Grow Your Business

Crypto Shitcoins – Practical Guide For Beginners

Crypto shitcoins

This newbie guide to Crypto Shitcoins is helpful for those who are new in Crypto. Please read and understand. You may not understand the entire crypto market in one article but you should know how to buy and sell crypto. That’s the first principle of crypto investment.

Every crypto token or shitcoin are not the same. Each coin or token is developed for a purpose. That’s why the developers release white paper to explain their crypto to buyers. Always look out for the lite paper and white paper before buying a coin or token.

Remember this, crypto investment is risky. The crypto market is volatile. Always Do Your Own Research (DYOR) before buying any crypto asset.

✅ What’s Crypto Investment

There are 3 types of those who are on the crypto market.

🔹️Crypto holder
🔹️Crypto trader
🔹️Crypto investor

These 3 group of people are easily identified in the crypto market. Crypto holders buy tokens and hold them till their prices appreciate and they sell for profit. While the crypto traders buys cryptos at their low price and sell immediately a certain price increase is achieved.

But crypto investors acquire crypto assets and explore those assets to earn regular returns. They earn passive income from their crypto holdings. Which group would you like to belong to? If you been in Crypto Lessons, you will notice I don’t teach crypto trading at all. I only focus on crypto investment and encourages crypto holding.

✅ Different Types of Crypto Assets

You need to know what type of crypto assets to invest in. Most newbie only know of Bitcoin, and any other one they have heard from friends and colleagues. You need to know the 3 different classes of cryptos, so you know which one you should be buying.

🔹️Bitcoin
🔹️Altcoins
🔹️Tokens or (Shitcoins)

You already know about Bitcoin or you have heard much about it. That’s the first successful crypto coin. Altcoins are other coins built after Bitcoin Success. Ethereum, ripples, Tron, etc fall within this category. While token or preferably shitcoins are tokenized cryptos built untop of existing blockchain. If you are going to excel in crypto investment as a newbie investor, you have to start from shitcoins. With little money you can buy different types of shitcoin assets, and at very large volumes.

✅Understanding Stable-coin

There are crypto coins called stable coins. These type of coins usually have the maximum prices pegged to the US Dollar. That means their price can appreciate above $1 USD. While people don’t usually buy them for price appreciation, they use them to stop loses or store their coin when they are not sure of the market movements.

Examples of popular stable coins are USDT, BUSD, USDC, etc. Also, you can invest in a stable coin when it’s being launched, like eUSD, USDR, USDDex, etc. at launch stable coin would sell their coins to investors at a lower price to gain holders and grow like every other coin. However, the volume of most USD pegged coins are usually smaller, making it possible for them to sell out their coins and grow their price to $1 USD.

✅ Crypto Tools You Should Know of

One thing you must master a lot is how to pick the coins you buy. You need some tools or apps. To help you do your own research (DYOR) you need to know the following tools and how to use them.

✅ TrustWallet App

You need to download TrustWallet app from Google Playstore. Most of what we do in Crypto Lessons are done on TrustWallet. This wallet is also easy to use for a newbie. It’s the number crypto wallet, so you won’t miss anything if you use only it.

✅ Create Social Media Accounts

You will need the following social media accounts:

🔹️Telegram
🔹️Twitter
🔹️Reddit
🔹️Discord

Note that these are not mandatory but it’s helpful in following your crypto developers for more update on the project. And also to participate in any future airdrop.

✅ How to Find Contract Address

Each crypto token has a contract address (CA). To buy a token or setup the crypto coin wallet address on TrustWallet you will need to find the contract address.

🔹️The tool to use is https://bscscan.com
🔹️You can also use https://poocoin.app

On this site you can search for any token or coin and it will display details of any coin built on the Binance Exchange Protocol (BEP) or compatible token type. However, with popcoin you will need to click on the INFO button and click the token contract. It will still lead you to bscscan. The reason for going to through poocoin is to be sure it’s the exact token you want, not a copycat or clone token of the one you want.

✅ How To Buy Your First Crypto Shitcoins

TrustWallet is like your ordinary wallet. It only helps you hold your shitcoins coins. But it gives you a window to link up with other apps using the web browser or DApps feature on TrustWallet to buy any shitcoin you want.

