April 20 2022
How to Buy EOS
Despite the negative swings which we have been seeing from time to time, cryptocurrencies and EOS are generally in an uptrend. After all, looking at price charts, we can see this steep slope since launch and safe January-February dip, EOS looks stellar. Encouragingly, if investors see the value in EOS, then this token will further appreciate in coming months.
Anyhow, before we invest, it is for our best interest to know the value and the technology behind the company or the platform. As more and more regulations come in play that makes it mandatory for companies to have a working product or platform before crowd funding, we can confidently say EOS is actually a working DApp product. It is also a relatively young-8 months old as I write this.
We can describe EOS as an Ethereum based platform where decentralized apps can be developed. EOS is an Ethereum inspiration that avails OS like service that facilitates development of DApps.
In a nutshell, EOS wants to create this platform that leverages on the power of decentralization. It achieves this by merging the security of blockchain and the promises of smart contracts in this scalable DApp platform accessible to everyone.
While it can provide services like cloud storage, user authentication or server hosting that useful for DApps, the platform is also fast, scalable and uses a Consensus over Event system for higher transaction throughput. The EOS ecosystem prioritizes performance and has a governance model allowing voting say of system upgrade or bug fixing.
How to Buy EOS
If you believe in Block One and Dan Larimer’s platform, then you can purchase them from more than 10 exchanges. Since we are talking cryptocurrency, then it is preferable that you own some liquid coins like Bitcoin (BTC) or Ethereum (ETH) since you can easily exchange them for EOS from most exchanges.
BitFinex allows direct USD exchange and assuming you are a first timer, I highly actually recommend opening an account with this exchange. If not, Shanghai’s Binance is another option but you first need to own some ETH/BTC.
This is how you buy EOS from BitFinex:
- Set up, verify and login to your BitFinex account
- Fund your account by linking your bank account with BitFinex exchange wallet. You can also send some ETH or BTC from an external wallet to your exchange wallet.
- Under Trading, click on EOS and EOS/USD or EOS/ETH or EOS/BTC depending on the type of funding currency.
- Specify the amount or size of EOS you want to buy at prevailing market rates and click “Exchange Buy”
- After trade execution, your EOS will be deposited to your BitFinex wallet.
How to Store EOS
You should know that EOS is an ERC-20 token and therefore most Ethereum wallets would support it. Because of this, if you want to store some EOS move your tokens from the exchange. You can store them at official Ethereum hot wallets as Ethereum Wallet and MyEtherWallet.
Otherwise, for safe keeping, you can manage EOS tokens using MyEtherWallet and Ledger Nano S.