As of now, the worldwide crypto market houses more than 5000 altcoins and many other digital assets. Is it reasonable to buy EOS from the massive assortment of cryptocurrencies available right now? EOS is one of the top cryptocurrencies launched during the 2017 ICO boom, which affected the global perception of cryptocurrencies. EOS or Electro-Optical System, also referred to as Ethereum over Sonnet arrived in June 2018 and developed a formidable reputation within two years. Interestingly, EOS had raised around $4.1 billion in its ICO.
The stupendous numbers definitely present a good case for EOS crypto buy or sell opportunities and a promising future for EOS. However, it is important to learn more about EOS and how it works before investing your money in it. The following discussion helps you find out how to buy EOS coin and sell your EOS tokens. You can learn about the EOS ecosystem and the distinct factors you must take into account before investing in EOS.
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Understanding EOS Ecosystem
The explanation of best practices to buy or sell EOS is incomplete without identifying the components in the EOS ecosystem. First of all, you must note that EOS is different than Bitcoin as it does not serve as a means of exchange or store of value. On the contrary, EOS has been tailored with the capabilities for serving as a web3 solution to draw the features and functionalities of computing towards blockchain networks.
Also referred to as the EOSIO ecosystem, the EOS crypto has become a benchmark for future blockchain networks. The two distinct components of the ecosystem include the EOS.IO blockchain, which serves as the operating system of the ecosystem. On the other hand, the EOS coin serves as the token used for running the EOSIO platform. Let us dive deeper into the implications of the EOSIO platform and EOS tokens for the EOS ecosystem.
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The first thing you need to know before you sell EOS coin is an overview of the EOSIO blockchain platform. As an open-source platform, EOS.IO serves as the operating system and the open-source platform on which developers can create and operate decentralized applications. You can think of the EOSIO platform as an ideal emulation of a computer’s functionalities with similar computing concepts.
Decentralized applications or dApps on EOSIO are also known as programmable smart contracts, which run according to specific instructions. They help in the execution of an agreement or automation of a specific workflow. The discussions on how to buy EOS should also focus on the availability of different protocols and tools, which can enable custody, permissions, and security.
The next and most important highlight in discussions about methods to buy and sell EOS would turn towards the EOS token itself. EOS is the native token that empowers the EOSIO blockchain platform. The EOS blockchain offers the crypto tokens required for purchasing computing resources required for running decentralized applications on the EOS.IO blockchain. EOSIO claims that it does not impose any costs for third-party developers or blockchains to take care of transactions.
In addition, EOSIO also suggests that it provides free developer tools, adding up to the value propositions of the blockchain network. Why would anyone want to buy EOS now? EOS is essential for purchasing computing resources such as network bandwidth, RAM, and CPU bandwidth for running decentralized applications. You can think of EOS tokens as the fuel of the EOSIO network.
Another important highlight of EOS tokens you must take into account before finding out the ways to buy and sell EOS is the consensus mechanism. EOS leverages the delegated proof of stake or DPoS approach, wherein staking can help users obtain ownership of resources in the share of the EOS they have locked in smart contracts.
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Working of EOS
Many of you trying to find out methods to buy EOS coin should also take note of their working. The description of EOS suggests that you have to use a delegated proof of stake consensus mechanism for the network. The DPoS consensus mechanisms basically imply that EOS token holders can vote for choosing block producers. Therefore, EOS token holders can choose who will validate transactions and create new blocks on the EOSIO blockchain. The DPoS consensus mechanism provides the assurance of exceptional improvements in efficiency owing to the use of lesser energy and faster processing.
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Block Production Time in EOS
The discussions on EOS crypto buy or sell chances would also draw the limelight to block production time. Blockchain producers can receive rewards of EOS tokens for each block added to the blockchain. You must notice that EOS depends on people and voting for the security of the blockchain network rather than relying on miners. Interestingly, EOSIO works on producing a block at a gap of every half-second. On the contrary, Ethereum and Bitcoin have considerably longer block production times.
The next important aspect in discussions on methods to sell EOS or buy the token would focus on the rewards expected for block producers. Block producers have the flexibility to publish details of the EOS rewards they expect from the network. In addition, the token holders can also vote for the specific amount paid to block producers. However, the voting system has depicted some prominent discrepancies in design with partial treatment for many blockchain producers.
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Methods to Buy EOS
The overview of the EOS ecosystem and the working of EOS tokens delivers a solid impression of the value advantages. For example, you have a dedicated blockchain ecosystem for web3 projects. At the same time, you must also notice how faster block production times and the efficiency of smart contracts support decisions to buy EOS, among other crypto alternatives. The basic design of EOS aims at improved scalability and flexibility in comparison to Ethereum. Furthermore, EOS also implies higher centralization compared to Ethereum, thereby painting some shortcomings.
Considering the value of EOS tokens for the future of crypto and digital technology in general, anyone would try to learn the methods to buy EOS coin and expand their crypto investment portfolio. However, it is also important to look for the best practices to purchase EOS crypto rather than diving in blindly. Here is an outline of the important steps for buying EOS crypto.
