Each day, the world is getting introduced to more and more cryptocurrencies. Some start as a joke but last long; some are short-lived after seeing a sudden rise in the price and an equally dramatic fall; some begin but fail to reach their expected potential so they die as fast as they came; some are long-lasting and stable and look like they are here to make a mark on the market. With the newer currencies coming up, it gets tough to keep a check on each and their individual prices and patterns. The well-known ones are remembered by most and therefore, are highly invested in, the others, not so much.
What is nano crypto – NANO, the umbrella term, is a renowned decentralized, open-sourced blockchain and cryptocurrency. Initially, the network was created to provide an eco-friendly and free from authority alternative to the market. Currently, it has made its name one of the fastest methods of transactions and is run by a community-driven consensus mechanism. This method provides the users with an efficient, easily accessible, and user-friendly peer-to-peer transfer system. The system is like having cash in the pocket as nano aims to ensure that the complete autonomy of the money is in the hands of the dealer. It can facilitate and govern both local and international transactions in a feeless manner. Trades from India, for example, would require a conversion from NANO to INR before payments are made and processed. This would give an insight into the current value on any particular day.
Benefits of NANO – Being one of the most efficient blockchain systems currently in operation, this technology has several other benefits that draw users towards it.
- Zero fees – The zero-fees business model is used by this technology. Essentially, the users pay no transaction fee irrespective of the size and frequency of the trades. This is possible owing to the large-scale spread of costs of this network across the hardware and the bandwidth providers of the networks. Using this strategy is key to maintaining the feeless structure adopted by this network.
- Eco-friendly – Its mission was to be an eco-friendly blockchain and it has succeeded in achieving it. Each aspect of NANO was built keeping in mind the overall sustainability of the materials and the environment. The system is known to follow a staking mechanism to help validate the state of the network instead of the miners. Since the stakers do not compete with each other, the electricity and power required would be much less to maintain the security of the platform.
- Scalability – Even compared to the old-timers in the game, this technology offers much wide scalability. On average, it would take merely 3 seconds for a transaction to complete from one end to the other. It is an almost instantaneous form of payment.
- Low latency – It is trust-less crypto that uses a directed acyclic graph (DAG) technology as opposed to being based on a blockchain. It has a block-lattice architecture which allows each account to have a unique and own blockchain. This is one of the most exclusive features that set NANO apart from the others
Guide to buying NANO in India – While there are a number of methods to buy nano in India, one would look for the best exchange to trade cryptocurrency to use as a safe and secure platform for high-volume trades. These exchange platforms have gained a lot of traction and visibility in the past few years as the trading volume has increased. Select platforms that have simple interfaces and low trading fees. There are a few steps standard to any platform to buy crypto:
Step 1: Opening a wallet – A digital wallet is an online representation of real-life wallets as the function is the same – to store currency. Make an account and register for a wallet wherein the cryptos can be held and interactions and trading can take place. There are many developers that have created platforms for such wallets, however, it is upon the user to complete the research and select the one with the maximum benefit.
Step 2: Open an account – After installing the medium, register and open the account that would be used for trading. Add the details of your location and complete the KYC verification. This is important to identify the genuineness of the customers on the platform and keep the scam artists at bay. Fill in all the required details to complete the process in a seamless manner. Upload clear pictures and accurate document details to avoid complications or having to redo the complete process again.
Step 3: Two-factor authentication – For additional security of the wallet, please ensure to complete the two-factor authentication. Once this is enabled, the only way to access the value and make any trade would be by using the password provided specifically to the person registered.
Step 4: Bank details – The next and important step would be to add the bank details like – bank name, account number, IFSC code, etc.
Step 5: Begin trading – After the bank details are submitted and verified, deposit some money into the wallet and begin trading in NANO.
Begin trading in a safe manner with complete control over your money. Use legitimate websites and follow protocols while doing so. Keep in mind the safety and do not share important passwords with anyone!