May 19th 2022| Mike Humphrey

What is Avalanche (AVAX)

Avalanche is a layer 0 blockchain with an open, programmable smart contracts platform for decentralized applications. Launched in September of 2020 by  New York based  AVA labs, it is currently the third largest blockchain by TVL with over 200+ DApps.  The flourishing community includes platforms like Curve, Trader Joe, Pangolin, Aave and even Defi Kingdom’s Crystalvale. Avalanche has been built a little differently than many of the other Ethereum alternative block chains.  It runs on the Ethereum Virtual Machine, but consists of the 3 chains that each perform different functions.  They are X-Chain, P-Chain and C-Chain.  X-Chain is used to exclusively create and exchange tokens. P-Chain coordinates Avalanche validators and creates subnets (where developers can create their own proprietary blockchains secured by the Avalanche network). C-Chain executes and allows interaction with smart contracts and Defi protocols.

AVAX is the gas token for the Avalanche chain.  With it you can pay for transactions on the network. Below we will guide you on how to Buy AVAX and transfer it to a web wallet that will allow you to interact with the DeFi protocols on the Avalanche network.

Avalanche Wallets

Because Avalanche works on EVM, any Ethereum compatible wallet will work with Avalanche. Metamask due to its popularity and ease of use is a good choice (How to Add Avalanche to Metamask).  Below is a list of some of the wallets that will work on Avalanche.  For more information read our article about cryptocurrency wallets.  We also recommend purchasing a hardware wallet to secure your funds. Ledger and Trezor both offer Metamask compatible hardware wallets. Read our article about how to keep your crypto safe to find out what you can do to prevent your crypto from being stolen.

• Metamask
• Trust Wallet

Where to Buy AVAX Crypto

1. Buy AVAX Token on an Exchange

   In order to buy AVAX with FIAT you will need to purchase the token from an exchange. Once bought, you can then transfer the token from your exchange wallet to your personal wallet. There are many exchange options available including Coinbase, Kucoin, Kraken, Bitfinex and more. If you have a Crypto.com account, you can purchase AVAX directly with a credit card, bank transfer or crypto and send it to your web wallet with zero transaction cost. Below is a step by step  guide on how to purchase and transfer AVAX using the crypto.com app.  If you sign up with our link you will receive a 25USD$ credit in your account as do we.  You can read our article about how to buy crypto currency if you want to know more about the other options available. 
   **NOTE:You must set up your crypto wallet on Avalanche C-Chain before you can receive your tokens in your wallet.**

   Crypto.com How To

   1. Buy AVAX

      To purchase AVAX sign into the Crypto.com app, choose Accounts from the bottom bar and select buy. On the next screen search for and select AVAX.  Once selected you can then choose your payment method and the amount you want to purchase. Click purchase.
      

   2. Transfer AVAX to Web Wallet

      Once the transaction is complete, you will have AVAX in your crypto.com wallet. In order to use the AVAX with DeFi protocols, you will need to move the AVAX to your personal wallet. To do this again selects Accounts at the bottom of the screen and then select Transfer.  Choose to Withdraw and then select External Wallet.
      

      Click the + icon in the top right to add your web wallet to the Whitelist and then choose Wallet Address.  You will be asked to choose which cryptocurrency you want to withdraw, select AVAX.

      
      In the new pop-up window, choose AVAXC as the network (this will transfer your assets to C-Chain), and enter your wallet address.

      **Note: if you do not choose AVAXC your tokens will be transferrred to the wrong chain!**

      We recommend adding your wallet using the QR code scanner to prevent errors.  You can also add a wallet name so you can distinguish the wallet later on.  Click continue and follow the required steps.  If you have 2FA activated, you will need to enter your security code to complete the transfer.
      Crypto.com will confirm the transfer and your funds will appear in your wallet (this may take some time). You may need to add the AVAX token address to your wallet before your balance is visible in your wallet.  Follow the add token section in our Add Avalanche to Metamask article

2. Avalanche Bridge – Transfer to Avalanche

   If you already own crypto and want to transfer it to Avalanche you can bridge the assets over.  Your tokens will be wrapped into the Avalanche chain equivalent at the same value.  There are several options available to move your funds from one chain to another. You will require AVAX in your wallet before you can perform transactions on Avalanche. You can either purchase it from an exchange, or swap your tokens on another chain for wrapped AVAX and bridge the wrapped AVAX to Avalanche.  The AVAX will be unwrapped once the transfer is complete and can then be used for gas fees.

