The EOS coin is the native token of EOSIO network, which is a type of blockchain technology that is positioning itself as a decentralized operating system. In practice, this means providing blockchain developers with the set of necessary tools and services to build and scale decentralized applications. So how to buy EOS? This guide introduces several ways to buy EOS in simple ways.
Want more than just to buy EOS? Access dozens of different cryptocurrencies buying guides 2022 here.
What is EOS (EOS)?
EOS is a blockchain-based platform that enables the development of business applications, or DApps. EOS supports secure access and authentication, permissioning, data hosting, usage management, and communication between the DApps and the Internet.
EOS is a blockchain-based, fully decentralized network that enables the development, hosting, and execution of commercial-scale decentralized applications.
The EOS.IO is an open-source platform that’s designed to allow developers to build decentralised apps, also known as dApps.
The EOS coin is the native token of EOSIO network, which is a type of blockchain technology that is positioning itself as a decentralized operating system. In practice, this means providing blockchain developers with the set of necessary tools and services to build and scale decentralized applications.
EOS is a unique crypto project as it encompasses several important characteristics, such as:
- Scalability – one of the biggest problems of cryptocurrencies is balancing decentralization and scalability. Due to its Delegated Proof of Stake (DPoS) consensus mechanism, the EOS ecosystem has the ability to process around 1 million transactions per second. The EOS project achieves such a high throughput by utilizing parallel processing.
- Flexibility – unlike Ethereum, which can potentially be a victim of DAO attacks, EOS has created a solution for this problem. The platform can halt the node that processes such a transaction, and gets back to processing new transactions only after this problem is resolved.
- Decentralization – while Ethereum has often been referred to as the decentralized supercomputer, the EOS platform could be considered a decentralized operating system.
EOS supports all of the core functionality required to allow businesses and individuals to create these dApps in a way that is nearly identical to how traditional web applications are created. EOS has the ability to provide secure access and authentication, data hosting, usage management, permissioning, and communication between dApps and the internet.
Read More: What is EOS (EOS)?
How Does EOS (EOS) Work?
EOS is owned by an organisation called block.one, but the person most people associate with EOS is Dan Larimer, a software developer who has been involved in other blockchain projects including BitShares and Steemit, the distributed social network. The CEO is Brendan Blumer, a serial entrepreneur.
EOS is designed to resemble the performance of a real computer, with even the software itself using some familiar computing concepts. As an example, there are three types of resources that power the EOS blockchain:
- Bandwidth – responsible for relaying information across the network.
- Computation (CPU) – the actual processing power needed to run a dApp.
- State Storage (RAM) – stores data on the blockchain that can be referenced instantly.
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How to Make Money with EOS (EOS)?
How to Earn Free EOS (EOS)?
Why Buy EOS (EOS)?
In addition to the Delegated Proof of Stake (DPoS, detailed below) mechanism EOS uses to secure its transactions, EOS.IO takes an active approach to governance.
EOS has features baked into it that enable its users to vote and carry out decisions to alter the software’s rules.
EOS has two key components that we need to understand: EOS.IO and EOS Tokens.
EOS.IO can be best thought of as an operating system. It’s like Windows or Mac OS, it manages all the code that keeps your computer up and running.
Holding EOS gives a user the ability to vote on decisions through staking, and block producers are tasked with carrying out every decision that is approved. Both holder/stakers and block producers can vote to amend the “EOS Constitution” – a governing document that holds the rules as determined by its users.
This ends up giving EOS block producers extensive power over typical network users.
For example, EOS block producers have the ability to freeze accounts – this is intended to further secure the network against bad actors, however, a power like this could in theory be abused. (Freezing an account requires just 15 of 21 EOS block producers to vote together).
EOS generated a huge amount of excitement in the company’s early days. It’s still very early in the development of blockchain so we still don’t know how successful EOS’ will be.
How to Buy EOS (EOS) in 4 Simple Steps
- Step 1: Decide where to buy EOS (EOS).
- Step 2: Think about how to store your EOS (EOS).
