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It’s time to get that CAKE. PancakeSwap that is. You need to understand, what is happening right now with Pancake Swap is very similar to what happened over the summer with Uniswap and its many clones. We are seeing coins mooning overnight, affordable fees, rug pulls, promising long-term winners, and much more. But is PancakeSwap more than just a degen swap? Today we are going to be taking a look at CAKE, whether or not it is a good buy. It is considered the Uniswap of the Binance Smart Chain. I’ll give you my best PancakeSwap price prediction for 2021 and beyond. At the end of the video, I’m going to do a quick tutorial on how to use PancakeSwap. ⭐ 1 Million Subscriber Giveaway! ⭐ As we approach 1 million subscribers on YouTube, we will be giving away 1 full Bitcoin, 5 Ethereum, & 4,000 Cardano to 10 lucky winners. Sign up for the contest here ➡️ y 00:00 Intro 01:14 What’s Pancake? 02:10 UNI and CAKE 03:23 PancakeSwap Price Prediction 04:41 PancakeSwap Tutorial Connect with Me & the BitSquad! Join the BitSquad ➡️ d Join the BitBoy Lab ➡️ e Join BitSquad Traders ➡️ s Join Me on Twitter ➡️ o Join Me on Instagram ➡️ o Join Me on TikTok ➡️ o ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Find deals on hardware wallets, trading indicators, exchanges & more. Find Crypto DEALS ➡️ s ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice.
It’s time to get that CAKE. PancakeSwap, that is. You need to understand, what is happening right now with PancakeSwap is very similar to what happened over the summer with Uniswap and its many clones.
We’re seeing coins mooning overnight, affordable fees, rug pulls, promising long-term winners, and much more. But is PancakeSwap much more than just a degen swap? Today, we’re going to be taking a look at CAKE, whether or not it is a good buy, and I’m going to do a quick tutorial on how to use it and give you a price prediction.
Let’s just hope I don’t end up dressing like a pancake. Let’s get it! BitSwap is the hottest new way to trade tokens. Crawling all the top decentralized exchanges, BitSwap will get you the very best price and value for your trades.
BitSwap is changing the game. Try it now at bitswapdex.com. Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs. My name is Ben. Everyday on this channel, I show you how to make money in cryptocurrency.
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Now, in this video, I’m going to be going over PancakeSwap, its benefits, upside, and we’ll be doing a tutorial on how to use it. Make sure to watch this video all the way until the end because I’m going to be showing you guys a little trick you aren’t going to want to miss on how to use it.
So, first, we need to talk about what PancakeSwap is. Well, it’s basically the Uniswap of Binance Smart Chain or the BSC. PancakeSwap is a decentralized exchange, also known as a DEX. This is where users provide liquidity for the coins.
This means you’re making trades peer-to-peer instead of through a centralized entity like Binance or Coinbase. The token of PancakeSwap is the aptly named CAKE. It is a BEP-20 token, meaning it was created on the Binance Smart Chain.
A BEP-20 token is similar to an ERC-20 token that’s built on Ethereum. If PancakeSwap truly is the Uniswap of BSC, then there can be huge upside. The Uniswap token, UNI or “UNI”, has absolutely crushed it.
It has already seen multiple waves of DeFi swings. This has led it to get all the way to the top 10 of all cryptocurrencies. Now, as you may have noticed, Binance Coin has also risen to the top, slotting in at the No.
3 overall cryptocurrency, sitting right behind Ethereum. So let’s think about this for a second. Ethereum is at No. 2. Its top DEX token is UNI, and it’s currently sitting at the No. 11 spot. BNB is sitting at No.
3 overall with a market cap of about 1/3 of Ethereum. And yet PancakeSwap is sitting all the way down at No. 37. Many people are proposing that Binance Coin could actually one day catch Ethereum. And whether or not you feel like that’s true, it makes zero sense that PancakeSwap will be sitting all the way down at No.
40. It’s very conceivable that CAKE could become a consistent top 20 coin in the near future. From where PancakeSwap is to the top 20 is about a 3X. And that’s if the market doesn’t move at all to have a higher market cap.
I would say it’s very possible that even by summer, the CAKE token is over $100 per coin. If it follows the line of the UNI token, it also stands to reason it could peak in the top 10 at some point.
I believe it’s probably a low mark and very conservative to say that we could see a $200 CAKE token this year, but I’m kind of afraid to dress up like a pancake for a livestream, so we’ll stick with $200 per coin for this bull run as my official price prediction.
So, what’s so great about PancakeSwap compared to Uniswap other than it just uses a different chain? Well, the fees are extremely low, and it’s a very fast chain. We are talking about fees less than $1 for PancakeSwap, while Ethereum gas fees are sometimes in the triple digits.
You can’t even get pancakes for $1 at IHOP. But PancakeSwap has already been audited by security giant Certik, so you know it’s very secure. But, of course, this doesn’t mean that all projects listed on PancakeSwap are safe.
It’s decentralized, so anyone can list there. PancakeSwap has already seen a rise in scammy rug pull projects. In general, here’s a good rule for you. If a team is anon, they’re probably going to rug pull you.
If you’re unaware, rug pull is when a project pulls out all the liquidity for a coin, and holders are stuck with worthless tokens. Now, along with swapping, there are a ton of other cool PancakeSwap features which we’ll show in the tutorial.
So now that you understand what PancakeSwap is, what the CAKE token is, and the potential for the price, let’s go ahead and jump into the tutorial right now. Okay, so the first thing you’re going to have to do before you get going with PancakeSwap is set up a wallet.
