How to Get Started
Enough theory, how do you actually get started with this? Here's my suggestion.
These three services (Coinbase/Binance/Gemini) are called CEXes (centralized exchanges). This is where you turn your dollars into crypto and vice-versa, but now you want to move the money to a wallet you actually have the private key to.
Download Rainbow, which is by far the best Ethereum wallet (I also happen to work there). Create a new wallet in the app, and when asked to back up your wallet, remember to write down the seed phrase and store it somewhere safe! This is your private key — only you are in control of this wallet, unlike your CEX wallet.
Send the Ethereum that you bought in Coinbase/Binance/Gemini to your Rainbow wallet by copying the address from your Rainbow wallet and using that as the
to address when sending. I I usually start by sending a small amount and once confirmed it arrived, I send the rest.
Uniswap has thousands and thousands of tokens available to purchase. From Wrapped Bitcoin (WBTC) to tokenized ultra-rare unicorn socks (SOCKS), the possibilities are endless. (Again, if we're friends just message me and I will send you some, gratis!)
An ENS domain is an NFT that acts as your Ethereum username. Instead of sharing your long and convoluted wallet address, you can purchase a .eth domain like
example.eth and use that as your public address instead. This is the Ethereum equivalent of buying a .com domain and using
example.com instead of giving people a long and convoluted IP address. You can purchase an ENS domain at ens.domains.