Skip to main content

How to Buy Nano

Nano is a form of cryptocurrency that aims to offer the same benefits as Bitcoin, but attempts to address the issues that Bitcoin faces. The developers of Nano coin hope that is will become a more viable and efficient solution to fiat currencies.

By using its own block-lattice structure, Nano intends to improve the downsides of Bitcoin. It states that there will be no fees for transactions, and that transactions will be completed in real time without less energy consumption.

What is Nano?

While the popularity of cryptocurrencies has soared in recent years, there are definite issues that plague the most popular forms of digital currencies, including Bitcoin (BTC) and Ethereum (ETH). Namely, they aren’t scalable, as they require a great deal of energy, which slows down transaction speeds, and transaction fees are high.

Because of these issues, cryptocurrencies aren’t as widely used as they should be. The developers of Nano intend to solve the above-mentioned problems that plague BTC and ETH. They offer an alternative option that is backed by a vetted and tested model of the blockchain, referred to as the block lattice.

On the block lattice structure, each node is assigned its own blockchain, which spreads the work and processing throughout the network. This not only increases the speed of transactions, but it also reduces the cost of transactions, as it costs virtually nothing to execute these individual chains.

As a result, Nano charges zero fees and instant transactions, which creates a highly scalable form of cryptocurrency. The developers of Nano claim that their goal is to be the solution to the scalability problems that so many have been experiencing with cryptocurrency.

As stated, Nano works on a block lattice structure. This structure allows the blockchain of every account to only authorize work on its own block; not blocks that are created by other users. As a result, every account chain on the block lattice can update instantaneously and synch up to the rest of the block lattice, allowing for transactions that take place almost immediately.

Every users account on the Nano platform is given its own blockchain. These blochcians are a part of a bigger directed acyclic graph. As such, the whole chain doesn’t need to update with each interaction; instead, each independent blockchain updates when it needs to. This frees up a tremendous amount of processing power.

Every user on the Nano network offers the computational power that is needed in order to verify their own transactions. In other words, the entire network does not need to be update the whole blockchain ledger when transactions are made.

Where to Buy Nano

Nano tokens can be purchased on several popular online cryptocurrency exchange platforms. Some of the available options include:

  • Binance
  • Bittrex
  • Bitinka
  • Mercatox
  • Bit-Z
  • KyCoin
  • Coin Direct
  • io

Nano can also be purchased with fiat currencies on Changelly.

How to Buy NANO

In order to purchase NANO tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for NANO. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.

Buy Bitcoin on Coinbase first to buy NanoUse 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:

  1. Your name (exactly as it appears on your photo identification)
  2. Email address
  3. Password
  4. Location
How to buy Ethereum on Coinbase - Signup

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

  1. Choose “Ethereum”
  2. Input how much you would like to purchase
  3. Select the “Buy” button
Buy Bitcoin on Coinbase with Credit Card

Step 4: Confirm your purchase

  • Select the “Confirm Buy” button

Step 5: Open an account on an exchange that accepts Nano

Binance Frontpage

For the purposes of this example, we are going to use the Binance exchange

Register on Binance

Step 6: Register your Binance account

  1. Enter your email address and a strong password
  2. Agree to the terms of use
  3. Select “Register”
  4. You’ll receive an email to confirm your account
Sign up to Binance

Step 7: Login to your Binance account

Login to Binance

Step 8: Transfer ETH from Coinbase to Binance

  1. Under the “Wallet” tab, select “Deposits”Select Deposit on Binance Menu
  2. Copy the ETH deposit address you are provided withCopy Ethereum deposit address
  3. Log back into Coinbase
  4. Select “Accounts”
  5. Click “Send”
  6. Enter your ETH deposit address
  7. Input the amount of ETH you want to transfer
  8. Select “Continue”

Step 9: Exchange ETH for Nano Coins

  1. When your ETH has arrived in your Binance account, you can exchange it for NANO tokens
  2. Select ETH currency
  3. Search for  NANO in the search box and select it

Exchange Ethereum for NanoSelect whether you want to “Limit” order (you can choose the amount of NANO 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 NANO you would like to purchase, select the “Buy button”
  • Your NANO order will be immediately filled; your ETH will be transferred into NANO
How to Buy NANO on Binance

Exchanges you shouldnt miss when you want to trade crypto

Why Buy Nano?

As mentioned, Nano intends to provide a solution for the scalability issues that exist with many of the more popular forms of cryptocurrency, including Bitcoin and Ethereum. It aims to improve the speed of transactions and reduce the fees that are associated with transactions by making transactions completely free.

Due to the improved scalability that Nano is projected to offer, it is believed that the value of Nano coins will increase significantly, making it a sound investment. Add to that the fact that transactions will be much faster and there will be no fees associated with transactions and it is certainly a viable investment.

How to Sell Nano

Nano coins can be sold for other types of cryptocurrency. It can also be sold for fiat currencies, in exchange for more widely accepted forms of digital tokens, such as Ethereum and Bitcoin. If you would like to sell Nano for fiat currency, such as the US dollar or Euros, follow these steps:

  • Create an account on altcoin exchange
  • Fund your altcoin account with Nano tokens
  • Sell Nano tokens for ETH or BTC
  • Sell ETH or BTC for a fiat currency
  • Withdraw the fiat currency from your altcoin exchange account and deposit it into your bank account

Which Wallets Can I Use for Nano?

Currently, there are two online wallets available for Nano coins, including:

  • Nano Wallet
  • Nano Vault

There are also three mobile wallet options:

  • Nano Wallet Company
  • Canoe
  • Nano Blocks

Nano Coins can also be stored on Ledger Nano S

Conclusion

Nano is poised to improve the issues that Bitcoin faces, including scalability and latency. As such, it promises to be easier to use and a more viable alternative to fiat currencies.


No Comments found

Send this to a friend