   • • Avalanche Bridge (From EthereumMainnet)

       The Avalanche Bridge can transfer ERC20 tokens from Etherum Mainnet.  The other benefit of using the bridge is that if you move 75USD or more to Avalanche you will receive an AVAX airdrop that will cover the cost of your first couple of transactions.  This means you can transfer any asset and then swap it for enough AVAX once you are on C-Chain. If you are transferring from a chain other than mainnet (Polygon, Fantom, Arbitrum, Harmony etc) use one of the other options below to avoid the high cost fees on Ethereum.

     • Synapse (Multi-Chain)

       Synapse is a cross chain swap protocol that allows you to transfer directly from one chain to another. Synapse also has cross chain pools as well as their own nUSD & nEth wrapped tokens.  Use synapse if you have cryptocurrency sitting on another chain and you want to transfer it directly to Avalanche.

     • Anyswap (Multi-Chain)

       Like synapse, Anyswap is a cross chain bridge that allows you to swap directly from one chain to another.

Avalanche DEX’s  – Swap for AVAX Tokens

Once you have funds on Avalanche C-Chain, you will need AVAX tokens in your wallet in order to pay gas fees.  You will need to use a swap protocol to trade your bridged tokens for AVAX.  The following are some major swap protocols on Avalanche.  All three platforms offer liquidity pools, farming and staking opportunities as well.  Be sure to check out some of the great yield farming opportunities.

• • Pangolin
    
  • TraderJoe
    
  • Curve Finance

Welcome to Avalance

What do you think of Avalanche? Whats your favorite protocol? Let us know in the comments below!

Mike Humphrey

Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.

I’m also an avid outdoor adventurer!

MykHumphrey.com

mykhumphrey.com

May 9th 2022| Mike Humphrey

What is Metamask

Metamask is a web3 cryptocurrency wallet that allows users to store ERC-20 (Ethereum based) tokens and interact with decentralized applications.  Metamask interacts with EVM blockchains, including Ethereum Mainnet, Binance Smart Chain, Polygon, Avalanche, Harmony and Fantom.  With a web3 enabled wallet users can engage with DeFi Apps and crypto games.  Link your wallet to protocols through their websites, and communicate directly with the blockchain.  Find out more about cryptocurrency wallets and Metamask.

What is Avalanche

Avalanche is a layer 2 solution blockchain and an open, programmable smart contracts platform for decentralized applications.  Launched in September of 2020, it is currently the third largest blockchain by TVL with over 200+ DApps, including Trader Joe, Pangolin, Aave and Defi Kingdoms Crystalvale.

Avalanche has 3 main chains that each perform different functions. They are X-Chain, P-Chain and C-Chain.  X-Chain is used to create and exchange tokens.  P-Chain coordinates Avalanche validators and creates subnets.  C-Chain executes and allows interaction with smart contracts.  In order to use DApps on the Avalanche network we must add Avalanche C-Chain to Metamask.

Add Avalanche to Metamask

In order for Metamask to interact with contracts on Avalanche, we will need to add the C-Chain network RPC.  This will allow Metamask to interact with the blockchain and gives it the ability to send and receive transactions, and sign contracts. Follow the steps below to add Avlanche to Metamask

1. 1. Open Metamask

      Open Metamask and click the drop-down menu in the very center of the top of the window.  This is the network selection menu.  At the bottom of the menu click the Add Network button.
      

   2. Avalanche to Metamask C-Chain RPC details

      A new window will pop up where you will be able to enter the network settings.  This is where we will input the Network name, RPC, Chain ID, Currency Symbol and Block Explorer URL. Not all of the details are mandatory, but filling them all in will make Metamask easier to use later.

      

      The Avalanche c-chain network details can be found in the following table. You can copy them into the corresponding fields in Metamask.

      Network Name	Avalanche Network
      New RPC URL	https://api.avax.network/ext/bc/C/rpc
      Chain ID	43114
      Currency Symbol (Optional)	AVAX
      Block Explorere URL (Optional)	https://snowtrace.io/

      The currency symbol AVAX, is the gas fee token for the Avalanche network.  The explorer URL will allow you to check the status of transactions directly from Metamask.  We recommend adding both.

Add Missing Coins

Once the Avalanche network has been added it should auto-detect your coins.  If this does not happen, you can manually add coins to Metamask. In the Assets tab, scroll down to the bottom of the list and click on import tokens.

A new window will open asking for the token contract address, token symbol, and the number of decimal places.  Token addresses can be found using the Avalanche C-Chain block explorer snowtrace.io.

You can search for any token by its symbol, name, or address.  Simply type it into the search bar.  Once found, copy the address of the token and paste it into Metamask.  Enter the symbol, choose the number of decimal places and click add token.

Conclusion

Now that you have successfully been able to add Avalanche to Metamask you are ready to buy some cryptocurrency and take advantage of the amazing low fees, speeds and the over 200+ apps available on the Avalanche eco system.

