Yuan Coin Investment: Strategies For Beginners

The Chinese yuan, also known as the renminbi, is one of the currencies traded in forex. China's economic growth in recent years has made the yuan an attractive currency for investors. There are several ways to invest in the Chinese yuan, including directly purchasing the currency, buying currency ETFs or mutual funds, and investing in emerging Chinese stocks.

For example, investors can purchase yuan directly and hold it in cash, buy yuan futures or yuan forward contracts, or invest in exchange-traded funds (ETFs) that are designed to track the Chinese yuan.

Another way to invest in the yuan is through exchange-traded funds (ETFs) or exchange-traded notes (ETNs) designed to perform in accordance with the value of the Chinese currency.

Additionally, investors can consider opening a savings or deposit account denominated in yuan at a bank that offers such services, such as the Bank of China or EverBank.

It's important to note that the Chinese government takes an active role in managing the yuan's exchange rate to favour Chinese exports, which can limit upward price movements. As such, investing in the yuan may be riskier than investing in other currencies due to the potential for sudden changes in government policy.

Yuan Chain Coin (YCC) is available on Coinbase Wallet

Yuan Chain Coin (YCC) is a blockchain-based platform that offers high-security software services without the high development costs. It allows users to conduct low-cost, risk-free transactions and trade cryptocurrency without third-party involvement. YCC is the native token of the Yuan Chain Coin platform and can be used to make payments and as a mode of exchange within the platform.

Yuan Chain Coin is available on Coinbase Wallet, but it is not tradable on Coinbase's centralized exchange in the United States. To buy YCC on Coinbase Wallet, you will need to follow these steps:

• Download Coinbase Wallet: You will need a self-custody wallet like Coinbase Wallet to purchase YCC. It is available as a mobile app and browser extension.
• Choose a Coinbase Wallet username: You will need to choose a username to allow other Coinbase Wallet users to send you crypto. You can keep your username private, but it is necessary to access your account.
• Securely store your recovery phrase: When creating a new self-custody wallet, you will be given a recovery phrase of 12 random words. This phrase is the key to your crypto, so it is important to write it down, store it securely, and never share it with anyone.
• Understand Ethereum network fees: Fees vary depending on network activity, transaction complexity, and desired transaction speed. It is important to plan and set aside money for these fees.
• Buy and transfer ETH to Coinbase Wallet: If you don't already have a Coinbase account, you will need to create one to buy Ethereum (ETH). Once you have ETH in your Coinbase account, transfer it to your Coinbase Wallet.
• Use your ETH to buy Yuan Chain Coin: In the Coinbase Wallet mobile app or browser extension, go to the "Assets" tab and click the "Swap" icon. Select "Choose asset" and pick Yuan Chain Coin. Input the amount of ETH you want to exchange, remembering to leave enough for transaction fees. Confirm your purchase and follow the on-screen instructions to finalize.

Set up a self-custody wallet and choose a username

Setting up a self-custody wallet and choosing a username is a crucial step when investing in Yuan Chain Coin (YCC). Here's a detailed guide to help you through the process:

Step 1: Choose a Self-Custody Wallet Provider

Select a reliable self-custody wallet provider that suits your needs. Popular options include Coinbase Wallet, MetaMask, Ledger, and Trezor. These providers offer different features, so it's important to review their documentation before making a decision.

Step 2: Download and Install the Wallet

Once you've chosen your preferred self-custody wallet provider, proceed to download and install their mobile app or browser extension. For example, Coinbase Wallet is available as a mobile app and a browser extension. Make sure to only download from official sources to avoid any security risks.

Step 3: Set Up Your Wallet

After installing the wallet, you'll need to create an account and set up your wallet. This typically involves creating a new wallet/key and backing it up. During this process, you will be given a recovery phrase, which is crucial for securing your crypto assets. A recovery phrase usually consists of 12 random words and serves as the key to your crypto wallet. It is essential that you keep this phrase secure and don't share it with anyone.

Step 4: Choose a Username

As part of setting up your self-custody wallet, you will need to choose a username. This username will allow other users of the same wallet platform to easily send you crypto. While you can keep your username private, it is necessary for accessing your account.

By following these steps, you will have successfully set up your self-custody wallet and chosen a username. Remember to always prioritize security and keep your recovery phrase and other sensitive information safe. With your self-custody wallet set up, you can now proceed with the next steps of investing in Yuan Chain Coin.

