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Following the highly anticipated launch of its mainnet in June 2018, EOS has continued to cement its position as one of the world’s largest cryptocurrencies by market cap. Providing the infrastructure for the development of decentralised applications (dapps), EOS aims to dethrone Ethereum as the world’s number-one blockchain-based dapp platform.
If you want to buy EOS but don’t know how, you’re in the right place. Keep reading for step-by-step instructions on how and where to buy EOS.
This is our quick guide to just one way to buy EOS. Compare some other options in the table below.
In general terms, there are two main options to choose when buying EOS:
If you’ve just discovered cryptocurrency and you don’t have any trading experience, the quickest and easiest option will most likely be to buy EOS with New Zealand dollars. However, for your convenience, we’ve included step-by-step instructions on how to buy EOS with fiat currency and with another cryptocurrency.
If you want to buy EOS with New Zealand dollars, here’s an example of how you can do it on Christchurch-based cryptocurrency exchange BitPrime:
Step 1. Register for a BitPrime account
EOS is listed on a huge range of exchanges, but only a select few of them allow you to buy with New Zealand dollars. You can register for a BitPrime account by providing the following:
Don’t forget to also enable 2-factor authentication on your account before proceeding to step 2.
Step 2. Deposit funds into your account
Once verification is complete, log in to your account and select the amount you want to spend in NZD. You’ll be able to see how much it will cost and how much crypto (in this case, EOS) you’ll get.
Step 3. Buy EOS
When the funds have cleared in your account, BitPrime will transfer the EOS to the wallet address you’ve provided.
Bank transfers usually clear within two to three business hours (depending on the time of day), and altcoin transfers can usually be done within a few minutes. As long as you don’t order near closing time, you can typically make same-day transactions with verified accounts.
Make sure you take a moment to review the full details of your purchase before clicking “Buy” and submitting your transaction.
You can also acquire EOS by exchanging another cryptocurrency for it. Here’s an example of how you can buy EOS with another digital currency on Binance:
Step 1. Register for a Binance account
EOS can be traded on a huge number of crypto exchanges, so compare the features of a number of platforms that list EOS before choosing the right one for your needs.
If you want to use Binance, one of the largest exchanges in the world, you can sign up for an account by entering your email address and creating a password. You should also make sure to enable 2-factor authentication on your account for increased security.
Step 2. Deposit cryptocurrency into your account
The next step is to decide which cryptocurrency you want to exchange for EOS. Binance lists EOS in trading pairs alongside bitcoin, Ether, Tether (USDT) and Binance Coin (BNB). If you need help acquiring any of these currencies, check out our how-to-buy guides:
Once you’ve decided which coin you want to deposit, find the correct deposit address by logging in to your Binance account, clicking “Funds” and selecting “Deposits”, and then searching for your chosen currency. Copy the wallet address or scan the QR code provided to ensure you’re sending funds to the right place when making a deposit from your external wallet.
Step 3. Buy EOS
The last step in the process is to click the “Exchange” tab in your Binance account and decide whether you’d prefer the “Basic” or “Advanced” trading view. It’s then a matter of searching for the pair you want to trade, such as “EOS/BTC”, selecting the type of order you want to place and specifying the amount of EOS you want to buy.
Regardless of whether you’re using Binance or any other platform, remember to review the transaction details before you click “Buy EOS”.
If you want to sell EOS coins, the process you’ll need to follow is similar to that described in step 3. EOS can be traded against a number of fiat and cryptocurrencies, so take some time to find an exchange that offers your desired currency pair.
Of course, when placing your trade, remember to use the “Sell EOS” part of the trading screen.
EOS tokens were originally issued as ERC20 tokens on the Ethereum blockchain. However, following the launch of the EOS mainnet in June 2018, these ERC20 tokens were exchanged for coins issued on EOS’s own blockchain as part of a token swap.
As it’s still early days for the EOS mainnet, there’s currently only a limited number of wallets that support EOS coins. Options include mobile wallets like Infinito Wallet, the SimplEOS desktop wallet and the Scatter browser extension.
EOS is designed to provide developers with everything they need to create and deploy commercial-grade dapps. Its end-to-end software solution includes user authentication, accounts, storage, server hosting and more. It is also designed to scale to millions of transactions per second.
EOS uses a delegated-proof-of-stake (DPoS) consensus mechanism that allows EOS coin holders to select block producers through a continuous approval voting system. Anyone can participate in block production if they wish, with new blocks produced every 0.5 seconds.
EOS was built by a company known as block.one, led by CEO Brendan Blumer and CTO Daniel Larimer. Larimer is a highly regarded figure in cryptocurrency circles and has previously spearheaded the development of blockchain projects Steem and BitShares.
Before buying EOS or any other cryptocurrency, it’s essential to do your own research into how the currency works and the factors that could potentially affect its price. Digital currencies are complicated, volatile assets, so make sure you’re fully aware of the risks involved before making a purchase.
If you’re thinking of buying EOS, consider the following factors:
By considering a wide range of factors that could potentially affect the price of EOS, you’ll be able to make an informed decision about whether you should buy EOS.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
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