What protocols most interest you on Avalanche? Let us know in the comments.

Mike Humphrey

Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.

I’m also an avid outdoor adventurer!

MykHumphrey.com

mykhumphrey.com

December 6th 2021| Mike Humphrey

What is Gas in Crypto

What is Gwei

If you have ever created a transaction on Ethereum, you may have noticed that gas prices are shown in Gwei.  Gwei is the smallest possible unit of Ethereum.  1 Gwei is equal to 0.000000001Eth or 10^(-9) Eth.  Conversely 1 Eth is the equivalent of 1 billion Gwei.  Gwei is a useful denomination for calculating Ethereum gas prices.

How to Check Ethereum Gas Prices

Before sending a transaction, you may want to check the current gas prices.  There are several websites that monitor the current and historical gas prices on the Ethereum network.  If you are performing transactions on the Ethereum mainnet where fees can be quite high it’s worthwhile looking for optimal time windows.

• ethgastation.info
• ethereumprice.org

Metamask Gas Fee Settings

When performing a transaction using a Metamask wallet, the gas fees are automatically chosen for you. To modify the recommended rates click on edit above the gas fees in the approval window.

If you are going to decrease the gas price, it’s recommended that you double check one of the sites above, to see whether your settings are too low.  Network congestion and low fees are causes of stuck transfers.  If you have set your gas price too low, your may have to fix a stuck transaction.

FAQ

Why Are Ethereum Gas Prices So High?

Ethereum gas prices fluctuate based on demand.  The more people looking to perform transactions at the same time, the higher the gas price.  If you are looking for lower gas prices, try using Etheruem during non-peak hours, or look at using one of the many layer 2 options.  Layer 2 solutions use different techniques to lower prices and increase speeds. Polygon, Avalanche, Fantom and Optimism are several of the many solutions currently available.  Thinking of moving to Polygon, read our Polygon Bridging Guide.

What is ETH 2.0 and will it decrease gas fees?

Eth 2.0 is the transition of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS).  Proof of Work requires crypto miners to use computers to solve mathematical equations in order to validate the block chain.  Proof of Stake on the other hand validates transactions with staked Ethereum.  The transition to Eth 2.0 is expected to decrease gas fees.  Validators will no longer have to pay for energy intensive mining, which reduces the cost required to validate transactions.  This being said, currently there is only a small portion of Eth staked, and there will likely be a spike in gas fees during the transition, until sufficient Eth has been staked.  Like PoW, supply and demand will dictate the amount of Eth staked vs gas fees.  As demand increases high gas fees will be paid, which increases the return on staked Eth, making staking a more attractive investment.

Have you staked an Ether? Let us know in the comments

Mike Humphrey

Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.

I’m also an avid outdoor adventurer!

MykHumphrey.com

mykhumphrey.com

November 29th 2021| Mike Humphrey

What is Harmony (ONE)

Harmony (ONE) is an Ethereum layer 2 solution that is fully EVM compatible.  Started on the Binance Launchpad, it went live in May of 2019 as a decentralized blockchain platform.  It’s goal is to bridge scalability and decentralization for fungible and non-fungible tokens.  It combines low gas fees (paid in ONE token) and fast transaction speeds.  Harmony (ONE) is home to the crypto gaming platform DeFi Kingdom.

Harmony Wallets

Any Ethereum compatible wallet will work on the Harmony (ONE) network. We recommend Metamask due to its popularity and ease of use.  Below is a list of wallets that will work on Harmony.  For more info and other wallet options read our article about cryptocurrency wallets.

• Metamask
  • How To Add Harmony to Metamask
• Harmony ONE Wallet
• Trust Wallet

How to Transfer Funds to Harmony

In order to start using Harmony you will need to transfer funds to the Harmony network.  You can do this in one of two ways – purchasing on an exchange or transferring from another network through a bridge.  If you already have funds on Mainnet or on another layer 2 solution proceed to Option 2.

1. Buy ONE Token on an Exchange

   In order to send funds from an exchange to Harmony you will first have to purchase the ONE token.  If you have a Crypto.com account, you can do this directly without fees.  See the guide below for purchasing and transferring ONE from Crypto.com to Harmony.  Prior to doing this, you must set up your wallet on the Harmony Network (Harmony to Metamaks Guide).

   

   Crypto.com

   1. Purchase One

      To purchase ONE sign into your Crypto.com app, and select buy.  Search for the ONE token.  Once selected, choose your payment method, the amount you want to purchase and click purchase.
      

   2. Transfer One to Harmony Wallet

      Once the transaction has been approved and gone through on Crypto.com, you can then transfer directly to your wallet.  To do this, open the app, and choose transfer.  Select withdraw, and choose an external wallet as the destination.
      

