Crypto 101

A step-by-step tutorial for accepting cryptocurrency payments.

The Three Types of Crypto (and Which to Ignore)

Stablecoins — Use these for business. A stablecoin is a cryptocurrency pegged 1-for-1 to the U.S. dollar. 1 USDT = ~$1. Always. This is the currency you'll use for transactions.

- USDT (Tether) — the most widely used stablecoin on the planet. Available everywhere.

- USDC (Circle) — the runner-up. More transparent about its reserves.

Either works. Use whichever your clients and blockchain support.

Warning: If someone asks you to accept a stablecoin you've never heard of, don't. TerraUSD (UST) collapsed in 2022 and wiped out ~$40 billion. Stick with USDT or USDC.

Native coins (ETH, SOL, TON, TRX) — the "gas" that blockchains run on. You might need a tiny amount to pay transaction fees. Don't hold these as currency — they're volatile. Some newer "gas free" wallets skip this requirement entirely by deducting fees from your stablecoins.

Memecoins (DOGE, SHIB, PEPE) — tokens built on hype. They can gain 1,000% in a week and lose 99% the next. Do not accept them as payment unless you enjoy gambling. We mention them here only so you can recognize them and steer clear.

Pick a Blockchain

On Telegram already? → TON. The wallet is built right into the app. Lowest friction possible. Use USDT on TON, not Toncoin itself (Toncoin is volatile — it dropped 65% from its early 2025 peak).

Want the cheapest stablecoin transfers? → TRON. Hosts over half of all USDT in circulation globally. ~$0.72 per transfer after the August 2025 fee cut, and some wallets now offer gas-free USDT transfers. Caveat: TRON's founder, Justin Sun, has a troubled regulatory history including SEC fraud allegations settled in early 2026. The network itself works fine, but you deserve to know.

Want to do NFTs or smart contracts? → Solana. Sub-second transactions, fees under $0.01, mature NFT ecosystem. More complex, but more capable.

Ethereum is the biggest smart contract platform, but its fees are higher for simple transfers. Best for accessing major NFT marketplaces like OpenSea.

Pick a Wallet

A wallet is the app that holds your crypto. There are two kinds:

Custodial — a company (like Coinbase) holds your keys for you. Convenient, but you're trusting them not to lose your money or freeze your account.

Non-custodial (self-custodial) — only you have the keys. No company can freeze your funds, but no company can recover them for you either. This is what most experienced users recommend.

Quick picks:

- Don't know which blockchain yet? Trust Wallet (100+ chains, free, iOS/Android, built-in security scanner).

- Telegram/TON? The built-in TON Wallet, or Tonkeeper for a clean standalone app trusted in the community.

- Solana? Phantom.

- Ethereum? MetaMask.

Start with one. You can always add more later.

Your Seed Phrase

When you set up a non-custodial wallet, you get a seed phrase — 12 or 24 random English words. This is the master key to your money. Anyone who has these words owns your crypto. Period.

Do:

- Write it on paper.

- Store it somewhere physically secure (fireproof safe, safety deposit box).

Do not:

- Save it as a screenshot, text file, phone note, photograph, or email.

- Share it with anyone. Ever. For any reason.

Set Up an Exchange (Your On-Ramp and Off-Ramp)

A centralized exchange (Coinbase, Kraken, Binance, Gemini) is where you convert regular money into crypto and back again. Think of it as a currency exchange counter.

How it works:

1. Create an account and verify your identity.

2. Deposit money from your bank.

3. Buy stablecoins (USDT or USDC).

4. Transfer them to your own wallet.

When you want to cash out, reverse the process: send stablecoins from your wallet to your exchange account, sell them, then withdraw to your bank.

Expected fees: Exchange trades typically cost 0.1-0.5%. Debit card purchases cost more. Compare before committing.

Do not store your crypto on an exchange long-term. "Not your keys, not your coins." FTX collapsed in 2022 and billions in customer funds vanished. Use exchanges for buying and selling, then move your assets to your own wallet or bank.

Sending and Receiving — Don't Mix Up Blockchains

USDT exists on Ethereum, TRON, Solana, TON, and other networks. They're all "USDT" but they live on completely separate systems that don't talk to each other.

The rule: Always send crypto on the same blockchain the recipient is using. USDT-on-TRON goes to a TRON address. USDT-on-Solana goes to a Solana address. Mix them up and your money can be permanently lost.

Before every transaction:

- Confirm which blockchain the recipient uses.

- Double-check that your wallet is set to the correct network.

- Send a small test amount first with new recipients.

- When in doubt, ask: "What network should I send this on?"

Don't Get Scammed

Phishing attacks — the most common scam. Fake websites, fake emails, fake Telegram groups that look like real wallet or exchange services. They ask for your seed phrase or get you to approve a malicious transaction. Telegram phishing surged dramatically starting late 2024. Never enter your seed phrase anywhere except your wallet app during recovery. Bookmark real URLs. Navigate directly. Don't click links in messages.

Approval scams — a malicious app asks you to "approve" a smart contract that secretly gets unlimited access to your tokens. Once approved, it can drain you at any time. Only interact with well-known apps. Read what you're approving. Use wallets with transaction simulation. Regularly revoke old approvals.

Fake token scams — mystery tokens appear in your wallet. They're bait to get you to interact with a malicious contract. Ignore any token you didn't buy or ask for. Don't try to sell, swap, or touch it.

Rug pulls — creators hype a new token, attract buyers, then drain the money and disappear. Be skeptical of anything new promising extraordinary returns. Stick with USDT/USDC for business.

Social engineering — someone poses as a helpful fellow artist or crypto expert and asks for your seed phrase, or points you to a fake site. No legitimate person or service will ever ask for your seed phrase. Be skeptical of unsolicited help, especially in DMs.

This is not financial advice. The author has no financial relationship with any blockchain, wallet, or service mentioned. Do your own research, start small, and never invest more than you can afford to lose.

The author of this document does not encourage or endorse using any currency, fiat or otherwise, for financial speculation.