Wallet setup (Coinbase mobile app)

Wallet setup (Coinbase mobile app)

This tutorial will guide you through the steps to setting up your crypto wallet, an important part of being able to interact with BackedBy whether you’re a creator or a supporter.  You’ll need a phone for this setup. If you’ve never used any cryptocurrency tools before, don’t worry, this tutorial is intended for beginners. I recommend watching the tutorial (ADD LINK) all the way through to get familiar with the process if you’re a first timer.

A quick overview: what is a wallet and why do you need one? You can think of a wallet like an email address for Web3 services, whether you’re sending crypto to a friend or crowdfunding creators. Without a wallet you would have no way to send or receive crypto, and it would be like trying to send an email if you never created an email address, or making a social media post without creating a profile. So your wallet is both your Web3 identity (like an account on a website), and where your crypto is stored (like cash in a real-life wallet).

Now that you know a little bit about the importance of wallets it’s time to set up your wallet. There are many wallet apps out there and it can be overwhelming. You can get a wallet app on your phone, a wallet as a desktop browser extension, or even a usb-based hardware wallet.

We’ll be keeping it simple with the Coinbase wallet phone app which is handy because it can sync directly with a Coinbase account, letting you buy crypto directly within the wallet itself. Go to your phone’s app store and search for coinbase wallet, then install it. Open the app and start by selecting “create new wallet.” Enter a valid username and hit “submit” You’ll then be prompted to back up your wallet, and be shown a series of blurred out words. You can hit the eye button to make the words visible or copy them to your phone’s clipboard. These words are called your “seed phrase,” or “recovery phrase,” and these are what make wallets special. If you ever lost your phone, you could install the coinbase wallet on a new phone, punch in the seed phrase, and regain access to all your crypto. Cool, right? The downside is you are the one person in the world who knows your seed phrase. Not coinbase, not your bank, not the NSA, nobody. So if you lose your seed phrase, your crypto is locked forever. Make sure you write it down and keep it in a safe place. Once you’ve saved your seed phrase somewhere, proceed by hitting “Back up manually.” You’ll next have to select the first and last words in your seed phrase to verify you’ve saved it. Each wallet has a unique seed phrase so select your relevant words and hit “continue” The last step will be to secure your wallet either by creating a PIN or using biometrics like FaceID.  If you select “create passcode,” input a 6-digit PIN. Coinbase will automatically assign an ID to your username. Checkmark the checkbox to agree and hit “accept” Hit “done” on the last page to complete the wallet setup.  You may get a popup to fund your wallet with ETH crypto; Don’t worry about this and select “I’ll do it later” Next you’ll have to input your phone number to set up 2-factor authentication, then hit “send code.” Enter the authentication code that was just texted to your number and hit “submit” Then select your country of citizenship. Then verify your identity by entering your name, birthday, and other personal information. If you skip this step you won’t be able to purchase any crypto. The site will quickly verify your information is correct. You may see another page prompting you for more information about how you plan to use your coinbase account. Your account will finally be verified. Next you’ll have to connect a bank account. Select “add payment method,” and then “continue” Choose your bank and log in to complete the connection. Your coinbase account setup is finally complete. Hit “later” if you see this on the next page, and return to the “assets” section of your wallet.

For both creators and supporters to use BackedBy you’ll need a type of crypto called MATIC, the native token of the Polygon blockchain. Why? MATIC is required to fund any transactions being made on BackedBy, and the Polygon blockchain in general, through something called “gas fees.” Without MATIC, supporters won’t be able to pay creators, and creators will be unable to create a profile and subscription tiers, or collect payouts from creating their content. To purchase some MATIC, hit “add crypto” and search for MATIC.  Since you haven’t purchased anything on coinbase yet, you’ll need to change your source of funds to your bank account. We don’t need much MATIC to cover gas fees so we’ll just enter $20. Select “preview buy,” and change the Network to “Polygon.” If you forget to do this, your crypto will be sent to the wrong blockchain and you won’t be able to use BackedBy without sending your crypto back to coinbase and starting over. You’ll notice there’s a coinbase fee which comes from purchasing the MATIC, and a network fee which is the gas fee mentioned earlier. Hit “confirm” and the MATIC will be purchased and automatically transferred to your wallet.

Supporters will need another token to be able to pay creators: USDC.  USDC is a “stablecoin” with a constant, unchanging value where 1 token is always worth $1, unlike MATIC which can fluctuate in value. The process to buy USDC is the same as before: select “add crypto,” search for USDC, and enter the amount you’d like to buy. I’ve entered $100 here in the video.  Select “preview buy,” and double-check that Network is set to Polygon. You’ll notice the coinbase fee is $0, which is the advantage of buying USDC on coinbase, but there is still a network fee to cover. Confirm, and USDC will be sent to your wallet.

You’ve now got a coinbase account you can use to buy crypto. You have a coinbase wallet app to store your crypto on, and funded with the MATIC and USDC you purchased. You’re ready to start using BackedBy and support creators directly.