Since we have been talking about smartBCH and the huge money we have made from it since it was launched in early October, so many people still do not understand what we are talking about. Although several articles have been written about smartBCH here and on Noise.cash, the majority of the responses I have read show that many are still completely ignorant about the whole thing called smartBCH.
From the responses I have seen on most of my posts, some thought smartBCH is a name of a coin they can earn somewhere like what we do on Noise.cash. Several others think smartBCH is a faucet where they can claim free coins every 5 minutes. However, some genuinely want to know what smartBCH is all about and how they can be part of it. Some of these people have asked on my post on Noise.cash to teach them about the whole thing. Since these people are mostly new to the Bitcoin cash community and are just starting to know about cryptocurrencies, the only way to teach them is to break everything down in a simple layman's language like ABCD for them to understand better.
To start with, we will like to know what is smartBCH, then we will explain how to start with smartBCH before we talk about how to make money in the system.
smartBCH is a network built on top of the Bitcoin cash network, they call it a sidechain on the Bitcoin main chain. Don't bother about the chain thing you don't need to solve any mathematics with it. smartBCH was created to allow people in the Bitcoin cash community to use their BCH to make more money like what the people in Ethereum are doing with Defi (Decentralized finance). So, with smartBCH we now have Defi on top of the Bitcoin cash network.
smartBCH is not a name of a coin but a system that allows people to create more tokens on top of BCH, and to be able to buy and sell those tokens easily with lower transaction fees. So, several coins have been created for people to buy and sell.
This is the question that most people are asking, and several attempts to answer the question look like rocket science to most people. Let me try to provide a simple answer here for you to quickly understand.
To start with smartBCH you will need a wallet called MetaMask. This wallet can be downloaded from the google play store. once you have downloaded the wallet you can register with your email address to create a wallet.
The next thing is to add smartBCH network to your MetaMask wallet. This is not a difficult thing to do, it only requires you to copy smartBCH network details and paste them on your MetaMask network section. You can follow the instruction below to do this.
Open your MetaMask wallet and click on the three-dotted lines to see options to choose from.
From the drop-down options click on settings as shown in the screenshot below:
On the next page click on the add network button at the bottom of the page:
The next step is to add SmartBCH network details on the form that's provided for that as seen in the screenshot below:
You can copy the details here to add them to your MetaMask wallet following the sample screenshot above.
Summary of the procedure:
Go to your MetaMask wallet.
Go to settings -> Networks -> Add Network
> Network Name: SmartBCH
>Chain ID: 10000
>Currency Symbol: BCH
>Block Explorer URL: https://www.smartscan.cash
After completing the above process click on the" add" at the bottom of the page, you are now set to use the SmartBCH network.
Now that you have set up the SmartBCH network on MetaMask, the next thing to do to start your journey is to fund your new wallet with SEP 20 BCH.
SEP 20 BCH is not the same as the main BCH we use every day. It's a variant of BCH that can work on the MetaMask wallet. To get SEP 20 BCH follow the instructions below.
-There are 4 ways of converting BCH to SEP 20 BCH
2. Coinflex (2-way bridge)
Bchcc.cash is a two-way bridge and the most advisable to use. Please note when sending through this medium, do not close the page. They charge 0.01% for each transfer. It's fast and reliable.
Paste the link on your MetaMask browser to get to the site. On the site click on connect wallet as seen in the screenshot below;
In the next step, you will have to choose the direction of your transaction, so you click on the BCH into SmartBCH button.
You will be asked to give the site permission to access your MetaMask wallet as seen in the screenshot below;
After signing in, you will see a page where you can copy the address to send your BCH to. Make sure you use cash address if you are sending from your private wallet, but if you are sending from an exchange wallet use the legacy address.
Okay, next is how to buy the token you want to invest in. To do that you first have to add the tokens addresses to the MetaMask wallet
Now check marketcap.cash and get familiar with the tokens we have.
-Go to marketcap.cash and choose the token you want to buy, scroll to the extreme right you will see 2 icons beside the metamask logo, click on the icon after MetaMask logo to copy the contract address of the token.
With the address go to your MetaMask wallet, at the bottom click on import token. A form will open up for you to paste the address you copied. While pasting the address ensure you don't leave any space at the head and the end of the space provided for the address.
After that, click on the token symbol the token details will automatically be added. Next, you click on add button to import the process.
Now that you have added a token address to your MetaMask wallet, it's time to buy your first SmartBCH token and start your investment.
To buy any token you will need to connect your wallet to any of the Dexes on the SmartBCH network. There are about 5 Dexes at the moment you can join their telegram group or channel to know how to buy tokens on their Dex.
We have only two ways of making money on SmartBCH projects.
-Buy tokens at a low price and sell them when their prices go up.
-Stake or farm with your tokens to earn a staking reward or earn a pool share reward as a liquidity provider.
I believe I have done my best to explain the primary requirements of using SmartBCH and making money on numerous projects.
I wish you success in your adventures.