In spite of a current bear market, there are still many investors that see many opportunities in the
crypto space. A crypto coin which has attracted the interest the interest of investors is EOS.
EOS is currently ranked the 6th cryptocurrency according to market cap and is currently trading at
$5.90 USD.
EOS is a blockchain project and software designed to provide developers with the tools and
environment required to create and deploy commercial-grade dapps.
EOS implements a delegated proof-of-stake (DPoS) consensus mechanism that allows EOS coin
holders to elect block producers via a continuous approval voting process. Anyone is eligible for
participation, with new blocks being generated every 0.5 seconds.
EOS was created by block.one, a company which is led by CEO Brendan Blumer and CTO Daniel
Larimer. Larimer is an important name in the cryptocurrency space and has previously commanded
the development of blockchain projects Steem and BitShares.
Things to note before buying EOS
Before you start investing in EOS, there are several factors you should consider:
Supply: The current circulation supply of EOS is 906,245,118 units. The maximum supply of coins is 1
billion EOS, with 10% (or 100 million) being reserved for the staff of block.one.
Competition: EOS is a dapp platform similar to Ethereum, NEO, Cardano, Qtum and a number of
other platforms that feature similar functionalities. How these projects impact the market also
affects the adoption EOS achieves.
Airdrop: Numerous startups that issue their own cryptocurrencies on the EOS blockchain also carry
out airdrops of their own tokens to EOS holders.
Partnerships: block.one announced a partnership with crypto merchant bank Galaxy Digital to
develop the EOS ecosystem and invest in projects that use the EOS blockchain. Other partners
include German fintech incubator FinLab AG which will develop projects using EOS software.
Wallets: EOS tokens were initially ERC20- based, but as EOS launched its mainnet in June 2018, they
were swapped for coins issued on EOS’s own blockchain. There currently only a handful of wallets
that support EOS storage, including Infinito Wallet, the SimplEOS desktop wallet and the Scatter
browser extension.
By taking into account factors that could potentially influence the price of EOS, you’ll be abledetermine if it is profitable or not to invest in EOS.
Where to Buy EOS from?
Currently, the only way you can buy EOS is from exchanges. If you want to purchase EOS using credit
or debit card you will first have to buy either BTC or ETH on a fiat exchange, and then trade them on
another exchange for EOS. The same approach applies for bank transfer or bank wire.
There are many exchanges that support EOS trading, including well-known exchanges such as
Binance, Bithumb, Kraken, Kucoin, Bitfinex, Cryptopia, Huobi and many others.
The top three exchanges that have the most volume on a 24h period are DOBI trade, Huobi and
OKEx, having 10.87%, 10.41%, and 10.05% respectively.
The coin can be traded against a number of other cryptos, but the main pairs which are available on
most exchanges are against BTC, ETH and USDT.
How to buy EOS?
Buying EOS with another cryptocurrency
The most common and simple way of acquiring EOS is by exchanging another cryptocurrency for it. In
our example, we will be covering how you can buy EOS with another digital currency on Binance:
Step 1. Register for an account
If you already have an account on Binance you can skip this step. In order to sign up for an account,
you will be required to provide your email address and create a password. Make sure that you also
enable 2-factor authentication on your account to enhance your funds’ security.
Step 2. Deposit cryptocurrency into your account
Now you must select which cryptocurrency you want to exchange for EOS. Binance pairs EOS
alongside bitcoin, Ether, Tether (USDT) and Binance Coin (BNB).
You can find the correct deposit address of your desired coin by logging in to your Binance account,
clicking “Funds” and selecting “Deposits”, and then searching for it.
Copy the wallet address or scan the QR code.
Step 3. Buy EOS
The last step involves clicking the “Exchange” tab in your Binance account and choosing which
trading view you prefer: “Basic” or “Advanced”.
Then you have to search for the pair you want to trade, such as “EOS/BTC”, select what kind of order
you want to place and enter the number of EOS you want to buy.
Remember to review the transaction details before you click “Buy EOS”, and this rule applies snot
only to Binance, but also when you use other platforms.
Buying EOS with fiat currency
If you want to purchase EOS with fiat currency, such as US dollars, you must look for a
cryptocurrency exchange that supports this feature. In our example, we shall be using Changelly:
Step 1. Register for an account
EOS has a wide list of exchanges that support it, but very few of them allow you to make purchases
with US dollars.
The registration process for a Changelly account involves you providing the following information:
- Your name
- Your email address
- Your phone number
- ID documentation
- Proof of residency
- A selfie with you and a signed statement
Remember to also activate 2-factor authentication on your account before moving on to the next
step.
Step 2. Deposit funds into your account
The verification process is done, log in to your account and click on the “Deposit USD” link featured in
your account dashboard. You can use your debit and credit card to make an online deposit.
Step 3. Buy EOS
When the funds have been transferred into your account, click on the “Buy/Sell” link featured at the
top of your screen then search for EOS in the list of available currencies.
Click on “Buy EOS” and then enter either the number of EOS you wish to purchase or the sum of USD
you intend on spending.
Take a moment to check the full details of your transaction before clicking “Buy” and submitting your
transaction.
Conclusion
EOS is an ambitious project that can improve the functionalities of dapp platforms and bring forth
innovations and further improvements for blockchain-based projects.
Feature image: Blockchain Watching