Steemit Crypto Academy | Season 3: Week 1 || Trust wallet,Binance Smart chain & How to Swap & Stake cake coin on Decentralized Pancake Swap exchange with Trust Wallet || Part 1
First of all, welcome all students to the first week class of season 3. In today's class we will read about a very important app called Trust Wallet. From the name we can say that it is a Wallet that we can trust completely. Because this approved App of Binance exchange.
And so the first topic of my course today is trust wallet.Trust wallet is a decentralized app and its biggest feature is its decentralized. Also, it is the only app with which we can trade thousands of cryptocurrency coins.
Trust wallet is the Official Decentralized Crypto wallet of a popular cryptocurrency exchange Binance.
And I, as your teacher, think that if you have studied the basics of crypto trade, then you should also know how to use Trust wallet and it is a very useful and helpful Dapp that will be of great use to you in the future. Trust wallet has many good feature, some are following
The first feature of this wallet is that it is decentralized. Another feature is that it is very easy to use. There is room for multi wallet and we can keep our assets in multi accounts. This wallet facilitates the trade of almost all coins. We can easily buy any coin on trust wallet.
You do not need to go through any information or KYC or verification process to create an account on a trust wallet. You can start your trade at any time by downloading trust wallet from google store.
We can buy and sell at least 160,000 crypto coins through trust wallet. And this wallet is a fully decentralized exchange. With the trust wallet we can stake all the cryptocurrency that facilitates earning through staking.
All the assets in this wallet are under the control of the user and his assets are very safe from hackers. Because if we look at the past, the most popular exchanges that are centralized have fallen into the hands of hackers.
Therefore, trust wallet is a secure wallet to store and trade all kinds of cryptocurrency.
How to Download TrustWallet
Now I will tell you how and where to download trust wallet.
If we go to the official website of Trust wallet, we see that we can download trust wallet in App Store, Google play and Android version.
We can easily download trust wallet in our mobile phone device. In this way you click on the link of the official website of trust wallet for the correct link and you will see three versions. You can download the version according to your mobile device. I have downloaded trust wallet from google play.
In the following four steps you will download the trust wallet.
- First you have to go to google play and search for trust wallet or go to the official site of trust wallet
- And click on play store option on download page. As soon as you click on google play,
- After searching trust wallet then you will click on install.
- When you click on install, trust wallet App,Application will start downloading.
When the app is downloaded, you can view the trust wallet app on your mobile desk top. You can see the trust app application in yellow area in the screenshot above. You now have to create your trust wallet account. There are three very important steps which I have tried to explain in a step by step screenshot.
- Click on the trust wallet app.
- Then click on Create a new wallet.
- Then " tick" "I understand ... my wallet.
- Then click the Continue button.
- As soon as you click Continue, you will see the 12 Words and these 12 words will act as your keys.
-- Write the 12 Pharase containing the words and save them in two or three places.
- After writing 12 words,Click on the Continue button.
- then verify 12 words according to sequence rule.
- so after verifying 12 words , So now your trust wallet account is ready to buy and sell any coin. You can see my trust wallet account in below screenshots.
Binance Smart Chain
In this part of today's lecture we will read about Binance smart chain and I will try to explain it in very simple and straightforward words. As we know we use a chain of Etherum called Metamask to store, send and receive different Coins.
Thus Binance smart chain is a block chain which is exactly. Works like Etherum and its biggest feature is the latest extension of Binance network which is used by adding it with Google chrome using its BSC extention application.
It is very easy to use. At the moment its use is becoming very popular. If I say that Binance smart chain is the latest version of Binance chain whose address was BEP2. BSC works just like Metamask as an extension app in Google Chrome.
And we can use Binance Smart Chain (BSC) from Metamask. But in terms of features, BSC is proving to be much better than metamask and the reason is that the value of BNB is also increasing in the market. The most important feature of BSC is that it is launched by Binance. The duration of the transaction is very short and the duration of the block is less than four seconds. Thus the gass fee is very low and the transaction fee is also very low compared to etherum.
