How to Buy TRON (TRX): A Complete Guide
- How to Buy TRON (TRX)?
- What is TRON (TRX)?
- TRON Coin Qualities
- TRON Digital Wallets
- TRON Best Exchanges
- TRON Challenges and Prediction
If you have been investing in crypto assets for some time now, you must have noticed that one of the best ways of accumulating a respectable portfolio is trading the smaller altcoins that have unique features to the major players.
In fact, currently, this is the space where the most money is being made.
In this guide, we bring you the TRON (TRX) coin. We will review how to buy TRX, the characteristics of the coin, its qualities, and challenges, store and trade it.
How to Buy TRON (TRX)?
Trading TRON (TRX) with other cryptocurrencies
The best way to acquire TRX is through Binance. They offer the easiest and fastest crypto to crypto exchange from Ethereum, Bitcoin or USDT to TRON and a host of other alternatives.
You can do this in the following three steps;
Step 1 – Acquire Bitcoin or Ethereum through Coinbase
Once you sign up and finish the mobile code verification, you can then deposit fiat currency and go straight to the buy/sell button to acquire your BTC or ETH.
Ensure you load up enough money to buy the TRON (TRX) you need. You can do this by doing a mock sale at Binance which is explained below.
Step 2 – Register with Binance
The registration for Binance is straightforward and is completed after you do an email verification and a 2-factor authentication.
Once in Binance, select funds – Deposits and withdrawals;
Scroll down and find either ETH or BTC and click on the corresponding deposit button.
Step 3 – Import Funds and Buy TRX
You will be given the ETH Address in order to send your ETH or BTC. Do not send any crypto to an address belonging to another.
Binance will approve your deposit in a process that can take up to an hour.
Once you have the crypto balance on Binance, proceed to Exchange – Basic and select the TRX pairing as follows;
Once that is selected, you can now buy as much TRX as you can afford on the dashboard below the graph by selecting the quantity you want and matching it with the available crypto balance you have for ETH or BTC.
What is TRON (TRX)?
Tronix (TRX) is a cryptocurrency that is crushing the market capitalization party big time. It has been designed to run on TRON, to pioneer the decentralization of the entertainment industry by constructing a worldwide free content entertainment system using the blockchain technology.
TRON will allow each user to freely publish, store and own entertainment data in the decentralized autonomous form. Content owners will also decide on the distribution, subscription, and push of content. It will also enable content creators to release and circulate their entertainment digital assets, and thus become the first decentralized content entertainment ecosystem.
With a current market cap of close to $10 billion and a daily volume of almost $700 million, the coin is already a market leader barely four months since it was created.
TRON intends to scale through six distinct milestones.
Exodus: Offering a simple, distributed file sharing facility. In Exodus, there is not much leveraging of the blockchain technology, just a liberation of the sharing of entertainment files.
Odyssey: Odyssey will usher a tipping system that replaces the views or clicks currently with decentralized systems. It will be similar to the Proof of Stake paradigm. People will be able to get authentic content from the system when they tip the content creators.
Great Voyage: In this stage, a personalized token creation for all content marketers will incentivize the creation of personal ICOs that will allow for supporter management, income payment, and dividend management. People will now be able to support massive entertainment projects and have a share of the proceeds using the personal ICOs created by the content creators.
Apollo: This phase will function much like Great Voyage, with the exception that TRON will introduce its decentralized tokens, and carry out system updates to increase security and make the blockchain more robust and secure to avoid hacks, malicious tokens, DDOS and Sybil attacks.
Star Trek: The fifth phase in the scaling of TRON will see the blockchain morph into a decentralized gaming platform, much like Augur. The system will be improved to provide for autonomous gaming and prediction functionalities which will allow TRON to enter the $450 billion, and probably give the currency much needed improvement in capitalization.
Eternity: This last phase of the blockchain will handle fundraising where investors will seek to put their money in the gaming or entertainment options of their choice.
