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Welcome to Episode 6 of the Crypto 101 series. In Episode 5, we discussed the best practices of storing your crypto. Now that you all know how to buy crypto and set-up your own wallet, in this episode we will look at how to use the most fundamental application of DeFi (standing for decentralized finance): DEXs, short for decentralized exchanges.
Why is it important to be able to know how to use a DEX? Firstly, because many opportunities in the crypto space arise from trading tokens that aren’t available on centralized exchanges (yet). Secondly, when trading on a DEX you always maintain ownership of your crypto and don’t need to trust a third-party.
We will also revisit the subject of NFTs. We already briefly introduced you to NFTs in episode 5. Therefore, we will quickly recap the most important points so you truly understand what NFTs are. We will then talk about the best way to purchase NFTs and participate in NFT drops. So let’s jump in.
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DISCLAIMER: This is not financial advice! This is an entertainment and opinion-based show. I am not a financial adviser. Please only invest what you can afford to lose, and we encourage you to do your own research before investing. DYOR