If you can’t find PancakeSwap when you open the browser just type in PancakeSwap.finance in the web browser to open PancakeSwap. Another way to do this is to copy the buyer link of the coin you want to buy, if you have one and paste it in the browser to open it.

Some links will connect you directly to PancakeSwap to buy the coin, others might just open the coin company website and ask you to click on buy option, usually when it’s in presale mode.

🔹️ Change Network Option

At the top right corner of your screen you have the network logo. By default it shows Ethereum logo. You need to click on this logo and change the network to Smart chain network.

🔹️ Enter the Amount of BNB

The amount of bnb you chose determines the quantity of the coin you will get, based on the current coin price. It’s always advisable to buy already existing coins during their DIP. That’s when the price falls, rather than when the price is bearish or increasing.

🔹️ Change Slippage to Approved Percentage

The slippage percentage is the amount of Token Gas fee required for the transaction to be successful. This rates are different for each coin. Though some coins share the same percentage. The percentage starts from 0.1% to as much as 25%. You need to find out what the slippage rate for the coin you are buying is and use it to set your slippage rate.

If you use a higher slippage rate than what’s approved for your coin you only lose some coin but the transaction will be successful. But if you try using a lower slippage it will indicate an error.

🔹️Click Swap

Once you have set all the buying parameters in order, click on the SWAP button to continue to the next page for confirmation.

🔹️ Verify Transaction And Confirm

Here you need to verify that the quantity of coin you are paying for and the quantity you might likely get is agreeable to you. Once you are in agreement with the figures display, you click CONFIRM button.

🔹️ Verify Payment Amount and Confirm

The payment page gives you opportunity to verify the amount you are being charged for the transaction and the amount of network transfer fee payable for it. If the total amount to be deducted from your bnb is agreeable to you, then you go ahead and click the CONFIRM button. This leads to the successful completion of the purchase. The coins will be deposited in your defied coin wallet address as you requested.

✅ How To Setup Coin Wallet Address

There are best ways to get a token wallet address setup on trustwallet. You can search if the token already exist by copying the contract address and paste it into the token search box. The other best way is to set it up yourself. Let’s use ripple as an example.

Setup wRipple wallet. Follow the guide below:

To start the claim you need to first setup this coin on your Trustwallet. Use these parameters to set it up.

🔹️ Change Network to Smart Chain
🔹️ Enter the Smart Contract: 0xbbc9fa4b395fee68465c2cd4a88cde267a34ed2a
🔹️ Use Name: wRipple
🔹️ Use Symbol: wXRP
🔹️ Enter Decimal: 18

✅ How To Claim Free Crypto Shitcoin On TrustWallet

🔹️Open your TRUST WALLET. Make sure you have some BNB smart chain coin to pay for the network fee. If you don’t know how to setup coins on Trustwallet please ask questions.
🔹️After setting up the coin, Go to DApps
🔹️Copy the link and paste into your DApp search bar
🔹️Click to Change the Ethereum logo and Select Binance Smart Chain Network
🔹️Click on claim if you are claiming the free wRipple coin
🔹️Or enter the amount you want to pay if you are buying
🔹️Click Approve and connect your wallet
🔹️After its approved click Buy – The amount of wRipple will automatically transfer to your wallet

✅ Conclusion

Starting out as a newbie in Crypto investment may look too technical but it’s really not so. You just need to get used to how things are done here. Most people may give up just by looking at what’s there to learn and do. But they forget that it’s so simple that all they need to do is to get used to it.

However, your best chance at getting smarter in the crypto world is by practicing everything you learn as a newbie Crypto investor. The more you practice what you learn the faster you learn, and the easier you can remember next time what you did before.

Chinedu David
Chinedu David is a business consultant with experience in oil & gas, hospitality, IT & telecom, consumer products, business strategy, marketing and distribution. He was the telecom editor for SuccessDigest for over a decade. And founded Mystore, one of the indigenous online marketplace in 2013. Drop a comment below and he will respond to your query. He can also be reached via email: nedu@myblog.com.ng or Call/Text/WhatsApp: 07087770518
You may also like
How to Buy Cooking Gas Plant In Nigeria
How to Do Import-Export Business Right In 2021

Leave a Reply