The EOS protocol is one of the most useful blockchain systems in the world today. Due to the cryptocurrency’s growing potential, many users ask important questions like “How to buy EOS (EOS)” or “Where to buy EOS?”
If you want to be a part of the EOS ecosystem, you should start by reading this article. We will show you the ropes of buying EOS and protecting your investment in the long run. Plus, you can also learn about the best purposes of the EOS protocol.
EOS (EOS) Buying Guide
Step 1: Make an Account In An Exchange That Supports EOS
To start buying EOS, you must create an account in an EOS-ready exchange. Finding this exchange is easy because there are dozens of active marketplaces that support EOS.
Cryptocurrency platforms differ from one another. Some crypto exchanges have high-scale functionality while others offer top-tier security and affordable transaction fees.
- 500+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.075%*-0.1%*
- Sign-up bonus: 10% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 150+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 1.49%*-3.99%*
- 10$ Sign up bonus
- Available in North America, South America, Europe, Asia, Oceania, Africa
- 1000+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.2%*-0.2%*
- 10% reduced trading fees & up to $170 in USDT vouchers*
- Available in North America, South America, Europe, Asia, Oceania, Africa
Registering to a crypto exchange will take only a few minutes of your time. To start, you must enter your basic information details like full name, email address, and password. In some cases, the crypto exchange will require you to register a home address and a phone number. Your personal details are just needed for membership verification.
Other cryptocurrency exchanges may require you to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial institutions.
Step 2: Add Funds to Your Exchange Account
Before buying an EOS token, you must add funds to your registered exchange account. Depositing funds is easy because crypto exchanges allow users to purchase EOS (EOS) through fiat currency. Some of the popular examples of fiat currency are EUR, USD, and AUD. You can also deposit funds to your account through debit cards, credit cards, bank transfers, and e-wallets. Online fund transfers are usually fast but some methods are slower than others.
Just remember that crypto exchanges offer various payment methods. These methods possibly have higher deposit fees than the ones you’re commonly using. So, before adding funds to your exchange account, do your own research about the related fees. This way, you can prioritize the best method for your current budget. The fees will pile up over the years, so you need to make the best choice right from the start.
Step 3: How to Buy EOS Officially?
Learning how to buy EOS is not difficult. First, you must go to an exchange’s search bar. Most of the time, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for EOS. You can also look directly for EOS trading pairs to save time. Afterwards, just enter the amount of the EOS tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, cryptocurrency exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your crypto coins and tokens. However, you can always create an individual software wallet. If you have money to spare, you can even purchase a highly encrypted hardware wallet with top-notch security.
Everything You Have to Know About EOS (EOS)
The EOS protocol is a useful system designed for the creation of decentralized apps (DApps). In a way, DApps are the same as regular apps – except that they are decentralized and not controlled by a single entity or group.
Through the EOS platform, developers can build different kinds of projects empowered by blockchain tech. Unlike centralized app incubators and platforms, the EOS protocol allows vertical and horizontal scaling by implementing a hyper-smart operating system. This system has remarkable power, effectively reaching the capability of millions of transactions per second. Due to the power and convenience offered by the EOS platform, users no longer have to worry about project delays, outrageous fees, and massive slowdowns.
Once you’ve become a part of the EOS protocol, you will gain access to a set of powerful DApp-creation tools and learning materials. The tools have a reasonable learning curve, and they are dynamic enough to accommodate most ideas.
What Makes EOS Unique?
The EOS platform is unique because it works as an efficient computer and its underlying functions are common to the capabilities of regular software. In order to activate the EOS protocol, you must use the exclusive EOS tokens to purchase functions like bandwidth, computation, and storage.
EOS (EOS) uses the Proof-of-Stake consensus protocol. Under the Proof-of-Stake system, EOS transactions are more efficient and fluid. Investors don’t need to solve difficult puzzles to secure a block. They just need to make a one-time purchase of EOS tokens to get the desired resources for DApp creation.
Who Are the Founders of EOS (EOS)?
The Founders of the EOS protocol are Dan Larimer and Brenden Blumer. Larimer is popular in the global blockchain community because he built the first decentralized exchange – BitShares. Larimer also built Steemit – the highly popular social media network for crypto enthusiasts, investors, and traders. Additionally, Larimer created the delegated Proof-of-Stake consensus mechanism used by the EOS protocol.
Brenden Blumer is the CEO of Block.one – the company behind the EOS protocol. Blumer is a proficient gamer and entrepreneur. He spearheaded the creation of different digital platforms like Okay.com and ii5.
What Are the Use Cases of EOS?
Just like other crypto tokens, EOS has multiple use cases. Understanding the use cases of EOS will help you assess the crypto’s importance in your portfolio.
These are the common use cases of EOS:
- Decentralized app creation
- Social media messaging
- Gaming incentives
- Asset distribution
Who Builds on EOS?
The people who can most benefit from the EOS platform are app developers and entrepreneurs. The capabilities of the EOS protocol allow project builders to turn their ideas into reality without spending too many resources. Conversely, EOS holders can use the DApps created on the platform without paying hefty transaction fees.
Also, as an EOS token holder, you can vote on the platform’s current proposals and projects. This privilege is part of the governance system of EOS, and it is similar to the nature of other cryptocurrencies.
Official website: https://eos.io/
Essential Points of the EOS (EOS) Whitepaper
The EOS Whitepaper focused on game-changing aspects like the opportunity for DApp creation and an overhaul of blockchain transaction scaling. The paper also exposed the current problems of the Ethereum blockchain.
Check out the strong points of the EOS Whitepaper:
- Dynamic scaling of newly created decentralized apps
- Flexible resource control and management for project builders
- Hyper-efficient transaction processing (million transactions per second)
- Elimination of user fees
- The creation of a blockchain-based constitution for dispute resolution
- Governance process for EOS token holders
The Best Cryptocurrency Wallet for EOS?
After knowing how to buy EOS, you should think about the security of your cryptos next. Thankfully, you can always choose from dozens of available crypto digital wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin with hot storage wallets. These digital wallets are linked online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for absolute protection. This is a smart move if you have lots of crypto investments worth thousands of dollars.
What Factors Affect My Choice of Crypto Wallet for EOS?
Check out the important factors affecting your choice of EOS wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade EOS right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities, as well as extra security features.
Ledger vs. Trezor – The Cold Wallet for The Smart Crypto Trader
Now that you already know how to buy EOS, you must protect your investment by choosing a cold wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, many crypto traders prefer Ledger and Trezor.
Ledger is a popular cold wallet brand because of its reliable built-in security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device. The variations between Ledger products are related to colors, styles, additional features, and overall durability.
If Ledger excels in security functions, Trezor takes the crown of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and easy to store away.
General Market Overview for EOS (EOS)
Do you want to learn more about EOS and other cryptocurrencies? Check out our crypto blog and get all the relevant information that you need!
In our blog, you will find general data about the following:
- Trading speculation about EOS and other cryptocurrencies
- The current market prices of cryptocurrencies
- Detailed price charts with a comprehensive history
- Up-to-date cryptocurrency news and developments