With the growing popularity of the term “cryptocurrency”, many people are looking for coins that match their wants and needs.
Some choose Bitcoin which is one of the cryptocurrencies with a large market cap, others choose other, less well-known coins. Lately, the attention to EOS is getting bigger in the cryptocurrency world.
A lot of people want to know how to buy an EOS coin – and that’s what we’re going to cover in this tutorial now.
I will briefly introduce what EOS is in general – the man behind this project, the company, the software, etc. After that, we will talk about how to buy EOS coins and discuss the most recommended cryptocurrency exchange platforms.
Without wasting any more time, let’s get started with this tutorial on how to buy an EOS coin!
What is EOS?
To make it easier for you to understand, I will give an example that many people are familiar with.
You know Ethereum right? The second most famous cryptocurrency after Bitcoin? Well, one of the reasons why Ethereum is popular is that it is not just a “cryptocurrency”.
Ethereum is a huge blockchain-based network that allows other cryptocurrencies to thrive, grow, and expand within its ecosystem. EOS.IO is the same thing.
Just to differentiate, EOS is a cryptocurrency (token), whereas EOS.IO is the actual network on which the token is based. Although this is a tutorial on how to buy EOS coins, it is important to know about the software as well.
A fair question after that might sound like this: so what’s so special about the EOS?
This is a very normal question to ask. With Ethereum being as big and popular as it is, there seems to be almost no room left for another up-and-coming crypto network.
However, EOS.IO aims to be the only exception. It is currently software built on top of the Ethereum network (ERC-20) which seeks to revolutionize the blockchain.
EOS.IO aims to solve most of the problems associated with the term “blockchain”. Most people, upon hearing the term, think about speed, flexibility, and scalability.
These are the three main pillars of blockchain development – as well as the main obstacles that must be faced.
For years now, companies and individual developers have been looking for ways to increase the overall speed and scalability of the blockchain, to make it more flexible and adaptable to ever-changing technologies and innovations. EOS.IO is one of them.
The way EOS.IO does this is by separating information and data into smaller blocks. In this way, they hope to avoid overloading the network itself, thereby making the system work faster.
The company was founded by Daniel Larimer and focuses on decentralized and commercially driven applications (dApps).
If you want to know how to buy an EOS coin, this information is important to understand how the company works and why it does what it does.
Why Should You Buy EOS?
When there are so many cryptocurrencies circulating in the market, it becomes difficult to choose which ones are worth investing in and which ones you should ignore.
Even when you throw out the most obvious competitor, you still have a lot of uncertainty.
Thus, the obvious question arises – why should you buy EOS? Is it worth it, or is it just a scam pretending to be something else? It is important to know these things before thinking about how to buy an EOS coin.
However, from the looks of it, EOS seems legit (this includes EOS.IO and the EOS token itself). The coin managed to garner quite a lot of attention in its initial release (EOS coin ICO), and the team seems to be working hard to develop and advance the innovation of the platform.
Although EOS.IO has set some ambitious goals for themselves, it seems that they have succeeded in achieving them. In addition, companies seem to have a clear vision of what they want to achieve and how they plan to do it.
Many people seem to be attracted by the idea of a faster blockchain with increased scalability and overall performance. All that’s left for EOS.IO is to prove themselves, which is exactly what they’re trying to do.
How to Buy EOS Coin?
Before thinking about how to buy EOS currency, you must first decide on the wallet. To be honest, the only criterion you should follow when choosing the right wallet is security.
If your EOS wallet is not aesthetically appealing or lacks thousands of different functions, that’s fine – as long as your EOS coins are safe.
For the sake of simplicity, I will refer to MyEtherWallet in this guide – it is one of the most popular wallets that supports all coins built on the ERC-20 (Ethereum) network. EOS is no exception – people thinking about how to buy EOS coins often choose this wallet themselves.
Once you have your wallet set up and get your wallet address, you can now proceed to the actual coin purchases.
It should be noted that buying an EOS coin may prove to be an overly complicated process. You see, these are tokens that are not easy to buy with fiat currency.
However, instead, you have to buy Ethereum using fiat currency and then use ETH to buy EOS.
This may seem confusing at first, but the process is much easier than it looks.
First of all, choose a reputable cryptocurrency trading platform. Coinbase, Binance, and Kraken are just some of the more well-known and reputable ones.
To be honest there are three big things you should pay attention to when choosing the right trading platform – security, speed, and cost.
Security is self-explanatory. There is nothing more important when it comes to crypto trading than knowing that your coins are safe before, during, and after the transaction process.
If that means you have to pay a little more or it will take longer than usual – no problem! As long as the process is smooth, in the end, any problems will be avoided.
When it comes to speed, it’s usually a commodity, not a requirement. Of course, there are certain situations and scenarios where this speed is critical, but often slow transactions are nothing more than an annoyance.
The transaction fees of crypto exchanges that cryptocurrency trading platforms offer are also quite important.
There are plenty of exchanges out there waiting to scam people, especially newcomers to the industry who may not know what the standard prices are.
Binance, for example, offers 0.1% or lower fees on each transaction. This is a very low tax. The platform also supports fiat currencies, so you don’t need to make additional trades to buy EOS.
Changelly offers a fixed 0.25% transaction fee and allows payments in fiat currency (you buy ETH and then buy EOS with it).
Again, this is really special – some people prefer to pay a higher fee for the ability to do things the simple, old-fashioned way, while others don’t mind spending a little time and saving money in the process.
Payment Process
Depending on the platform you choose, you will now have to buy EOS with cryptocurrency (most likely Bitcoin or Ethereum) or fiat currency.
The best way to buy an EOS coin is probably by paying in Ethereum. Since EOS coin is based and developed on the Ethereum network, you will most likely experience a smooth process while doing so.
After you answered the question “how to buy EOS coin?” and have confirmed your first transaction – done! Now all you have to do is wait and wait for the EOS coin to enter your wallet.
EOS in the US
Many people online are wondering how to buy EOS in the US. To be honest, the process is very similar to buying coins elsewhere.
The main reason why this question (and similar questions) keeps popping up is that crypto exchange platforms usually don’t support all countries around the world. In addition, people tend to get better deals and trust companies based in their area more.
So, for people looking for how to buy EOS in the US, the answer is quite simple – the actual buying process is the same, but you may want to choose a different exchange platform, depending on where you are.
Some of the more popular choices for US-based EOS enthusiasts are Coinbase and Binance.
Conclusion
So… How to buy EOS cryptocurrency?
In this tutorial, we’ve covered EOS and EOS.IO in a very general way. I’m just touching the surface of the software and the token behind it – there’s much, much more that you need to learn and research if you want to dive into how to buy an EOS coin.
That’s the key, really – research. If you do enough research and dig a little deeper, you will probably see that there is a pattern – especially when it comes to cryptocurrency prices, in general.
Also, don’t take the opinions of crypt experts for granted – as I mentioned earlier, some people have dedicated their entire free time to researching and analyzing a single cryptocurrency.
Keep in mind that it is important to choose a secure cryptocurrency wallet and crypto trading platform, such as Coinbase, Binance, or Kraken.
So, we have reached the end of this “How to Buy EOS Coin” tutorial. I really hope that the modest amount of information provided in this guide will help you decide on the best method of where, when, and how to buy an EOS coin. Good luck in your upcoming EOS endeavors!