Now, a lot of people will tell you that using the MetaMask wallet is the best way to do it, and you can certainly hook Binance Smart Chain up through MetaMask. What you have to do is you have to add a custom network.
And I’ve found like it just kind of gets kind of sloppy because I’ve got like 12 MetaMask wallet addresses hooked up to my MetaMask, if not more, and so what I actually found is, I found this, called the Binance Chain Wallet.
You can actually add this to Chrome, and you can use the Binance Chain Wallet instead of having to use MetaMask. And I found it actually much easier to use them separately. So you guys can see up here on the right-hand side of my screen this little icon here.
All you’ve got to do is, you know, put this to your favorites, just hit the pin right here on, you know, your Chrome browser. And when you open it, you’ll see I sent over about 2 BNB here. So I’ve got 2 BNB in this account.
It’s on the Binance Smart Chain network. You can actually use the Ethereum network on here as well and then the Binance Chain network The BSC is what is going to work best. So like I said, I just like to keep them separate.
So here we are, we’re on pancakeswap.finance. So when you come here, you notice like it’s a lot different than like Uniswap, for instance. When you go to Uniswap, you know, pretty much it takes you straight to the trading page.
Here, it’s going to show you a lot of different options on the left. You got these tabs Home, Trade, Farms, Pools, Lottery, Collectibles, this Team Battle thing, Team and Profile, then Info, IFO and more.
Then at the bottom left-hand side of the screen, as you can see all the way down here, it’s going to show you the price of one Pancake token– or one CAKE token, which right now is $23.459. So what you’re going to do is you’re going to connect your wallet.
So I’m going to hit Connect here. Then you can come down here, and you can see Binance Chain Wallet. Okay, so once you hit connect wallet, it’s going to take you to this separate page here. I was having a hard time finding it for a second.
Then just hit Connect. And that’s going to take you back over here. So you can see up in the top right-hand corner that you’re connected because it has my Binance Smart Chain which also starts with 0x similar to an Ethereum address.
So, okay, let’s go back here. Now, what we want to do is we want to do a trade. I want to trade some of my BNB. I want to go and add some CAKE tokens to my portfolio. So I’m going to go here to Trade.
I’m going to click Exchange. And this is going to take you to the trading page which now, it looks very similar to what you would see with Uniswap. You can also see there’s the smart bridge here that you can connect to different chains.
You guys can see here, it’s– I probably don’t exactly want to show you guys this right now, but this is what happens when you click Bridge. It takes you here, and this is how you can move things from one chain to the next.
Like, you could move Tether from the TRON network over to BSC if you needed to do that. But probably you’re only going to do swapping. You can also add liquidity very similar to the way that you do with Uniswap.
It’s a good way for you to earn some passive income. But what we want to do, we want to trade 1.5 of our BNB tokens over to CAKE. So obviously, when you come here, it’s very similar to Uniswap. If you want to custom paste the, you know, contract address for a token, you can do that up here.
Or it’s got a list here of all kinds of tokens, as you guys can see. So we want to get the CAKE token obviously. So there it is right there. Okay, now, here we go. So the price impact is very small. We’re going to get 30– at least 32 CAKE tokens.
So let’s go ahead and unlock the wallet here. Okay, so here we go. We’ve connected our wallet. I don’t know why it disconnected there for a second, but we’re going to hit Swap. Hit Confirm Swap. Okay, so here’s our confirmation page.
Go ahead and hit Confirm here. Then this is going to take you back here. And it is committed. So let’s give it a few minutes and see how long it takes to put these CAKE tokens in our wallet. Let’s go and make sure that we add these here.
So we’re going to add this so we’ll actually be able to see this on our assets page. So there we go. Alright, and there– it was that quick, guys. That was real time what you just saw. It literally took what? 15 seconds to make the switch? So now, we’ve got, you know, 0.
5 BNB in this wallet, and we’ve got 32.5 CAKE tokens. That’s what most of you guys are going to be doing here on PancakeSwap is using the swap. But there’s also farming and staking if you want to do yield farming.
You can also do a lottery if you’re like a super degen, and you want to try to win some extra CAKE tokens. You can do that. Right now, there’s $50,000 up for grabs. You can learn more about that right here.
But that’s basically it. If you want to do the farming, you can come over here. You can see all the different pairs that you can farm. This is a good way, you know, to find maybe some smaller coins that could be on the, you know, could be up-and-coming projects that could have some promising rewards and things like that, but pretty much what I’m going to be using this for is just going to be for the swapping, and most you guys are, too.
They’ve got some pools. They’re called Syrup Pools. So I guess, you know, Canada isn’t the only place that has a syrup market at this point. So, okay, guys, that’s it. That is how to use PancakeSwap.
It’s very easy. Now, let me tell you guys, the No. 1 key for me figuring out how to use this was to start using the Binance Smart Chain wallet instead of MetaMask. It just gets very complicated with MetaMask.
And personally, instead of doing separate– or instead of doing them together on one place, I just want two different wallets. So you can send BNB from Binance.com or any place you have BNB that uses the BEP-20 network over to the Binance Smart Chain wallet, and boom! It’s that easy.
So that’s how you use PancakeSwap, guys. Thank you so much for watching this video. Drop me a comment down below and let me know what you guys want to see in terms of PancakeSwap, if you want to see me to cover some of the tokens on there.
If so, make sure to drop that down below and give me some ones that you’re looking at. Alright, guys, that’s all I got. Be blessed. BitBoy out.