Getting Started with Crypto and DeFi: A Guide for Filipinos
Welcome to the exciting world of cryptocurrency and decentralized finance (DeFi). If you’re new to this space, you might feel overwhelmed with the various wallets and exchanges available. But don’t worry, this guide will help you get started.
Choosing a Web3 Wallet
A web3 wallet is a digital wallet that enables you to interact with decentralized applications (dApps) on the blockchain. Here are the top three wallets used in the Philippines:
- Metamask: It is a browser extension that supports multiple blockchains and allows users to manage their digital assets easily. It’s available for Chrome, Firefox, and Brave browsers.
- Trust Wallet: It is a mobile wallet that supports various blockchains, including Ethereum and Binance Smart Chain (BSC). It’s available for iOS and Android devices.
- WalletConnect: It is an open-source protocol that enables users to connect their mobile wallets to dApps on desktop browsers. It supports multiple wallets and blockchains.
Choosing an Exchange
An exchange is a platform that enables you to buy, sell, and trade cryptocurrencies. Here are some popular exchanges in the Philippines:
- GCash: It is a mobile wallet that allows users to buy and sell cryptocurrencies, including Bitcoin and Ethereum.
- Coins.PH: It is a mobile wallet that enables users to buy and sell various cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin (BNB).
- Binance: It is a centralized exchange that supports a wide range of cryptocurrencies, including Binance Coin (BNB). You can also buy and sell cryptocurrencies using your local currency.
How to Get Tokens from Exchange to Web3 Wallet
Once you have purchased cryptocurrencies on an exchange, you can transfer them to your web3 wallet. Here are the steps:
- Open your web3 wallet and copy the wallet address.
- Log in to your exchange account and navigate to the withdrawal section.
- Paste the wallet address and choose the amount you want to transfer.
- Confirm the transaction and wait for it to be processed.
How to Add Binance Smart Chain to Web3 Wallet
Binance Smart Chain (BSC) is a high-performance blockchain that enables users to interact with dApps and decentralized exchanges (DEXs) on the Binance ecosystem. Here are the steps to add BSC to your web3 wallet:
- Open your web3 wallet and click on the network dropdown.
- Select “Custom RPC” and enter the following details:
- Network Name: Binance Smart Chain
- New RPC URL:https://bsc-dataseed1.binance.org
- Chain ID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
- Click “Save” and switch to the BSC network to start using dApps and DEXs on the Binance ecosystem.
Conclusion
Congratulations, you have now learned the basics of getting started with cryptocurrency and DeFi. Remember to always do your own research and never invest more than you can afford to lose. Good luck on your journey!