Unicoin is a cryptocurrency that allows users to earn UNI tokens by answering questions through their smartphones. This is called proof-of-ask. If you answer correctly, you’ll win UNI tokens.
What’s important when choosing a coin? Is it the technology behind it? Or does it have a community behind it? Find out below, as well as how you can buy Unicoin and store it safely.
A quick guide on buying Unicoin token
The process of buying UNIC is quite simple. We will use HUOBI in our example to make you understand.
Step 1: First purchase BTC or BCH through a credit card or bank transfer.
Step 2: Wait for 10 min and your BTC or BCH will be credited in less than 30 minutes. They will send you an email as soon as they deposited the coins so that you can track them.
Step3: Now, the next step is to exchange BTC into UNIC. All you have to do is click on Exchange and choose the correct trading pair. Next, click on Add Order and choose Limit Order, and fill all the other details. You can then proceed with your purchase.
Exchanges to buy UNIC
Huobi
Established in 2013, Huobi Global has been good at taking up the crypto market by storm. At some point, Huobi had collected $1 trillion. Reaching over 130 countries, Huobi has become a trending exchange in this hub of competitive exchanges. Unfortunately, USA customers can not access it. If you are looking for that Ultimate Mirror Protocol, Huobi is the best option to go for.
Step-by-step Buying Guide
- Click on Buy Crypto
- Choose Buy and select the crypto or fiat that you want to buy
- Select Wallet Balance to use as your payment method
- Confirm all the details and click confirm
Binance
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
Coinbase
By purchasing either bitcoin or ethereum, you are actually setting a good Coinbase takeoff. Coinbase, just like Binance, is one of the bigger and more dominating exchanges on cryptocurrency. An extra package of $10 worth of bitcoin is as a result of purchasing $100 cryptos. To kick-off, insert your email. Account verification is the best because you should use your name. Set a strong password to guarantee safety.
After inserting an email, confirmation will come instantly. Take note, the confirmation contains a link that has a mobile number. 2FA, a two-way authentication process should be used. It is very efficient and has good security measures. Make sure that this feature is always on to ensure long-lasting security.
Verification should be opted for in the next step. Never mind the daunting process, it is just a procedure but it’s just part and parcel of the asset claiming process. Luckily, Coinbase customers are guaranteed safety because it is regulated in the US, UK, and EU. Expect sheer automation and good functionality, all the transactions are automatic meaning customers should not wait for more than 15 minutes.
Step-by-step Buying Guide
- Sign up or sign into Coinbase
- On the upper right-hand side, select buy
- Choose your token/coin from the list of option
- Specify the amount that you want to buy
- Preview the transaction and confirm purchase
- Click Buy to complete your transaction
KuCoin
Since it was launched, KuCoin has grown to become a top crypto exchange that serves worldwide. The platform offers features that are quite impressive, including the following:
- Fiat onramp
- Passive income services
- Margin trading exchange
- Futures
- Crypto crowdfunding
- P2P marketplace
- Non-custodial trading
Step-by-step Buying Guide
- Make sure that you log in and opt for a spot on the tab
- To make MIR transactions, make sure that you choose the BTC market
- From then on, more focus on Mirror Protocol which has a proper tab. Create a trading pair consisting of Mirror Protocol/BTC
- Password is always key when purchasing
- Insert your password to ensure proper security
Gate.io
Gate.io 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
OKEx
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
How Clover Finance project is different
UNI is an ERC20 standard based token with a total supply of 100 billion coins and Ethereum blockchain. In terms if how they plan on distributing these UNI tokens, there are two plans: The first one is “Ask your friends” where the user will receive $0.01 worth of UNI for every question answered honestly via SMS or email.
And then there is also a referral program which rewards its partners with 10% from all incoming referrals. It also offers instant exchange between different currencies and payment processing in local currency.
Things to consider before buying CLV
Is the price too high?
You might want to wait until more people start trading UNI/BTC. There is currently no information about the liquidity of UNI/ETH yet, but I would expect it to be lower than UNI/BTC because of Ethereum being less popular. Also, the market cap is still pretty low compared to Bitcoin, so you might wanna take that into consideration.
Are there any problems?
Yes, this is why everyone should research before purchasing or investing in anything! Check the reviews on Unicoins.com and read what others say about it on social media channels. Check out some forums to see whether anyone else has had issues or not and check whether any bugs exist. Also make sure that the official website of UNI looks legit and doesn’t seem like it was copied from somewhere else. This way you don’t end up spending money and get nothing in return.
What can I use Unicoin for?
As far as we know, Unicoin is mainly used to incentivize people to share answers to questions. So it’s primarily a reward system that’s similar to tipping. Here is an example: If you answer 5 trivia questions right, you get 3 UNI.
