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How to buy Status (SNT)
Your guide to buying, selling and trading SNT in Ireland.
Status is a mobile Ethereum operating system with a mission to bring Ethereum to the masses. Built on the Ethereum blockchain, this open-source platform allows smartphone users to browse, chat and make payments securely on the decentralised web. It also allows developers to design decentralised applications (dapps) via smart contracts.
The Status Network Token (SNT) is the cryptocurrency of the Status platform. To find out how these tokens work and how to buy SNT in Ireland, keep reading.
Where to buy, sell or trade SNT
You can buy SNT on a wide range of popular cryptocurrency exchanges, for example:
How to buy SNT: Your step-by-step guide
If you want to buy SNT, here’s an example of how you can do it:
Step 1. Create an account with a cryptocurrency exchange that allows you to trade SNT
SNT isn’t listed on every cryptocurrency exchange, so you’ll first need to find an exchange that allows you to trade your chosen currency for SNT. You’ll then be able to sign up for an account by providing your name, email address and contact details.
To satisfy Know Your Customer (KYC) laws, some exchanges will also require you to provide proof of ID before your account can be fully verified and you can place any trades. Don’t forget to also enable two-factor authentication to ensure the security of your funds.
Step 2. Deposit funds into your account
At the time of writing, it’s not possible to exchange EUR directly for SNT. With this in mind, you’ll first need to acquire a crypto that’s available in a pairing with SNT, for example, bitcoin (BTC) or Ethereum (ETH), and then exchange that coin for SNT.
To deposit BTC or ETH into your account, look for the “Deposit Funds” link and generate or copy your wallet address. You can then transfer funds from the wallet where you store your BTC or ETH.
Step 3. Buy SNT
Once the funds are available in your trading account, search for the currency pair you want to trade, such as SNT/ETH. Click on “Buy SNT” and review the current market price.
You can then choose a limit or market order, specify the amount of SNT you want to buy, and check over all the details of your transaction. If you’re happy to proceed, confirm your buy order.
How to sell SNT
If you decide it’s time to sell your SNT holdings, the selling process is very similar to the buying instructions outlined in step 3 above. You’ll typically need to look for the “Sell SNT” link on your cryptocurrency exchange, and remember that it may not be possible to directly exchange SNT for your desired currency straight away.
As SNT is an ERC20 token on the Ethereum blockchain, you’ll need to store your SNT in an Ethereum-compatible wallet. Examples of wallets you can use include:
How Status works
Status is a messaging platform and mobile browser designed to connect smartphone users with the Ethereum network and a wide range of dapps. Its ICO was held in June 2017 and raised more than US$100 million in less than three hours.
At the time of writing, the Status app was available in alpha release for Android and iOS devices. It allows users to:
- Send and receive encrypted messages, smart contract, and payments.
- Browse, chat, and interact with dapps and decentralised chatbots.
- Store and control crypto-assets with the built-in wallet.
In November 2017, Status announced the Status Hardwallet. The beta version was available at the time of writing and allows users to store, send and receive most major cryptocurrencies, including ETH and ERC20 tokens. It also supports contactless mobile transactions using near-field communication (NFC) technology.
SNT tokens are required to perform a wide range of tasks in the Status network, such as:
- Selecting and receiving push notifications
- Registering a username on the Status network
- Deploying semi-public token-based group chats
- Contacting a user outside your network (designed to reduce spam)
- Opting in for community developed curation mechanisms
- Becoming a seller on a peer-to-peer, crypto-fiat exchange network
What to consider if buying SNT
Holding any kind of cryptocurrency is both complex and speculative, while market volatility can also have a significant impact on the value of any coin. With this in mind, make sure you thoroughly research all the risks and rewards of any crypto before making a purchase.
If you’re thinking of buying SNT, remember to consider the following:
- Supply. According to CoinMarketCap, the circulating supply of Status Network Tokens at the time of writing (24/01/18) was 3,470,483,788 SNT, out of a total supply of 6,804,870,174 SNT.
- Demand. Status Network Tokens are used to perform a wide range of functions within the Status platform. As a result, the more use the Status app receives, the more valuable SNT should potentially be.
- Token use. We’ve outlined some of the key uses of SNT in the Status network above. For a detailed rundown of the token’s utility, check out the Status whitepaper.
- Dapps. Anyone can list their dapp on the decentralised Status platform, so consider the apps available on Status when considering its potential future popularity. At the time of writing, companies such as uPort, Gnosis and Ethlance all had dapps available on Status.
- Status Open Bounty. Status Open Bounty rewards developers in the cryptocurrency of their choice for contributing code and completing bounties. In November 2017, Status also announced a $1 million bounty fund dedicated to open source projects as a way of encouraging the community to find and fix bugs and vulnerabilities in the system. This has the potential to encourage technological improvements and upgrades.
- Market competition. Finally, it’s also important to consider the challenges Status may face from competitors, such as WeChat and WhatsApp in the messaging sector, and Google Play and Apple’s App Store in the app market.
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