The noob’s guide to purchasing Crypto and DRIP
What the Heck is a MetaMask?
how do I DeFi?
If you’re new and nervous. If you can’t tell your BNB from your BSC, take a deep breath as we guide you through this simple 13 point plan to becoming a crypto master!
- Go get a coffee, tea or something stronger as we take these first steps. Are you caffeinated and concentrating? Good. Your money in crypto resides in a digital wallet (not exactly true but a good analogy). Sometimes the wallet is managed by an exchange, other times its will be entirely under your own control (like MetaMask)
- We need to first work out how to get your hard earned money from your bank account into crypto-land and into your wallet. easy-peasy. As of Nov 2021 — the easiest way I would suggest is via an exchange — crypto.com. It’s fast, convenient, allows bank transfers for free to the exchange and has integration to BSC (more on that later).
- Sign up to crypto.com via the app. Go through the registration & verification steps, link your account and transfer or deposit money into your FIAT wallet via card. Once done we can move onto the next step.
- Buy some Binance Coin (BNB). Why did we need to do that? Two reasons. a) you need it to purchase DRIP for later. b) It’s needed for gas (explained later)
5. Set up a wallet that works with DRIP. you can use one the three below. In this example we’ll use MetaMask.
6. MetaMask works as an extension to Chrome and also as an app on your smartphone. Let’s choose the extension.
7. Follow the wizard to set up MetaMask. Create your password and securely save your 12 word recovery phrase. That phrase owns the keys to the kingdom. Write it down, keep it safe and secure. Without it your funds are lost forever!. NEVER EVER EVER reveal that phrase to anyone, EVER.
8. The wallet is by default set up just for the Ethereum Network. We need to set up the Binance Smart Chain network manually.
What is a Network? A Blockchain or Network is the heart of how crypto works. When you move off a central exchange such as crypto.com or Binance, you’re into the decentralized crypto world. There are many competing networks out there, Bitcoin and Ethereum being the most prominent and Binance Smart Chain (BSC) being another. DRIP exists on the BSC Network.
Go to Settings -> Networks -> Add Network and enter the following information
Network Name: Smart Chain
New RPC URL : https://bsc-dataseed.binance.org/
Chain Id : 56
Currency Symbol: BNB
Block Explorer URL: https://bscscan.com
9. Now lets transfer out newly bought BNB on crypto.com to our MetaMask Wallet. Lets copy our Wallet Address from MetaMask
Go to crypto.com. Open your Crypto wallet. select Transfer -> Withdraw -> External Wallet and paste in your MetaMask wallet address.
Important here. Make sure you are using the BSC network when sending. Sending crypto across the wrong network can lead to irrecoverable loss!
Some of the BNB will be used for gas, so a small fee will be taken from the amount you transfer.
What is Gas? Gas is essentially a fee for executing crypto transactions. Every Crypto network has it’s own set of gas fees charged by the operators. In busy/congested times these fees can increase… like UBER’s surge pricing!
10. Congratulations! you now have some BNB in your MetaMask wallet, how are we going to spend it? on DRIP of course! If you want to know why, here’s a million good reasons!
Head over to the DRIP Swap page (i.e. the Fountain) at https://drip.community/fountain.
Connect your wallet using the button the top right corner
Now buy at least 1 DRIP (the minimum deposit requirement).
11. Go to the DRIP Faucet page at https://drip.community/faucet . Enter Buddy address 0xD0876C9c2d590A0D38807f58D7AAF48e377720B0 in the “Add a Buddy” referral section and hit Update. If you use this code I personally offer 5% of your deposit airdropped back up to 5 DRIP.
12. Deposit at least 1 DRIP. [Note: Make sure you have a small amount of BNB in your wallet in order to cover the gas fees. 0.05–0.1 BNB should suffice]
13. Breathe a sigh of relief as you sit back and enjoy the 1% daily profit.
If you’d like more info, you can contact me on Telegram.
https://t.me/thecryptosingh
Join us on Cryptozoa.com (by getting into DRIP using my Buddy address above), then head over to the Cryptozoa Telegram Gateway. Let the admins on duty know that TheCryptoSingh sent you.
Once you are onboard, find me. I’d love to hear from you! We’re a lively bunch dedicated to sharing info on building a passive investment lifestyle and having fun in the process!
NOTE: The amount Deposited is not withdrawable. In exchange you receive 1% of that staked amount on a 24 hr basis for the next 365 days, which can be rehydrated/compounded, or claimed.
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Nothing in this article is intended to constitute investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Readers are encouraged to perform their own due diligence and research, or consult a licensed financial advisor or broker before making any and all investment decisions. This content is intended for general informational and educational purposes only. Though the author strives for accuracy, the data contained within the article cannot be relied upon. The author may own cryptocurrencies and tokens discussed in the article. The article may contain affiliate links.