Tronix is poised to be big when TRON scales in this manner. And this is mainly because it has several things going for it that most other coins can only dream of.
TRON Coin Qualities
The best thing going for TRON is its target market. The entertainment industry commands an online world capitalization of over $1 trillion. As a trendsetter in decentralizing entertainment, most artists and content owners who have been oppressed by fat wallet distributors and promoters are now breathing easier with the promise that TRON brings to enable them to manage their content.
TRON Is domiciled in China where it already enjoys massive support. This is mostly due to the fact that China is a huge market that seems to support its innovations over others.
In addition, Justin Sun, the CEO of Peiwon App is the brainchild behind TRON. He is an accomplished 26-year-old blockchain expert with experience working for Ripple as their chief representative in the greater China.
Peiwo is an audio app that has a following of more than 10 million subscribers, with a million regular users. Sun has availed this massive market immediately to TRON by making the app compatible with the TRON protocol, to allow the distributed functionalities immediately available to Peiwo users, and afford TRON with a ready market of 10 million wallets.
The Chinese cast of business magnates who support TRON is stellar. People like Dai Wei, the founder of OFO bike, Tang Bingsen of ‘Clash of Kings,’ Chaoyong Wang of China Equity Group and Yang Linke, the founder of BTCC.com provide massive endorsements to the coin.
Sun himself is one of the first students of Jack Ma’s Hupan University, has a master’s degree from the University of Pennsylvania and has appeared in the Forbes list of China’s ‘30 under 30’.
Lucien Chen, a big data expert who has worked for Tencent and Alibaba, has left Alibaba to join the TRON team as their technical lead, coordinating and guiding their worldwide technical teams.
TRON will enhance live shows, social networks, online casinos and games as well as mobile games, and all manner of digital entertainment platforms around the world.
It accomplishes this by providing features for payment, development, credit sharing, and storage of content.
TRON Digital Wallets
Since TRON is an Ethereum based coin, it is compatible with most ERC20 wallets. The most prominent wallets can be categorized into two broad categories, which allows you to secure your crypto or trade it as you wish.
Crypto wallets are digital and are similar to normal wallets in that they store money. However, they are unique in several ways;
- They are digital and are identifiable only using pseudonymous character keys called public keys.
- They are either online (‘hot’), or offline (‘cold’).
- They support different coins for different reasons. For example, there are wallets that only support Bitcoin and Ethereum.
- Some can allow for intra-wallet coin exchanges (they have to be online for that to happen though).
- They have private keys which are used by the cryptographic algorithms to allow network members to ascertain the veracity of transactions from your wallet.
On private keys, HEAR THIS;
NEVER share your private keys or leave them insecure. The day unauthorized persons access your private keys, your crypto is as good as gone.
NEVER lose your private keys too! If you do, there are no recovery systems and the wallet will never be opened by anyone.
All exchanges that offer TRX will provide a hot wallet to facilitate the trade. Remember that exchange wallets are only recommended for a short time holding as they are online and therefore can be attacked and your crypto can be lost for good.
Semi-hot and Cold Wallets
If a wallet can operate offline, it is called a cold wallet. Some wallets can operate both off and online but are more secure than exchange wallets. Let us look at several of these wallets that support TRX.
MEW is one of the most versatile Ether wallets out there that allows you to hold your Ether and all ERC20 compatible tokens. It is not a desktop wallet that allows for additional back-up in the form of additional passwords and even as a paper wallet for added security.
For ease of access, you can add it to Chrome.
It is easy to increase the gas limit to accelerate transaction speeds for your token to wherever you want to deposit.
Apart from the fact that MetaMask has a wallet that can store all ERC20 compatible tokens including TRON, It is a very well designed interface and is actually an Ethereum browser, which is cool because it can allow you to interact with all the Dapps and Smart Contracts on the Ethereum Blockchain without installing any software or downloading the blockchain.
