Do you believe that MINA is a good investment? If so, here is good news: MINA is among the Top 100 cryptocurrencies by market capitalization, meaning it is available on many major exchanges. So how to buy Mina (MINA)? Please check this guide for more safe ways to buy Mina.
Want more than just to buy MINA? Access dozens of different cryptocurrencies buying guides 2022 here.
What is Mina (MINA)?
As a lightweight blockchain, the Mina Protocol maintains a constant size of only 22 kB, regardless of how many transactions are committed to the network. This site enables anyone to operate on a node and help secure its network without the need for sophisticated computer hardware.
To put it simply, Mina Protocol is a minimal succinct blockchain built to minimize computational requirements for the efficient running of DApps. MINA has also been described as the world’s lightest blockchain since its size is designed to remain constant despite growth in usage. Not only that, but it also remains balanced in terms of security and decentralization. The MINA project was rebranded from Coda Protocol to Mina in October 2020.
With the entire blockchain being smaller than most pictures on a phone, Mina plans to overcome the blockchain size issues that have plagued other projects when they start growing. MINA, the native crypto of the Mina Protocol, is used to facilitate network transactions and distribute fees between users.
Read More: What is Mina (MINA)?
How Does Mina (MINA) Work?
The Mina Protocol uses a consensus algorithm derived from Ouroboros Praos (Cardano’s PoS consensus mechanism).
The initial consensus mechanism has been modified to suit the specific characteristics of Mina, including the integration of zk-SNARKs (more on that below). This new version is called Ouroboros Samasika. The three actors of the network are as follows.
- Verifiers
All nodes in the Mina network can verify the cryptographic proofs that are zk-SNARKs (see below). These proofs can be downloaded quickly since they weigh only a few hundred bytes each. They can also be verified in a matter of milliseconds.
- Block Producers
Like miners in the Bitcoin network or stakes in a PoS network, block producers in Mina are responsible for collecting transactions and including them in blocks. The protocol rewards miners for their work via the inflation and collection of transaction fees. Block producers select transactions and generally go for those with higher fees to maximize their earnings.
However, they must also provide SNARK, as the blockchain must remain “succinct.” For each transaction added to a block, the producer has to provide enough SNARK for an equivalent number of previously added transactions. Otherwise, the transaction would end up getting rejected by the other nodes for not following the rules of consensus.
For example, if a block producer wants to add 10 transactions to the end of the queue, the producer must “snarker” 10 transactions from the beginning of the queue. Block producers can generate these SNARKs themselves, or buy them from nodes dedicated to their calculation.
- Snarkers
Snarkers are nodes in the network responsible for producing cryptographic evidence (zk-SNARKs). They assign a bid to each proof generated, while producers use the evidence to build their blocks. Block producers compensate Snarkers by paying for the bids with transaction fees. Snarkers can produce multiple proofs and compete with one another by bidding for the same transaction.
It’s important to understand the market dynamic between snarkers and block producers. The snarker aims to sell their evidence, and they’re rewarded for it. The block producer is looking to get evidence at a low price, and pays the snarker via a special transaction called “fee to transfer.” Since the fee is paid on a per-batch basis, block producers prefer to buy SNARK in bulk.
The platform on which these activities take place is called the Snarketplace.
- Zero-Knowledge Evidence and zk-SNARKs
To understand how Mina Protocol works, it’s important to first grasp the concepts of zero-knowledge evidence and zk-SNARKs.
The acronym zk-SNARK is short for ”zero-knowledge Succinct Non-interactive ARgument of Knowledge”. A zero-knowledge proof (ZKP) is a cryptographic protocol that makes it possible to prove a transaction’s veracity without knowledge of the proposal itself.
In the case of zk-SNARKs, these recursive zero-knowledge proofs are:
Succinct: The size of the generated proofs is very small at a few kilobytes.
Non-interactive: The protocol does not require interaction between the evidence provider and the verifier.
Mina Protocol then takes advantage of the amazing properties of zk-SNARKs to maintain its “succinct” blockchain.
Since they ensure anonymity, zk-SNARKs are an integral part of the Mina network. In fact, zk-SNARKs are widely used within so-called “anonymous” cryptocurrencies. For example, they’re used to ensure the confidentiality of transactions within the Zcash network.
zk-SNARKs can be thought of as immutable certificates. They make it possible to prove the validity of any operation on the network without actually knowing what it’s about. For any calculation sequence (such as the verification of transactions included in a block), one can simply produce a mathematical proof certifying that this sequence is correct.
A SNARK makes it possible to verify that all the rules of the consensus protocol are respected: the validity of signatures and transactions, consensus as proof of stake, etc.
Read More:
How to Make Money with Mina (MINA)?
How to Earn Free Mina (MINA)?
Why Buy Mina (MINA)?
Yes, Mina Protocol is a good investment as it is one of the most advanced blockchains with strong fundamentals. Mina price predictions show that MINA/USD will be a very profitable investment for the long term. However, future price change depends on the market scenario of that date.
