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Why Crypto is Complicated
A basic intro to crypto on how it works. You are not alone. It's complicated.

An introduction to Crypto for beginners

If you are new to crypto, and you're a little confused. Don't worry, you are not alone. Like any new "thing" that hasn't been refined - it can present some challenges for the layperson (or honestly even the techno-geeks). Hopefully, the following breakdown makes it a little easier to understand how the crypto ecosystem works.

Crypto mirrors the real world

The first thing to realize is that crypto tends to mirror the real world. The only true difference is that crypto promotes the idea of decentralization. Its primary goal is to remove the middleman. Whether the middleman is a bank, government, or in the case of DOOR - Big Ad Tech companies like Google, Facebook, and others. Why do we need to remove the middleman? Well, for one - they tend to be corrupt, violate laws, censor, abuse privacy, and overall destroy everything that is good. I realize that may be a little over-dramatic - but a fair tone for the crypto community.
Here are the big elements that create the crypto universe, and why they exist
    1.
    Cryptocurrency - Think of cryptocurrency like an "app". Every App has a purpose or utility on your phone. Some more sophisticated than others - but ultimately each one is created to do something specific. The king of crypto is Bitcoin, which allows for decentralized payments and acts as a frictionless store of value. Although we often use the term "cryptocurrency" - not every crypto is used for payments. They all have a specific use, and each one is valued based on that use case.
    2.
    Central Exchange - In order to buy and sell crypto with U.S Dollar (or other FIAT currencies) you need to join an exchange. A popular one in the U.S. is Coinbase.com. This is how you deposit US Dollars and buy cryptocurrency. It's also how you sell your cryptocurrency for US Dollars. Think of it as a bank. Yes, unfortunately, these entities do represent a "centralized" authority, but they are necessary today for exchanging back and forth between crypto and national currencies.
    3.
    Decentralized Exchange - If you are looking to exchange one crypto for another you can use a DEX (Decentralized Exchange). This operates much like a centralized exchange, but there is no central authority or requirements to provide you personal information (ID, etc). The most popular is Uniswap.org.
    4.
    Wallet - A Wallet is needed to hold your crypto. Some wallets are hosted with Central Exchanges, but most wallets are software on your phone or computer that holds the crypto. We recommend Metamask for your software wallet if you want to hold your DOOR Tokens. Of course, we also offer the DOOR Wallet which is a hosted wallet in our application.
Do I need to have a Coinbase or other Centralize Exchange account?
Yes, if you want to be able to sell crypto and put money in your bank account, you will need to join a centralized exchange. Coinbase is one we recommend, but there are others just as good.
Do I need to use Uniswap too?
Yes. Unfortunately, most central exchanges don't accept all coins and tokens. So in order to send crypto to Coinbase to sell, you first need to swap DOOR into USDC on Uniswap. Once you swap your DOOR for USDC on Uniswap, you can then send your USDC to Coinbase (or equivalent central exchange), and from there you can exchange USDC for US Dollar (1:1) and deposit in your bank account.
If you are looking to buy DOOR Tokens, you will also do this using Uniswap.
Do I need a Metamask Wallet, Trust Wallet or Coinbase Wallet?
Yes. You need a Ethereum based wallet will hold your DOOR. We support Metamask for deposits, but we support any Ethereum based wallet for withdraws.
You first withdraw your DOOR from MyDoorWallet.com into your Metamask wallet. Once your DOOR is in your Metamask wallet, you can connect to Uniswap and swap for USDC.
You will need your Metamask Wallet if you are purchasing DOOR Tokens on Uniswap as well.
We realize there are a lot of steps, which is one of the challenges with crypto. But fortunately, once you have set up your accounts and wallet - it is a very easy process.
Last modified 3mo ago