- Step 3: Make your purchase.
- Step 4: Manage your investment.
How to Buy EOS (EOS) on a Crypto Exchange
1. Coinbase
- Step 1. Create a Coinbase account
Download the Coinbase app and start the sign up process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.
- Step 2. Add a payment method
Tap on the payment method box and connect a payment method. You can use a bank account, debit card or initiate a wire.
- Step 3. Start a trade
Press button then select “Buy” from the list of options.
- Step 4. Select EOS (EOS) from the list of assets
Search for EOS (EOS) by typing “EOS (EOS)” into the search bar. When you see EOS (EOS) show up in the results, tap it to open up the purchase screen.
- Step 5. Enter the amount you want to buy
Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a EOS (EOS) amount.
- Step 6. Finalize your purchase
Tap “Preview buy” when ready. You’ll be shown the details of your purchase. Make sure everything looks good and then confirm your purchase. That’s it, you’ve bought EOS (EOS).
2. eToro
- Step 1: Find a crypto exchange or trading platform that offers EOS (EOS)
There are a number of exchanges that will let you trade your funds for EOS (EOS). One of them is the eToro trading platform.
- Step 2: Sign up
If you’d like to buy EOS (EOS) through eToro, all you need to do is sign up, verify your account and make a deposit. From there, you’ll be able to buy and sell EOS (EOS) easily.
- Step 3: Buy EOS (EOS)
EOS (EOS) can be purchased fractionally, so you don’t need to buy a full EOS (EOS) to own some. For example, if EOS (EOS)’s price is $10,000, you can purchase 0.1 EOS (EOS) for $1,000.
3. Bitfinex
- Step 1. Log in to your account or sign up to Bitfinex.
- Step 2. Go to Deposit, choose Payment Cards.
- Step 3. Select the payment processors.
- Step 4. Choose the crypto and enter the amount.
- Step 5. Select the destination wallet and proceed payment
4. Binance
- Step 1: Create your Binance Account
Sign up with your email address or mobile phone number, and choose a strong password. Or, download the Binance crypto trading app from the App Store or Google Play store and open an account there.
- Step 2: Start Buying EOS (EOS)
There are two main ways to buy EOS (EOS) on Binance using cash: you can link your debit/credit card or bank account, or buy crypto directly from other users on Binance P2P.
Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy EOS (EOS). Through this method, you can buy EOS (EOS) for a minimum. (This amount varies depending on the currency you use.)
Buy EOS (EOS) directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of EOS (EOS) listings to shop the best offers on EOS (EOS) from other users. With thousands of merchants and hundreds of payment methods available, Binance P2P caters to many regions in the world right now.
5. KuCoin
- Step 1. Sign Up for KuCoin Account
- Step 2. Secure Your KuCoin Account
- Step 3. Verify Your Identity
- Step 4. Connect Your Account to Funds Fund Your Account
- Step 5. Start Trading on KuCoin
How to Buy EOS (EOS) With PayPal
- Step 1. Login to Paypal and Select Cryptocurrency
In Paypal website, you should see the option for cryptocurrency in the top right of the dashboard, next to ‘Send’ and ‘Request’.
- Step 2. Select ‘EOS (EOS)’
Or choose any of the other coins listed.
- Step 3. Select ‘Buy’
- Step 4. Choose How Much You Want to Buy
Enter an amount of dollars you want to spend on EOS (EOS) or choose a pre-set amount below.
- Step 5. Select Payment Method
You likely already have you bank account linked to you Paypal account, but you can also hook up another method if you don’t want to use your bank account.
- Step 6. Hit the ‘Buy’ button
After finalizing your purchase, you will be taken to a confirmation screen and you should see your coins reflected in your Paypal account dashboard.
How to Buy EOS (EOS) With a Credit Card
Not all platforms will allow you to use a credit card to make your cryptocurrency purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.
Some credit card companies allowing cardholders to make crypto purchases treat the purchases as a cash advance (cash advances usually involve a cardholder using a credit card to withdraw money from an ATM). This has several critical disadvantages.
