How to use different Blockchain networks
There is many blockchains that have launched in the Crypto space. If you are here, you are familiar with the most popular ones such as Ethereum, Bitcoin, etc
Today we are going to focus on Blockchains that use Ethereum Virtual Machine. (EVM) is a technology, or digital computer found on all these blockchains that make them being able to be used from the same wallet software such as Metamask. The reason, you might not use Ethereum all the time is because if you transact a lot in the defi space, then you will pay high gas fees. So instead you might trade the same coin on an alternative EVM blockchain such as "Matic" for a small fraction of the fee costs (Gas fees).
Here is a small list of EVM compatible blockchains.
Now, to transact with them is basically the same thing for all these networks. But you do have to specify which networks you want to use at one time and I will show you how to do that below.
Today we are going to focus on Blockchains that use Ethereum Virtual Machine. (EVM) is a technology, or digital computer found on all these blockchains that make them being able to be used from the same wallet software such as Metamask. The reason, you might not use Ethereum all the time is because if you transact a lot in the defi space, then you will pay high gas fees. So instead you might trade the same coin on an alternative EVM blockchain such as "Matic" for a small fraction of the fee costs (Gas fees).
Here is a small list of EVM compatible blockchains.
- Ethereum
- Binance Smart Chain
- Polygon (Mainnet)
- Optimism
- Avalanche
- Bittorrent Chain
- Fantom
- Pulsechain
- Moonriver
Now, to transact with them is basically the same thing for all these networks. But you do have to specify which networks you want to use at one time and I will show you how to do that below.
How to send Crypto from your exchange to your Metamask
If you haven't installed a Metamask wallet yet then proceed to Metamask.io and install the app onto your browser for free. Make sure to write down your seed phrase somewhere offline to help prevent hacks. If you have a ledger , then connect it to your Metamask to have a shield from hackers.
Example scenario in photo below:
You have Polygon (Matic) coin in your Metamask wallet, and want to withdraw (Send) 10 Matic from your exchange to your Metamask wallet on the Ethereum Network.
Example scenario in photo below:
You have Polygon (Matic) coin in your Metamask wallet, and want to withdraw (Send) 10 Matic from your exchange to your Metamask wallet on the Ethereum Network.
How to send Crypto from Metamask to an exchange
Example scenario in photo below:
You have Ethereum in your Metamask wallet, and want to withdraw (Send) 0.01 Eth to a Binance exchange wallet on the Ethereum Network.
You have Ethereum in your Metamask wallet, and want to withdraw (Send) 0.01 Eth to a Binance exchange wallet on the Ethereum Network.
If you want to use a different network for cheaper fees you can do the exact same process except on Metamask select the different network for example : Binance smart chain and on your exchange select BEP-20 .
Bridges - use them or not?
In Crypto, there is a technology called Bridges that allows to send your coin directly from one network (blockchain) to another. This has been a point of failure many times and millions of dollars of Crypto being stolen again and again and I recommend against using them at least for a few years until they prove consistently secure. What I recommend is using your exchange as your bridge because you can withdraw your Crypto to usually any supported network. For example, I can withdraw Ethereum coins to an Ethereum, Binance smart chain, Avalanche or Matic wallet straight from my exchange and it has a much lower chance of being hacked and exchanges are typically low fees as well.
In Crypto, there is a technology called Bridges that allows to send your coin directly from one network (blockchain) to another. This has been a point of failure many times and millions of dollars of Crypto being stolen again and again and I recommend against using them at least for a few years until they prove consistently secure. What I recommend is using your exchange as your bridge because you can withdraw your Crypto to usually any supported network. For example, I can withdraw Ethereum coins to an Ethereum, Binance smart chain, Avalanche or Matic wallet straight from my exchange and it has a much lower chance of being hacked and exchanges are typically low fees as well.