Crypto market is gaining new investors by the minute, thanks to the huge success of Dogecoin. While that is not the only factor bringing people to the world of blockchain, the huge percentage gains speak for themselves if we look at some of these new tokens.
Nowadays people are investing into animal based tokens, food based tokens and anything with the word “moon” in it. These tokens are high risk, high reward cryptos where community is key. While some communities target different charities to donate for their price increase, others try the older promotional approach.
These new community tokens, or “shitcoins” as people call them are not available on most of the exchanges, mainly due to the fact that all of them have low market cap , low price and no real use case to bring to the blockchain tech. How does one buy these high risk high reward cryptocurrencies then ?.
Well that is what this article is about. The process is lengthy, and can be a bit confusing at times for new investors. So we will try to be as thorough as possible. Here’s how to buy best shitcoins on Binance Smart Chain
1. Download Metamask Wallet
Metamask is a popular browser extension which works as a wallet for storing Ethereum or any token built on ERC-20 and ERC-721 standards. It can also be used to store tokens created on Binance Smart Chain. BSC uses BEP-20 tokens. These BSC tokens can we bought using Binance Coin (BNB), which we will come to later.
Metamask is compatible with all the popular browsers such as Chrome, Brave, Firefox and Edge.
Step 1 : Download the Metamask wallet from this website : https://metamask.io/
Step 2 : Install Metamask by clicking on “Get Chrome Extension”
Step 3 : Click on “Add to [Your browser]”
Step 4 : Click on “Add extension”
If you are able to see this fox logo at the upper right corner of your browser, then Metamask has been installed successfully.
Once installed, you should be able to access it in your browser’s extension. Create a new account using the extension. You will be prompted a 12 seed recovery phrase. Please note it down somewhere safe, and do not share this with anyone under any circumstances. Any one can use this phrase to access your wallet and transfer your funds and leave you with an empty wallet. If you do not remember this while logging in again, the funds inside the wallet will be lost forever.
2. Set up Binance Smart Chain Mainnet as Custom RPC
Step 1 : Click on the network dropdown to open the network window.
Step 2 : Select Custom RPC and fill in the following details
Network Name: Binance Smart Chain Mainnet
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 0x38
Currency Symbol: BNB
Block Explorer URL: https://bscscan.com
Click on save button and that will add the BSC mainnet to your dropdown. Now you can change between Ethereum and BSC comfortably.
3. Send BNB from your local exchange to Metamask address
Buy some BNB and send it to metamask from your preferred exchange. Most preferable exchange for this transfer would be Binance. So try to send BNB from Binance to your metamask address.
Step 1: Go to Binance
Step 2 : Click on fiat and spot
Step 3 : Click on Withdraw in the BNB row
Step 4 : Copy the metamask wallet address from your wallet and paste it in Binance window
Step 5 : Select network as BNB Binance Chain
Transfer BNB after filling the details. It might take some time to reflect in your metamask wallet, so please be patient.
4. Buy your token on PancakeSwap using the BNB transferred to Metamask wallet
This is the final step to buy your token. As metamask is only a wallet and not exchange, we cannot buy the tokens directly on it. PancakeSwap is a decentralized exchange which is used widely for swapping BEP-20 tokens. Using it is fairly easy, as compared to sending BNB to your metamask wallet. If you are familiar with UniSwap , then you already know what to do here.
Step 1 : Go to https://pancakeswap.finance/
Step 2 : Click on “Trade” in the left sidebar.
Step 3 : Click on Exchange
Step 4 : Connect your metamask wallet from the top right corner
Step 5 : Enter amount of BNB you want to buy your token for
Step 6 : Click on “Select a currency” bar and add your token by putting the address
Step 7 : Click on Swap. After redirected to a new pop up , click ok.
That’s it ! You’ve bought yourself a BSC token on PancakeSwap. To see your tokens, you need to add that token to your metamask wallet.
5. Add token to your Metamask wallet
To see your newly bought cryptocurrency, add the token into your metamask wallet.
Step 1 : Go to your Metamask wallet
Step 2 : Click on “Add Token” at the bottom of your wallet
Step 3 : Click on “Custom Token”
Step 4 : Enter token address, and that should automatically add the other two prompts. Click on next and you should be done.
You can now see the token in your metamask wallet. The process is finally complete. Even though it seems like a lot of work, the gains if you find the correct cryptocurrency will be worth all this pain.
Images for adding BSC(Binance smart chain) to Metamask : Medium.com