Wondering how to buy holo tokens, the cryptocurrency of Holochain? Also known as HoloFuel (name change planned when switching to Mainnet). Well, it’s very easy, just read our tutorial below to easily buy your first Holo (HOT) in simple ways.
HOT is an Ethereum-based token that works to power Holochain, a peer-to-peer network where Holochain users store data and apps across the network. This agent-centric model centers around network agents. You earn HOT when you use your computing power for storage on the network. It is a decentralized chain that allows users to store data on a communal network instead of cloud software.
Want more than just to buy HOT? Access dozens of different cryptocurrencies buying guides 2022 here.
What is Holo (HOT)?
Holochain was founded in December 2016 by Arthur Brock and Eric Harris-Braun. They teamed up to create Holochain after working on another peer-to-peer network. Combined, they have over 60 years of experience with alternative currencies.
The initial token offering of 25 billion units of HOT attracted investors such as the Woodstock Fund and Continue Capital. In June 2018, Holochain announced a partnership with Prometheus, aiming to protect its data and user anonymity. HOT hit an all-time high in April 2021 of $0.03157. It has since cooled off, but the hype surrounding the token and technology is still prevalent.
Holo is currently a Token Ethereum ERC-20. The migration to the mainnet network has been delayed and is planned in the year 2021. Holochain is available on more and more exchanges such as Binance, Bitrue, Hotbit, Fatbtc, Bilaxy … And the list will continue to grow as the project will become known, however, we advise only Binance and Bitrue to buy or sell your Holo Tokens.
Indeed, with Binance it is the assurance of quality. Binance is known for its quality, security, liquidity and customer service. In addition, the transactions are authentic unlike many other exchanges that use bots to simulate transactions.
Bitrue is much younger and still has a lot to prove however we already appreciate the quality offered by this exchange and the annual yield of 5.5% to encourage to keep your tokens on the platform.
These HoloTokens (HOT) are available since july 2018 on the Binance exchange platform and since February 2019 on Bitrue. You can buy them from US Dollar with the HOT/USDT pair and from Ethereum with the HOT/ETH pair but also from Binance Coin HOT/BNB or from a stable Coin HOT/USDT or even from the Turkish lira HOT/TRY.
Read More: What is Holo (HOT)?
How Does Holo (HOT) Work?
Holo integrates an innovative P2P architecture that enables applications to connect user devices directly to each other via secure networks. These networks operate as individual source chains. These chains contain independent nodes that are validated against each other. Best of all, since all applications run on your device, the network is able to create self-owned identities and data in a responsive manner.
The Holo network is secured through the use of the Distributed Hash Table which ensures that an individual node can first verify transactions and participate in block generation before having this data verified by the rest of the nodes on the network. Holo distributes transaction data across nodes that have the task of double-checking the transaction data after individual nodes have verified it initially.
The neighbor nodes ensure that the data is valid and transparent, thus adding a layer of security to the network while maintaining transparency at the same time. Holochain is constructed with DHT at the core of its mechanism, providing a post-blockchain network that can scale and secure the platform without the use of protocols such as Proof of Work and Proof of Stake.
Even if an individual node acts maliciously and validates a false transaction, the rest of the nodes would recognize the malicious activity when double-checking data, which is how the Holo network is secured.
Holo Network’s goal is to function as a bridge between decentralized Holochain apps and the existing centralized web which we use daily. The Holo Network and its ecosystem bring many distributed applications to a typical web browser. With the help of their native cryptocurrency, HOT, the Holo Network enables distributed hosting services powered by the peers in the network.
With the help of Holo Network, anyone can generate a passive source of income by loaning out the computational power of the devices they own. By doing that, users become hosts, earning rewards in HoloFuel. The best part is that Holo Network’s proprietary software runs in the background without disrupting the activities you perform on your electronic devices, such as phones and laptops. You also get to, decide your hosting price, set your priorities and choose what Holo applications (hApps) to serve.
Why Buy Holo (HOT)?