      Add your wallet to the white list by clicking the + symbol in the top right and choosing wallet address.  Select the ONE token.

      
      In the new pop-up, choose ERC20 as the network, and enter your wallet address. You can use the QR code and camera on your phone to prevent entry errors.  Add a wallet name so you can distinguish the wallet after.  Click continue and follow the required steps.  If you have 2FA activated, you will need to enter in your security code to complete the transfer.
      Crypto.com will confirm the transfer and your funds will appear in your Harmony wallet.  If you are using Metamask, you may need to add the ONE coin before you will be able to see it in your wallet. (Harmony to Metamask)

2. Bridge Funds to Harmony

   If you already have funds, or ERC20 tokens on a different chain that you would like to transfer to Harmony, you can bridge these assets over.  Be sure to check the list of Harmony’s ERC20 (HRC20) tokens before transferring.  Depending on the location of your assets, there are different bridging protocols available.

   • • Harmony Bridge (Mainnet & Binance)

       The Harmony Bridge can transfer ERC20 tokens from either the Binance Smart Chain or Etherum Mainnet.  Be aware if you are transferring from Ethereum Mainnet, the fees may be quite high.  If you are transferring from a layer 2 (Polygon, Fantom, Arbitrum, Avalanche, etc) use one of the other options below that allow you to transfer directly without having to go through the Mainnet.

     • Synapse (Multi-Chain)

       Synapse is a cross chain swap protocol that allows you to transfer directly from one layer 2 solution to another.  Synapse also offers several cross chain pools as well as their own nUSD & nEth wrapped tokens.  Use synapse if you have funds currently sitting on an L2 chain that you wish to transfer to Harmony.

     • Anyswap (Multi-Chain)

       Like synapse, Anyswap is a cross chain swapping protocol that allows you to bridge assets from one layer 2 solution to another, without the fees of going through the Ethereum Mainnet.

     • Terra Bridge (Terra)

       For users of the Terra ecosystem, the Terra bridge allows you to send assets from Layer 1 to Terra, as well as from Terra to Harmony or Binance.  If you have assets on the Terra ecosystem that you want to transfer to Harmony, the Terra bridge with its low fees is the best option.

Where to Buy One Token

Once you have funds on the Harmony chain, you will need to have One token in your wallet in order to pay gas fees.  When you first bridge funds to Harmony you should receive an airdrop of ONE that can be used for your first transactions.  In order to get more you will need to use a swap protocol.  The following are two swap protocols active on Harmony.

• • Sushiswap
  • ViperSwap

Have you transferred funds to Harmony? Whats your favorite layer 2 solution? Let us know in the comments

Mike Humphrey

Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.

I’m also an avid outdoor adventurer!

MykHumphrey.com

mykhumphrey.com

November 25th 2021| Mike Humphrey

What is Metamask

Metamask is a web3 enabled browser cryptocurrency wallet.  Metamask connects with all Etherum based blockchains, including Ethereum Mainnet, Binance Smart Chain, Polygon, Arbitrum, Fantom and of course Harmony.  With a web3 enabled wallet users can engage with DeFi Apps and crypto games.  Link your wallet to protocols through their websites, and communicate directly with the blockchain.  Find out more about cryptocurrency wallets and Metamask.

What is Harmony

Harmony is an Ethereum layer 2 solution, that offers fast transaction speed and low gas fees.  Harmony began development in 2018 on the Binance Launchpad, and went live May of 2019.  Harmony supports fungible and non-fungible tokens and runs on the Ethereum Virtual Machine.  Harmony is the home of crypto game DeFi Kingdom.

Harmony To Metamask

In order to add Harmony, we will need to add it’s network RPC to Metamask.  This will allow Metamask to send and receive transactions from the blockchain.

1. 1. Open Metamask

      Open Metamask and click the drop-down menu in the very top center of the window.  This is the network selection menu.  At the bottom of the menu you will see an add network button. Click this button.
      

   2. Enter RPC Details

      A new window will pop up. In this window we will enter the network settings for Harmony, including the Network name, RPC, Chain ID, Currency Symbol and Block Explorer URL. Not all of these details are mandatory, but filling them all in will make Metamask easier to use later.

      

      The following table has the details for the Harmony network. You can copy them into the corresponding fields.  There are multiple options for the RPC and Chain ID fields; choose only one when you enter the information.  Periodically the RPC can become congested and you may need to shift to an alternate RPC.  If this happens, replace the existing RPC address with one of the alternates provided below.

