IG Professor
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- Feb 22, 2017
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A guide to buying your first shitcoin
In the last 2-3 weeks I have been getting many PMs asking regarding 'where I should buy this and that' and I decided to create a short guide where I can refer everyone who asks this question. But... before I am explaining to you how to get those shitcoins I would like to explain to you how it works. the demand is for $SHIB and for that reason; this guide will show you how to buy shib however, same rules could be applied on any other token.
First, there are two types of exchanges and when you know the difference between each exchange it will easier for you to navigate in this wild west space.
So before you start reading, make sure you have https://metamask.io/ installed.
Second, you should read about how to add a specific coin to your https://metamask.zendesk.com/hc/en-us/articles/360015489031-How-to-view-see-your-tokens-custom-tokens-in-Metamask
Prepare yourself for high Fees
The fee for purchsing a shitcoin on decentralized exchange are very HIGH due to high demand. so prepare at least $25-$90 of Ethereum in your metamask wallet to pay the fees. If you are not interested to pay those fees, you can buy coins on NONE Decentralized exchanges. However, the tokens will not be under your control and the exchange can make any sanction he wants on you. EG : Lock your account, lock your funds and so on.
Decentralized exchanges
A decentralized exchange is an exchange without an ownership on the users funds.
It means that things that usually happen to you in the past, EG: Paypal locked accounts, Paypal froze your money, exchange exit scammed and so on cannot happen at Decentralized exchanges because they have ZERO control on your funds.
You don't even need to create an account to trade on this exchange. Not even need an email.
But Professor.... if there are no owners then how this exchange makes a living? what he get's in return?
He earns from each trade that you make. (Fees)
To simplify it for you: Don't worry because he is making enough money from fees so he has a good interest to keep this exchange functional.
But how do they get the money to liquidate all of these trades if no ones control the money?
Anyone can give liquidation to the exchange and get rewarded from it. In short, when you buy a specific token in there you buy from a random person liquidity.
For example, if I have 5 Ethereum I can go to the exchange and give them liquidation. on each transaction that will be made using my liquidation, I will be rewarded with 1% / 2% and so on. Depends on the market. Here is a https://coinmarketcap.com/headlines/news/uniswap-liquidity-pool/ on how you can do it
2 BEST Decentralized exchanges
If you bought with just 100$ 2 months ago it could be $54,000 today and there is a still long way for https://www.shibatoken.com/.
The problem with Decentralized exchanges - you can get scammed easily and purchase a fake coin. Because ANYONE can create a coin and list it on there.
The solution :
Verify that the Coin contract address is the same as it shows on http://coinmarketcap.com
Let's take $SHIB token for example. If I want to buy it - I will verify the contract address via CMC.
Step 1 - Copy contract Address from CMC
So I will go to the token page on CMC and copy the contract address.
https://coinmarketcap.com/currencies/shiba-inu/markets/
Step 2 - Search the coin you Want to buy @ Uniswap
Once I got the contract address I will go to Uniswap.info and search for a SHIB token.
As you can see in the screenshot attached - there are many other SCAM tokens who trying to pretend to be SHIB coin.
Sometimes, it could be the same logo and anyone can get trapped in it. for that reason, you should always stick to the contract address to verify the coin you are going to buy is LEGIT.
Step 3 - Verify Uniswap Contract Address with CMC Address
Now, before you click on the red 'Trade' button -- VERIFY the contract address.
Just click on the address that I marked in the screenshot
Now you just have to check that both addresses are the same as is shown in the photo.
On Right - The contract address that I copied from CMC
On Left - The page that opened once I clicked on contract address via Uniswap
In the last 2-3 weeks I have been getting many PMs asking regarding 'where I should buy this and that' and I decided to create a short guide where I can refer everyone who asks this question. But... before I am explaining to you how to get those shitcoins I would like to explain to you how it works. the demand is for $SHIB and for that reason; this guide will show you how to buy shib however, same rules could be applied on any other token.
First, there are two types of exchanges and when you know the difference between each exchange it will easier for you to navigate in this wild west space.
So before you start reading, make sure you have https://metamask.io/ installed.
Second, you should read about how to add a specific coin to your https://metamask.zendesk.com/hc/en-us/articles/360015489031-How-to-view-see-your-tokens-custom-tokens-in-Metamask
Prepare yourself for high Fees
The fee for purchsing a shitcoin on decentralized exchange are very HIGH due to high demand. so prepare at least $25-$90 of Ethereum in your metamask wallet to pay the fees. If you are not interested to pay those fees, you can buy coins on NONE Decentralized exchanges. However, the tokens will not be under your control and the exchange can make any sanction he wants on you. EG : Lock your account, lock your funds and so on.
Decentralized exchanges
A decentralized exchange is an exchange without an ownership on the users funds.
It means that things that usually happen to you in the past, EG: Paypal locked accounts, Paypal froze your money, exchange exit scammed and so on cannot happen at Decentralized exchanges because they have ZERO control on your funds.
You don't even need to create an account to trade on this exchange. Not even need an email.
But Professor.... if there are no owners then how this exchange makes a living? what he get's in return?
He earns from each trade that you make. (Fees)
To simplify it for you: Don't worry because he is making enough money from fees so he has a good interest to keep this exchange functional.
But how do they get the money to liquidate all of these trades if no ones control the money?
Anyone can give liquidation to the exchange and get rewarded from it. In short, when you buy a specific token in there you buy from a random person liquidity.
For example, if I have 5 Ethereum I can go to the exchange and give them liquidation. on each transaction that will be made using my liquidation, I will be rewarded with 1% / 2% and so on. Depends on the market. Here is a https://coinmarketcap.com/headlines/news/uniswap-liquidity-pool/ on how you can do it
2 BEST Decentralized exchanges
- http://uniswap.info
- https://pancakeswap.finance/ - Backed up by Binance
If you bought with just 100$ 2 months ago it could be $54,000 today and there is a still long way for https://www.shibatoken.com/.
The problem with Decentralized exchanges - you can get scammed easily and purchase a fake coin. Because ANYONE can create a coin and list it on there.
The solution :
Verify that the Coin contract address is the same as it shows on http://coinmarketcap.com
Let's take $SHIB token for example. If I want to buy it - I will verify the contract address via CMC.
Step 1 - Copy contract Address from CMC
So I will go to the token page on CMC and copy the contract address.
https://coinmarketcap.com/currencies/shiba-inu/markets/
Step 2 - Search the coin you Want to buy @ Uniswap
Once I got the contract address I will go to Uniswap.info and search for a SHIB token.
As you can see in the screenshot attached - there are many other SCAM tokens who trying to pretend to be SHIB coin.
Sometimes, it could be the same logo and anyone can get trapped in it. for that reason, you should always stick to the contract address to verify the coin you are going to buy is LEGIT.
Step 3 - Verify Uniswap Contract Address with CMC Address
Now, before you click on the red 'Trade' button -- VERIFY the contract address.
Just click on the address that I marked in the screenshot
Now you just have to check that both addresses are the same as is shown in the photo.
On Right - The contract address that I copied from CMC
On Left - The page that opened once I clicked on contract address via Uniswap