Holo might employ developmental and community building initiatives, which might bring it closer to the spotlight. Growing prominence might stimulate the price to $0.033. In contrast, diminishing initiatives might leave the network with lack-lustre prominence. Resulting in the price crumbling down to $0.0147.
Holochain looks to provide an alternative to this existing model. The holochain network seeks to create what’s essentially a distributed internet running dApps. On the Holochain network, these are aptly named hApps.
Holochain uses distributed hash tables, which is very different from the current consensus mechanisms of most networks. This means that there’s essentially no consensus algorithm. Accordingly, the energy intensity to validate transactions on this network is extremely low. A very small amount of processing power and electricity are used in the end-to-end process. Reportedly, nodes on the Holochain can even operate on mobile devices.
How to Buy Holo (HOT) in 4 Simple Steps
- Step 1: Decide where to buy Holo (HOT).
- Step 2: Think about how to store your Holo (HOT).
- Step 3: Make your purchase.
- Step 4: Manage your investment.
How to Buy Holo (HOT) on a Crypto Exchange
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Malaysia to help you choose the one that’s right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
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 Holo (HOT) from the list of assets
Search for Holo (HOT) by typing “Holo (HOT)” into the search bar. When you see Holo (HOT) 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 Holo (HOT) 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 Holo (HOT).
2. eToro
- Step 1: Find a crypto exchange or trading platform that offers Holo (HOT)
There are a number of exchanges that will let you trade your funds for Holo (HOT). One of them is the eToro trading platform.
- Step 2: Sign up
If you’d like to buy Holo (HOT) 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 Holo (HOT) easily.
- Step 3: Buy Holo (HOT)
Holo (HOT) can be purchased fractionally, so you don’t need to buy a full Holo (HOT) to own some. For example, if Holo (HOT)’s price is $10,000, you can purchase 0.1 Holo (HOT) 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 Holo (HOT)
There are two main ways to buy Holo (HOT) 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 Holo (HOT). Through this method, you can buy Holo (HOT) for a minimum. (This amount varies depending on the currency you use.)
Buy Holo (HOT) directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Holo (HOT) listings to shop the best offers on Holo (HOT) 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 Holo (HOT) 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 ‘Holo (HOT)’
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 Holo (HOT) 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 Holo (HOT) 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.
Buying Holo (HOT) FAQs
What is a Holo (HOT) Wallet?
A HoloToken wallet is a software where users can store and manage their HOT. In fact, HoloToken is stored in blockchain and you access the cryptocurrency using public and private keys (a type of password).
There are plenty of places you could store your HOT and the type of wallet you choose will likely depend on what you want to use it for and how much you need to store.
Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of HOT for more experienced users.
Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of HOT or more novice users.
Read More: Custodial vs Non-Custodial Wallets – Difference & Which One to Choose
Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your HOT, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.
Kriptomat offers a secure storage solution, allowing you to both store and trade your HOT tokens without hassle. Storing your HOT with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Buying and selling HOT, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.
Can You Sell Holo (HOT)?
The purpose of Holochain is to enable humans to interact with each other by mutual-consent to a shared set of rules, without relying on any authority to dictate or unilaterally change those rules.
Holochain is available on more and more exchanges such as Binance, Bitrue, Hotbit, Fatbtc, Bilaxy … And the list will continue to grow as the project will become known, however, we advise only Binance and Bitrue to buy or sell your Holo Tokens.
How to Accept Holo (HOT) Payments?
HOT payments constitute an innovative way of accepting payments and donations using blockchain. HOT is the native cryptocurrency of Holochain, an open-source framework facilitating the creation of reliable and fast peer-to-peer applications. Holochain does not utilize servers and instead installs software on the devices of users, thus attaining autonomy. HOT is deployed on the Ethereum blockchain, which means that it has proper security mechanisms in place.
The Holo token can be used by all kinds of organizations, from businesses to non-profit organizations, as a payment option. NOWPayments can readily supply all tools essential for deploying a HOT payment gateway.
- 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 HOT 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 HOT!
What Will I Need to Buy Holo?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it’s a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Holo.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing HOT with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
