DRIP Network: How to Buy DRIP Using BNB on the Binance Smart Chain (beginner’s guide)
The one thing about DRIP that most people aren’t showing is how to actually buy the BNB needed to invest in DRIP.
Let me be one of the first to walk you through the process. If you’d rather watch a video instead of read this article, check this out:
After performing the “Buy BNB, Convert BNB, Buy DRIP” process a couple times, it really makes sense.
But, I know that DRIP is already confusing so I thought I’d make a short guide on how to buy BNB to get started investing.
Before I continue, I’m going to clarify which BNB I’m referring to since you’ll need to buy BNB on the Binance Chain to start and then eventually convert it to BNB on the Binance Smart Chain:
BNB on Binance Chain: BNB
BNB on the Binance Smart Chain: BNB_smart
- Create a (or multiple) MetaMask wallets. Creating more wallets just means you’ll make more money. If 1 wallet earns X amount, multiple wallets means 5x, 10x, 20x. For me, I created 5 and named them:
- DRIP 1 — Parent
- DRIP 2
- DRIP 3
- DRIP 4
- DRIP 5
For each wallet, I wrote down the private keys in my Stonebook (use code MICHAEL for 20% off).
- I bought around $1,000 worth of BNB on Binance.us.
- I opened my Trust Wallet app and sent a small test amount of BNB from my Binance.us account to Trust Wallet account. With a successful deposit, I sent the remaining BNB to Trust Wallet.
- Inside Trust Wallet, I swapped the BNB for BNB_smart. It’s a simple conversion using the swap button. Note: make sure to keep around $4 of BNB to cover all swap fees.
- I sent a small test amount of my new BNB_smart to my MetaMask DRIP 1 — Parent wallet address. You can find the wallet address by opening the MetaMask extension and selecting the wallet you want. It was a success so I sent the remaining BNB_smart to my Parent wallet.
- Next, it was time to divvy up the BNB_smart tokens into my child wallets. After doing some quick calculations, I…