What value would you put on 1 UNI?
As far as value goes, I think it’s fair to say that it costs around $1 USD. When it started off, the value of Ether was around 0.00005 USD and now it is over 6USD, making Unicoin’s value go up tremendously.
Can I use Unicoin outside of the platform itself?
Yes, you can definitely spend your new earned UNI on products or even donate them to charity. But keep in mind that you won’t get any returns on those items. At least on the website itself, you can sell your UNI. That means you would need another place to handle your transactions, such as a hardware wallet or online exchange.
You could even set up your own marketplace on Unicoins.com where people can buy Unicoin for cash and pay with Bitcoin or Litecoin. However, there is quite a lot of volatility for Unicoin/BTC right now. Don’t invest more than you’re willing to lose, especially during volatile times.
Where to store CLV token
When it comes to storing your UNIC, there are various options. You can either create an account at Unicoins.com, purchase them directly using BTC, ETH, LTC, BCH, or fiat or any other supported wallet like Trezor, Ledger Wallet, and more.
The hardware wallets are basically any type of device, computer or otherwise, that uses physical components for verification and/or storage of cryptocurrency. In short, these wallets “keep” your cryptocurrencies offline — meaning they don’t let anyone else have access to them by storing them on their servers. Think of it as keeping money under a bed; while you’re not sleeping with the money, you’re certainly protected against theft when you aren’t around.
Privacy and security tips
One of the biggest fears people have when buying cryptocurrencies is losing their money. For that reason, it’s crucial to find a reliable way to keep track of your investment and protect your funds from hackers.
i. Get an accountant
Hire an accountant to help you manage your investments and avoid scams. Look for someone who has worked before with crypto-currency exchanges and knows what to watch for while researching companies.
ii. Do not invest more than you can afford to lose
We recommend setting aside at least 20% of your income for emergencies. This includes taxes, unexpected expenses, and unforeseen catastrophes. Be frugal and save whenever possible. A good rule of thumb is to never borrow money for investments.
iii. Always remember to transfer your funds safely and securely
Avoid sending large deposits through untrusted third parties like Western Union or Moneygram.
iv. Use strong passwords across all accounts
Never reuse passwords and change them regularly. Use unique passwords that aren’t easy to guess. Keep your software up to date and always download and install the latest version. Many online services offer additional security features for free.
Investing in digital assets has many risks and it is important to understand both sides of the coin. Make smart choices for yourself by doing solid due diligence. You’ll learn how to do that in Part II of our guide.
F.A.Qs
How do I store my Unicoins?
UNI is currently not offering wallet support so you would want to choose another cryptocurrency storage method that works perfectly fine with ethereum wallets such as metamask. For more information about storing your cryptocurrencies please see our tutorial here.
Are there advantages of Unicoin over other options?
The advantage of Unicoin is that it provides a great interface for those who just want to earn some money without having to invest too much time on studying the underlying technology. But of course, it’s nice if the technology really works. But given the fact that we are talking about Bitcoin here, things might take some time before it becomes widely adopted. The next great thing in cryptos could be something entirely new and different. We’ll have to wait and see.
Is Unicoin safe?
Yes, Unicoin is absolutely safe. They hold your funds on a secure server and do not keep them on exchanges. All withdrawals and deposits occur instantly after verification of identity. You should make sure that your phone number is up to date. This way you won’t receive calls from scammer trying to drain your accounts.
When should I expect big earnings with UNIC?
This depends on the number of questions you choose to answer. There are five levels of difficulty ranging from easy to very hard. Easy questions give you 0.0004$ per question while difficult ones give you 0.2$. You have 60 seconds to answer each question. Earnings are distributed weekly.
Conclusion
Unicoins are still relatively unknown. It may take some time for these coins to gain traction. However, it doesn’t mean that they will fail. The blockchain technology behind Unicoins seems robust enough, which might be why so much attention is being paid to this project. There are already several alternative options available if you want to make cryptocurrency payments easier.
But the primary advantage Unicoins currently offers is its ability to give back to the community. Its popularity grew because of donations made by members of the Unicoins community. And Unicoin holders have continued to contribute to the project as well. This is why Unicoins are one of the best altcoins out there today!
You could easily start mining Unicoins if you were interested in earning some extra cash without using too much electricity. The process of mining Unicoins involves solving complex math problems with a computer.
While this sounds complicated, anyone with basic programming skills should be able to complete it within minutes. After the miner solves the puzzle, he sends his solution to the network, where other miners verify whether the solution is correct. If it is, each miner receives a small amount of UNI based on the difficulty level.