      Network Name	Harmony Mainnnet
      New RPC URL	https://api.harmony.one https://s1.api.harmony.one https://s2.api.harmony.one https://s3.api.harmony.one
      Chain ID (use number only)	Shard 0: 1666600000 Shard 1: 1666600001 Shard 2: 1666600002 Shard 3: 1666600003
      Currency Symbol (Optional)	ONE
      Block Explorere URL (Optional)	https://explorer.harmony.one/

      The currency symbol ONE, is the token that will be used for gas fees.  The explorer URL allows you to check the status of Harmony network transactions directly from Metamask.  We recommend adding both.

Add Missing Coins

Once the network has been added it should auto-detect your coins.  If this does not happen, you can manually add coins to Metamask.  In the Assets tab, scroll down to the bottom of the list and click on import tokens.

A new window will open asking for the token contract address, token symbol, and the number of decimal places.  Token addresses can be found on the Harmony Block Explorer.

You can search for any HRC20 token by its symbol, name, or address.  Simply type it into the search bar.  Once found, copy the address of the token and cut and paste it into Metamask.  Enter the symbol, choose the number of decimal places and click add token.

What protocols most interest you on Harmony? Let us know in the comments.

Mike Humphrey

Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.

I’m also an avid outdoor adventurer!

MykHumphrey.com

mykhumphrey.com

November 3rd, 2021| Mike Humphrey

1. Keep Your Private Keys Private

   Your private keys are your last line of defense. Keeping your keys secure and out of the hands of malicious parties is critical to keeping your crypto in your wallet and secure.  Read our article about crypto wallets for more info about private keys.

   How To Keep Your Private Keys Safe

   1. Get a Hardware Wallet

      A hardware wallet adds another layer of security. It makes it that much harder to have your funds stolen.  Your private keys are stored on the hardware wallet and require your approval before your key is sent from your device. Ledger and Trezor both offer great hardware wallet options that can be used with Metamask.

      

   2. Keep Metamask Locked

      When you aren’t using Metamask, you should keep it locked at all times. When left open, any site you are browsing can see your wallet address. Nefarious websites can take advantage of this and send you fraudulent pop-ups or sign-in pages that will give them access to your account.  To lock Metamask, click on the account icon circle and select lock.

      

   3. Use a Dedicated Crypto Only Browser

      Fully separate your crypto activities from your normal web browsing. Reduce the chances of someone getting access to your wallet by using a dedicated browser for De-Fi apps. For example, use Chrome for crypto transactions and Firefox for your normal browsing.

   4. Limit Open Tabs

      Metamask does not differentiate between tabs in your browser. If you have more than one tab open, either tab could be the one sending you the approval request for your wallet. If you have multiple tabs open a dubious site could take advantage and get access to your wallet. Keep tabs to a minimum and only keep open the tabs you need, to perform your transactions.

   5. Confirm Your Connections

      When you approve a transaction always confirm the source of the transaction in the approval window.

      

      

2. Keep Your Secret Recovery Phrase… SECRET

   Keep your secret recovery phase offline and in a secure space. Never tell anyone your recovery phrase, whether that’s your best friend or the support tech trying to help you solve your problem. Your recovery phrase would allow anyone access your wallet and give them free reign of your account. Second to this don’t, use your recovery phrase unless you absolutely have to. Hackers can install keyloggers on your computer and record your recover phrase when you enter it. Thirdly, no one wants to think about horrible things happening, but they do happen. Make sure you have a way of getting your recovery phrase in the hands of loved ones in the case of the unthinkable.

   

3. Disconnect Metamask From Dapps

   Once you’ve completed a transaction, you should close the connection between Metamask and the site.  This will prevent the site from sending any further requests until you reconnect your wallet. This reduces the chances of funds being drained from your wallets.  To disconnect from a site, click on the three vertical dots, select connected sites and click on the trashcan.

   

4. Set Token Approval Limits

   When you first connect with a Defi site you will be asked to sign a contract giving approval for the protocol to manage funds on your behalf. Many people are unaware, but most of these requests allow protocols to manage unlimited amounts. This is great for ease of use, but it essentially gives the DApp full access to the approved coin in your wallet, even if you disconnect your wallet. If there is a flaw in the contract, that either the developers, or a third party can take advantage of, it leaves your funds wide open. To prevent this, when giving approval, click edit permissions and set a token limit.  Always set token limits when giving approvals to contracts.

   

   

   

   How To Remove Contract Approvals

   If you are like us, and didn’t realize you were approving unlimited access to your wallet, don’t worry there is a way to fix it.  Unrekt is a protocol that allows you to review all the contracts you have signed and to edit them.  It works on Ethereum, BSC, HECO, Fantom, and Polygon. Go to app.unrekt.net in your browser, connect your wallet and review your contracts. Look for any contract with the infinity sign beside the approval and then click Revoke.  Metamask will pop-up asking for approval. Check the site name, click on edit permissions to confirm the transaction approval is being set to zero and then approve the transaction.

