It’s been a little over a year since EOS shook the crypto market with its $4 billion ICO, and today, people are still learning how to buy EOS cryptocurrency. Despite its critics, the platform is still popular among many cryptocurrency adopters.
Buying EOS tokens and storing them is similar to most other digital coins. Once you have a wallet and an account on a crypto exchange, you’re pretty much good to go – although not all exchanges list it.
Here’s how to buy EOS cryptocurrency instantly and which exchanges are best for trading it.
What is EOS?
EOS claims to be “the most powerful infrastructure” for dApps. The network is similar to Ethereum in that it allows other blockchain-based projects to develop on it. The main difference lies in the fact that EOS implements a more centralised model to gain scalability. The network also uses the delegated Proof-of-Stake consensus protocol to increase efficiency and process more transactions.
EOS is mostly a “do it yourself” platform meant to support both public and private blockchain networks. It also describes itself as highly-customisable and able to meet industry-specific requirements.
EOS can process almost 80 times more transactions per second than Ethereum. Moreover, on the EOS blockchain, blocks are forged 13 times faster. It seems to have all the main characteristics that developers are looking for when it comes to blockchains: scalability, flexibility, and speed. However, the centralisation factor remains a turn-off for many.
The EOS ecosystem is founded on two key elements:
- EOS.io, which is the actual network on which blockchain-based apps are stored – a sort of “operating system” that manages and controls the network.
- The EOS token, which is the cryptocurrency that powers the EOS blockchain.
Any developer who owns EOS can use the EOS platform to build and run decentralised applications on the blockchain. Alternatively, token holders can rent their bandwidth to other users.
How to buy EOS cryptocurrency
To purchase EOS cryptocurrency, you need a wallet and an account on a cryptocurrency exchange.
Before you start reading about EOS wallets, you need to create an account to be able to buy and trade EOS tokens.
The account consists of 12 characters stored on the blockchain. These characters make a human-readable name you should use for your transactions. Most of the time, account creation on EOS.io isn’t free. However, the investment pays off, as the network provides zero-fee transactions for money transfers.
Another difference between EOS wallets and other similar devices is that you have to deal with two keys: an active key and an owner key. Never give your owner (private) key to anyone. Otherwise, you risk losing your funds.
Here are the most popular EOS wallets available today:
- SimplEOS – created by EOSRIO, this is an open source desktop wallet designed to meet the specific requirements of the EOS ecosystem.
- Lumi Wallet – this is a mobile crypto wallet and exchange where you can store EOS, Ethereum, Bitcoin, and ERC-20 tokens, among other digital assets.
- Freewallet – another cryptocurrency wallet that’s useful when you’re learning how to buy EOS cryptocurrency and store it safely.
- Exodus – this provides desktop, mobile, and hardware solutions for you to store your EOS cryptocurrency.
Cryptocurrency exchanges to buy EOS tokens
Some of the most popular cryptocurrency exchanges that list EOS coins are Coinbase, Binance, and Kraken. All three allow you to buy EOS cryptocurrency through wire transfer and credit card. Also, on these exchanges, you can purchase digital coins with USD or euros.
If you’re willing to speculate on the price, you can also use eToro to buy EOS cryptocurrency.
Want to buy EOS cryptocurrency with PayPal or cash? Unfortunately, there’s no direct way of doing this. You need to buy Bitcoin first and then trade it with EOS. This process can be more expensive due to the multiple conversions required.
Is EOS better than Ethereum?
Ethereum is still the top choice for most tech giants that are investing in blockchain projects. EOS tokens were initially ERC-20 tokens, which means that they were built on top of the Ethereum blockchain.
But while Ethereum is a well-established player in the market, it’s still struggling to provide the speed and scalability necessary for running major applications.
EOS’s ability to process transactions and forge blocks makes it more apt at handling applications designed for hundreds of thousands of users. For now, EOS has performed well enough to make the debate of EOS vs Ethereum interesting.
However, it’s hard to tell if EOS is better than Ethereum. Ethereum still has the largest ecosystem of cryptocurrency projects in the world of blockchain. That’s a performance that’s hard to ignore when choosing a platform for developing new dApps.