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How to buy Groestlcoin (GRS)
Learn how to buy Groestlcoin (GRS) in our step-by-step guide.
You can buy Groestlcoin (GRS) on a cryptocurrency exchange like Paybis. These specialized marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Groestlcoin (GRS) is named after the cryptographic hash function, Grøstl, which is the foundation of its altcoin algorithm. Here's how to buy Groestlcoin.
How to buy Groestlcoin in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy Groestlcoin is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit $ using the payment method that best suits you – bank transfer, debit card, neteller and credit or debit card payments are widely accepted.
- Buy Groestlcoin You can now exchange your funds for Groestlcoin. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Groestlcoin to your personal wallet.
Where to buy Groestlcoin
Find an exchange to buy, sell and trade GRS by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy Groestlcoin?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in the US to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Groestlcoin?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Groestlcoin.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing GRS with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy Groestlcoin with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy GRS with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy GRS on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase GRS by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for GRS on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Groestlcoin?
The easiest way to buy GRS is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying GRS, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of Groestlcoin has been performing recently.
Best Groestlcoin wallets to store your GRS
You can keep your GRS on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Is Groestlcoin a good investment?
As with buying any cryptocurrency, when buying Groestlcoin you should be aware that cryptocurrencies are speculative and prices are unpredictable. In particular, you might also want to consider the following when deciding to buy Groestlcoin:
- Proof-of-Work: As blockchain technology has advanced, decentralized finance and cryptocurrencies are trending away from PoW consensus mechanisms. Reasons for this include negative environmental impact, issues with centralisation and the potential for 51% attacks. It is worth diving into PoW and its viable alternatives to determine if this algorithm can evolve with the blockchain ecosystem. If PoW continues falling in popularity, it is likely that GRS will lose its market share to other, newer cryptocurrencies.
- Competition: ASIC-resistant cryptocurrencies trying to improve on Bitcoin aren’t a particularly novel concept in the blockchain sphere. Developers have long recognised the centralisation issues Bitcoin has encountered with specialized, expensive mining farms controlling the vast majority of the blockchain. For Groestlcoin to succeed, it will need to ward off competitors such as Ravencoin, Monero and Ethereum Classic. It’s also worth noting that companies have still created ASICs for mining GRS, although it is a more difficult process than for mining Bitcoin.
- Transaction time: Groestlcoin has a much shorter block period compared to Bitcoin, requiring an average time of only one minute (as opposed to Bitcoin’s ten). This enhanced transaction time provides merchants with an appealing alternative to BTC. As a result, there is a maximum supply of 105 million GRS, which is approximately 5 times the supply of BTC.
Additional information about Groestlcoin can be found using our GRS analysis tools.
Today's Groestlcoin price versus ATH
Compare today's price of Groestlcoin ($0.346882 USD) against its all-time-high price of $2.74 USD on 09 April 2021. The closer the bar is to 100%, the closer GRS is to reaching its ATH again.
ATH date: April 09, 2021
Groestlcoin ATH: $2.74
How to trade, convert or sell GroestlcoinYou can convert or sell your GRS with the same exchange you bought it through:
- Sign in to the exchange you have GRS on.
- If you store your Groestlcoin in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of GRS you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Groestlcoin.
- Complete your transaction and move your GRS to a wallet for storage.
Disclaimer: Cryptocurrencies, including Groestlcoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of GRS is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Groestlcoin or any other cryptocurrency discussed.
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