While most of the longer-term forecasts are positive, there is still some pessimism surrounding the token. Mina certainly has some way to go before it matches its initial price and whether it can do that is another matter entirely. As ever, you should do your own research, never invest more money than you can afford to lose and remember prices can go down as well as up.
Most of the price predictions suggest that it will, but not all of them, and, besides, crypto price forecasts often get things wrong. You will need to remember that there is every possibility the price of MINA could go down, so never invest more money than you can afford to lose and do your own research.
How to Buy Mina (MINA) in 4 Simple Steps
- Step 1: Decide where to buy Mina (MINA).
- Step 2: Think about how to store your Mina (MINA).
- Step 3: Make your purchase.
- Step 4: Manage your investment.
How to Buy Mina (MINA) 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 the button then selects “Buy” from the list of options.
- Step 4. Select Mina (MINA) from the list of assets
Search for Mina (MINA) by typing “Mina (MINA)” into the search bar. When you see Mina (MINA) 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 Mina (MINA) 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 Mina (MINA).
2. eToro
- Step 1: Find a crypto exchange or trading platform that offers Mina (MINA)
There are a number of exchanges that will let you trade your funds for Mina (MINA). One of them is the eToro trading platform.
- Step 2: Sign up
If you’d like to buy Mina (MINA) 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 Mina (MINA) easily.
- Step 3: Buy Mina (MINA)
Mina (MINA) can be purchased fractionally, so you don’t need to buy a full Mina (MINA) to own some. For example, if Mina (MINA)’s price is $10,000, you can purchase 0.1 Mina (MINA) for $1,000.
3. Bitfinex
- Step 1. Log in to your account or sign up to Bitfinex.
- Step 2. Go to Deposit, and 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 with 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 Mina (MINA)
There are two main ways to buy Mina (MINA) 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 Mina (MINA). Through this method, you can buy Mina (MINA) for a minimum. (This amount varies depending on the currency you use.)
Buy Mina (MINA) directly from other Binance users with your local fiat currency via Binance P2P. Browse a variety of Mina (MINA) listings to shop for the best offers on Mina (MINA) 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 Mina (MINA) 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 ‘Mina (MINA)’
Or choose any of the other coins listed.
- Step 3. Select ‘Buy’
- Step 4. Choose How Much You Want to Buy
Enter a number of dollars you want to spend on Mina (MINA) or choose a pre-set amount below.
- Step 5. Select Payment Method
You likely already have your bank account linked to your 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 Mina (MINA) 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 Mina (MINA)?
Buying Mina (MINA) FAQs
What is a Mina (MINA) Wallet?
There are currently three main Mina wallets Clorio, Auro & Staking Power all of which have been developed by the Mina community. There are currently no plans by the Mina Foundation to develop an official wallet, however, all three wallets have now been successfully audited at the foundation’s request.
The good news is that while Least Authority has made a couple of recommendations for future versions of the Clorio wallet (mainly with regards to the way the app is updated and the creation of the keys), it was found to be safe and secure.
Can You Sell Mina (MINA)?
As for the MINA coin itself, it does a lot of the things that cryptocurrencies usually do. It is used to pay users on the system for carrying out certain activities, such as block production or making zk-SNARKs. The Mina Protocol cryptocurrency can be bought, sold, and traded on a number of exchanges. It is also used to interact with Snapps, which are decentralized applications (DApps) built on the protocol. Someone might want to get hold of Mina Protocol (MINA) if they want to get involved in a blockchain that is trying to become more accessible for users with its limited size or if they think that Snapps is an interesting development.
To sell MINA, simply reverse the buying process described above. You will likely need to trade your Mina (MINA) into a USD coin like USDT. Look for a “Sell” button in your account wallet and sell for Dollars, then initiate a transfer to your bank account. To withdraw cash to your bank, you will likely need to complete a full KYC (Know Your Customer) process if you haven’t already.
Read More: How to Sell Mina (MINA)?
What is a Mina (MINA) Address?
Mina Protocol is used to support a compact blockchain, only 22kbs in size.
The Mina protocol uses a cryptographic proof called zk-SNARKS (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), a computing theory developed by Silvio Micali, a professor and founder of Algorand.
The protocol enables users to authenticate information privately. The computation focuses on the last few blocks so users can check zk-SNARK-compresses as cryptographic, verifiable proof instead of trawling through the history of an entire block and denoting the state of the complete chain. The proof is significantly smaller than the majority of other blockchains.
$MINA is the native utility token of the Mina network, used as a medium of exchange for block producers and snarkers and for interacting with “Snapps” DApps built on the Mina protocol.
The Mina protocol utilizes a proof of stake (PoS) consensus using the Ouroboros Samasika, suitable for succinct decentralized blockchains. Mina uses the equivalent of a miner (called a snarker or prover) to ensure block completion.
Does Mina Crypto Have a Future?
The site says that MINA could reach as high as $3.77 at the end of 2022, before going up to $4.37 towards the end of next year. The forecast for 2024 sees the coin potentially reach $5.94, and the mina protocol price prediction for 2025 could be as high as $5.78.
