So you’re a huge MLB fan but you know literally nothing (or close to it) about crypto. Don’t worry, I’m here to help explain it as clearly as possible so you can partake in one of the best blockchain games on the market! (I’ll also explain ‘Blockchain’ too so stay with me!)
You may already know in order to play MLB Crypto Baseball you will need to buy at least one figure in the marketplace. In order to buy any MLB Crypto Baseball figure, you will need Ethereum (a type of cryptocurrency).
****If you’re ready to jump in head first and buy your figure already, head on over to this blog post, How To Get Ethereum To Play MLB Crypto Baseball, to get started immediately. If you’d like to learn a bit more about Cryptocurrency, Blockchain, Miners, Crypto Wallets, Gas Fees & How They Work, continue reading.****
What exactly is “cryptocurrency”?
Cryptocurrency is basically digital money.
You’ve probably heard of Bitcoin. Well….Bitcoin is a type of cryptocurrency. Just like there are several different types of cars (Toyota, Honda, Ford), there are thousands of different types of cryptocurrencies. Essentially they all do the same thing—allow you to buy or sell goods or services. However; some cryptos have advantages over others. I won’t go into the different advantages but some of the most common ones are speed, fees, and security.
Some of the most known cryptocurrencies are Bitcoin, Ethereum, Litecoin, and Tron.
With MLB Crypto Baseball we’ll be using Ethereum, sometimes referred to as Ether, or just ETH.
Before we go any further I’d like to give you a clear idea of what “the blockchain” is and how it works.
What is blockchain?
Blockchain is a ledger that records every single cryptocurrency transaction that occurs, ever. Think of it like a “permanent record” of transactions. Once a transaction is recorded on a blockchain, there’s no way to alter it and it is there forever. This ensures there are no errors or fraud within a transaction.
But how are transactions on the Blockchain verified?
Transactions on the Blockchain are verified by “miners”.
Mining is done by computers owned by regular people like you and me (miners). In short, “mining” is when a computer solves a mathematical puzzle to verify transactions on the blockchain. Whatever miner (computer) solves the puzzle the fastest is rewarded with a bit of crypto. This is where Gas fees come in, but more about that after you learn a little about Crypto Wallets.
This Is How Blockchain Works In A Nutshell:
A Crypto Wallet is basically software you can download to your cell phone or computer to store your crypto (like an actual wallet!). The type of wallet you need is determined by what ‘brand’ of crypto you own.
Since we’re using ETH for MLB Crypto Baseball, we’ll be using the MetaMask ETH wallet because it’s one of the more user-friendly wallets out there.
The two most important things about any crypto wallet is your Private Key (basically your password) and your Public Key (the address assigned to you to RECEIVE crypto).
Private Key – This is the ‘long string of letters and numbers’ you’ll be assigned when signing up for a crypto wallet. You’ll need this private key to access (sign into) your wallet.
DO NOT LOSE OR SHARE YOUR PRIVATE KEY.
Even though Private Keys are similar to passwords, there is no way to ‘reset’ your Private Key. Store it some place safe because once it’s gone, it’s gone and it’s virtually impossible to access your crypto wallet without it. Personally, I save my Private Keys in a few places, just to be sure.
Public Key – This is the ‘long string of letters and numbers’ you are assigned for accepting crypto. You’ll see some people post their Public Key (also known as your “Wallet Address”) on their websites or even on Social Media as a means to get a “tip” from others. Sharing your Public Key is perfectly fine because no one can access your Wallet with it; it is literally a means of receiving crypto and nothing else.
Now that you know a little more about these aspects of crypto, let’s see how they relate to MLB Crypto Baseball .
We’ve already discussed:
- In order to play MLB Crypto Baseball you’ll need to buy some Ethereum (crypto).
- You’ll also need to install MetaMask (a crypto wallet) to your computer’s browser.
But how do you do that?
Okay, I have ETH in my MetaMask Wallet…..Now what?
After reading and following the instructions in the “How to Get Ethereum to Play MLB Crypto Baseball” blog post, you are ready to start bidding on players on the MLB Crypto Baseball Marketplace.
Once you find a player you want to buy, click on his picture to open up all the details, and you will see a green “BUY NOW” button, click it and you’ll see this:
Don’t worry, I know it may seem like a lot but I’m going to help you understand what it’s all about.This is the current price of the figure in USD
- This is the current price of the figure in ETH (crypto)
- This is where you can edit the amount of GAS you use (don’t worry, I’ll explain this in a second)
- These are the GAS fees in USD and ETH
- This is the total amount of USD/ETH you will spend on this figure, including GAS fees
So what is GAS and why should I ‘edit’ the suggested amount to use?
Great question! Remember earlier when we talked about mining? In order for anything to happen on the Blockchain (ledger of transactions) you need miners. In case you forgot, miners are computers that solve mathematical puzzles in order to verify your transaction on the Blockchain. And the fastest miner (computer) to solve this puzzle gets a reward (a small bit of crypto, in this case, ETH).
But how do you get these miners to solve YOUR mathematical puzzle first? You increase your GAS price! By increasing your GAS price, you are telling the miners, “Hey! Look at me! I have more to offer than all these other transactions with low gas prices, if you solve me first, you’ll get a cut of this higher Gas fee!”
In theory, the more GAS you put behind any ETH transaction, the more likelihood your transaction (puzzle) will get solved FIRST, which in turn ensures you are the winner of the bid you just placed on the MLB Crypto Baseball figure you’re trying to buy.
“The more GAS (speed) you put behind your bid, the higher chances the miner will solve YOUR transaction first because they want their share of the GAS fee you used to “skip the line”.
What happens if you add extra GAS and you don’t win the bid?
Not to worry, you won’t be charged the entire Gas fee, most of it will be returned to your MetaMask account balance (be patient) but a small portion is kept since the transaction process has started.
If your bid is successful and you do indeed win the figure, it will show up automatically in your MLB Crypto Baseball account, shown here:
Here is a list of helpful resources you may want to check out before you slide into home!
If you’re having issues with anything related to MLB Crypto Baseball you are invited to join our chat channels where an Admin or Moderator will be able to help you: