Do you know cryptocurrency like Bitcoin, Ethereum or even Dogecoin?
In recent years, cryptocurrencies have evolved a lot and in recent months many investors are embarking on the CHALLENGE (decentralized finance). This tutorial explains how to get started in the CHALLENGE and Binance Smart Chain
- 1 Foreword concerning Cryptocurrency
- 2 What is the Challenge?
- 3 Step 1 – Open a Binance account
- 4 Step 2 – Install and configure METAMASK
- 5 Step 3 – Send BNB to your MetaMask
- 6 Step 4 – Discover the Defi platforms and Connect your Metamask Wallet
Foreword concerning Cryptocurrency
Cryptocurrency is a very risky investment! Indeed the volatility is important and this tutorial is by no means investment advice.
If you want to get started you have to only invest what you are willing to lose !
The CHALLENGE that we will discuss in this tutorial is risky! It exists more reliable platforms that are French obviously the returns are lower but in my opinion the projects are solid over the long term.
What is the Challenge?
DEFI is decentralized finance. These platforms make it possible to exchange cryptocurrency in a more or less decentralized manner. To date, the platform that is successful is the Binance Smart Chain
On the DEFI, developers can submit their projects and earn liquidity through investor placements. In return, a% of Token is returned to investors.
One of the strengths of the DEFI is the very high rate of return (sometimes more than 1000% per year).
The main drawback is the risk of loss of capital which is important ! But also the multitude of projects that are not audited. In some cases some developers left with the cash.
To summarize, the DEFI makes it possible to generate a lot of cryptocurrency but it is the jungle and the risk is very important.
Step 1 – Open a Binance account
To get to platforms like PancakeSwap it is essential to create your Binance account (this is platform number 1)
Binance allowsbuy, sell and trade Bitcoin but also full of cryptocurrencies. There is a specific token for this platform, the BNB.
BNB is used for pay your transactions on the Binance Smart Chain.
Once your account is created, you must fund your BNB account, the simplest solution being to take out the credit card to buy BNB (0.02). Indeed 0.02 BNB is the minimum amount that can be sent to your Wallet Metamask (see Step 2).
Step 2 – Install and configure METAMASK
Metamask is an extension that installs in your Web browser this extension allows you to create a wallet and connect to the BSC (Binance Smart Chain). You can also download theMobile Metamask application
Install the Metamask extension
The official link for the extension is here: https://metamask.io/
To download it in the application store, you must check the number of users so as not to download a infected extension.
Create your Metamask portfolio
Once installed, you have to create your wallet and note the “passphrase”
Set your wallet password.
Then you will have to write down your passphrase
Add Binance Smart Chain Network to Metamask
To use the BSC network, the following network must be added in Custom RPC.
Here are the elements to enter:
Network Name: Binance Smart Chain
RPC URL: https://bsc-dataseed.binance.org/
Channel ID: 56
Block Explorer URL: https://bscscan.com
Step 3 – Send BNB to your MetaMask
Every transaction you make on the Binance Smart Chain is paid in BNB so you need to have a small package of BNB in your Metamask wallet
Once you have your BNBs on Binance you need to send them to Metamask.
Select the BNB cryptocurrency on Binance then choose withdrawal:
Choose BSC (Binance Smart Chain) BEP 20 (BSC) format
In the address box you must paste your METAMASK address
Then enter the amount of BNB (minimum 0.02).
Once validated the BNB will be available on your Metamask in a few minutes!
Step 4 – Discover the Defi platforms and Connect your Metamask Wallet
Now that your BNBs are available, you will be able to have fun on the Binance Smart Chain by connecting to the DEFI platforms.
Be careful here you are in a dangerous world, platforms can very well set up biased contracts (and siphon your cryptos). This is why security audit are carried out by independent organizations.
To start, I advise you:
PancakeSwap (best known and most used platform)
Biswap (rising platform of the moment).
The platforms are numerous and I advise you to take a look on Twitter to be on the lookout.
You will notice that the sites are generally designed the same way.
On these platforms you can exchange the platform’s cryptocurrency (example of BNB against cake) then place it in a pool with a return of XX%.
Each movement (transaction) generates fees in BNB therefore avoid small amounts.
Connect your Metamask
At the top right you have a “Connect” button it allows you to connect your METAMASK wallet and read your available crypto.
Once logged in you can add crypto, remove crypto, trade crypto.
Trade, Staker, Farmer
To start you can simply exchange BNB for CAKE in the EXCHANGE menu
Once you have some Cake you can place them in a POOL. It is necessary activate pool (payment of transaction fees), press + and choose the amount to deposit (transaction fees also)