How to Buy EOS
EOS is a decentralized system that is based on the blockchain. Referring to itself as the most influential foundation for decentralized applications, EOS allows for the creation, hosting, and implementation of commercial decentralized applications (known as dApps).
EOS tokens are the cryptocurrency that is used on the EOS blockchain. At present time, EOS tokens cannot be purchased with a fiat currency. Purchasing this cryptocurrency requires the purchase of other digital coins that can be bought with fiat currencies, such as ETH and BTC, and then using the digital coin to purchase EOS.
What is EOS?
As mentioned, EOS is blockchain platform that is used for the creation of decentralized applications (dApps). It offers an operating system of services and functions that are likened to the Ethereum blockchain platform.
In 2017, Block.One, a private company, introduced the EOS blockchain platform. In 2018, EOS was released as an open-source software. The objective of this platform is to attain scalability that is better than Bitcoin and Ethereum. EOS aims to achieve this objective by offering a delegated proof-of-state (DPoS) consensus mechanism.
The DPoS enables EOS to process transactions at a much faster rate than both Bitcoin and Etherum because it only features 21 block producing nodes, as compared to the millions of nodes that the BTC and ETH networks contain. As such, the network only has to reach an agreement between 21 nodes to create a block, which allows for much faster transactions.
There are four distinguishing features on the EOS platform:
- Extremely fast transactions.
- Since there aren’t any mining fees, EOS tokens can be transferred for free.
- EOS tokens are the only tokens that can be used on the EOS network to acquire the resources that are needed to run dApps.
- Only individuals who have EOS tokens can choose the block producers that run the EOS network.
Where to Buy EOS
EOS tokens can be purchased on several cryptocurrency exchanges using other types of crypto coins. Some of the best exchanges to purchase EOS include:
If you want to speculate EOS prices, you can do so on several platforms, such as eToro; however, do note that you will not have the ability to withdraw your EOS tokens, so you won’t be able to use your EOS tokens to use dApps on the EOS platform.
Why Buy EOS?
Before purchasing any type of cryptocurrency, it’s always a good idea to determine if the coins you’re considering will be worthwhile investment. What are the benefits of EOS? This digital currency is particularly a good idea for developers who are looking for a reliable and secure network to launch their applications on.
Other reasons to buy EOS include:
- Scalability and speed. EOS is famous for scalability and speed. Because it only uses 21 block producing nodes, transactions can be completed in mere seconds, which is a huge advantage. Because EOS can clear transactions so quickly, it can also clear a high volume of technologies.
- Zero transfer fees.Another notable benefit of EOS is that you won’t be charged any transfer fees.
- Every element of EOS is distributed and decentralized.
How to Sell EOS
EOS coins can be sold for other cryto coins. In order to do so, you’ll need to:
- Make an altcoin exchange account
- Deposit EOS coins to the account
- Sell your EOS coins for a more commonly accepted coin, such as ETH or BTC
- Sell the newly exchanged coins for a fiat currency
- Withdraw the fiat currency from your account on the altcoin exchange
- Deposit the fiat currency into your checking or savings account
Which Wallets Can I Use for EOS?
The following wallets can be used to store EOS:
- Infinito EOS
- GreyMass EOS Voter
- imToken Wallet
- Scatter EOS