If we differentiate between the Etherum chain and the BSC chain, we see that in the Etherum chain we have to bear a lot of costs to mine or earn etherum. Transaction fees and gas fees are very high. On the other hand, BSC works under POW for rewards and anyone can earn or mine BNB by staking BNB. In addition, we can buy every new DEFI coin through BSC and trade on almost all decentralized exchanges by logging in through BSC.
Now let me tell you how to use Binance Smart Chain (BSC) and how to add and use its extension application in google chrome.
Below are Supported Browsers
There are few steps to download the Binance smart chain extension
- When we will click on chrome extenstion then this below page will open.
- Then click on Add To Chrome after click add to chrome you will see below pop up, Click on Add Extension as i mentioned in screenshot below , then a small file will download , and our Binance Smart Chain extension will be ready to use
When the small file will downloaded, a pop up will appear in which it will be written. That BSC has been added to google chrome. And now we can create our own account on BSC and use it. In the screenshot you can see the extension of BSC in the icon above.
How to make a wallet on Binance Smart Chain
To create an account on BSC we have to click on BSC Extension icon. And in the following steps, make a BSC wallet.
- First, click Create Wallet.
- then Generate seed phrase
- then Enter a Strong Password
- Copy your Seed Phrase and store at save place in written form
- Verify seed phrase [last step]
- Wallet is ready to use
Here I want to make it clear that the most important thing about Binance's extension wallet is its twelve phrases and you have to write these twelve words in a Diary like a trust wallet phrase because you have to use this phrase in all transactions. Understand that these twelve phrases are your password/private key . Now we hope you have learned how to create Binance Smart chain wallet with the help of BSC Chorme extension.
How to deposit any Coin from the Binance Exchange to Trust Wallet or Binance Smart chain
Now I will tell you how to transfer funds to trust wallet and Binance smart chain wallet. As we have created our trust wallet account after installing our trust wallet in our mobile and thus we have also added the extension of Binance smart chain in our google chrome. now we will learn that ,How do transfer funds because ato swap any coin ,it must should be funds in trust wallet or BSC . But one very important thing here is that on Binance smart chain you will always need BEP 20 token and with its help we can swap the rest of the coin. Because Bep20 is the supporting coin of BSC.
To transfer any coin to either of these two wallets or one, you must first have an account on binance exchange and since this is an early course, you have already learned account creating on exchange in the beginer course.
I WILL TRANSFER MY BNB COIN TO MY SMART CHAIN BNB WALLET ,
- Click on Binance smart chain icon
- Click on Receive
- Copy BNB Receive address,it is address :0x96E714Da3dB91f24fCd148c43b933B18E8a7b54B
- First you will login to your Binance exchange
- and then click on withdraw to send BEP 20 coin
- and then in the send box we will give the address of Binance smart chain in Trust wallet as you can see in the screenshot.
- Thus, if we send BEP 20 or any other Coin in BSC's extension wallet, we will give its address.
- This way we will click on the send button and after a few minutes our coin will reach the address of the relevant chain
- and we can buy and sell from them.
You can see on the right side of the screenshot how I transferred coin to binance smart chain and then you can also see the balance in the screenshot. And that's exactly how we can transfer coins to our trust wallet.
How to link the Trust wallet to the binance smart chain
It is very easy to link trust wallet to Binance smart chain. We will login to the trust wallet with the private key of Binance smart chain and thus our Binance smart chain extension will be linked with trust wallet and this way we can use our binance smart chain account through trust wallet app.
- First click on export private key for BSC private key.
- Then enter your password.
- Then copy the private key.
PancakeSwap & how To Connect it To Trust Wallet
At that time on all sides,The Pankcakeswap exchange is being discussed and since our lecture today was about trust wallet and Binance Smart chart, I think this exchange is inextricably linked with trust wallet.
