Comprehensive guide on understanding what is Nanocurrency (previously called RaiBlocks), It’s token, purpose and how to buy XRB token from Exchanges.
An Introduction to RaiBlocks now rebranded as Nanocurrency
I think it’s important to understand at least the very basics of what you’re purchasing, so this and all future articles will include a short introduction to get you started.
Nano Rebrand Announcement_To our valued community,_medium.com
RaiBlocks is intended to be an entirely new currency, much like Bitcoin, but it has several differences and advantages over the existing blockchain technologies.
Traditional Blockchain Layout
Traditionally, a blockchain is a single file line of blocks that all contain transactions. This line starts from a “genesis block” and new blocks are added one at a time after that first block. A blockchain can record transactions that take place on the network, but the individual balances of wallets isn’t directly stored on the blockchain. To get around this, blockchain coins (like Bitcoin) must reference previous transactions in the chain to ensure that an address can’t send the same Bitcoins twice (most people call this double-spending).
RaiBlocks is taking an entirely different approach to this with a concept they call the Block Lattice. With this system, every account holder maintains their own private blockchain with each block holding a single transaction in it. This collection of accounts and individual blockchains is called the Ledger. This means that each transaction requires two parts, a Send and Receive Address.
The RaiBlocks Block Lattice
When User A receives funds from User B, User A generates a Receive Address on their blockchain, and User B generates a Spend Address directed at User A’s account.
This system may seem familiar if you know about IOTA and the Tangle, and for good reason. Both of these system are called Directed Acyclic Graphs. Similar to IOTA, RaiBlocks has no miners, no transaction fees, and near instant transactions. However, it differs from IOTA in the sense that it’s designed for person to person transactions, where as IOTA is primarily designed for micro payments between machines. Additionally, the foundation of RaiBlocks is essentially a lot of small blockchains, so it’s not as unproven as IOTA. If you want to dive deeper into how RaiBlocks works you can start with their whitepaper, but Google is also your friend :D. If you want to know more about IOTA, click here to read my purchasing guide!
Now that all that’s out of the way, let’s get back to buying.
How to Buy XRB — Nanocurrency — RaiBlocks
- Buy Ethereum or Bitcoin on Coinbase. You can use one of the following guides to buy them. If you already have Bitcoin or Ethereum, you can skip this step.
How to Buy Bitcoin in USA, Australia, Europe & Singapore_Comprehensive guide explaining how to buy your first Bitcoin in USA, Australia, Singapore & Europe using your Bank…_hackernoon.com
How to buy Ethereum in USA, Australia, Europe & Singapore_We’ll explain how to buy Ethereum, an advanced implementation compared to Bitcoin, which is touted as next Facebook_hackernoon.com
- Once you’ve Bitcoin or Ethereum, you can head to KuCoin where XRB is listed and available to trade.
- Register yourself on KuCoin — It’s a cool exchange with really nice user interface and usable too without throwing cluttered stuff onto your face.
- It’s important to save your recovery key while setting up 2 factor authentication. Incase your phone is lost or you change your phone — you need this key to get the Google Authenticator working properly.
- Once you login with username, password and 2FA — you get to the assets screen — if not click on “Assets” on top menu bar.
You can find your KuCoin ETH wallet address by logging in, and clicking on Assets in the top navigation bar. Then click on Deposit, and select ETH from the list (note, there is also a ETF that has a similar symbol. DO NOT send ETH funds to that address as they will likely be lost). This will load your KuCoin Ethereum address. Copy this, and then open up your Coinbase account.
- After you click Assets, select Deposit from the side menu item as shown below
- On Deposit screen, you will have a dropdown to select an asset (Bitcoin or Ethereum or anything you’ve with you). Select Bitcoin to see the Deposit address or Ethereum to see the Ethereum deposit address.
- Use this address to send your funds from Coinbase or any other exchange you have your Bitcoin or Ethereum.
- As you scroll down, you can see the deposit history for selected asset here as shown below
- Once you see that your deposits are confirmed, you can scroll up to menu on top and click on Markets — which will show you different pairs you can trade XRB with.
If you have deposited Bitcoin to KuCoin, click on BTC tab and You’ll see XRB/BTC.
Don’t click on it — Follow the next steps for easy Buy/Sell
If you have deposited Ethereum to KuCoin, click on ETH tab and you can see XRB/ETH pair. Don’t click on it yet as you can Buy/Sell right from this screen itself.
Follow the below screenshot with comments inline to complete your purchase of XRB token before it hits other exchanges and becomes famous.
Once you have completed XRB purchase, you can go to Assets menu item on top and look at Active Orders or Dealt Orders to see your XRB tokens. If it’s in active orders, it means XRB is not bought yet — but an order has been placed — when ever it hits the price we’ve mentioned — it will be purchased automatically and moves to Dealt orders.
Awesome & Congrats
Yay! You’ve successfully made your purchase of XRB tokens on KuCoin Exchange. There are various other pairs also offered on KuCoin exchange like NEO, USDT and KCS. You can purchase XRB using them too.
KCS — KuCoin Shares is also an interesting concept and learn more about it from article below.
Check out KCS — KuCoin Shares which could pay dividends and save 50% on your trading fees._Binance & KuCoin offers BNB & KCS, that can save you 50% in fees, but also serves as good long term investment. Here’s…_hackernoon.com
While you learn to buy cryptocurrency, you also need to be responsible and pay taxes on cryptocurrency trading. Here’s an article which tries to reduce confusion and provide clarifications on taxes on gains from crypto trading.
How to file taxes on Cryptocurrency gains using BearTax_There’s a pressing need for crypto-traders to calculate their gains from Bitcoin across Coinbase, GDAX, Gemini…_hackernoon.com
BearTax — Your Crypto Tax Assistant_Simple to use platform for crypto traders to import transactions, calculate gains and file taxes._bear.tax
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