$150 Intro to Crypto

$150 Intro to Crypto

In a previous post I mentioned my question. Cryptocurrencies are growing; this is just a fact. SO, if you had $100 to invest in crypto, what would you do?

And I got back a wonderful reply ... one of the best things to do is to buy a tool to signal your interest in engaging the community; while pursuing participating however you can.

That really is the core value of what is being built, the communities.

The result has been my pursuit of purchasing canin.eth and canin.sol domain names

What's in a .eth or .sol name?

More information, perhaps even an entire online identity.

That's the curious part about web3; our identities are being virtualized, as our data was before us.

What the .eth address does initially though, is is a human-readable address to send Ethereum, or NFTs to my wallet :)

I'm trying to raise money right now; I love to learn about patterns, and play games – but I've been systemically deprived of the financial freedom most of my peers have experienced.

Crypto is oft spoken of as a great equalizer; so, let's test the hypothesis.

As I continue to dive further into the conversations and community, the address is also a location at which folks can tip me.

While currently Ethereum is ecologically expensive, they are rapidly moving towards less environmentally taxing process. (Moving from a Proof of Work to a Proof of Stake blockchain methodology.)

There is a very large ecosystem built on the Ethereum network; Solana being another up-and-coming ecosystem. While my interest in Solana stems from the fact that it is built using the Rust language; which I am very interested to learn.

Buying-In Through Coinbase

Coinbase is one of the industry leaders, along with Kraken, in terms of crypto-coin exchanges. Coinbase is considered to be more beginner friendly, so I've started there.

FTX US is an up-and-coming competitor. Speaking of ... Henri has a great Twitter thread, documenting he and his wife's entrance to the arena. https://twitter.com/hpierrejacques/status/1464740895006367750

Signing up for Coinbase, or any other exchange, does require quite a bit of information, including pictures of government id cards FYI.

Once this information is verified, you have two options to being buying crypto: debit card or bank transfer.

I made the stupid mistake of using a bank transfer. And I say stupid, because it takes nearly 7+ days for the transaction to process. Go with your debit card; it's so much quicker !!!

Also, check out the fees !!!

(This is an issue with crypto ... and institutional banking I suspect as well ... but ... here we are...)

You will incur fees for purchasing; as well another fee when you transfer the currency to your crypto wallet ... grrr ... is what is is though. We'll learn about some other ways to manage these fees in a future post.

Buying the .eth Domain

This has been a ride – but it is finally done; and I have about $18 in Ethereum left, $24 in Solana and $1.49 in USDC; the canin.eth and the canin.sol domains.

The equivalent of about $43; meaning the domains cost about $107 to acquire!!! What the fuck, right ?!? Like, why ?

What Ethereum calls gas fees, which are constantly fluctuating; the equivalent of transaction fees. The fees for canin.eth were about $50; along with with the transaction fees to withdraw the Ethereum from my Coinbase wallet ~ it adds up.

Lastly, $21.01 was used to purchase the canin.sol; plus approximately $5 for the .eth address. Leaving the additional gas and Coinbase fees equaling about $27.

Coinbase recently signed a Contract with ICE to track user purchases; Kraken or other portals will be reviewed soon. And FTX US, or FTX if you're outside the US.

Buying the .sol Domain

This was actually confusing, while there seem to be some considerable differences in how some of these addresses are currently registered internationally, and could be registered internationally.

While the simple fact of the matter, it's all up in the air right now ...

The other complaint about Solana is that it is centralized ... moreso than Ethereum; with many investors holding many of the coins, in fact. Though I'm not entirely well-versed on what's happening, so I'll digress.

Save to say, perhaps the centralized corporate nature of it will enable the address to be maintained; they are doing nifty things with these addresses.

The Process

Ok, first, I needed to have a little Solana $1, no more to fund the transaction; as well $20.01 USD to pay for the domain. Though it is a pay for life purchase, in theory.

The domain goes on auction for a 7 days, at which point someone else can begin upp-ing the price. It's an odd mechanism, and I've heard arguments both for and against; typical of anything really ... either way, On the eighth day, the transaction when through ...

And I've also received an NFT using the address; so I know it works.

Whereas with the Ethereum address, it will take two more transactions complete.

This means, to directly connect the canin.eth namespace to my specific wallet.

Though, I did get lucky – ENS recently distributed their token to everyone who held a .eth namespace on the last day of October. I've yet to claim my tokens, and will wait until ETH has move to Proof of Stake to do so; though they are now hovering between $1-2,000 worth of value ...

In conclusion,

This piece will continue to be updated; I'm sorry it's so incomplete.

Though it also provides an introduction to some of my thoughts and approach to the web3 space. I'm not wealthy, and I've never held a job in tech for more than six months ...

While I like the position, the ability to learn; and hopefully help others into these spaces as well. Safely and securely.

Before the aspiration was to help on-board to tech; and this has really just become an extension of that ... so, here we go !