The Internet Computer protocol is a valuable system that allows project builders to create decentralized programs with remarkable speed and efficiency. The cryptocurrency’s potential led many users to ask meaningful questions like “How to buy Internet Computer (ICP)” or “Where to buy ICP?”
If you want to be a part of the ICP ecosystem, you should start by reading this article. We will show you the basic steps of buying ICP and protecting your investment. Plus, you will also understand the implications and purposes of the Internet Computer (ICP).
Internet Computer (ICP) Buying Guide
Step 1: Find An Exchange That Supports ICP
To start buying ICP, you must create an account in an ICP-ready exchange. Finding this exchange is easy because there are numerous active marketplaces that support ICP.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have robust functionality while others offer premium security with reasonable transaction fees. You can even find exchanges with sign-up bonuses.
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Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number. Your personal details are just needed for membership verification.
You probably need 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 websites with financial services.
Step 2: Add Funds to Your Crypto Account
Before buying an ICP token, you must add funds to your new exchange account. Depositing funds is easy because crypto exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD and EUR. You can also fund your account through debit cards, credit cards, bank transfers, and e-wallets.
Just remember that crypto exchanges have different payment methods. These methods probably have higher deposit fees than the ones you’re commonly using. So, before adding funds to your crypto account, do your own research about the related fees. This way, you can prioritize the best method for your current budget.
Step 3: How to Buy ICP Officially?
Learning how to buy ICP is not difficult at all. First, you must go to an exchange’s crypto search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for ICP. You can also look directly for ICP trading pairs to save time. Afterwards, just enter the amount of the ICP 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, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with premium-level security encryption.
Everything You Have to Know About Internet Computer (ICP)
The Internet Computer (ICP) is a modern platform designed to improve the performance of smart contracts. The structure of the Internet Computer is grounded on the Web 3.0 concept – the theorized future iteration of the Internet.
Aside from the improvement of smart contracts, the Internet Computer protocol aims to solve many key problems such as huge transaction costs, risks, lack of interoperability, slowdowns, lack of fail-safes, and general inefficiency. The Internet Computer protocol intends to solve such problems while remaining decentralized.
Another goal of the Internet Computer platform is to create a powerful global computing system fueled by many data centers around the world. In such a way, the Internet Computer can become an alternative to popular centralized services like Amazon and Google. You can consider the Internet Computer protocol as a ‘better emulation’ of the regular Internet.
How Does ICP Work?
The Internet Computer protocol utilizes its decentralized nature to maximum advantage. Project builders and developers within the ICP platform can benefit from a dynamic system that doesn’t have a physical address. Basically, this simply means that there’s almost no risk of data loss or interruptions in the ICP platform.
If you’re a project developer, you just need to pay a specific fee (through crypto assets) to build a project in the ICP system. Your new project can be a website, a decentralized app (DApp), a web page, a remittance center, or even a small forum. The possibilities are endless with ICP!
What Makes ICP Unique?
One of the unique factors of the Internet Computer platform is its multi-usage native token, the ICP. The ICP token is crucial to the development of Internet Computer projects and initiatives, but it must be staked first through the Nervous Network System (NNS).
The NNS is the representation of governance in the Internet Computer platform. It consists of nodes, neurons (generated through staking), project proposals, developments, and ICP accumulation.
ICP tokens are primarily used for cycle conversion. Cycles represent the overall computational power needed to run apps within the Internet Computer platform. If you want to build something on the Internet Computer platform, you need to use the ICPs that you own by burning them into cycles.
By actively participating in the NNS through voting, you will gain rewards in the form of new ICP tokens. So, in the near future, you can stake more ICP tokens or use them for trading.
Who Are the Founders of Internet Computer (ICP)?
The Founder of the Internet Computer (ICP) platform is a skilled programmer-entrepreneur named Dominic Williams. After the immediate conception of ICP, Williams established the DFINITY – a non-profit foundation running the Internet Computer protocol.
Over the years, DFINITY continued to grow, further raising the value of ICP by as much as 95%. Currently, DFINITY has numerous research centers in Zurich, Palo Alto, San Francisco, Tokyo, and Shanghai.
What Are the Use Cases of ICP?
Just like other crypto tokens, ICP has multiple use cases. Understanding the use cases of ICP will help you assess the crypto’s importance in your portfolio.
These are the common use cases of ICP:
- Decentralized app creation
- Blockchain process improvement
- Staking through NNS
Who Builds on ICP?
Entrepreneurs, web developers, and project builders will benefit more from the ICP platform. Building new projects in the ICP system is not too risky compared to traditional startup models.
The capabilities of the ICP protocol allow project builders to turn their ideas into reality. Moreover, the builders will gain continuous support from the ICP community through staking rewards and trading opportunities.
Official website: https://dfinity.org/
Essential Points of the Internet Computer (ICP) Whitepaper
The ICP Whitepaper focused on the idea of having an efficient decentralized platform meant for building apps, programs, sites, and projects. More importantly, the paper showed the general structure of the Internet Computer – from its basic form down to its complicated operating models.
Check out the strong points of the ICP Whitepaper:
- A better and faster way to build decentralized apps
- Efficiency improvement through the usage of in-platform canisters
- ICP cycle conversion
- Communication parameters and ICP execution models
- Detailed governance process through NNS
The Best Cryptocurrency Wallet for ICP?
After knowing how to buy ICP, 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 ICP?
Check out the important factors affecting your choice of ICP 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 ICP 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 Best Physical Wallet Brands
Now that you already know how to buy ICP, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, you won’t be disappointed with Ledger and Trezor.
Ledger is a popular cold wallet brand because of its reliable 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 Internet Computer (ICP)
Do you want to learn more about ICP and other cryptocurrencies? Check out our crypto blog and get all the relevant information that you need!
Additionally, you will find these important topics in our blog:
- Trading speculation about ICP
- The current market prices of cryptocurrencies
- Detailed price charts with a comprehensive history
- Whitepaper summaries of cryptos
- Up-to-date cryptocurrency news and developments