Mina protocol is one of the trending forms of cryptocurrencies. It was formed in 2017 with a goal to make room for everyone despite their device’s capability to contain a blockchain node.
The mina protocol was created in the form of a compressed blockchain program leaving the whole platform with the size of about 22kb which tales very little space in your computer. Mina got up to $18.75 million on its token sale in less than 5 hours leaving many users looking forward to its growth.
If you are a user looking to invest in Mina this article is for you. You will learn how to buy Mina Protocol token, as well as how to store it securely.
A quick guide on buying Mina Protocol token
When purchasing Mina on binance one should follow the following steps:
Sign up for a Binance account
Before buying mina on binance. Users have to create an account on the binance platform. Here you put an email address, come up with a new username and create a password that’s strong for the safety of your account
Verify your account
When opening your account you’re the platform also requires you to provide your basic personal information which includes your name, date of birth, phone number, and country of residence. However, when transacting using cash instead, the platform also requires the user to also give other documents that support and verify the user’s identity.
Add funds or a payment method to your account
When buying Mina Protocol the platform allows users are to use different payments methods according to where they stay and what they prefer.
Buy Mina Protocol!
After having completed the above three steps, the user is now ready to start buying mina. At this level, the user now has entry to the world of binance experiences.
Exchanges to buy MINA
Binance has been dominating the scene. One of the biggest advantages offered by Binance is that of lower fees. Exchanges charge little while users enjoy high liquidity charts that make possible instantaneous purchases and selling in a moving market.
Luckily, many countries across the world allow Binance operation on THORChain, these include Australia, Singapore, and the UK while those from the USA are barred. Though Binance is barred from the USA, it still maintains large customer bases in many countries across the world and it looks highly probable that it will grow so huge to disband any form of competition.
Step-by-step Buying Guide
- Create an account
- Complete KYC process
- Add funds to your wallet
- Buy your crypto
Kraken appears in the fourth place because it continues to grow to be that giant exchange of all time. It started small indeed and broke through the tough competitive crypto industry, becoming one of the best Enzyme trading platforms. What made Kraken the ideal exchange is that much action was installed on upgrading and evolving the interface and software.
Step-by-step Buying Guide
Sign up for a Kraken account
Provide all the personal details which include email, phone number, and password. All these should be provided and we recommend that you take your time.
Verify your account
After filling in all that, you have to authenticate the details, make sure that they are placed in the correct places so as to kick off the BTC or ETH switch of MLN. If you want to use Fiat, we recommend that you use EUR or GBP. These are valued better and accessible through many banking systems. No need to worry because professional agents will be receiving your supporting documents.
Deposit fiat currency
Depositing into the Kraken account is possible in various ways. Make sure you select that which you prefer.
By simply depositing fair amounts of Fiat or BTC in your Kraken account, you then have to kick off MLN purchasing. You are good to go!
Okex is very popular and has been used by many traders across the world. Traders have an opportunity to trade as many altcoins as possible. Among the altcoins is Enzyme. Okex has an Asian influence and but there is much probability that broadening is key.
Step-by-step Buying Guide
- Create an account on OKEx
- Verify your account
- Go to the Buy page and select the currency that you prefer
- Specify your preferred payment option and how much you want to buy
- Click buy
Next is Gate.io. This is a more ideal exchange that has a lot of guarantees. The most fantastic feature of Gate.io is the user interface. Very friendly to beginners and they can actually move up the charts to become specialists and professional technical traders.
Gate.io was launched in the year 2013 and from then it has been creating a huge base of altcoins for many users. You can easily maneuver in the market with Gate.io. For those trading in the USA, this is the best choice.
Step-by-step Buying Guide
- Sign up for an account
- Complete the KYC verification process
- Fund your wallet
- Choose a trading pair and buy
The Korean company was launched in 2014 and offers great cryptocurrency services such as trading and exchanging. This reliable platform offers users a web-based interface that is user-friendly and comes with a separate trade interface from the charting.
On top of that, customers are able to get access to the order book that records all market entries. That way, users are easily able to gauge the market sentiment and make informed decisions when it comes to buying and selling crypto.