   

   

   

5. Conclusion

   Hackers are continuously looking for new and insidious ways to get access to your funds. The key is skepticism and vigilance. It’s easy to let your guard down and think it’s never going to happen to me.  As you become more successful with your crypto investing you become a more likely target. Start implementing and maintaining safe practices now and keep your crypto in your wallet and not in theirs.

What safe practices do you use? Let us know in the comments.

Mike Humphrey

Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.

I’m also an avid outdoor adventurer!

MykHumphrey.com

mykhumphrey.com

October 27th, 2021| Mike Humphrey

More Metamask Guides

Why is the Transaction Stuck?

There are two main causes of stuck transactions.  Either it is stuck due to gas fees, or because an error occurred when Metamask submitted the transaction to the blockchain.  The first step in fixing the problem is to determine which of these two reasons is the cause. To do this, open Metamask, select the Activity tab, and click on the pending transaction.

A new window with the details of the transaction will open. From here click on the “Transaction created” entry in the Activity Log.  This will take you to the block explorer in your web browser, where you can check to see if the transaction was submitted properly.

1. Pending on Blockchain

   If your transaction is shown as pending on the blockchain it means that it was correctly submitted and is waiting in the cue.  A transaction can get stuck as pending on the blockchain if the gas fees were not set high enough. This means the transaction has not been picked up by validators, and other transactions with higher gas fees are being validated first.  The block explorer should show the transaction as pending, as seen in the screenshot below.

   

   Solution

   1. Speed Up the Transaction

      You can speed up a transaction by increasing the gas fee. Go back to the Activity tab and Click on Speed Up.  You will then be asked to increase your gas fees.

   2. Cancel the Transaction

      To do this go to the Activity tab and click cancel.

   
   

    

2. Error in Metamask Cue

   Periodically Metamask will experience errors when sending transactions to the blockchain.  Metamask will register the transaction as sent and will wait for a response.  If not properly submitted, Metamask will wait indefinitely for a confirmation, resulting in a pending transaction sitting in the cue.  In this case, when you check the block explorer it will return an error showing that the transaction does not exist.

   

   Solution

   Restart Chrome

   If you restart Chrome, it will cause a reset in Metamask and it will clear the cue. In the Chrome address bar type in the command “chrome:restart”. This will cause the Chrome browser to shut down and restart, which will reload Metamask. If this does not work proceed to the next step.

Other Options

1. Reset Metamask

   If the above steps fail to remove the transaction you can reset Metamask.  This is a soft reset that will not require you to recover your account, it will simply restart Metamask and remove your Activity cue.  If your transaction is stuck on the blockchain, resetting Metamask will not immediately solve the problem.  You will have to wait for the transaction to time-out before clearing the Activity log.

   How To Reset Metamask

   Click on the account icon circle, select settings, advanced, and click reset account.

    

   

2. Re-Install Metamask

   If all else fails you can remove Metamask and re-install. Doing this will require you to re-download Metamask as well as use your key phrase to recover your wallet. This should only be used as a last resort. Entering your key phrase can be potentially dangerous if a hacker has access to your system.

   How To Re-Intall Metamask

   1. Uninstall Metamask

      To uninstall click on the puzzle icon in the top right corner of your browser. Select manage extensions and in the new window click un-install Metamask.

   2. Install Metamask

      Download Metamask and re-install the extension.

   3. Recover Wallet Using Key Phrase

      When you restart Metamask select import using seed phrase, and follow the instructions.

Let us know if this guide helped you fix a stuck transaction in the comments below.

Pythia

cryptopythia.com

What is the Polygon Network

Polygon, previously known as the Matic Network a layer 2 scaling solution for the Ethereum blockchain.  Using side chains and, roll-ups, polygon offers faster transaction speeds and lower gas fees while still maintaining security.  Polygon performs transactions in parallel to the Etherium Mainnet.  In basic terms, transactions on Polygon are bundled together before data is sent back to the main blockchain, which reduces the time required and the cost of each transaction.

The Polygon Network also introduced the token Matic, which is used for network transaction fees.  Currently, gas fees on the Polygon Network cost less than 0.01USD per transaction, making Polygon a very cost-effective network.

  In brief:

• Polygon is an Etherium layer-2 scaling solution.
• The Polygon Network uses MATIC as the gas fee token.
• Gas fees and transaction times are significantly less than  on Etherium Mainnet
• Polygon has been widely adopted offering a wide variety DeFi Platforms

For a detailed description of Polygon, its history, and how it works, Finematics has a great video.

