what is DIFI, from where and how to buy your cryptos, what else you can do with your cryptos read my blog post

what is DIFI, from where and how to buy your cryptos, what else you can do with your cryptos read my blog post

How to buy cryptos? Apps are CoinDCX, CoinswitchKuber, Coinbase, and the best way is to use wallets like Metamask.

What are wallets?

A place where you hold your tokens/cryptocurrency

there are two types of wallets hot and cold

hot — Metamask you have your privates keys

cold — Coinbase, CoinDCX you don’t have your private keys

CoinDCX:

  • SEND
  • if you brought some ETH/other crypto coines with this app there is no way to send those tokens to your hot wallets like Metamask
  • SELL
  • YES with some Charge “really bad”
  • BUY
  • YES with a monthly limit of 10000 RS most of the time bank transactions/ UPI mostly closed since last 2 months it been closed

overall UI/UX is awesome good for beginners but don’t invest too much with this there are some awesome things read more about them below

CoinswitchKuber:

  • SEND
  • Possible with quite high transaction fee but it’s been closed by the time of writing this
  • SELL
  • YES quite easy No transaction fee
  • BUY
  • Yes only with Bank transfer UPI is closed since I started using it 8 months back

overall UI/UX sucks but for experimenting its good

Coinbase:

-SEND

- YES and trasaction fee is exceptable

- SELL

- YES

- BUY

- here in india it is not possible to buy

overall UI/UX is quite good

but if you ask me and if you are from India go with CoinDCX but remember you can’t send your token to other wallets with this

and I only recommend these “Cold wallets” to noobs and just to get a taste of cryptos but if you want some real fun and learning and you are a technical person go with hot wallets like Metamask

from my learning don’t spend more than 10–20% of your crypto budgets with these platforms start learning more about

DIFI — Decentralize finance, think of every possible centralized financial system, and make it decentralized using cryptography, blockchain, and smart contract/code on the blockchain.

The above mentions “cold wallets” are good for mass adoption but I think they won’t represent the true fundamentals of DIFI like

  • true ownership/control with them you don’t own your token cause you don’t have “YOUR PRIVATE KEY” so any money you invest with them they can do anything with it and nothing you can do just disappear
  • higher interest rates — yes it is very possible that you invest your tokens and earn some interest with them [‘Do your own Research’]

and number of opportunities is lesser because CEX [centeralized exchange] like it is slow companies like Coinbase have to check new tokens before they can add them to their platform CEX you got the point “They won’t seem decentralized to me”

but all these DEX already have them hence a lot of awesomeness [‘Do your own Research’] is there

Now there is a lot of amazing things is amazing in Defi lending/borrowing is awesome cause now with things like flash loans anyone is a whale in a sea you got millions of $ if you return it in same transactions “topic for another post”

all these basic infrastructures like Metamask, paying the gas fee for everything makes initial onboarding somewhat difficult for new people and if you are not technical or semi-technical things are hard. Even for me most of the time things were not making any sense.

so many companies just added web3, blockchain cryptos to their name but I don’t think so they are truly what they are

a crazy idea if that’s possible that would be amazing to see in 2022

If Chromium/Android nativity supports connection with web3 that would be awesome so we don’t need extensions like Metamask hence removing friction layer 1 this might cover 60–70% of devices. Well for apple I don’t care cause they do what they want to do and people just follow them

The resource to learn more about these amazing topics

@WhiteboardCryp1

this one has no coding thing but the way he explains hard topics is the best I find so far [‘The best’]

@MoralisWeb3

everything you want to learn about web3 they have a great youtube channel amazing blog posts

@_buildspace

awesome if you want to learn by building things which is so far the best way to learn

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like to create things,and some time to break them to get indepth knowledge,stronly believe in learning never exhaust the mind

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anish jain

like to create things,and some time to break them to get indepth knowledge,stronly believe in learning never exhaust the mind