EOS is focused on making decentralized applications more understandable and functional for enterprise programmers. And interest in EOS has been steadily gaining momentum among investors and programmers alike.
With its unique infrastructure, special attention to scalability issues, and user-friendly interface, EOS may offer a unique opportunity for those interested in decentralized technology and its applications.
Want to learn more about buying EOS? Our guide introduces you to the factors that make this altcoin unique and provides basic steps to add EOS to your investment portfolio.
History of EOS
EOS is the coin offering of EOS.io, a platform launched in June 2018 to introduce developers to a simplified platform for creating decentralized applications (dApps). A DApp is a computer application in which an operations network is extended across a distribution of computer nodes instead of a single, centralized point of operation.
The goal of EOS.io is relatively simple-make it as easy as possible for developers and programmers to create dApps that use blockchain technology. You can think of EOS.io as an operating system like Windows, while the EOS coin represents a stake in the network and allows users to run their programs.
Developers of EOS focus on providing a wealth of educational resources and a simple platform that makes EOS.io easier to use than its competitors. EOS also aims to extend blockchain technology to enterprise infrastructures. Scalability is a key priority for developers, who are focused on offering faster transaction speeds and more transfers initiated per second.
Step 1: Open an online account.
The easiest way to buy any type of cryptocurrency is to open an account with a crypto broker that provides access to the coins and tokens you want to add to your portfolio. Crypto brokers work in a very straightforward manner.
First, you link a payment method - depending on the broker, you may be able to buy cryptocurrency using a debit or credit card, a bank transfer, or a service like PayPal. From here, you place an order through your broker's trading platform. Your broker will buy or sell your cryptocurrency of choice according to the instructions in the order you placed.
EOS is currently the 16th largest cryptocurrency by total market capitalization. This means that you have a few different options when choosing a broker to execute your trades.
Step 2: Buy a wallet
After you've decided where you want to buy and sell your cryptocurrencies, it's a good idea to open a private wallet to store your coins and tokens. A cryptocurrency wallet is a computer program or device that uses a private set of keys to store your coins. Cryptocurrency wallets keep your coins and tokens safer than exchange wallets by reducing the possibility of losing your money in a hack or exchange theft.
There are two main types of crypto wallets: hardware and software. Hardware wallets are physical devices that store your cryptocurrency offline, while software wallets are applications that need to be connected to the Internet to access your investments.
Both types of wallets have their own advantages and disadvantages. For example, although software wallets are free, they don't offer you the top-level security that hardware wallets do.
Some of the factors you may want to consider when choosing a wallet can be:
- Price. If you've decided to invest in a hardware wallet, it's a good idea to set a budget beforehand. Top-of-the-line models regularly cost more than $100, while low-end models usually cost around $50. If you're looking for a quick and free way to store your coins, open a software wallet for now.
- Touchscreen access. Looking for a way to manage your coins while traveling? Consider investing in a wallet that includes a touchscreen or screen right on the device. This way, you can view your coins without connecting to a local Wi-Fi connection or using your cell phone data.
- Support for all your coins and tokens. Not every cryptocurrency wallet supports every project on the market. Make sure your wallet of choice supports the cryptocurrencies you have invested in before switching out of your exchange wallet. You may want to send a small amount of crypto to make sure you have the right wallet address before completing your token transfer.
Not sure where to look for a wallet? Consider our mentioned hardware and software options below. Both full supporting EOS tokens.
Trezor Model T( Best Hardware Wallet)
If you're looking for a comprehensive device that lets you store virtually any type of cryptocurrency, look no further than the Trezor Model T. The Model T is a hardware device with a touchscreen display and a private key set to ensure that only you have access to your coins and tokens.
The Trezor Model T can also be an ideal choice for new cryptocurrency investors thanks to its simple 3-step setup. Plug the device into your computer or phone, visit trezor.io/start, and follow the on-screen instructions to complete your setup. Most users will have a fully functional hardware wallet in minutes.
Atomic Wallet (The Best Software Wallet )
Atomic Wallet is a desktop and mobile app that lets you store EOS, Bitcoin, Ethereum, and dozens of other coins and tokens. Manage, deploy, buy, and exchange your coins from one simple, easy-to-navigate platform that's ideal for both experienced and new investors.
Atomic Wallet also offers an in-app exchange that allows you to buy and sell tokens and coins directly without connecting to a new exchange. This can make it more affordable to exchange your cryptocurrency, as you usually have to pay a fee when transferring to your wallet and exchange.
Atomic Wallet even supports some of the 1st-stake options that allow you to earn crypto while keeping your coins safe.
Step 3: Make your purchase
Once you've funded your account and decided how you want to store your coins, you're finally ready to make your purchase. First, decide how much money you want to invest in EOS and determine how many coins you can buy based on the coin's current market price. You may want to spend some time monitoring how prices change before you place your order to make sure you get the most out of your investment.
After you place your order through your broker's trading platform, your broker will fill the order. Once your order is filled, you will see your EOS in your brokerage account. To transfer your coins to your private wallet, search for your wallet address and initiate a transfer from your brokerage account to your wallet.
Before starting the transfer, check that you have the correct address-if you send your cryptocurrency to the wrong wallet address, it will be virtually impossible to get it back.
Trade or sell your cryptocurrency
Although most investors want to keep their cryptocurrency in their private wallet, you can also take advantage of short-term price movements by becoming an active investor.
By monitoring how the price of EOS changes over time, you can convert your investment into a stable coin when the price is high and back into EOS when the price drops again. This way, you can accumulate more EOS coins, which you can then transfer or cash out to your long-term investment exchange to earn profits.