CRYPTOCURRENCY
MONEY TALKS
So the economy of Nigeria isn't in the best of shape right now and 'Sapa' is now the new normal but regardless, MUSE UPDATES won't fail to keep you updated on how to keep your finances afloat and from sinking into the slippery hands of Sapa. And one of the surest means to plugging yourself to legitimate and easy wealth is CRYPTOCURRENCY.
But you can't dive into what you have limited knowledge about, so here's a quick overview of what Cryptocurrency is. Enjoy your read😇
CRYPTOCURRENCY AND AIRDROPS
Definition
Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It's a peer-to-peer system that can enable anyone anywhere to send and receive payments. ... Cryptocurrency is stored in digital wallets. Cryptocurrency received its name because it uses encryption to verify transactions.
Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders. Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins.
4 Types of Cryptocurrencies.
Crypto can be classified into different categories, like;
- De-Fi
- NFT
- Utility tokens
- Store of value tokens like bitcoin and litecoin, and
- Yield farming tokens like Aave.
AIRDROPS
An airdrop is a distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses. Airdrops are primarily implemented as a way of gaining attention and new followers, resulting in a larger user base and a wider disbursement of coins.
How to claim Airdrops
First and foremost, you need to have some basic apps on your phone or internet enabled device like:
Trustwallet or Meta Mask
Telegram
Discord
YouTube.
Once that is done, move to setting up the accounts and saving up every password, they're very important.
How to set up Trust Wallet
Go to google play store, and type Trust Wallet in the search bar
You will see an app with the title "Trust", click on install.
After installation, click open.
Click on CREATE A WALLET
Mark the box that says "I've read and accept the terms of service and privacy policy" then click on "Continue
Mark the box that says "I understand that if I lose my recovery works, I will not be able to access my wallet", then click Continue.
After that, you will see Your recovery phrase numbered from 1 to 12, copy it and save it somewhere safe or write it in your diary. Then click Continue.
Now you will verify the recovery phrase you saved earlier by selecting each word in orderliness from number 1 to 12 into the box provided, for the app to confirm you saved the correct phrase. Then click Done.
How to add Coin wallet or Custom Token
Due to the sheer number of ERC-20 tokens out there, in some rare scenarios, the token may not appear on the wallet.
The following steps are to aid in manually adding a token.
Step 1. Access Search Token Screen
Tap on the toggle sign on the upper right corner of the Wallet Screen. Search for the token, and if the token is not available, you will get a "No Asset Found" screen with the Add Custom Token button.
For Android devices, you can scroll down to the bottom of the list of available tokens and you will see there + Add Custom Token.
Search for the token name then click on the token to add it to your wallet
Step 2. Get Custom Token Information
If the search could not find the token, this is what you will see below, then click on Add Custom Token
Step 3 Fill up Token Details
To use Add custom Token, you will need to have the Contract Address of the Token, then past it on the search box like the image below shows.
Note once you paste the contract address in the search box and clicked on "Paste", other information details would pop up automatically
About the Network, it depends on the network the Token given is built on, for this lesson, we will be talking mostly on Binance Smart Chain (BSC). So don't forget to change the network to Smart Chain because its network fee is very little compared to that of Ethereum. After that click Done
Token Successfully Added
On the main wallet screen, the token will now appear. Since this is still a new token, the logo, as well as the price, might not be available yet. The token has to be trading first and listed on CoinMarketCap before the price can be properly displayed on the App.
How to Claim Airdrops
Since most of the Airdrops are on Telegram, I'll show you how to claim Airdrops on Telegram.
1. Select on Airdrop bot link
2. A bot page will pop up and you'll be instructed to 'start'
3. You'll be asked to join the Group(s), Channel(s), Follow their Twitter links, Discord links (depending on the Airdrop), subscribe to their Youtube page, e.t.c then asked to submit your username for each of those apps where you performed the tasks.
4. Once done, you'll be given a certain amount of the Airdrop ( in very rare cases, you'll be able to withdraw to your Trustwallet straight without having to share your referral link but in most cases you will).
5. Once you've reached the amount you need to withdraw as a result of the referals, go back to the Airdrop bot and place withdrawals, withdrawals usually take 24hours- 48hours from the time you request.
6. On rare cases will an Airdrop be on hold for a period of time, but that shouldn't make you panic, it only means that's when it would be available to you and usually it's good because you don't know the value yet
Hope you found this article helpful?
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| A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. Sources and links for more info: |
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