The Ledger Nano S is a cold storage hardware wallet that can be bought on eBay or Amazon, or on its website. It supports a large number of cryptocurrencies, including Ethereum tokens through MyEtherWallet.
The procedure for using the ledger wallet to store TRON is well detailed here.
Trezor connects via a USB and is a fantastic hardware wallet that stores many cryptocurrencies including Ethereum and all ERC20 tokens. It works much the same way as a Ledger when it comes to depositing and storing TRX.
TRON Best Exchanges
The lion’s share of TRON trades is shared between Binance and Liqui. These two exchanges cover almost 95% of all trades in January 2018, with Binance commanding the majority using two trading pairs, TRX/BTC (54.8%), and TRX/ETH (20.8%) of all traded volumes.
Liqui has a combined trading volume of 16% with three pairs, TRX BTC (9%), TRX/ETH (3.5%) and TRX/USDT (3.5%).
TRON Challenges and Prediction
If TRON is entering an industry that is littered with personalities who court controversy for a living, including wearing fresh meat to popular events (remember Lady Gaga?) and all manner of other untoward happenings, then it is in good company when it comes to controversy.
However, the blockchain fraternity is unforgiving when it comes to bad press and controversy, and TRON has taken a major price beating after going through both. Let us see what could be improved on this blockchain.
Claims of Plagiarism
An embarrassing development came quick and fast after the release of the TRON whitepaper that it had been plagiarized its white paper from a competitor known as Filecoin.
Matters promised to spiral out of control on this sideshow until Sun himself had to go to Twitter on January 8 and place the blame squarely on volunteers who purportedly interpreted the paper from Chinese to English and other major European languages.
Misrepresentation of Partnerships
On January 10, 2018, Justin Sun posted on Twitter that TRON had reached a partnership with the Baofeng group in China. He baptized the company as the Chinese Netflix, and this was quickly picked up by the crypto sleuths who screamed bloody Monday since Baofeng is nothing like Netflix. They do not produce actual video content. They provide the software used to play videos.
While this is not a strange phenomenon in cryptocurrency, it was not helped with the issues that already existed with claims that the TRON white paper was plagiarized from other existing white papers including.
Because of its latent threat to crash the big boys’ party, people like Charlie Lee, former Google employee, and Inventor of Litecoin, could not help himself as he weighed in with his criticism of TRON when it went through the above challenges. And that is an indication that the big boys are listening.
In blockchains, everything is possible. TRON has taken on a major and heavily centralized industry that commands serious money. If Sun expects a smooth ride as he embarks on demolishing the demagogic hegemony in entertainment financial flows, then he is in for a rude shock.
But there is beauty in decentralization. Once a blockchain is released as open-source, not even the creator has any meaningful control over what its network will decide to do in the future.
All currencies at current seem to be taking a beating on the price angle, but experienced crypto enthusiasts know that there has been an unexplained and unprecedented appreciation of crypto value in recent weeks. It is therefore hard to predict crypto coin behavior when there seems to be an all-industry melt-down.
But cryptocurrencies grow and depreciate all the time. It is the volatility that astute crypto traders use to hog the crypto landscape, milking hikes and buying on the cheap.
The simple fact that TRON is working to bring the entertainment revenues back to the entertainers is very endearing to almost everyone. There is going to be a lot of activity in the decentralization of entertainment in the coming decades, and TRON has put a huge foot forward in that arena.
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Talk is cheap. There are so many spin doctors in the crypto landscape. If any token is worth anyone’s time, then TRX is either the coin, or it is not far from the pecking order.
It is still affordable, selling at $0.06 by the time of writing, and because of its massive potential for adoption across all industries, it has all cryptocurrency tongues wagging at current. Rallying to Position 14 in the fourth month of operation is not a joke.
The Entertainment Industry’s revolution has been revealed by the TRON blockchain. And now you know exactly how to go about acquiring this promising asset.
But whatever you do, any investments you do in the cryptocurrency space have no guarantees, and as such you should not invest assets that you are not prepared to lose.