Do you think that Nano (XRB) coin has a chance of being the next Bitcoin? In this article, we will run you through our top two ways to buy Nanocoin.
- 1 Are You Too Late To Buy NANO?
- 2 How High Could The NANO Price Go?
- 3 How To Buy NANO Coin – Our 2 Top Ways Explained
- 4 Creating A Coinbase Account
- 5 Locked & Loaded On Coinbase? What To Do Next?
- 6 Setting Up A NANO Coin Wallet
- 7 Open A Binance Account
- 8 How To Transfer From Coinbase To Binance?
- 9 How To Use The Binance Exchange: Trade Bitcoin or Ethereum For NANO Coin
- 10 How To Get NANO Coin Off Binance?
- 11 Conclusion
Are You Too Late To Buy NANO?
NANO coin first hit cryptocurrency exchanges on the 7th of March 2017. The project didn’t have an initial coin offering and gave away coins for free. This meant that NANO began trading on cryptocurrency exchanges for just $0.0091 per coin. Many in the cryptocurrency community began to sit up and take notice of NANO and it exploded from this bargain basement price to $34.43 a coin on the 2nd January 2018. At the time of writing, you can buy NANO coin for just $2.50 each.
TotalCrypto is always on the lookout for innovative projects at large discounts. With NANO coin you are currently getting a massive 92% discount on its all-time high. The opportunity is certainly there to get your hands on some highly discounted NANO coins.
The advantage of buying cryptocurrency at high all-time high discounts is that you avoid buying the top of the market. It also means that if a crypto retests it’s all-time highs again, you will profit more than buying near the top.
NANO coin has actually only been publicly traded for around a year. This means that anyone buying this cryptocurrency today is still getting in early. Like any market, the cryptocurrency market has up and down cycles. Instead of asking if you are too late to buy NANO, a better question is whether NANO can be bought at a great price? After all, your entry point will determine the profits you make in the next upward market cycle.
How High Could The NANO Price Go?
NANO is designed to be used as digital currency. Its main benefits are free transactions, infinite scalability, and almost instant transaction processing. Many argue that these attributes make it a superior form of digital cash than Bitcoin.
At the time of writing, we are in a down market and Bitcoin has still achieved a market cap of $105 billion. If the cryptocurrency market maintained current levels of valuation and NANO replaced Bitcoin, how much would it be worth? To work this out we must take Bitcoin’s overall market cap and divide it by NANO’s circulating supply:
$104,742,789,766 (Bitcoin Market Cap) / 133,248,289 (NANO’s Circulating Supply) = $786.07 per NANO coin
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That’s right, if the overall cryptocurrency market never grew from current levels and NANO took Bitcoin’s market cap, investors would be sitting on a 314 times gain.
However, the NANO team’s dream is much bigger than this. Their mission is to become “a global currency with instantaneous transactions and zero fees over a secure, decentralized network”. It’s safe to say that if this dream becomes reality, that NANO coin will be worth thousands of times more than it’s current levels of valuation.
How To Buy NANO Coin – Our 2 Top Ways Explained
The best way to buy NANO coin depends on if you are already invested in the cryptocurrency markets or not.
Our first method is perfect for those making their first ever cryptocurrency investment. You will have conventional currency (USD, GBP, EUR) that you want to trade for NANO coin. You should know that there is no direct way to buy NANO coin with conventional currency. Instead, you will have to swap your dollars for Bitcoin or Ethereum on Coinbase and transfer this to a cryptocurrency exchange to trade for NANO coin. This means that you will, unfortunately, have to make two accounts.
If you have already invested in the cryptocurrency market, chances are that you have some Ethereum or Bitcoin to trade for NANO. All you need to know is the best cryptocurrency exchange for NANO coin and how to use it. You probably are already set up with Coinbase, so feel free to skip ahead in this guide.
Creating A Coinbase Account
Coinbase Key Facts
- Established Track Record: Founded in 2012 and is the world’s most popular cryptocurrency exchange.
- Serious Backers: Venture capital firm IVP, who were involved in the latest funding round, have been early investors in businesses like Netflix and Twitter. Other investors include companies like the New York Stock Exchange.
- Easy To Use: The platform is renowned for it’s easy to use interface. This makes it the perfect exchange for cryptocurrency newcomers.
- Small Minimum Deposit: You can invest as little as €6 into cryptocurrencies.
- Regulated: Coinbase is one of the few cryptocurrency exchanges to be regulated.
- Insurance: Customer funds are insured and segregated. US customers are even insured up to a balance of $250,000.
- Deposit Methods: Credit/debit card, bank transfer and PayPal for US customers.
- Tradable Cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
- Customer Support Methods: Email and faqs.
Looking to invest more than $100 in NANO coin by using Coinbase? Good news! You will also get $10 FREE by signing up through Total Crypto!Need help getting set up on Coinbase? This article tells you everything you need to know.
Locked & Loaded On Coinbase? What To Do Next?
Top stuff on getting your Coinbase account created. Your goal in this step is to buy either Bitcoin or Ethereum on Coinbase. Once this is done, your plan is to send this to a cryptocurrency exchange and trade your Bitcoin or Ethereum for NANO coin.
The Easy Way To Buy Bitcoin or Ethereum On Coinbase
- Jump to the ‘Buy/Sell’ page on your account.
- Add a payment method to your Coinbase account.
- Select your deposit method: The cheapest way to fund your account is via bank transfer. However, deposits made with this method can take between 2 and 5 days to be credited to your account. If you want an instant deposit, you will have to use your credit or debit card. Whatever method you use you will need to enter your payment details and process the transaction. Once done, just sit back and wait for the funds to hit your Coinbase account. You will get an email confirming that your deposit has been successful.
