EOS is a decentralized blockchain project that allows development, hosting and execution of commercial-scale dApps. Under the EOS network, businesses and individuals can set up dApps just like the normal web-based applications. The platform provides developers with secure access, authentication, permissions, data hosting, usage management, and communication between the dApps and the Internet. It works like the Google Play Store and the App Store. This smart contract platform can eliminate transactions fees and also carry out millions of transactions per second.
EOS differs from platforms like Ethereum by attempting to solve blockchain shortcomings like speed, scalability, and flexibility. The EOS network is powered by EOS.IO and the EOS tokens. EOS.IO controls the EOS blockchain network by working as a computer-based operating system. On the other hand, EOS tokens are the native cryptocurrencies for the EOS blockchain. To use the EOS system, developers are only required to hold EOS tokens. Additionally, token holders who are not developing any dApps can rent their bandwidth to other participants on the exchange. By press time, the EOS tokens were valued at $3.70 occupying the eight position thanks to the $3,441,820,144 market capitalization.
Buying EOS Cryptocurrency in 2020
EOS is a cryptocurrency worth investing in because the platform is working on a faster blockchain. Most cryptocurrency investors are attracted to the idea of a faster blockchain system. Additionally, the company behind EOS seems legit and they are working towards achieving their vision as outlined in the whitepaper. To buy EOS, you need to get the right cryptocurrency exchange that supports the token. Note that, even though several exchanges allow you to buy EOS, not all of them have the same reputation. Most importantly, look at the security reputation of the exchange before trusting it with your funds. Secondly, look at the speed of the exchange. The time transactions take to be confirmed should be an important consideration. Lastly, look at the fees of the exchange.
Remember after buying your EOS, you will need a compatible wallet to store the tokens. Just like the exchange, look for a secure wallet with a good market reputation. In this case, hardware wallets like the Ledger Nano S become ideal. Since EOS is an ERC-20 based token, MyEtherWallet is another ideal wallet. The wallet has a good reputation and it supports all ERC-20 based token. With this information, here is where to buy EOS in 2019.
To buy EOS tokens on Binance, you need to create an account with the exchange first. Creating an account requires you to provide your email address and select a strong password. You will also enable the two authentication factor and verify your identity. Binance offers the EOS/BTC and EOS/ETH trading pairs which, means that you will need to buy Bitcoin first and trade it for EOS. The next phase entails, depositing funds into your account.
To make a deposit, go to the top of your page and select “Funds”, then “Deposits”. Choose which coin you want to deposit from the dropdown menu. Choose between Ethereum and Bitcoin and you will be given a wallet address to send your coins to. Make sure you only send the specified coin. Go to your wallet that has either BTC or ETH and send the preferred amount to the Binance Bitcoin address. Wait for the funds to reflect on your account.
The next phase entails, finding and selecting the EOS/BTC trading pair. Move to the exchange section and select “Exchange”, then “Basic”. Select the coin you are going to trade with and type EOS in the search bar. Click on the pair that comes up, for example, EOS/BTC or EOS/ETH. Note that with Binace, on the trading section, you will see a lot of tools and data to help you trade smarter. They have price and order history and live, customizable price charts. You can also perform limit orders that let you set the price at which you want to buy EOS.
The next step entails choosing the amount you would like to buy. Set the price at which you wish to buy, or select “Market” to buy at the current price and then click buy EOS. With your EOS bought, you can now move the asset to a secure wallet. Alternatively, on Binance, you can deposit fiat using bank wire or credit card and buy either Bitcoin or Ethereum.
Changelly is another highly regarded cryptocurrency exchange that allows you to buy ESO tokens. The exchange operates differently than most exchanges because it never actually holds your coins. To get started, create an account with Changelly where you will be required to provide your name, email address, phone number, proof of ID, proof of residency and a photo of yourself holding a signed statement. You will also enable the two-factor authentication feature.
The next stage requires you to deposit funds in your Changelly account. Log in to your account and click on the “Deposit USD” link from your account dashboard. Changelly accepts online deposits via debit and credit cards.
When the funds have reflected in your account, click on the “Buy/Sell” at the top of the screen and search for EOS in the list of supported currencies. Click on “Buy EOS” and specify either the amount of EOS you want to buy or the amount of USD you want to spend. Before executing the trade, confirm that all the detail are correct. Click ‘Buy’ to confirm the transaction. The last stage requires you to withdraw the EOS tokens to a compatible wallet since the exchange does not store any digital assets.
Coinbase is a market leader when it comes to cryptocurrency exchanges. Recently the platform started offering support for EOS. Apart from EOS, you can buy assets like Bitcoin and Ethereum on the platform. Coinbase is accessible via the web and mobile applications. To buy EOS, you will need to create an account first. Provide your email and password before verifying the account. You will need to enable the two-factor authentication feature for added security.
With your account created, you will add payment methods. Your options are debit card or bank account. Coinbase used to offer credit card support but removed it due to complaints from credit card companies. Once your payment details are verified, click ‘buy/sell’ on the top menu.
You can deposit fiat currency based on the payment method you select. On Coinbase, you can buy EOS in two ways. You can buy EOS directly from Coinbase which is a fast and easy method with relatively high fees. Select ‘trade’ on the top-right of the Coinbase website or app. Then select the amount of EOS you would like to buy. You can transfer the EOS to the compatible wallet. Additionally, you can buy EOS through Coinbase Pro that is meant for advanced traders.
The provided information will guide in you buying EOS on the selected exchanges. Note that the market has several ways to acquire EOS but the above platforms offer the easiest and most secure way of buying the asset. However, always research on security and price movement of the asset before pumping in your money.
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