Why Should You Use Polygon

Polygon has several significant advantages over the Etherium main net. Primarily transaction fees are 1/1,000 to 1/10,000 of the fees on Etherium and transaction speed is significantly faster as well.  With the low transaction cost and ease of use, the eco-system has flourished offering a wide array of DeFi apps that are now accessible to investors with smaller portfolios.  Previously on Etherium without sufficient assets, fees would often cut into your profits making it challenging or even impossible for small-scale investors to get involved with DeFi.

How To Bridge Assets to Polygon

1. Install Metamask Extension

   Metamask is a web wallet that has both a browser extension and an app. Metamask allows you to connect to DeFi websites where you can deposit, borrow, swap tokens and earn interest.

   To install Metamask go to the Metamask.io website select the appropriate browser, download, and install. Be sure to double-check the accuracy of the website before installing.

   

   Chrome doesn’t always pin Metamask after it’s been installed. If you can’t see the fox in the top right corner of the browser click on the puzzle icon in the top right and then pin Metamask to the top tool bar.

2. Add Polygon Network to Metamask

   Metamask has the ability to connect to most blockchains that support ERC-20 (Etherium-based) tokens. When installed Metamask is set up to connect to Etherium Mainnet, but in order for it to connect to the Polygon Network we have to add Polygon to Metamask.

   

   To add a new network open Metamask by clicking on the fox in the top right corner. In the pop-up window click on the top center button, it should say Etherium main net. In the drop-down list that appears select Custom RPC at the bottom.
   

   In the new window enter the following Details:

   Network Name: Matic Mainnet
   New RPC URL: https://polygon-rpc.com
   Chain Id: 137
   Currency Symbol: MATIC
   Block Explorer URL:https://polygonscan.com

3. Bridge Tokens to Polygon

   Now that you have successfully connected Metamask to the Polygon Network it’s time to move your funds from the Etherium Mainnet over to Polygon. To do this you will need to move your assets onto the polygon Network using the Polygon Bridge.

   1. 1. 1. Connect Metamask to The Polygon POS Bridge

            First, make sure that Metamask is set to the Matic Network.
            

            Then go To the Polygon Matic Bridge at https://wallet.polygon.technology/.

         2. Connect Metamask To The Site

            

            

            

             

         3. Select The Polygon Bridge

            When your wallet is connected to the site, the top button should turn grey and you should see a portion of your wallet address.  Once connected select the Polygon Bridge

            

         4. Bridge Your Assets

            You can bridge any ERC20 coin to polygon, but we would recommend starting with Eth. There is no point in swapping tokens on the Mainnet when they can be easily swapped on Polygon at a significantly lower cost. (Assuming you have Eth of course. If you have another token then we recommend just swapping that.)

            

            Enter how much Eth you want to bridge to polygon keeping in mind you will have to pay gas fees on Mainnet in Eth in order to perform the transaction.

            

            

            Approve and confirm the transaction and gas fees.

         5. Wait for the Transaction to Complete

            The transaction should take 7-8 minutes to complete, but this varies depending on network congestion. You can check on the progress of the transaction on Etherscan as well as https://wallet.polygon.technology/wallet.

      2. Matic Tokens for Your First Transaction

         In order to perform any transaction on the Polygon Network, you will need Matic tokens. You can either buy these from an exchange, or you can go to a faucet, where people donate small amounts of tokens to people who are new to the ecosystem. Matic supply is a well-known faucet that we have successfully used in the past.
         

         Simply connect your wallet and complete the captcha to receive a small amount of Matic. After this, you can go to any swap platform to exchange your Eth for Matic for future transactions.

      Disconnect From The Sites When Finished to Keep Metamask Secure (the three dots in the top right corner of Metamask)
      

Let us know what other guides you would like us to put together in the comments.

Mike Humphrey

Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.

I’m also an avid outdoor adventurer!

MykHumphrey.com

mykhumphrey.com

October 10th, 2021| Mike Humphrey

What is a Crypto Wallet?

Crypto Wallet FAQ’s

Why Do I Need a Crypto Wallet?

Without a crypto wallet, you have no way of storing digital currency.  All digital coins exist on a blockchain, which is a list of all the transactions that have ever happened on that blockchain.

Without a crypto wallet address, the blockchain has no idea where to send your cryptocurrency.  The wallet is what gives you a place for your coins to go and lets you interact with the blockchain.  It is a digital location on the blockchain where your coins are stored.  To “open” the wallet, you must show that you have the correct private key which allows you to perform transactions and send or receive coins.

What is a crypto wallet used for?

At its most basic level, a crypto wallet lets you store your cryptocurrency, but it can also be used to interact with De-Fi applications or (DApps) that allow you to lend and borrow cryptocurrency.  On the Etherium blockchain and its secondary chains, you can use web-enabled software wallets to swap, lend, and borrow cryptocurrencies and earn interest in return.

