How to trade Algorand?
The Algorand project was launched in 2019, but has already shown an increase not only in the price of ALGO, but also in the capabilities of the platform. Today, we will tell you what ALGO is, what use cases of ALGO exist, what the prospects of the project are and where you can profitably buy or exchange a coin.
What is Algorand (ALGO)?
Algorand is a self-sustaining blockchain that is designed to provide users with decentralization and security. The essential features of this digital asset is that it is an open, public, scalable and secure network. The platform allows multiple options for using cryptocurrency by increasing the transaction speed. Algorand allows users to create tokens, NFTs, financial tools, protocols, and services.
Algorand aims to solve the blockchain trilemma, namely to achieve a balance between the following three elements: decentralization, scalability, and security. To do this, Algorand uses a protocol called Pure Proof-of-Stake (Pos). The main advantages of transactions in the Algorand network are:
- Speed: 1000 TPS, usually the transaction is completed within 5 seconds;
- Small initial threshold: you can transfer from 0.0001 ALGO;
- Decentralization: the Algorand blockchain is completely decentralized, there is no central authority, no single point of control. A unique committee of users is selected randomly and secretly to approve each block.
- Low fees: 0.001 ALGO.
Why should I trade Algorand?
There are a lot of reasons why it is worth looking at ALGO coins for profitable trading. Among the main ones:
- Algorand continues to receive investments and is currently one of the most reliable ecosystems and digital assets.
- Since not all tokens have been issued yet, ALGO is subject to inflation. It should be clarified that taking into account the prospects of the project, in the end we can expect that demand will exceed supply and the cost will increase many times.
- ALGO is currently an extremely volatile asset, to which, with proper preparation, you can apply multiple profitable trading strategies.
As of August 3, 2021, the market capitalization of the project reached $2,521,011,304. And the price for one coin is only $0.7948. The maximum value of ALGO at $3.28 was set on June 21, 2019, when the asset just entered the market. The minimum price of $0.1024 was fixed on March 13, 2020.
Where to trade Algorand?
Crypto trading is an extremely risky activity, so you should take all precautions. One of them is the right choice of the platform, among the best, in addition to Binance are:
- Coinbase — a reliable exchange with a solid volume and high capitalization. User-friendly interface. However, it is not supported on the territory of a number of countries.
- Available coins: +100.
- Kraken — an exchange with an ideal reputation in security issues. There are many tools and features available on the platform. However, the platform’s interface is often called complex and old-school.
- Available coins: +70.
- 7b — a broker application for your smartphone. Trade with maximum convenience and transparent fees.
- Available coins: +300.
How to trade Algorand using the 7b crypto broker app?
7b is the best place to trade ALGO for a number of reasons: security, transparent and low (in its segment) fees, convenience, and a wide variety of coins for trading. Spend no more than 3 minutes and the coins are in your pocket:
- Install 7b crypto broker application.
- Create an account.
- Withdraw coins from your wallet to the 7b balance.
- Find ALGO to make a trade.
- Enter how much you want to buy or sell.
- Click “Buy”.
Where to exchange ALGO?
Do you have a cryptocurrency in your wallet and want to exchange it with ALGO coins? There will be no difficulties with this, choose a platform that meets your needs. To do this, let’s look at the pros and cons of brokers and swap platforms, answering a number of questions.
Pros ConsHigh level of securityHigh commissionsMore exchange directionsNo limits on exchange
Pros ConsAnonymity The reserve of coins may be limitedSimple interfaceFewer exchange directionRelatively low fees
The list of some of the most reliable swap platforms for ALGO exchange includes:
- Changelly — provides an opportunity to instantly exchange, buy or sell cryptocurrency. Only a floating exchange rate is available for ALGO.
- Service fee: 0.25%.
- ChangeNOW — a convenient crypto exchanger with support for fiat. It is possible to exchange at a classic or fixed rate.
- Service fee: included in the exchange rate.
- CoinSpot — an exchange with an extremely simple and intuitive interface. Account is required.
- Service fee: 1%.
What to know before exchanging Algorand?
Before exchanging one cryptocurrency for another, it is highly recommended:
- Compare the exchange rate and fees charged by different platforms.
- Study the exchange limits.
- Study which cryptocurrencies the service supports.
- Be extremely careful when entering the recipient’s address, since blockchain operations are irreversible.
How to buy Algorand for fiat?
If the Algorand project seems promising for you and you decide to invest your fiat in ALGO. Then when choosing a platform, pay attention to the speed, fees, purchase limits, and reputation. One of the reliable services are ChangeNow and ChangeHero. The procedure can be performed in three steps:
- Choose a fiat and cryptocurrency.
- Enter how much you want to sell, the site will automatically calculate how much you will receive.
- Carefully enter the ALGO address.
Algorand token use cases
This is a utility token, and it has two main functions:
- It can be used to earn rewards in the ecosystem. As part of the unique design of the Algorand protocol, the reward paid to validators for the production of blocks is distributed among all holders of ALGO coins, not just to block producers.
- It is used to pay transaction fees (0.001 ALGO) and calculations in decentralized applications (DApps).
Is Algorand a good investment?
Yes, the Algorand ecosystem is growing more and more every day, and we are talking about a network that will double its speed thanks to partner efforts. And this affects the price, we can see a positive result. Many experts predict a rapid increase in the price of the project.
How do I invest in Algorand?
Invest only free funds. Since it may happen that you will need money but at this moment the asset price will fall and you will suffer losses. You can use the platform with the support of fiat or exchange crypto-to-crypto on 7b. By choosing the first option, you just need to select the currencies to be exchanged, enter the purchase amount, and your ALGO address.
How to trade ALGO for beginners?
Do not trade on signals. You can find an advertisement or a community that talks about secret signals. But only those who talk about them can earn money on them. After all, they specifically buy up currency in advance, create a stir, and then sell at an increased cost. For spot trading on 7b: select a trading pair, enter the amount, and confirm the transaction.
What is Algorand Blockchain?
Algorand is a modern blockchain of a new generation. This is due to the fact that it solves the most urgent problems of scale, while maintaining security and decentralization. Transactions on the network are completed in less than 5 seconds, and fee is only 0.001 ALGO. The blockchain is secured by the Pure Proof-of-Stake consensus algorithm.
Original source — How to trade ALGO