Store your recovery phrase securely

When you create a new self-custody wallet, you'll be given a recovery phrase that consists of 12 random words. The recovery phrase is the key to your crypto, meaning anyone with your recovery phrase has access to your crypto. Do not share your recovery phrase with anyone.

• It is strongly recommended to write these down on paper and store them securely. You can also use Coinbase Wallet's cloud backup feature.
• Make multiple copies of your crypto keys as a backup and store them in various locations.
• Split each word of your seed phrase and store them in different locations.
• Use a hard drive or a USB stick to store your recovery phrase offline.
• Use solid steel backups such as ELLIPAL Mnemonic Metal, Capsule Duo, or BILLFODL.
• Use a Stonebook notebook to store your recovery phrase.

Some recovery phrase storage options that you should avoid:

• Taking photos of your recovery phrase.
• Using online seed recovery sites.

Buy and transfer ETH to Coinbase Wallet

To buy and transfer ETH to your Coinbase Wallet, you will first need to create a Coinbase account if you don't already have one.

Next, download the Coinbase Wallet, which is available as a mobile app and a browser extension. You will then need to choose a username. This will allow other Coinbase Wallet users to send you crypto. You can keep your username private, but you will need it to access your account.

When you create a new self-custody wallet, you will be given a recovery phrase consisting of 12 random words. It is imperative that you do not share your recovery phrase with anyone, as anyone who has access to it will have access to your crypto. It is recommended that you write these down on paper and store them securely, as well as using the cloud backup feature.

Now, you need to buy Ethereum (ETH). If you don't have a Coinbase account, you'll need to create one to do this. The way you transfer ETH to your Coinbase Wallet depends on whether you're using the mobile app or the Chrome extension.

Finally, once you've added ETH to your Coinbase Wallet, you can swap your ETH for Yuan Chain Coin (YCC) in the mobile app or browser extension. Tap or click the "Swap" icon in the Assets tab, then select "Choose asset" and pick Yuan Chain Coin. Input the amount of ETH you'd like to exchange for YCC, remembering to leave enough for transaction fees. Confirm your purchase and follow the on-screen instructions to finalize.

Swap your ETH for Yuan Chain Coin

To swap your ETH for Yuan Chain Coin (YCC), you'll need to follow a few steps. Here's a detailed guide to help you through the process:

Step 1: Choose a Crypto Wallet

First, you'll need to select a suitable crypto wallet. A self-custody wallet is required to purchase YCC. One option is the Coinbase Wallet, which is available as a mobile app and a browser extension. Alternatively, you can choose a different wallet, such as the Trust Wallet, which is integrated with the Ethereum network and can be downloaded as a Chrome extension or a mobile app.

Step 2: Set Up Your Crypto Wallet

After downloading your chosen wallet, you'll need to set it up. This includes creating a username and securely storing your recovery phrase. Keep your recovery phrase safe and private, as it is the key to accessing your crypto funds.

Step 3: Buy ETH

Once your wallet is ready, you can purchase ETH, which will serve as the base currency for acquiring YCC. You can buy ETH on platforms like Binance or Coinbase. If you're using Coinbase, you'll need to create an account if you don't already have one.

Step 4: Transfer ETH to Your Crypto Wallet

After purchasing ETH, transfer it from your exchange account to your crypto wallet. On Binance, for example, go to your wallet section, click on "Withdraw," fill in the details, and initiate the transfer.

Step 5: Choose a Decentralized Exchange (DEX)

To acquire YCC, you'll need to use a decentralized exchange (DEX) that supports the blockchain where YCC resides. One option is to use 1inch, which is compatible with the Trust Wallet. Ensure that the DEX you choose supports your selected crypto wallet.

Step 6: Connect Your Crypto Wallet to the DEX

To make the YCC purchase, connect your crypto wallet to the chosen DEX by using your wallet address. This will allow you to access your ETH funds for the swap.

Step 7: Swap ETH for YCC

On the DEX, select ETH as the payment option and YCC as the coin you want to acquire. Specify the amount of ETH you wish to exchange, keeping in mind the transaction fees. Review your transaction details and confirm your purchase.

By following these steps, you will have successfully swapped your ETH for YCC. Remember to do your own research, understand the risks involved, and consider the fees associated with each platform before proceeding with any cryptocurrency transactions.

Frequently asked questions