In addition, to ensure that you can trade from anywhere, at any time, there is a mobile platform that is optimized to work on most mobile devices
Step-by-Step Buying Guide
- Sign up or log into your Korbit account
- Fund your account with fiat or cryptocurrency
- Navigate to the purchasing page and choose your preferred crypto
- Confirm your purchase and proceed
How Mina Protocol is different
Mina has light blockchain protocols which makes it easy for any user to join, verify, and immediately sync the chain. Unlike mina, other blockchains have heavy protocols that need mediators when running nodes.
Every User Acts as a Full Node
Mina is designed in such a way that any user is able to contribute to the proof of stake agreement, secure, urgent entry to the censorship resistance, and protect the chain. This means anyone syncing the blockchain can also validate dealings as a full node.
Allows People Control Their Data
Mina provides SNAPPS, which stands for Snarks Powered Decentralised Apps. These enable users to stay in control through the validation and sharing of proof about their data. With data confirmed on-chain and captured off-chain, Snapps are known to offer simple scalability ways and creates cost-effective and effective huge computations. This is unlike other platforms as they do not have substitutes for giving a date to strong users in exchange for taking part in the world today.
Connecting Crypto to the Real World
Unlike other blockchain procedures that don’t allow interaction with the internet, Mina snapps can interact with other websites privately and have entry to verified actual world data to use while on-chain. Being not able to interact with the internet restricts the blockchain’s application opportunities and effectiveness. With the interaction with the internet, developers are able to influence the computing global information to come out with better decisions on our daily livelihoods.
Powered by a Growing Community
Mina is mainly driven by participants with no limited numbers of blockchains, while other blockchains are powered by strong ecosystem intermediaries. Because its run by participants mina has one of the highest and effective communities of different projects formed for the past two years. The broad community puts people together from all over the world who are into decentralized blockchains.
Things to consider before buying MINA
It is very important to go through some pointers before choosing to invest in cryptocurrencies so as to have a full understanding of the crypto you choose to invest in.
It is important to check the stability condition of the crypto before investing. One can tell if the crypto is safe or not by assessing its launch process. If the launch is not successful chances are high that the blockchain has no certain future. For example, Fei failed to have a successful launch even with the backing of VC. It took the whole month and more to meet targeted values. This left fei not anywhere close to the targeted stable price.
There is 10% of the full Tribe tokens that have been put aside for giving rewards. So if the launch of the project is compromised the returns are not a sure thing.
It is however considered that it is not only the launch that affected FEI but also its ambition, protocol, and innovation that may be part of the cause of the problems. So maybe it might be too early to look into Fei’s failings as it may improve with time.
Where to store MINA token
Cryptocurrencies have wallets made to stock the users’ private and public keys, assess the user’s balance, cooperate with different blockchains, and trade digital currencies. Every user needs a crypto wallet to look after their assets and protect them from any form of a breach.
There are two main types of wallets which are hot wallets and cold wallets. Hot wallets operate online using mobile, cloud, and software wallets including exchanges. On the other hand, cold wallets are used offline. They are also referred to as hardware wallets. The cold wallets comprise offline data storage systems like a USB, physical bitcoins, and offline paper wallets.
Cold wallets are recommended for long-term storage of the user’s assets while hardware wallets are mainly used for regular day-to-day trading. So most users tend to use both for their different purposes.
It is generally not recommended to keep digital assets in exchanges.
Different from software wallets that keep the user’s assets in exchanges hardware wallets keep the users’ private keys in external devices for example a USB is totally secure and cold. Even though they are offline devices they are very much able to make online payments as other cold wallets can work with web programs and take different currencies.
To make an online transaction one only requires to plug the device on an online device, access their wallet, move currency then confirm the transaction. The only hack with the hard wallets is that they come with a price but they remain the most secure way to stock users’ assets.
To ensure safety users have to get their cold devices straight from the manufacture. Purchasing it from people other than the manufacture can be risky as you don’t know what’s in it or whether it has been used or not. It may contain some harmful stuff. Moreso even when you get your hardware wallet from the manufacturer make sure you format and reset it before use.
The user’s portfolio determines which wallet they should choose.
