Go Rosen: Crypto Onboarding & Offboarding.
Taking the next steps into Rosen's digital world.
Cryptocurrency platforms can be risky due to market volatility and lack of regulation. Use reputable platforms, avoid emotional trading, and only invest what you can afford to lose. Be cautious and remember, not your keys, not your crypto.
In this previous article, we took our first steps into the metaverse by showing you how to download the Rosen app on your chosen platform and bind a crypto wallet to your account. If you haven’t read that piece yet, now’s a great time to go back for a refresher as for today's article, you’ll need a Rosen account to participate fully.
We’ll also be using cryptocurrency so if you’re new to the crypto space it’s a good idea to stick around so we can talk about some fundamental Web 3 concepts to help make your onboarding journey smoother. If you’re already experienced with crypto though, you probably won’t need to follow along until the next article unless you’re after a refresher.
The Crypto Wallet
While a lot of people may not have used a cryptocurrency wallet before, more than a few people have heard of the concept. However, if you’re a newcomer looking to select your first wallet, it’s fair to say that the choice can be more than a little confusing the first time around. While a breakdown of how this works entirely is outside the scope of a single article there are a few things that you’ll need to take away from this.
Firstly, while cold hardware wallets are a great storage option for experienced users, for newcomers they can add an additional layer of complexity. They can also make dealing with and using a web-based application a little more difficult. So, to get started with the Rosen App, we’ll use a browser-based “hot wallet” to keep things nice and simple. These can be installed as a browser extension into the browser of your choice. It’s good practice to keep your primary wallet isolated from your transaction wallet though so be sure to use a secondary account in-wallet for this step. We can do this by simply creating another wallet inside your chosen app.
If you haven’t selected a wallet yet, Phantom Wallet is a great choice for newcomers. Once you’ve selected your wallet, ensure you’ve stored the wallet's seed phrase somewhere safe, as you’ll need this to recover the wallet if you’ve ever lost access.
Wallet Compatibility
One part of this process that even catches out experienced users sometimes is wallet compatibility. With a wallet number being merely some letters and numbers, you’d expect that ensuring compatibility is a given, however, a lot is going on behind the scenes which means that this isn’t always the case.
While you’ll often see cross-chain compatibility advertised by many wallets, for transactional purposes, we should know that most blockchains require chain-specific wallets to function correctly.
A good example of this can be seen inside the Phantom wallet app. When we look to receive money, the app will ask us which crypto we are using and then provide us will the relevant address.
Rosen is compatible with Solana, Binance & Polygon networks. For fast transaction speeds and low fees, we’d recommend using Solana for now.
Transaction Signing
When using our wallet, we’ll be asked to “sign” transactions. This form of approval helps us connect to websites, send crypto, and perform other actions to help build and maintain your crypto portfolio. This electronic signature is a cryptographic key exchange that works on the public/private key concept to help ensure the integrity of transactions.
While this exchange is relatively routine, it does pose a point of compromise should we connect to the wrong site or are phished into giving out our wallets' private keys. Savvy hackers will attempt to gain access to the private keys by tempting you with airdropped tokens or other appealing means via a compromised site or link.
So, even in these early stages with a trusted app, it’s still wise to double-check that you’re connecting to the right app and that everything is above board. If you think your wallet has been compromised, don’t hesitate to proactively take action to ensure your funds remain secure. And remember, if someone is asking for your seed phrase, it’s a scam. It’s that simple.
Gas & Transaction Fees
If you’ve joined the crypto space to regain financial freedom or experiment with new technology, one thing you’ll be sad to learn is that just like in traditional finance, transaction fees are all part of the process.
Transaction fees underpin cryptocurrency networks, but in the world of Web 3, we don’t really call it a transaction fee. We call it gas, and not all gas fees are equal. The good news is though, in 2024, we’re pretty spoilt for choice when it comes to selecting a low-gas network to transact on.
While Ethereum has attracted heavy criticism for its expensive gas fees at times, Solana has made low gas fees and high speed a core part of its identity and it has become of of its biggest selling points. Large amounts of capital have flowed into SOL due to its vast ecosystem and ability to easily get started. A typical transaction on SOL costs less than a cent at the moment. Not bad, all things considered.
So the takeaway from this is that we’ll need to keep a small amount of cryptocurrency in our wallets to cover gas if we want to transact on a given network. If you’re using Solana, just. 0.05 SOL ( around $6 at current rates) will keep you going for quite some time.
Faucets
If you don’t have crypto to get started and aren’t able to purchase some for gas, read on because there is a solution. The cryptocurrency faucet is the solution to your problems.
While the days of being given 5 BTC via a faucet are long gone, you’re still able to easily get some SOL to help cover gas and get you started.
Faucets these days will typically work on the do-to-earn concept, meaning that in return for turning up, watching an advertisement, or playing games you’ll earn a small amount of free crypto that’s able to be withdrawn to your wallet. While modern faucets won’t be getting anyone rich overnight, they can be a great way for a new user to get started, with no credit card needed.
Find a list of cryptocurrency faucets at Faucetpay.
StableCoins
At the moment, cryptocurrencies are seen to be a volatile asset. While we can often see this in market cap and other statistics for most people, this volatility is usually seen in the price. With Solana currently worth around $130, it might surprise some newcomers that just one year ago it was trading at well below $80.
To offset some of this volatility, the concept of stablecoins was introduced. Designed to give a relatively stable price that’s pegged 1/1 with the US dollar it can be used as a store of value long term, or be used for purchases at a consistent price in the short term.
Stablecoins can be somewhat controversial for many reasons but they are a well-established part of the crypto space and serve a purpose for many apps, helping retailers and other Web3 providers maintain a consistent price for their services. The USDT & USDC stablecoins are pretty commonly used and the Rosen app will accept both types for in-app purchases.
To obtain stablecoins, we can either purchase them using a centralized exchange like Coinbase or a decentralized exchange like Moonpay.
Alternatively, we can trade our existing crypto assets for stablecoins using the exchange of your choice. If you’ve decided to go with Solana, Jupiter Exchange is a great option.
Closing Words
If you’re just getting started, you may be thinking that there’s a lot to take in and in some ways, you wouldn’t be wrong! However, Web3 is usually a pretty welcoming place and the Rosen app is no different. Not only is it user-friendly, but its Global Ambassador program is designed to help users who might encounter problems when joining or using the app.
So, getting started is a problem, or if you need some additional support bridging your crypto, using your wallet, or other concepts within the app simply reach out to your regional ambassador and they’ll give you the assistance you need to get started. There are also plenty of tutorials still in the pipeline to help cover gaming, NFT minting, and in-app features. Find your local ambassador by looking for their unique avatar which is shown below.
If you haven’t downloaded Rosen yet, you can use it on both Apple and Android.
See you in the metaverse!
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