How to buy Ivy (IVY)
Step-by-step instructions on how to buy, sell and trade Ivy in Canada.
Launched on 1 June 2018, Ivy tokens (IVY) can only be traded on a limited number of crypto exchanges at the time of writing, and you’re not yet able to buy Ivy with fiat currency – you’ll need to already own some crypto.
If you want to add some Ivy to your portfolio, keep reading for detailed instructions on where and how to buy and sell Ivy.
Quick guide: How to buy IVY
- Register for an account with an exchange like IDEX.
- Unlock your Ethereum wallet.
- Deposit ETH onto IDEX.
- Go to the exchange section.
- Search for IVY.
- Enter the amount of IVY you want to buy and your price.
- Review transaction details.
- Click the button to buy IVY
This is our quick guide to just one way to buy IVY. Compare some other options in the table below.
Where to buy IVY in Canada
A step-by-step guide to buying IVY
For the purposes of this example, we’ll provide step-by-step instructions on how you can buy IVY with Ethereum (ETH), if you have found a suitable exchange.
How to sell IVY
If you want to sell Ivy, you’ll need to follow a fairly similar process to that detailed in step 4 above. Of course, this time around you’ll have to sell IVY in exchange for ETH or another cryptocurrency.
It’s also worth mentioning that IVY is only available in a limited range of trading pairs, so you may not be able to directly exchange your IVY for the currency you want to acquire.
Which wallets can I use to hold IVY?
While it’s possible to store your tokens on an exchange, this isn’t a good idea for any prolonged period of time. With exchanges a popular target for hackers, it’s generally recommended that you transfer your tokens into a wallet that allows you to retain control of your private key.
Ivy tokens are ERC20 tokens on the Ethereum blockchain, which means there’s ample choice available when you’re searching for a wallet. For example, you may want to consider some of the following options:
- MyEtherWallet (web wallet)
- TREZOR (hardware wallet)
- MetaMask (browser extension)
- Coinomi (mobile wallet)
The Ivy Network’s purpose
The international money transfer industry is huge – SWIFT alone handles the transfer of nearly US$5 trillion worldwide every day – but current payment methods are slow, outdated and expensive. The introduction of blockchain technology and cryptocurrencies has the potential to revolutionize cross-border payments, making it possible to send near-instant and almost fee-free transactions all around the world.
However, the emergence of digital currencies has also led to an increased concern from regulators about the potential for money laundering and other illegal activities.
And that’s where the Ivy Network and Ivy tokens come in. Ivy is designed to facilitate secure, transparent business payments on a global scale. By embedding Know Your Customer (KYC) and Know Your Transaction (KYT) data points into a transaction, Ivy aims to combine the best features of traditional centralized banking and payment systems with the benefits of the decentralized blockchain network:
- On the one hand, it meets the regulatory requirements of traditional financial systems.
- On the other, it also offers fast, decentralized transaction-processing technology.
How the Ivy Network works
When the Ivy Network goes live in 2019, it will utilize IVY tokens, which carry KYC and KYT details to meet the verification requirements for transactions. When implemented, it’s anticipated that the Ivy Network will allow for the inclusion of more than 120 different KYT data points and more than 70 different KYC data points in transaction messages.
According to the project’s white paper, the platform will use a dual-network architecture. This will see senders of tokens operate on a public network (Ivy Public Network), and parties that provide the financial settlement to fiat currency participate on a private network (Ivy Private Network).
This structure involves two separate tokens. If you want to send third-party cryptocurrency to someone else, you’ll need to exchange your crypto for Ivy Public Network Tokens (IVY). These will then be submitted to an Ivy Network contract on the Ethereum network, where they will be subsequently held in escrow until the transfer is successfully completed.
The Ivy Private Network is intended to distribute funds to the bank accounts of intended recipients through the use of private contracts. This will allow participating financial institutions and intermediaries to stake their participation using a private Token (IVYB).
According to the white paper, “When fully developed, IVYB are anticipated to be asset-backed tokens that reflect Ivy Private Network account holders that have fiat reserves capable of clearing transactions to the Ivy Network”.
*NB: In the diagram below, IVY tokens are referred to as IVYA.
What to consider before you buy IVY
Make sure you thoroughly research any cryptocurrency before buying. Not only are digital currencies notoriously volatile, they’re also highly complicated assets. There are several factors that can impact a coin’s price, so you need to be fully aware of the risks involved before spending any of your funds.
If you’re thinking of buying IVY, consider the following:
- Supply. According to CoinMarketCap, at the time of writing in September 2018, the circulating supply of IVY was 300,199,658, out of a total supply of 1,610,924,200. Check out the Ivy Project website for a breakdown of how those tokens have been distributed.
- Limited availability. As a relatively new coin, Ivy is only listed on a handful of exchanges. While this could have a negative impact on the current level of demand for the coin, it also means there’s potential for increased demand should IVY gain listings on larger, more popular exchanges.
- Whitepaper. If you want to know more about the tech behind Ivy and how this cryptocurrency works, take a closer look at the project’s whitepaper.
- Potential. The global money transfer market is huge and also well in need of an overhaul. If the Ivy team can achieve their ambitious goals and help drive this payments revolution, there’s plenty of potential for growth.
- Competition. Ripple and Stellar are probably the two biggest and best-known projects focused on cross-border payments. Ripple in particular is focused on big businesses, so it’s worth comparing IVY with XRP to see how the two currencies stack up.
- Still being developed. The Ivy roadmap reveals that the Ivy Network’s creation of a minimum viable product is scheduled for 2019. As with any other project still being developed, whether or not it will be able to realize the goals it sets out to achieve remains uncertain.
Make sure you do your due diligence to decide whether or not you think the Ivy Network and its native token are destined for success.
Frequently asked questions
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA, POWR and XLM.
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