the larger amount. (And yes, pay gas fees twice!)
- Buy the domain. It should take a few minutes to go through.
- Link the domain to your MetaMask wallet address. Add your profile pic and Twitter handle. Woohoo, you did it!
What else are good recs for people just getting started in web3?