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January 11, 2022

How do I buy altcoins?

A guide to buying that obscure altcoin everybody goes crazy about.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

Last time we talked about altcoins. Buying those is not always easy, but can be very rewarding. But before we dive in: This is not investment advice and you need to do your own research.

The trick is swapping between tokens. A common method is to buy a well established token on a large exchange with cash, say Ethereum on Coinbase. Then you use a swapping site like uniswap to exchange that into a coin you are interested in.

You also need to make sure you can hold that coin somewhere, a place called a wallet. One of those wallets is called Metamask and is gaining a lot of popularity recently because it supports a wide array of altcoins.

Lastly, make sure you understand that some blockchains like Ethereum have high transaction fees - so you could easily lose $20 just by swapping things.  As you start to experiment more, you’ll find the so-called swapping “pairs” that are cheapest.

And next time: We’ll dive much deeper into Metamask.

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