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.
How to Buy EOS
In order to purchase EOS tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for EOS. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts EOS
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for EOS Coins
- When your ETH has arrived in your Binance account, you can exchange it for EOS tokens
- Select ETH currency
- Search for EOS in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of EOS you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of EOS you would like to purchase, select the “Buy button”
- Your EOS order will be immediately filled; your ETH will be transferred into EOS
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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
Whether you’re a developer who is looking for a platform to launch your apps on or you’re just looking for a new type of cryptocurrency to invest in, EOS is an excellent option to consider. The extremely fast transaction speeds, the scalability, and the fact that there aren’t any fees are just some of the reasons why this digital currency is an excellent investment.
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