The World beyond Steemit - Other Coins, Wallets, Exchanges, Marketplaces and more.
Contents for Day 7:
- Review of Payout Day
- Progress Report
- The Other Coins
- A look at Ethereum, and Why?
- Hello MyEtherWallet.com
- Hello Metamask.io
- Hello Coingecko.com
- Hello Blocktrades
- Hello Remitano
- Hello Evernote
- Best Password Protection Methods
Assignments for Day 7:
- Brainstorm - best password protection methods
- Create a post on a topic of your interest
Key Learnings:
Can't believe it's been a week since we started our Steemit journey! We kicked off today with a progress report on who has the most pending payouts, and also to determine the correlation between number of posts, votes and comments. The kids were able to breakdown what resulted in some of their friends getting higher payouts, while others did not.
I told them that success always leaves a trail, and if they see certain strategies working for someone, they can try it on their own too.
Again, I also stressed about copying contents from other sources, because sadly, there are still a couple who were flagged by Cheetah Bot for doing so. Truly sad, but I am also faced with the truth that not everyone can create content, and even if they can, content creation may not be for everyone.
Today, the main chunk of content is the world beyond Steemit.com, especially the one that lays the path between their earnings and the part where the money gets into their (physically) hands.
Firstly, we talk about other coins, and I was glad some of them have already started exploring. I talked mostly about Ethereum, because other than Steem, it will be the other more important coin they need to know about.
In Malaysia, we cannot withdraw Steem into MYR directly, so we usually have to convert to a "transition" currency, like Bitcoin, Dashcoin, Litecoin or Ethereum. I picked the latter because it's one I traded most in, possessed great track record and has one of the better infrastructures around.
The kids were taken through the process of opening their first Ethereum Wallet. Taking the advice from @kevinwong, I picked MyEtherWallet.com as the preferred one. I gave them a quick overview of picking the right wallets, why the private keys are important, and how to store them (to the best of my knowledge). It was an eye-opening experience for them because the Steemit setup process was much easier compared to MEW, but at the end of the session, everyone got their Ethereum wallets. Task 1 complete!
Secondly, to access the wallet, and as recommended by @bitrocker2020, I introduced them to Metamask.io. The setting up process is not exactly the easiest as well, especially now that they have more passkeys to store away and remember. Forming the connection between MyEtherWallet and Metamask.io was initially a challenge, as they were not able to tell their functions apart. After a few rounds of metaphors, examples and live demos, they got it. Task 2 complete!
I also told the kids they are totally fine to go without Metamask.io, but having it simplifies the process a hell lot! Plus, Metamask.io is necessary to purchase other coins, like the ever famous EOS.
When they have the public address for their Ethereum Wallet, I took the opportunity to show them Etherscan.io, and how transparency is foundational in the design of the blockchain. Using my public address as an example, they were able to view all my transactions, and that helped them realise that they should also practice transparency on the system (i.e. no hanky-panky because it leaves a trail!)
BTW, so proud to know that Etherscan.io is actually based in Malaysia! #malaysiaboleh
We then took a quick look at Coingecko.com, which they come to understand as a digital currency version of XE.com. We had fun looking at the exchange rates, and the kids were excited at the growth of coins like Bitcoin and Ethereum. Some of them are already setting personal goals to earn as much SBD as possible to buy an Ethereum coin. :)
Also another proud Malaysian product!
Enter Blocktrade.us, which I told the kids that it's analogous to the money changers of the real world. Essentially, Blocktrade.us takes their hard earned SBD/STEEM and convert them into other different currencies, which in our case, was Ethereum. Tapping on the real world example, it's like taking a trip to Singapore and needing to convert their MYR into SGD.
It's also here that they gain better perspective on the vast difference between Steem/SBD and Ethereum (and Bitcoin) for now, which I had to remind them that all those platforms started of at different times, and each of them have very different use-case scenarios.