Types of Crypto Wallets

There are two main types of digital wallets and hardware wallets.  Digital wallets come in the form of desktop applications, mobile apps, web apps, and web browser extensions.  Hardware wallets combine software with a hardware key that must be connected to the software before allowing any transaction to be approved.

Web Wallet

A web wallet is a software wallet that is accessible online from a website (an exchange), app, or through your browser.  The wallet types differ in where they store your private key.  Exchange wallets (Coinbase, Binance, Kraken, etc)  store your access keys in their database which can only be accessed with your personal login.  App wallets (MyEtherWallet, Trust Wallet, etc.) store your private keys in the app itself, and limit access to the keys through a secure log-in, biometric lock, and or 2-factor authentication.  Browser wallets (Metamask etc) are extensions that are installed in your web browser.  Private keys are stored and secured in the web browser and can only be accessed after you have entered a password to log in.  Browser wallets also have the ability to interact with De-Fi-enabled websites which offer opportunities to invest your cryptocurrency.  Many browser wallets also offer companion phone apps so you can access your funds through both your browser and your mobile device.

Top Web Wallets

• Metamask
• Trust Wallet
• MyEtherWallet
• Coinbase Wallet

Hardware Wallets

A hardware wallet is a physical device that stores your private keys offline.  Often called a cold storage wallet, these devices connect to your computer or mobile device through USB or Bluetooth.  They only transmit your private key when you have approved a transaction on the physical device.  Adding another layer of security to your wallet.  These wallets have their own website platforms to manage your cryptocurrency and may not work with all blockchains.  These devices can also often integrate with a browser wallet, which gives you the freedom to interact with De-Fi applications while still providing you the added security of storing your private keys offline.

Top Hardware Wallets

• Ledger
• Trezor

Wallet Safety

The security of your digital assets is the primary concern for any crypto owner.  Is it Safe? is the first question everyone asks about any type of wallet.  The truth is there are risks involved no matter where your money is.  Whether it’s the risk of a thief taking your wallet out of your pocket or someone stealing your money at the bank, the question is not whether it’s safe, it’s a question as to whether it’s safe enough for your comfort level.  With cryptocurrency safety is all about your private key, where it’s stored, who has access to it, and how can it be stolen.  The flip side of this is usability, if your private keys are stored in a way that is almost impossible to access, yes your wallet is safe, but you can’t use the funds stored in it.  I like the adage Not Your Keys, Not Your Crypto.  If you have a wallet on a crypto exchange and don’t control the keys to your wallet, do you really own that crypto?  If the exchange gets hacked, are your keys at risk?  Personally, I use a combination of a browser wallet and a hardware wallet to store my keys.  I find this to be a comfortable level for me.  What’s right for you, you will have to decide on your own.

Which Crypto Wallet Should I use?

Top De-Fi Crypto Wallet – Metamask

Metamask is an app as well as a browser extension that allows you to receive, send, swap, trade, and, integrate with De-Fi Apps.  It supports Etherium and any Etherium based tokens (Erc20 & Erc721).  It will work on the Etherium main net, as well as any of the layer 2 solutions and the Binance Smart Chain as well.  Metamask secures your keys in a key vault in your browser or on your device and requires you to log in to access the application/extension.  It provides a simple yet secure way for you to connect to the blockchain and also supports both Trezor and Ledger hardware wallets.  More Metamask Guides and How To’s

Pros

• Free
• Ease of Use
• De-Fi Capable
• Integrates with Hardware Wallets

Cons

• Private keys are stored in your browser

Top Hardware Crypto Wallet – Ledger Nano X

If security is your primary concern a hardware wallet is the way to go.  Both Trezor and Ledger offer great options, but of the two we would recommend the Ledger Nano X.  The Ledger Nano X is Bluetooth enabled which means that it will work with your wallet app on your phone.  Your private keys are stored on the device and can only be accessed when you connect the ledger to your computer or phone.  This mobile-friendly wallet has support for over 1800 coins and tokens.

Pros

• Supports 1800 Coins & Tokens
• Private Keys Stored Offline
• Bluetooth Connectivity

Cons

• Price

Find Out More

Top Crypto Wallet for Miners – Crypto.com

Thanks for reading and hopefully you know a little more about crypto wallets and how they work.  Now that you have your crypto wallet find out how to buy crypto.

Mike Humphrey

Hi I’m Mike, an active crypto investor DeFi enthusiast and crypto miner. I have been involved in crypto since March of 2021 and in DeFi since May 2021.

I’m also an avid outdoor adventurer!

MykHumphrey.com

mykhumphrey.com