And we can swap cryptocurrency on this exchange through trust wallet. pancakeswap is a decentralized exchange that we can easily use by connecting through our trust wallet account.
pankcakes works under auto market maker which we also call amm. connects In addition, we can buy any new coin that is not yet listed on any exchange through this decentralized exchange. In addition, in the pancakeswap exchange, the order is filled by liqiudity and then its profit is distributed to all the users who are providing liquidity to the exchange in any way.
Now let me tell you how we can login to pancakeswap with trust wallet so that we can buy and sell.
How To Connect it To Trust Wallet
Connecting trust wallet with pancake swap exchange is very easy.
- First we will login to our trust wallet app
- And then click on "Dapps" button below as shown in screenshot .
- now you can search pancake swap in the search bar above or click on the below link pankcake swap exchange .
- Then click on Connect to connect with pancake swap exchange
- And the next moment our trust wallet account will be connected with pancake swap exchange.
- You can see in screenshot number four. That my trust wallet is connected to panckae swap exchange.
How to Swap & Stake cake coin on Decentralized Pancake Swap exchange with Trust Wallet
Here we will learn how to swap a cake by connecting the trust wallet to the pancakes swap exchange. And we will stake the swap cake.
This is a very simple process but you have to read and understand the whole course very carefully from beginning to end. Here you can see that I have used the same BSC and Trust wallet from the beginning and you also have to use the same wallet during homework so that the transaction can be confirmed.
So we will first swap the cake with our BNB coin. First we have to connect the trust wallet with the pancakeswap exchange. We have learned above how to connect this exchange with the trust wallet. After connecting with exchange,
Click on the three layers at the top.
Then click on home.
Then click on exchange.
Then select the coin with which we have to swap the Cake but to swap any coin from trust wallet and Binance smart chain it is necessary that you have BEP20 BNB.
At the top you have to select BNB and then at the bottom select the coin that you want to swap.
This way you can confirm all the transactions and your desired coin will be swap.
This way we can swap any new or old coin in a second through trust wallet.(below are screenshots that will explain all process)
Stake cake coin
I have used the extension of Binance smart chain to stake the cake. To stake the cake. First click on home. Then click on pool. Then click on Manual. Then select the number of cakes you want to stake and click on Confirm. You can see that as soon as I click on confirm, confirming has started. I hope you enjoyed my lecture of the first week of season 3. Dear students, I tried to explain to you with the help of a screenshot each step. Thank you very much
Homework week-1 :
Question no 1:
What is a Trust Wallet? How to find and install it from google play store to mobile phone? How to create a new wallet on trust wallet? Explain the details of each step with the help of screenshot.
Question no 2:
What is Binance Smart Chain (BSC)? How to add its extension application in google chrome? How to create a new wallet on BSC? Explain the details of each step with the help of screenshot.
Question no 3:
How to deposit any BNB (BEP20 )coin from the Binance Exchange to Trust Wallet or Binance Smart chain? How to link the Trust wallet to the binance smart chain?Explain the details of each step with the help of screenshot.( transaction should be confirmed)
Question no 4:
What is PancakeSwap Exchange ? How To Link Pancakeswap exchange with Trust Wallet or Binance Smart exchange? Explain the details of each step with the help of screenshot.
Question no 5:
How to Swap & Stake cake coin on Decentralized Pancake Swap exchange with Trust Wallet or BSC ? Explain the details of each step with the help of screenshot.( transaction should be confirmed)
Important Use only one address/wallet from beginning to end for transactions, swap, deposit and stake so that the transaction can be verified. also provide wallet address
Important All Homework posts should be posted in the community Steemit Crypto Academy .
Your Homework should be at least 300-1000 words.(if any students want to explain more words ,it is allowed)
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Plagiarism and spinning of other users’ articles will not be tolerated in the homework task. Otherwise repeat offenders will be blacklisted and banned from the Crypto Academy.
Courses participation time is from 00:00 28th to 23:59 3rd July
Users having a reputation of minimum reputation of 55 and at least 250 Steem Power of their own (not delegated to them).
Users who are powering down will not be voted and considered excluded from participation.
- It is necessary to complete all given questions in the week 1 course to gain the full marks.
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