The next step after setting up your wallet is to put something in it. Namely, crypto.
You can buy crypto from the Metamask Application. After setting up your account, purchase your chosen cryptocurrencies using the ‘Buy’ option. You will be directed to either Wyre, Transak, Coinbase pay or Moonpay. All you need to do would be to key in your credit or debit card details and you’re all set. Ensure that you’re on the right network that matches your chosen crypto before you progress any transaction.
Crypto can easily be transferred between wallets with minimal fuss. There are various types of transfer. Here we will look at Exchange to Wallet, and Wallet to Wallet.
Exchange to Wallet
From within the crypto-exchange, ensure you have the right wallet address that is set to receive the Ethereum you will be transferring. Transactions are non-reversible, so ensure that you double check your wallet address before every transaction.
Next, check the network that you’ll be using. For Ethereum, it will be on the ERC-20 network. As a safety feature, there will be prompts made by the crypto-exchange you are using should you select a different network from the wallet address provided, but to be safe, check it yourself too.
Finally, enter the amount of ETH you are sending, and consider the GAS fees involved in making this transaction. Ensure you have enough crypto in your wallet to cover both particulars, and then complete the transaction. The Eth should appear in the other wallet in a short period of time after it has been confirmed on the blockchain.
Wallet-to-wallet transfers are much simpler. In the Metamask App, simply click on the ‘send’ button on your Metamask Extension. Enter the right wallet address and enter the correct amount. Metamask will show you a range of gas fees that could be deducted, but bear in mind this is an estimate. Gas fees can be lower or higher depending on the network congestion at that point in time. Once you are happy, and you have ensured you have enough ETH to cover GAS and your transfer amount, click send, and confirm the transaction.
If you have more than one wallet within Metamask, you can easily transfer under the ‘send’ button, and click the heading ‘transfer between my accounts’, where you select the wallet you wish to transfer into. Confirm the transaction, cover the GAS fee and the process is complete.
TRANSACTION FEES (GAS)
Transaction fees are known as GAS.
GAS fees are used to process your transaction on the blockchain. It is measured in GWEI.
For every transaction made on the blockchain, GAS fees are required. Just as you often pay a fee for transferring money across currencies, the same is needed for crypto. GAS fees are for the most part, very minimal, depending on how much activity is happening on the blockchain.
Understanding GAS and GWEI
GWEI is a denomination of Ethereum, much like cents are lower denominations of the dollar, the same is said for GWEI, only the numbers are much smaller by far, as GWEI is one-billionth of an Eth. Every transaction on the Ethereum blockchain requires validation, and that is done through sending GAS. The cost of GAS is the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the Ethereum blockchain. If GWEI is high, then GAS is higher, and lower if GWEI is lower. It is good to keep an eye on the status of GWEI if you are conducting large transactions. There are resources such as ‘Blocknative’ that allows you to see GAS pricing at the time of your transactions, but always be careful when using third-party websites and applications.
Next: Types of Wallet