The Cryptocurrencies market hasn't been like a roller-coaster since the turn of the year. It's been more like a water-slide. Only I'm not so sure it's water...
Bitcoin has had a much-publicized fall from grace, collapsing from its peak of $20,000 to test levels below $8,000 on numerous occasions.
Optimistic crypto-traders have chosen to see this as an opportunity. With cries of “Buy The Dip!” they continue to pour money into the market. Sadly, their enthusiasm often turns to despair when they wake up and realize the dip was actually yesterday's high.
Amongst the maelstrom, many great projects are pulled down into the abyss by the Bitcoin whales.
One such project is Nano(XRB). It was previously known as RaiBlocks.
Why Buy Nano Now?
Nano has declined in lock-step with the rest of the market, from $22.50 at the start of the year to currently sit under $10.
The fundamentals haven't changed in these few short months. Transactions are still instant and free. Unlike Bitcoin, a “Proof of Stake” system is used so transactions don't require the power supply of a small country to reach their destination.
As noted at the beginning of this article, Nano is only available at a few exchanges and there isn't a direct fiat on-ramp. All of this could change over the coming year.
More exchanges are opening up and existing exchanges like Poloniex and Coinbase will likely offer more coins with fiat pairings.
If this happens, a few "Alternative Coins" with decent fundamentals could break free from Bitcoin's overbearing influence and reach new highs.
Even if this doesn't happen, a Bitcoin recovery will also see Nano improve to previous levels if not all-time highs.
Where To Buy Nano?
Currently, there are only a few exchanges that allow you to trade Nano.
The largest volume is traded at Binance, and this makes an excellent choice to get hold of some Nano.
As well a wide-selection of cryptocurrencies to trade and an easy-to-use interface, there is another good reason for trading on Binance. Piece of mind.
In an industry which lacks regulation and transparency, Binance have been setting the standards for other exchanges to follow.
In one recent example, some users were caught out by a phishing site that stole their API details. The stolen credentials were used to sell users coins and pump the hackers coin of choice.
(Pro Tip: Save the “official” Binance URL as a bookmark and always use this to enter the site)
Binance were quick to place a temporary halt on withdrawals and a bounty of $250,000 for the arrest of the hackers. They also reversed the trades of those that fell for the phishing attempt.
Their CEO, Chang Peng Zhao, also gives system updates on Twitter which helps increase the trust that many crypto-enthusiasts place in them.
Registering on Binance
All you need to register on Binance is an email address. It is not complicated, but there are some steps you need to follow to make your account as secure as possible.
Use An Email App
Whenever you log-in or want to make a withdrawal from Binance they will send you an email.
You should, therefore, register an email account that has an app on your cell-phone. This way you'll always receive notifications in real-time of account actions.
Use Google Authenticator & BACK IT UP!
Binance offers a few ways of adding additional security to your account. One is two-factor authentication (2fa) which is a code sent to your phone. Another is Google Authenticator.
Google Authenticator is ranked more secure by Binance. It's easy to install the app on your phone and you just need to scan Binance's QR Code to sync it.
But here's what you absolutely must do. Make a back-up. Either save the image in a secure location or write down the backup code and put it somewhere safe.
This safeguards you in case you break or lose your phone and can not access your account.
I'd like to think they will let you back in, but you'll probably have to send a ransom-type photo of you holding your ID and a copy of today's newspaper or something.
And if you're reading this and using Binance already – fear not! You can simply deactivate Google Authenticator and set it up again, remembering to note the backup code.
Deposit Ethereum (ETH) To Binance
Once you have created an account and secured it with Google Authenticator you are now ready to deposit funds.
The best way to do this is to send Ethereum from the exchange you purchased it on direct to Binance.
Please note, there is a 0.05 minimum transfer amount. If you're like me, the first time you transfer you'll be counting down the seconds until it arrives.
Websites like Etherscan.io can visually track the transaction and make you feel more comfortable.
It shouldn't usually take more than an hour for the funds to clear.
Once your funds have cleared, you're ready to buy some Nano.
Binance has two trading screens “Basic” and “Advance”. For our purposes, “Basic” is fine.
All you need to do is select the “ETH” pairing and enter “Nano” into the search window.
The Nano trading screen will now appear. From here, you have two choices to make.
Limit Buy is cool, calm and calculated. You can choose to go with the selected price or alter it.
The advantage of using “Limit Buy” is you can work out exactly how much you are staking in advance.
The disadvantage is the market might increase too quickly, and you'll have to cancel the open order and submit a new one.
Market Buy is a much quicker way of buying. In a fast-moving market, it can be easy to make mistakes, so beginners should really use “Market Buy” at the start.
To make a market buy, simply enter the number of coins you'd like and click “Buy Nano”.
The main disadvantage here is you will have no control over the exact price you will get. You might also need a calculator to work out the number of coins you can get.
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If you use a “Limit Buy” it's all worked out for you.
Congratulations – You now own some Nano!
For more information on purchasing Nano and screenshots for the important steps mentioned above, please visit goodcoinguide.com.