We wrote an article on Avalanche back in October last year, you can find it [here]. The article was originally a prime article for early movers, but we have changed a few of our previously prime articles to our free section since we continue to hold them long term. We want the community to be able to get involved in the same projects that we are interested in if they choose to do so.
What separates Avalanche apart from the pack starts with its Ethereum compatibility from the ground up. Users can not only use protocols that are on Ethereum, but they can also send AVAX on Ethereum or on the native Avalanche chain. The Avalanche wallet also allows for very simple conversions between the two types of AVAX token. This allows users to send Ethereum based AVAX to Coinbase or Native AVAX to Binance or Kucoin. This concept brings AVAX more usability, because it is Ethereum compatible, you can also send your AVAX to Metamask the most popular web-based wallet for crypto. AVAX elevates the user experience by providing extremely fast transactions at an average cost of 4 cents. Avalanche also is bringing about developer interest, one of the most important metrics when looking at a blockchain through the eyes of a potential investor.
Avalanche Wallet
A safe link for the Avalanche wallet can be found [right here]. The beauty of these web wallets is that you can simply log onto any computer and upload your funds if you carry your key phrase. We have written guides on best practices for wallet management. A quick refresher might be helpful, always save safe links to your preferred browser. We like to use[Brave Browser] browser since it has extra security features and blocks almost all popups and ads. Generally, do not use your crypto computer for much other than crypto. I also have a VPN for my home network for another layer of security and encryption.
When writing down your key phrase double check it and write it on at least 2 sheets of paper. Store these two pieces of paper in separate locations, preferably in two separate buildings (not kidding). When you have amassed anything over 5,000$ onto any wallet you should be employing best practices to avoid scams, spams, and mis happenings. Once you have the key phrase written down, click the box stating that you have secured your phrase. After this step, click access wallet, the wallet will ask you to fill in a few missing words to make sure you have the correct order.
Once you have the wallet open, you can take your AVAX funds from Coinbase and send them to the C-Chain. The C-Chain is the Ethereum compatible chain, hence why it will work with your Metamask. You can use the send function to send from the C-Chain, just copy paste your Metamask address by clicking the address on top of Metamask. This C-Chain address will look just like normal Ethereum addresses. If you wish to send AVAX that is native (Avalanche Network Compatible) you will want to send it to the X-Chain. The Avalanche wallet allows for very fast swapping between these two chains within the wallet.
If you wish to stake your AVAX tokens within the wallet, you will need to move them to the P-Chain. This can also be done right inside the wallet, when doing any cross-chain movement within the wallet use the “cross chain” function to move the tokens to the proper address. Once on the P-chain you must have a minimum of 25 AVAX to stake, you can select how long you wish to stake for. The longer you stake your tokens the higher the APY, however most sources I have read recommend 1-month durations, just restake each month for around 10% APY. This is incase you wish to take a bit of profit on the way up.
Final Tips
When sending any token make sure you click the copy button from a withdraw address and paste it to your Avalanche wallet. The wallet will let you know if you are on the right chain based on the address you paste. I like to double check the first 6-8 digits/letters and last 6-8 digits/letters any time I send funds. Nothing is more painful the sending to a wrong address and losing your funds. These wallets are MUCH safer than keeping your crypto on an open exchange. Web wallets being safer, are not as safe as hardware wallets, but with good management, and best practices, funds are very secure.
