I'm New to Crypto

Welcome to our "I'm New to Crypto" channel! This guide will help you get started with cryptocurrency, specifically focusing on Solana (SOL), a fast and low-fee blockchain that's perfect for beginners and advanced users alike.

This channel is read-only, and we encourage you to explore these topics step by step. Here’s everything you need to know:

1. Intro to Crypto Basics

What is Cryptocurrency?

Cryptocurrency is a form of digital or virtual currency that uses cryptography for security. Unlike traditional currencies, cryptocurrencies operate on a decentralized network, meaning they are not controlled by any central authority (like a bank or government). Bitcoin (BTC) was the first cryptocurrency, but now there are thousands, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), the focus of this guide.

In simple terms, crypto is money for the internet, and it runs on blockchain technology, which records every transaction in a transparent, secure, and unchangeable way.

What is Solana?

Solana is a high-performance blockchain designed for fast, secure, and scalable decentralized applications (dApps) and crypto assets. Here are some key features:

• Fast transactions: Solana can process over 50,000 transactions per second.
• Low fees: Transactions cost fractions of a cent, making it great for trading and NFTs.
• Growing ecosystem: Solana supports a large number of projects, including DeFi protocols, NFT marketplaces, and memecoins.

2. How to Get Started

Setting Up a Coinbase Account

To start trading crypto, you'll need to buy some cryptocurrency like Solana (SOL). Coinbase is a popular exchange that allows you to buy, sell, and store crypto.

• Visit coinbase.com and click "Get Started."
• Enter your email address and create a strong password.
• Verify your email and follow the prompts to complete your identity verification (KYC).
• Set up two-factor authentication (2FA) for added security.
• Link your bank account or debit/credit card to fund your account.
• Once your account is verified, you can buy SOL or other crypto.

Setting Up a Phantom Wallet

Phantom is a Solana-based wallet that allows you to store, send, and receive SOL and interact with dApps (like NFT marketplaces).

• Go to phantom.app and download the wallet extension for your browser (Chrome, Firefox, or Brave).
• Install the extension and follow the prompts to create a new wallet.
• Write down your secret recovery phrase and store it safely offline. Never share this phrase with anyone.
• Set a password for the wallet.
• Your Phantom wallet is now set up! You can send SOL to it from Coinbase by copying your Phantom wallet address and pasting it into the "Send" section of Coinbase.

3. Core Concepts in Solana & Crypto

What are Tokens & Memecoins?

Tokens on Solana are digital assets that represent anything from cryptocurrency to NFTs. Memecoins, such as $BONK on Solana, are highly speculative and often volatile, so trade with caution.

What are NFTs?

NFTs, or Non-Fungible Tokens, represent ownership of unique items like digital art, music, and collectibles. Solana NFTs are popular because of the low transaction fees and can be traded on platforms like Tensor.

4. Solana Ecosystem Tools

How to Use Tensor

Tensor is a leading NFT marketplace on Solana. You can trade NFTs, check floor prices, and list NFTs for sale. Pro trading features like limit orders and collection-wide bids are also available.

How to Use SolScan

SolScan is a Solana blockchain explorer that allows you to view transaction details, wallet balances, and NFT metadata.

5. Security in Crypto

To stay safe in the crypto world, never share your seed phrase, beware of phishing, double-check transaction addresses, and avoid random links.

6. How to Trade Solana Tokens & NFTs

Trade tokens using decentralized exchanges (DEXs) like Raydium and Orca. For NFTs, use platforms like Tensor to buy, sell, and list NFTs with SOL.

7. Solana Projects & Communities

Solana is home to popular projects like Tensorians, MadLads, and Solana Monkey Business, all of which will be covered in more detail in later guides.

8. Glossary of Key Crypto Terms

• Blockchain: A decentralized digital ledger where all transactions are recorded.
• Wallet: A digital tool for storing, sending, and receiving cryptocurrency and NFTs.
• Airdrop: Free distribution of tokens to certain wallet holders.

9. FAQs and Troubleshooting

Why is my transaction taking so long? Sometimes network congestion can slow things down, but Solana is typically very fast.

Lost your seed phrase? Unfortunately, there's no way to recover a lost seed phrase, so be sure to store it in multiple safe locations.