Typically, your wallet choice depends on your portfolio. All projects mean the business must have its own wallets on its websites. However, it is recommended for the user to get a multicurrency wallet for more efficiency. The user is also supposed to take note that not all multicurrency wallets take all coins when picking one as some cold wallets support a minimum number of coins. There are quite a number of wallets for top cryptocurrencies like Ethereum and Bitcoin.
After getting a hardware wallet the user has to find a way to protect their “private recovery seed phrase”. One of the recommended seed word securing tools is the CryptoTag. This gives the users room to stock the seed word on very strong titanium plates.
Paper wallets are used to store bitcoins offline. Different from fiat currency bitcoins can not be found in any physical form as with other forms of cryptocurrencies so paper wallets can not store physical bitcoins. Unlike hot wallets, paper wallets do not work with the internet. Instead, they offer a method of entry into the crypto exchanges for users.
Paper wallets are no longer as popular as they were in the first years of bitcoin, nowadays cryptocurrency users prefer are preferring to use other different methods to protect their assets.
Privacy and security tips
Cryptocurrency wallets can be a threat to the user’s digital currency. Even though they do not keep the user’s coins they have a private key that gives one permission to exchange crypto online. The private key is more like the user’s identity which gives them passage to the crypto market. So if someone else who is not the owner of the account gets access to the private key they are able to make unauthorized transactions and steal coins from the original user.
The threat to your digital currencies is mainly through cryptocurrency wallets (digital wallets) or exchange providers. A crypto wallet does not store your digital coins, but it holds a private key, which allows you to trade cryptocurrency online. This private key is your digital identity to the cryptocurrency market and anyone who gets hold of this can perform fraudulent transactions or steal your crypto coins.
Cybercriminals use sophisticated techniques to compromise digital wallets and steal/transfer crypto assets without the user’s knowledge. Securing your wallet is essential when it comes to protecting your digital currency against cyberattacks.
Below are ways that users can consider to secure their wallets:
1. Secure Your Personal Device
The personal devices you use should always be updated with current anti-virus detectors that are always active and quickly detect any form of viruses that may attack your device. An updated firewall and anti-virus can avoid the manipulation of your wallets by hackers.
2. Use a Cold Wallet
Cold wallets do not work online like hot wallets. This in turn makes them safe from cyber-attacks. Therefore keeping your private key in a cold wallet is a wise choice when it comes to the protection of your private key since they are encrypted. To support this, one should look into the fraud case that happened in 2019 where unauthorized crypto amounting to $32 million was withdrawn through a Japanese trade Bitpoint hot wallet in various forms of crypto aiming at above 50,000 traders.
The trade stored five different cryptos in the hot wallet which are: Ethereum, Litecoin, bitcoin cash, ripple, and bitcoin. On the other hand, BitPoint pointed out that it was not affected by this case.
3. Maintain Multiple Wallets
There is no limit on the number of wallets one user can have. One can have more than one wallets they use to store their assets. One main one for day-to-day transactions and save the remaining in another wallet such that in any case, your day daily wallet faces any breach you don’t suffer too many losses.
4. Change Your Password Regularly
One can never talk about strong security without mentioning the word password. It is said that more than half of U.S millennials have one password for more than one device. They tend to use the same password in 50 or more various places. This is however not advised one is recommended to have a sophisticated and strong password that isn’t easy to figure out. It is also advised to change it regularly and have different passwords for different platforms. Users can choose two-factor authentication or multi-factor authentication for even better security.
5. Use Secure Internet
It is very important to also take note of the internet you are using when performing your online crypto transactions. Users should ensure that the internet they are using is secure and also use a VPN for better security when using a home network. The VPN ensures that browsing is made safe by changing location and IP address. It is advised to avoid public networks.
From the above article, we can conclude that Mina Protocol is a user-friendly form of crypto but requires strong securing methods so as to avoid any loss of assets. This can be done through the use of cold wallets and paper wallets. One also needs to follow through with some ways that ensure secure trading like using secure internet, maintaining multiple wallets, and using secured devices so as to fully enjoy the effectiveness and efficiency of the Mina Protocol. Hope this article on how to buy mina protocol will be of assistance.