- Cash Advance Fees: Some cards treat a cryptocurrency purchase as a cash advance. This means each crypto purchase is subject to a cash advance fee. A typical fee of either $10 or 5% (whichever is greater) would be charged. These fees are in addition to fees charged by the vendor or exchange.
- Cash Advance Interest Rates: Most cards have a higher Annual Percentage Rate (APR) for cash advances—often over 25%. This is a variable interest that changes with the market. Interest will start to accrue on the day the purchase is made and will continue to accrue until the credit is paid off. By comparison, cardholders have up to 25 days to pay off a regular credit card charge before accruing any interest.
- No Credit Toward Rewards orBonuses: Credit used to purchase crypto (and thus make a cash advance) typically doesn’t qualify for any purchase rewards nor toward spending that would normally apply to a welcome bonus.
- Lower Credit Limits: Cash advances often have a lower credit limit than the cardholder’s overall credit limit that applies to the card itself. Cardholders hoping to make big crypto buys may find themselves limited by the cash advance terms and limitations.
Read More: How to Sell EOS (EOS)?
Buying EOS (EOS) FAQs
What is a EOS (EOS) Wallet?
EOS Wallet is a secure blockchain application that keeps your digital money safe. A lost phone or forgotten private keys are not a problem. Lock access to the wallet and restore your account easily from another device.
An EOS wallet is an application that can easily save and send EOS, and at the same time can interact with the applications built on EOS through the wallet.
The easiest way to get EOS is to buy. There are many digital currency exchanges on the market where EOS can be purchased, but users need to choose the preferred exchange according to the location and payment method.
Can You Sell EOS (EOS)?
Depending on when you started buying, you may be selling EOS at a profit or loss, which could impact your finances.
You may want to obtain EOS through token exchange. Most exchanges on the market support EOS trading. You can choose a decentralized exchange or a centralized exchange according to your needs.
The exchange acts as a custodian to provide a valuable service with liquidity, featuring low learning costs and high matching efficiency.
EOS transfer is very different from traditional bank transfer in a centralized world. Now you need to understand the EOS transfer mechanism and the situations you may encounter.
You may wonder, does EOS transfer require no miner fees? Why do I get a “Insufficient resources” reminder when transferring money? This part will be introduced in detail in the next module “EOS Resource Management”.
Read More: How to Sell EOS (EOS)?
What is a EOS (EOS) Address?
In EOS ecosystem, the account name is the address. The EOS mainnet address consists of 12 digits. In cryptocurrency, private keys are also used to sign transactions and prove ownership of a blockchain address.
Main Features:
- A private key is a secret number, similar to a password, that is used in cryptography and cryptocurrency.
- A private key is a large, randomly-generated number with hundreds of digits. For simplicity, they are usually represented as strings of alphanumeric characters.
- A cryptocurrency wallet consists of a set of public addresses and private keys. Anyone can deposit cryptocurrency in a public address, but funds cannot be removed from an address without the corresponding private key.
- Private keys represent final control and ownership of cryptocurrency. It is vitally important to prevent one’s private keys from being lost or compromised.
How to Accept EOS (EOS) Payments?
EOS payment allows consumers of certain goods or services to get them in exchange for the EOS cryptocurrency. EOS is a blockchain platform designed to create decentralized applications. It is often called the Ethereum killer because of its similar functionality, but with greater scalability and zero transaction fees. In EOS, the throughput and transaction speed indicators are 1000 times higher. It is based on the Delegated Proof of Stake (DPoS) consensus mechanism. DPoS is based on a reputation and voting system, so EOS is a blockchain with a high level of decentralization.
High speed, security, decentralization, and zero fees are the factors that push EOS to become a full-fledged payment option.
- First, you need to sign up for a NOWPayments account. The process shouldn’t take more than a minute!
- Go to Store settings. Add your EOS wallet and create a new API key.
- Choose the tool to add to your checkout.
- The integration will be active on your website, and you’re ready to accept payments in EOS!