🌠 Demystifying Buying Crypto on Different Blockchains?

🌠 Demystifying Buying Crypto on Different Blockchains?

Ever wake up one morning and think to yourself:

“Jeepers self, I know all about Metamask and the Ethereum Blockchain… why would I want to consider any OTHER blockchain in my wallet?”

If so you’re definitely not alone – Crypto has evolved ‘waaaay beyond Bitcoin, Ethereum and more!

That’s why you’ll love the following (and be sure to return back once you’re done so you can benefit from the additional resources I uncovered for you):

community.metamask.io/t/how-to-add-custom-networks-to-metamask-like-binance-and-polygon-matic/3634

There, you’ll discover goodies like:

“…Different blockchains can be used for different needs. As the industry evolves, many will specialize in different use cases. Broadly speaking, blockchains can specialize via three avenues: scalability (high throughput), decentralization, or security. This is known as the security trilemma, and it states that blockchains can have 2 of 3 properties, but not all three. This is called the security trilemma.

A blockchain-based video game with a high volume of small transactions will have different needs than a borrowing/lending protocol. The video game will need high throughput and be willing to sacrifice a bit of security. The borrowing and lending protocol would value security and decentralization over higher throughput. The real-world effects of this trade-off are that less scalable blockchains lead to higher gas but are more secure.

Each network typically has its own custom token used to pay for network activity. Ethereum uses ETH (Ether). Binance uses BNB. MATIC is the native token for Polygon…..”

Good stuff!

You see, not *everything* crypto is available on the exchanges. Coins are any cryptocurrency that has a standalone independent blockchain (Bitcoin, Ethereum, XRP, …), while tokens are cryptocurrencies that do not have their own blockchain but live on another blockchain.

Learn more about the above at
www.ledger.com/academy/crypto/what-is-the-difference-between-coins-and-tokens

Anywhos! With all the evolutions are that happening at the speed of Warp Factor 9.9, it simply makes sense to learn *how* to add new blockchains (ideally before you need them, so they are present when required!).

And with the way crypto is evolving, you can now buy coins/tokens tied to projects that to:

DeFi

Gaming

Marketplace

Cloud Computing

etc.etc.etc.

The thing is, to buy tokens that exist off of other blockchains…. you need to either FIRST have those blockchains in your wallet…

… or use a site like

changelly.com/

Let’s consider proactively adding custom networks to your Metamask. Here’s an easy way to do it!

For each network, Metamask requires:

Network Name:
New RPC URL:
ChainID:
Symbol:
Block Explorer URL:

And luckily, there are 4 networks on the original page of

community.metamask.io/t/how-to-add-custom-networks-to-metamask-like-binance-and-polygon-matic/3634

that is spelled out right in front of you. Smile

So!

First, open your Metamask and click on the default network shown (Ethereum Mainnet). You’ll see a button called “Add Network”.

Click on that.

From there, you’ll be able to fill on those 5 fields I mentioned earlier! ie for Binance Smart Chain, you’d add:

Network Name: Binance Smart Chain
New RPC URL: bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: bscscan.com 461

Fill that in, add the network and then boom, should you want to buy a token that is built off of, say, Binance, you would just switch your Metamask network from Ethereum Mainnet to Binance Smart Chain.

Neat!

Your takeaway?

There are SO many ways you can now invest in crypto via different networks…

Why not take advantage of that today?

Enjoy!

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