I also showed them how the dots are slowly connecting, by taking the public address of their wallet (which they setup earlier) and putting it as the deposit address at Blocktrade.us. It was only then that they can see the connection from Steemit to MyEtherWallet.
Unavoidably, we cannot complete the "chain" without talking about withdrawal into Ringgit Malaysia. And since Luno.com is temporarily suspended in Malaysia, I showed the Remitano.com, which is a marketplace. The analogy I gave them was essentially a market for BTC and ETH, so you can shop around for the best rates before committing to the sale/purchase.
It's also at this juncture that I spoke to them about 2-Factor Authentication, why it's important, and introduce them to Authy. The kids initially were overwhelmed when they see that they have to manage so many accounts and apps, which is when I told them the whole premise of the situation.
Using traditional banks as an example, they were able to identified that there were security guards, cameras, vaults, IT systems and more involved in securing the banks. Now that their "savings" are decentralised, it is up to their responsibilities to manage everything, and lucky for us, we live in the age of technology.
Instead of a security guard, we have an app that changes the passcode every 60 seconds. Instead of expensive security systems, we have multi-point security checks, combined with the human element. Instead of the banks setting the rates for conversion and transfer, we now can go to marketplaces and trade coins at prices that suit us.
Interestingly, to my surprise, with their limited experience and knowledge in banking, they were able to relate to the analogy. I credit that to the bank heist movies they must have watched. :)
Last but not least, I introduced them to the ever brilliant Evernote, which aside from being an awesome note taking and collaborative app, has also a function to encrypt selected text. I told them this is not the most full-proof method, but its way better than the thumbdrives, email or HDD solutions they have now. Plus, with Evernote's cloud sync feature, they can be sure the passkeys are with them if anything were to happen to their phone or laptops (which is on loan for them!)
Though the withdrawal process was something the kids were keen to learn ever since they made their very first SBD, the process was a daunting one - one that even most adults would lose track of. Combine that with the importance of being responsible for multiple passkeys and passwords, the kids learn to value that banks play in the areas of security and peace of mind. Now they know why the banks charges so much for the work they do!
All in all, I was glad to have been able to walk them through from Steemit's soft-wallet, to an Ethereum wallet, to a marketplace. I told them they will be able to understand the process a lot more when they are performing their first withdrawal later, which I assured the kids that either myself or the community members of Teammalaysia will be able to assist.
Sometimes, we look at teens and young adults, and think they may not be able to comprehend complicated processes. Frankly, as adults, how much better are we anyway? With patience and a well-broken down process, I believe even the slowest learners will be able to catch on. The key ingredients remain the same as always - curiosity, a positive attitude and a willingness to take a risk.
Check out the previous post(s) in this Steemit Bootcamp for Underprivileged Kids Series:
- Day Zero | The lead-up and Preparation
- Day One | Introduction to Steemit, the kids' first #Introduceyourself post, and no way a combined SBD133 of upvotes on the very first day!?!!?
- Day Two | Interests, Format & Structure
- Day Three | Grounding and be Grounded
- Day Four | Canvas, Chats, Contests & Courtship
- Day Five | The Stalker Techs of Steemit! And the legendary dreaded question.
- Day Six | Youtube Videos, Google Sites & Discording TeamMalaysia
Wait, why's Mav posting on Steemit nowadays?
Well, unlike other blogging and social media platform, Steemit is the only platform that allows me to earn cryptocurrency when I engage with it. Yup, one Steem is about USD7, and you, too, can earn Steem Dollars every time you:
- Create content (articles, blog posts, podcasts, videos, photos)
- Upvote (like) other people contents
- Comment on other people's posts
- Have discussions, share opinions etc!
Yup, basically it's the very same thing you're doing on Facebook, Twitter, Instagram etc all along!
The only difference? For once you can earn a nice income on the side!
Sign up for a free Steemit account, and you can thank me by coming back and upvoting this article. And guess what, you will earn Steem too for doing that! #awesome
