Today the blog is gonna cover the first stepping stone to cryptocurrencies as there have been many questions about the different airdrops and tokens being discussed on our platforms. So to help navigate the landscape CryptoSwagDrop is gonna cover a few of the main blockchains and their
As always, we like to share our an album to listen to while you gloss over the blog entry, so lets crank up some Faine Jade and their fantastic 1968 released album titled Introspection
Let’s dive into this shall we. First of we’ll start with the big cheese, BITCOIN aka BTC.
Bitcoin is an SHA-256 cryptocurrency and the encryption method is a member of the SHA-2 cryptographic hash functions designed by the NSA. Bitcoin was the first decentralized cryptocurrency to gain mass adoption, for the most part so far, we’re working on that. Many ‘forks’ of Bitcoin have come since, many forks of bitcoin have come along since, in different forms of encryption and hashing algorithms. The main considered fork of bitcoin has been Bitcoin cash, which itself has been forked as well. CryptoSwagDrops could go on about the forks all day, so if you interested in that perhaps do a little more research on your own, for this blog’s purpose we are covering how to safely store many of these coins. To hold Bitcoin, or Bitcoin cash you need the corresponding wallet, Bitcoin.com has a fantastic wallet. The Bitcoin.com bitcoin/bitcoin cash wallet is available on the play store or on the app store. The reason CryptoSwagDrops recommends this wallet, is because it was created and designed by the same devs that work on the blockchain. Also, having a personal wallet like this means that you control the private keys to the wallet, instead of holding your coins on an exchange. If the exchange gets hacked and insolvent, there go your funds. It is always best to hold your coins in your own personal wallet. Head over to Bitcoin.com to grab a Bitcoin and BitcoinCash wallet.
Next up, let’s talk about all this crazy erc20, erc721, eth token, eth, token, etc nonsense. CryptoSwagShop is sure if you’re reading this blog you likely are interested in the airdrop phenomena sweeping the landscape. A lot of these projects are written on the ethereum blockchain, so they require an ethereum wallet. There is mass confusion with the different tokens, the way to send, the way to receive etc. It can be quite overwhelming when you dive in. Let’s try and keep this simple. Ethereum blockchain has many fantastic use cases, one of which is the ability for project devs to write tokens on the back of the blockchain, issuing their own cryptocurrency as a second layer on top of an existing blockchain. That adds instant chain security and mass mining of any token written on the chain. With all that in mind, it’s no wonder a lot these tokens are being spammed on the ethereum blockchain, not to mention now we have other types of tokens such as the ERC721 which is more like a collectible game token with a serial number issued on the blockchain, it is rare, but it is digital so physical interaction is limited to your wallet and decentralized app compatible device. This may all be a lot to take in as well, so like I said simple is the key. CryptoSwagShop recommends using the Trust wallet on your iOS or Android device, and we also recommend the metamask wallet for desktop devices. Both wallets will hold all the mentioned eth blockchain tokens, as well as ethereum itself. Here is a huge helping tip that many new folks don’t realize, your receiving wallet address can be used for ETH and all ERC20/721 tokens transfers, no need to make multiple addresses and multiple wallets. When someone asks you for your token or ethereum wallet address, it’s the same. It usually starts with a 0x then followed by random alphanumeric. That is your receiving wallet address for all eth related tokens. Make sure you write down your 12 seed pneumonic phrase, those are like the keys to your car, nothing moves without those keys. If you lose that phrase, you are how the French say, FUCT! So be careful, and for fuck’s sake don’t share those keys with anyone!
All this typing is taking a toll. So let’s get onto the last blockchain wallet I would like to cover today, Stellar XLM wallets. Same idea as the others, but a different algorithm and encryption once again. Getting a bit hairy eh? Don’t worry you’ll catch on. Stellar is pretty cool, and a lot of neat tokens and projects are coming to light on the XLM chain, some of which are KAVAcoin, ADBT, and the recently released Hopecoin, which we actually just covered in our airdrop section a couple days ago, hope everyone that caught that is enjoying their Hope coins. If you didn’t have a way to get that drop, here’s your chance to grab that wallet for the next XLM drop. CryptoSwagDrop recommends the LOBSTR wallet, they have a mobile app as well as a desktop client that you can access. They provide you with your 12-word seed so that you control the coins, not them. Inside that wallet you may trade as well, which is a nice feature – you don’t have to send your coins anywhere, just switch them up in the wallet in real-time @ current market values. Awesome.
There are many others we could cover, a insider’s tip to the guy’s that read this far, these three are great, but don’t forget about TRON….. heh, Stay cool cats. God Bless.