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Start with the EOS Wallet
The foremost thing you need to buy or sell EOS coin would point to selecting an EOS wallet. Interestingly, you can explore many wallets which offer support for storing EOS tokens. For example, you can choose the common desktop wallet options, albeit with few tradeoffs in terms of security. On the other hand, you can choose a hardware wallet to ensure the maximum level of security for your business.
You must also know about the working of EOS wallets to identify how they are different from the common crypto wallets. First of all, the biggest difference between EOS wallets and other crypto wallets points to the use of two private keys. Among the two private keys, you have an owner key and an activation key. The owner key has complete control over the active key, which is mandatory for staking, unstaking as well as transferring tokens in the EOS ecosystem.
Before you find out the EOS crypto buy or sell methods, you must familiarize with the need for an EOS account. The EOS account is basically a 12-character human-readable name on the blockchain. You can create EOS accounts only by using the existing EOS accounts. As a result, you would have to use the services of another party with an account to help you out with the process. You can create an EOS account with different methods, according to the type of wallet.
The two most common types of wallets you can use to buy and sell EOS are hardware wallets and software wallets. Hardware wallets such as Ledger hardware wallets can help in storing EOS tokens alongside many other cryptocurrencies. The best thing about hardware wallets is the compatibility with different devices. On the other hand, the software wallets such as Exodus offer another effective answer for storing your EOS tokens.
Once you are done with choosing your EOS wallet, you can buy EOS by obtaining your EOS address. You have to obtain the EOS address for sending the tokens to the same address. The EOS address is actually a long character string beginning with 0x.
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Choose an EOS Exchange
The second biggest highlight in discussions on ‘how to buy EOS’ draws the focus toward choosing an EOS exchange. Today, you can find many exchanges where you can purchase EOS tokens with the help of fiat currency or by exchanging crypto for EOS. Here are some exchanges you can try out to buy EOS coin according to your desired preferences.
If you don’t plan on diving head-on into the EOS landscape, you should try exploring the possibilities associated with eToro. The beginner-friendly and easy trading platform offers flexibility for funding with different payment options.
However, you must notify the huge difference between eToro and other platforms to help you buy and sell EOS as well as hold them. eToro is a basic trading platform that facilitates ideal grounds for price speculations regarding crypto assets. Interestingly, you don’t need an EOS wallet for price speculation on eToro.
You can also buy EOS from Coinbase, one of the leading crypto exchanges worldwide. The platform offers two distinct options for purchasing EOS.
You can use the brokerage service of the exchange for purchasing EOS directly, albeit with higher fees. On the other hand, you can use Coinbase Pro for purchasing EOS by leveraging a limit or market order.
Binance has also emerged as one of the top highlights among exchanges where you can buy or sell EOS coin without difficulties. It is a popular cryptocurrency with dozens of altcoins, such as EOS tokens, on its listings.
You can have EOS in your Binance account by trading Bitcoins or ETH for the same. However, you don’t have any method for purchasing EOS directly on Binance with fiat currency.
The next big choice among crypto exchanges is to buy EOS coin points at Kraken, which helps you fund the wallet with fiat currency. Subsequently, you can use the fiat currency or crypto in the exchange as a trade for EOS.
The promising advantages of Kraken are clearly evident in the relative ease of registration, alongside comparatively lower fees. On the other hand, Kraken has registered radical depreciation in performance during the peak trading times.
The final aspect of buying EOS would also point toward the use of fiat currency for purchasing EOS. As of now, you can’t find a suitable method for purchasing EOS with fiat currency.
On the other hand, you can always purchase crypto with fiat currency and exchange them for EOS tokens. However, the conversion processes would impose a heavy cost burden.
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How to Sell EOS Coin?
The process for buying an EOS coin shows that you can withdraw EOS tokens from an exchange into your wallet easily. However, what can you do if you want to sell EOS for a specific goal? In this case, you can find the answer by following simple steps such as,
- Register on the desired crypto exchange and add the number of EOS tokens you want to sell to your account.
- Trade the EOS tokens for Bitcoin or Ethereum.
- Transfer the Bitcoin or Ethereum to your crypto wallets.
- Sell the Bitcoin or Ethereum for fiat currency and withdraw the amount directly.
What Should I Consider Before Buying EOS?
The easy and structured methods to buy and sell EOS show that you can rely on the new crypto asset. However, many people are concerned about the implications associated with investing in EOS crypto. Is EOS a good investment? As a matter of fact, you can discover the answer by reflecting on the ways in which EOS introduces value.
First of all, you have the evident advantages of a token tailored for web3 projects. On top of it, you have technical advantages with EOS, such as the cloud storage functionalities with EOS development. Similarly, the Delegated Proof of Stake consensus mechanism shows an energy-efficient alternative to conventional blockchain networks.
Bottom Line
EOS is a trustworthy option for crypto investments in the present times. It has been tailored with the objective of empowering decentralized applications and a new web3 ecosystem. The overview of methods to buy EOS and sell the tokens shows how you can get them easily. On the other hand, you must be careful about each step for buying and selling EOS tokens without any trouble.
For example, you must notice all the implications of EOS accounts and addresses in the process of buying and selling EOS coins. Most important of all, the role of EOS in the burgeoning web3 landscape might also drive future demand for EOS. Learn more about EOS and the opportunities you can explore with it.
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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
