New to Ethereum? You’re in the right place! This guide will walk you through the necessary steps of getting onboarded to the world of decentralized applications and experiencing everything the Ethereum network offers – like the Swapfolio staking and trading dApp!
To interact with the Ethereum network, you will need to own Ether (ETH). The easiest way to acquire ETH is to buy it on an exchange.
One important note is that you do not need to buy one full ETH. Ether is divisible down to 18 decimal places, so you are not required to purchase an entire ETH if you cannot afford one.
Now that you have ETH, you will want to send it to a wallet of your choice to store it and use it on the network. Wallets set up accounts for you. This wallet address is a randomly generated sequence and 42 characters long. These addresses are identifiable by their characteristic of always starting with 0x. MetaMask Accounts allow you to store and use ETH by generating transactions on the Ethereum network.
We recommend first moving your ETH to the MetaMask wallet. MetaMask is a browser extension that allows you to interact with Ethereum dapps inside Chrome, Brave, Firefox, or Opera.
After the MetaMask setup is complete, you now have a unique and randomly generated wallet address. You can go to Coinbase or your exchange of choice and send your newly acquired ETH to your MetaMask wallet address.
Setup Mobile Wallet (optional)
Ethereum wallets are recoverable via a random string of words. In the MetaMask setup above, the term seed phrase was about this combination of random words. It is possible to have this same account in multiple different wallets, including mobile wallets.
Try Decentralized Applications on the Ethereum Network
Now that you have ETH in a wallet of your own, you can use any of the innovative decentralized applications (often referred to as dApps) built on the Ethereum network.
There are many different types of applications built on Ethereum, but here are a few helpful suggestions to get started:
- Compound – Lend and borrow ETH or other tokens.
- Uniswap – Easily trade your ETH for other tokens on the most popular decentralized exchange (DEX).
- CryptoKitties – Collect and breed digital cats.
- Gods Unchained – Free-to-play digital trading card game built on Ethereum.
- OpenSea – A place to buy, sell, and discover rare new digital items, or NFTs.
- ENS: Buy an ENS name to give your address a more human-readable format (myetheraddress.eth).
Long-Term Security & Storage Solutions
As you continue to use Ethereum, you might start to acquire more ETH and other tokens. A good rule of thumb is to store larger amounts of crypto in solutions such as hardware wallets and smart contract wallets, which are more secure than custodial account wallets.
Hardware wallets are the most secure method for accessing your funds while online, as they do not expose your private key to the internet when signing transactions.
Smart contract wallets are wallets with unique abilities due to the power of smart contract functionality. They enable additional security and recovery features for users.
Check out the Swapfolio dApp HERE!
Experience everything DeFi dapps have to offer with the Swapfolio portfolio tracker and trading terminal. A simple, versatile, and easy-to-use dashboard – for all your daily trading needs.