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Getting Started In Crypto and Web3 Beginners Guide
Getting started in crypto can seem light a daunting task as there’s a lot to learn. Often, people get frustrated because they don’t even know where to begin. In this guide to “Getting Started in Crypto and Web3”, we’ll break it down step-by-step so that you’ll be operational in no time. Blockchain technology is here to stay so now is a great time to dive-in and learn the fundamentals. The best way to get started, is to purchase and self-custody your own cryptocurrency so let’s talk about how to do that now…
Create a Coinbase Account to Begin Your Journey into Crypto and the Web3 World
Step 1. Create an account with Coinbase and purchase your desired cryptocurrency.
The first step in getting started in crypto is opening an account with an exchange like Coinbase. If you’ve ever purchased stocks, Coinbase is very similar to an E-Trade or Fidelity. It’s a centralized exchange that offers a wide-range of cryptocurrencies available for purchase.
Once your Coinbase account is set up, you’ll want to go ahead and make your first purchase. Coinbase has a large selection of popular crypto like Bitcoin, Ethereum, Sei, Avalanche, Fantom, Sui, TAO, and Dogecoin. In this example however, we’re going to buy some $SOL (Solana) which is a layer one blockchain that’s known for it’s speed and vibrant ecosystem. We believe that Solana has high upside as there are many DAPPS (Decentralized Applications) built on it and the userbase is steadily growing. Current use cases for $SOL include but are not limited to; NFTs, DeFi, SocialFi and more. Purchasing Solana or any crypto on Coinbase is very easy and here’s how to do it…
Click on “Trade” > find the Cryptocurrency you’d like to purchase which is Solana in this example > Enter the amount in US Dollars you’d like to buy > click “Preview Buy” > review the transaction and click “Buy Now” > It will take a few seconds for the purchase to go through > click on “My Assets” and you’ll see the $SOL in your account.
Please note: Coinbase is a popular centralized exchange and it’s the only one that is publicly traded. However, there are other good crypto exchange options as well some of which include: Gemini and Kraken.
Create a Self-custodial Web3 Phantom Wallet
“Not your keys, not your crypto” is a phrase you’ll hear often in the Web3 world and it’s true. If you don’t self-custody your digital assets, you technically do not control or own them. They’ll always be at risk of a FTX type situation where a centralized exchange goes under. Therefore, while CEXs (centralized exchanges) are great for onboarding new people into cryptocurrency, you’ll want to take full ownership by transferring your Solana from an exchange like Coinbase to your self-custodial Phantom wallet. The first step in that process is downloading and installing the Phantom Wallet. It works on multiple browsers which include; Chrome, Brave, Firefox, and Edge. Phantom is cross-chain compatible out-of-the-box with Solana, Ethereum, and Polygon which is a huge improvement in the space. Other great features of Phantom include fast Sui token swaps, easy NFT showcase ability, staking options in wallet, and more!
Watch our video below for step-by-step instructions on how to create a Web3 Phantom Wallet…
How to Change Phantom Wallet Account Name: Once logged into your Phantom wallet, you can easily change the Account name.
In addition to updating the Account Name, you have the ability to have multiple accounts within the same Phantom wallet and here’s how to do that… Hover-owner “Account 1” at the top of the wallet > click the edit symbol > click Account Name > change the name to anything you’d like and click Save.
How to choose your preferred Solana Block Explorer: In your Phantom wallet settings, you have the ability to choose the Solana Block Explorer of your choice. For example, when you perform any type of transaction in Phantom like sending $SOL to another wallet, you can choose which Solana block explore is used. Here’s how to do that… In your Phantom wallet click on the three lines at the top-left > click Settings > click Preferences > click Preferred Explorer > choose your preferred default explorer from the list.
Phantom Wallet Preferred Solana Explorers include the following… Solana Beach, Solscan, Solana Explorer, Solana FM, and XRAY.
How to Log Out of your Phantom wallet: Make sure to always log out of your Phantom wallet when not in use and/or leaving your computer or phone unattended. Here’s how to do that… At the top-left of Phantom click the 3 horizontal lines > click Settings > click “Lock Wallet”.
Please note: MetaMask and Xverse are also great wallet option that gives you access to all of the web3 decentralized applications. If you’re looking to self-custody Bitcoin and enter the world of Ordinals or STAMPS, then check-out our Xverse wallet tutorial.
Transfer Solana from Coinbase to your Self-custodial Phantom Wallet
Self-custody is one of the things that makes crypto so special. It means that you fully control your digital assets, whether that’s coins or Solana NFTs or both. Phantom never has access to the contents of your wallet but they do fully secure it. Take full control over your digital assets by pulling them off of centralized exchanges like Coinbase and holding them in your Phantom wallet where only you have the Seed Phrase / Secret Recovery Phrase / Private Keys. In the example below, we’ll send Solana ($SOL) from our Coinbase account to our Phantom wallet…
Log into your Coinbase account and click “Send & Receive” > enter the amount of $SOL you’d like to send > Open your Phantom Wallet, log-in and hover-over your Account at the top of the wallet > Copy your Solana address > back in your Coinbase account, paste your Solana address in the “To” field > click “Preview Send” > review the transaction and make sure it’s your Solana address that came from your Phantom wallet > click “Send Now” > you’ll get a text message from Coinbase with the verification code > enter the code and your Solana will be sent to your Phantom wallet
Watch our video below for step-by-step instructions on How to Transfer Solana from Coinbase to Phantom…
Please note: Make sure you have at least 3 copies of your Phantom wallet “Secret Recovery Phrase” and Password stored in multiple locations. Decentralization of your digital assets and the information to access them is key in Web3. Create a system with back-ups built in that works best for you. There is no “Forgot Password” functionality in crypto. You must take full ownership and responsibility.
Related tutorial: How to Send Solana from a Phantom Wallet to a Ledger Nano X Hardware wallet.
How to Swap Solana $SOL for $USDC in the Phantom Wallet
$USDC is a popular stablecoin that trades one-to-one with the US Dollar. The Phantom wallet makes it really easy to swap Solana or any token for $USDC which is an important tool to growing your crypto stack. For example, if you hold Solana, and the price goes up, you might want to swap some to USDC to lock in your gains. Watch our video below to see how easy it is to swap $SOL for $USDC within the Phantom wallet…
Please Note: The video above showed how to swap Solana for USDC but the process is the same for all tokens. The important thing to remember is to take your time and make sure you’re swapping the correct tokens and the correct amount.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