- Once your funds have been credited to your account, select Bitcoin or Ethereum in the ‘Buy/Sell’ section of Coinbase.
- Enter the amount you want to spend on a specific cryptocurrency.
- Select the wallet you deposited funds into as the payment method.
- Complete your order by clicking “Confirm Buy”.
Interested in saving as much money as possible on Coinbase fees? There is a slightly more complicated option that will reduce the fees you pay. This method involves using Coinbase’s sister exchange GDAX and buying Bitcoin or Ethereum there instead. If you want to jump through this extra hoop, our Coinbase guide shows you all the steps to do this.
Once you have purchased your Ethereum or Bitcoin on Coinbase, you are ready to move onto the next step.
Setting Up A NANO Coin Wallet
TotalCrypto recommends using the official NANO wallet. We think this is your best option and have created a separate article to show you how to set this up.
Open A Binance Account
By now, you should have your NANO wallet setup and your Bitcoin or Ethereum on Coinbase. The next step is to create your cryptocurrency exchange account. On the exchange, you will then trade your Bitcoin or Ethereum for NANO coin.
Our favorite exchange to buy NANO is Binance. It’s the most popular cryptocurrency exchange in the world. Binance also gets a lot of praise from the cryptocurrency community for its user-friendly interface, excellent communication with customers and reliability. The exchange has also recently shown it’s professionalism by being the first ever exchange to have all their smart contracts fully audited. Attention to detail like this is one of the major reasons why Binance is so popular with cryptocurrency investors. Needless to say, Binance is exceptionally popular with NANO coin traders and over 90% of the crypto’s trading volume takes place on the exchange.
Binance Key Facts:
- Largest In The World: Binance is the biggest crypto to crypto exchange in the world!
- Huge Selection Of Cryptocurrencies: Binance offers you the opportunity to get your hands on over 100 different cryptocurrencies. NANO coin is one of them.
- User-Friendly: The crypto to crypto exchange is the simplest we have ever used. We think this has been one of the main factors leading to Binance’s explosive growth.
- Customer Support: Binance offers email multi-language support for ?? ?? ?? ??
Get NANO coin on the best cryptocurrency exchange in the world.
Want help getting started on Binance? Our article tells you everything you need to know.
How To Transfer From Coinbase To Binance?
Your Binance account should be good to go now. Regardless of whether your Bitcoin or Ethereum is in another wallet or on Coinbase, you will have to send your funds to Binance and trade this for NANO coins. To get this done, just follow the steps below:
- Log in to your account.
- Hit “Funds” and select “Deposit”.
- Important: Make sure you select Ethereum if you have Ethereum in your wallet or on Coinbase or BTC if you hold Bitcoin. If you send cryptocurrency to the wrong wallet you are likely to lose your funds.
- Your deposit address for Binance will then be revealed. Copy this address.
- Log in to your account and head over to the ‘Accounts’ tab.
- Hit the send button for whatever crypto you hold.
- Then paste the Binance deposit address into the ‘Recipient’ wallet address field and enter the amount to transfer to Binance.
- Click continue to complete the transaction. Your funds will show up in your Binance account shortly.
Have Your Funds Stored In A Wallet?
Just send your funds to your Binance deposit address.
How To Use The Binance Exchange: Trade Bitcoin or Ethereum For NANO Coin
The hard work has been done and now it’s time to get your NANO coins. Just follow the steps below and you will have your cryptocurrency in no time.
- Once logged in to your account, go to the Binance homepage. Then select ‘BTC Markets’ if you have Bitcoin on Binance or ‘ETH Markets’ if you have Ethereum. Key in ‘NANO’ into the search bar and select the NANO/BTC or NANO/ETH market.
- A trading screen will then be brought up. Upon first glance, it may look pretty complicated. However, all you need to do is to select the ‘Market’ tab (this allows you to buy at the current market price). Then enter the number of NANO coins you want to buy. You also have the option to use a certain percentage of your Binance balance to buy coins.
- Click ‘Buy NANO’ to complete your trade. Once processed your NANO coins will be credited to your Binance account.
How To Get NANO Coin Off Binance?
Finally, you have your NANO coins. The last thing to consider is where to store them? At TotalCrypto we believe in storing all our cryptocurrency off-exchange and in a wallet we control. Why go through this hassle? Exchanges get hacked more often than you think. Cryptocurrency exchanges hold a lot of user funds and sadly this makes them attractive targets for hackers. Although Binance has not been hacked, why take the risk? The added benefit of storing your crypto in your own wallet is that you don’t need to trust anyone to keep it safe for you. You can become your own bank.
If you want to store your NANO coins in your own wallet, just follow the steps below:
- Get your public address from your NANO wallet.
- Login to your Binance account.
- Select ‘Funds’ in the navigation bar and click ‘Withdrawals’.
- Choose NANO from the drop-down. Then paste your NANO wallet public address as the ‘NANO Withdrawal Address’. Once you have entered the amount you want to withdraw, click ‘Submit’ and your coins will be sent to your wallet.
What About The Fees? Binance will charge you a fee to withdraw your coins from the exchange. This changes regularly. However, you can check the NANO withdrawal fee here.
There you have it, TotalCrypto’s top 2 ways to buy NANO coin. The TotalCrypto Team will be following NANO closely. The project solves pretty much every problem faced by transactional cryptocurrencies like Bitcoin or Dash. We really do believe that for a digital currency to be mass adopted it needs to be fast, infinitely scalable and exceptionally cheap to use. NANO coin ticks all these boxes and uses different technology to the cryptocurrencies of the past.
Will NANO be the next step in cryptocurrency evolution? Will they fulfill their vision of becoming “a global currency with instantaneous transactions and zero fees over a secure, decentralized network”? We are not sure. However, we will certainly not write them off and will be following this project closely.