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Tron (TRX) can be described as cryptocurrency's penny stock. Its cheap price tag and humongous supply has led to its ranking on CoinMarketCap's top 15 cryptocurrencies. If you have never heard about TRX, know it is among the world's largest blockchain-based operating systems. It is threatening Ethereum as it prepares to launch DApps and smart contracts. Before you can learn how to buy Tron coin, you need information about it.
About Tron Coin
You need to start from the basics if you are to understand Tron coin. TRX is a content sharing and decentralized entertainment platform. It uses P2P (peer-to-peer) and blockchain technology. Tron is considered as a next-gen social media platform used to share or create content anywhere and with anyone in the world.
Tronix is used in Tron's blockchain as its basic unit of accounts. Usually referred to as TRX, it is used to pay people for content. Tron is normally preferred by people who enjoy various forms of online entertainment such as online gambling and social media.
This cryptocurrency ecosystem is gaining popularity due to two main reasons. First, people who use it get compensation for the content and data they create. Secondly it allows you to share content with other people. This means Tron works differently from how traditional social media platforms monetize user data.
Traditional social media companies like Facebook monetize user data without the user knowing. As such the company is able to reap the benefits of the data. Tron cryptocurrency ensures you are in control of your data and you are compensated for the same.
Unique Features & Benefits
Image via flickr.com
Tron has its unique features and benefits. Knowing them can help you understand TRX better. At the same time, it will help you know how to buy Tron coin effectively.
Tron's major appeal is allowing people to own their created content and data. Traditional social media platforms do not allow for the same. This is why TRX is considered the best data liberation social media platform.
The transaction rate of Tron is 10,000 TPS (transactions per second). Such rates make it potentially superior to other rivals. For example, ETH (Ethereum) has had slow rates of as low as 25 TPS.
Ultra-low Transaction Fees
One main advantage of Tron is ultra-low fees. The platform does not charge you for transfers.
Coinburn is planned to occur every time a new DApp registers. The overall supply pool is reduced when the TRX registration fee is burned. Popularity of the platform results when there is high DApps registering. In turn, these result in more Tron coins getting burnt. This gives Tron a value advantage when compared to currencies such as ETH, which do not have coinburn but maintain the same supply.
As you search for ways how to buy Tron coin you will realize it is well known in cryptocurrency circles. It is listed on more than 35 exchanges with seven fiat trading pairs. Additionally, it had more than 100 million potential users before it was launched.
TRX's platform design and goals are developed with the future in mind. With this in mind, it will have the best support for a range of DApps for various uses.
Digital assets will be given away individually. The move allows users to start personal ICOs.
Currently, this cryptocurrency has a long list of solid investors who have raised a lot of money. It also plans on spending $1 billion on community support and developer rewards.
Java versus Solidity
How To Buy Tron Coin
There are four main ways you can use to buy Tron coin. They are:
1. Buying from Wire Transfers or Bank Deposits
Any currency that is among CMC's (CoinMarketCap) top 20 cryptocurrencies can be easily bought through wire transfers or banks. There are a number of exchanges/services providing access to fiat linked crypto wallets. Such wallets allow you to deposit fiat and exchange it for any crypto like Tron coin.
TRX can be sold or bought in fiat currencies such as KRW, CNY, INR, USD and so forth. The downside with this method is the thorough KYC (Know Your Customer) check. This means the buying or selling process will not be anonymous. Examples of platforms for buying and selling Tron coin are:
2. Buying in Exchange for Other Cryptos
In 2017, there were a plethora of cryptocurrency exchanges coming up. Each offered numerous options for buying and selling cryptos. You can purchase TRX from such exchanges if they have other cryptos like USDT, ETH or BTC.
The following is a list of several crypto exchanges where you can change Tron coin with other cryptos:
3. Buying Using Debit/Credit Cards
When you are looking for how to buy Tron coin, you will discover debit and credit cards are the easiest method. Unfortunately, Changelly is the only service that allows buying TRX using debit/credit cards. However, it is expected that more exchanges offering the service will be on the market by the end of 2019.
4. Using Cash
This is one of the most difficult options. For starters, Tron coin does not have a P2P platform similar to ETH and BTC. This makes it difficult to sell or buy TRX for cash. The only option would be finding someone within your locality. Risks involved in cash trading are high and not worth it.
How to Buy Tron Coin Step-By-Step Guide
You can use this step-by-step guide on how to buy Tron coin to simplify the process. You need to start by opening a Coinbase account and verifying your information. The process is simple: just like opening any other online account. Assistance is offered in case you encounter any problems.
Follow these steps once your account is verified and operational:
Sending Tron to an Exchange
The next process involves sending Tron to an exchange. Tron needs to be transferred to an exchange. Take note that some exchanges do not sell Tron. You have to choose one that does, such as Binance. Their fees are very low and they have the largest volume.
Steps to follow are:
Take note the transaction usually takes about ten minutes. Contact support if you are having any difficulties.
Buying TRX on Binance
Follow these steps once your Binance account is funded:
This is one of the best and affordable ways of how to buy Tron coin. Keep in mind that Binance is not the only option you can use. There are other similar platforms you can use. Additionally, there are newer and possibly more affordable options hitting the market. It is advisable to do some research before you go for an exchange.
Reading this “how to buy Tron coin” guide from start to finish should enlighten you on the cryptocurrency. It should also give you a basic understanding of how the cryptocurrency works. During the last crypto bull run, TRX had a lot of traction. For instance, the currency has moved from their original goal. Instead of aiming to be a gaming currency, they have decided to become a fully-fledged decentralized platform.
Additionally, it is early to speculate how the market will respond to it in the future. No more can be said since the market is often uncertain. Lastly, it is advisable to keep large amounts of Tron coin in the safest locations. For example, do not leave them on the above mentioned exchanges. Instead, download the official wallet from TRON to be sure they are safe.
Featured Image: Image via Flickr