What is Nano (RaiBlocks/XRB)?
Nano, recently re-branded after going under the name ‘RaiBlocks’ (XRB), is a cryptocurrency that aims to solve scalability and consensus errors such as those that currently plague the Bitcoin network, evidently slowing it down. Nano is a focused, low-latency crypto that entails its very own ‘block-lattice’ architecture, giving each Nano user its own account. The nano network achieves consensus through Proof of Stake voting, unlike Bitcoin which obtains consensus through Proof of Work.
The most attractive features of Nano are arguably its ability to obtain unlimited scalability. This enables Nano to be used for peer to peer transactions in a real world setting rather than theoretical or speculative nature. Nano is also attractive to contributors and users because there are zero fees for making transactions with near instant transaction capability. This is better than Bitcoin and Ethereum that have hefty transaction fees. Nano also has higher scalability capabilities and a blockchain-lattice structure that enables each account used on the Nano network to have its own chain; claimed by some to be revolutionary.
Where to Buy Nano
Nano is an altcoin, meaning its volume and general usage is not as large as other cryptocurrencies such as Bitcoin. This makes it a bit harder to obtain than Bitcoin or Ethereum. This means in order to purchase Nano you’ll have to exchange some sort of ‘base’ cryptocurrency for this altcoin. Currently, the most liquid pair for trading Nano is Nano for Bitcoin. This essentially means that Nano is most accessible by exchanging Nano tokens for Bitcoin or vice versa. Nano is not at the moment exchangeable on larger volumed exchanges such as Coinbase where cryptos are directly tradeable for fiat.
These are a list, in order, of the current top 5 most liquid exchanges for Nano:
Step by Step Guide to Purchasing Nano
1.) Create an Account on Binance.
For this step, you’ll need to create an exchange account for the exchange of your choice. For this example, Binance is recommended as theoretically it allows for the fastest transfer of funds from Bitcoin to Nano, however it’s up to you. To create an account on Binance, head over to their main site and navigate to the top right at ‘Login/Register’.
Enter a valid email and associated information. It’s recommended to also enable 2FA for future security purposes. Once completed, sign in, verify your email through the quick email confirmation they’ve sent and you’re completed with account set up.
2.) Deposit BTC to Binance
For this example, Bitcoin is recommended as it is the most accessible and liquid currency pair in terms of crypto to Nano conversion. This just means you’re able to get Nano the fastest when you’re using Bitcoin to purchase it. Nano is easily converted from Bitcoin on Binance. You can plug in any combination of exchange to crypto that you’d like, we’re just using these two as they are the most accessible and quickest options for you. If you’d rather use an ETH pairing on another exchange for Nano you can absolutely do that. The process is the same, the only differences are the addresses that you deposit to, etc.
3.) Buy Nano
This part will be fairly simple if you’ve ever used another brokerage or market-making instrument such as an online forex broker, however if you’re new to markets it can be confusing. For this part, in order to actually buy Nano you’re going to have to undergo a purchase, or submit an order. This places your ‘bid’ price at a price that is optimal for other people to sell their digital asset at. So let’s say an asset has a bid price at $4. This means that someone wants to buy said asset at $4. If someone’s ‘asking’ for a price of $5 for that said asset, however, it just means that someone else is willing to sell that asset at $5. Purchasing Nano is the same way.
To start, head over to Binance and go to the section that says ‘Exchange’ and then navigate to ‘Basic’. Here you’re going to have to find the Nano to Bitcoin pair, because we are buying Nano with Bitcoin. The pair for this, is nominally, ‘NANO/BTC’. This means you can exchange Nano cryptocurrency for Bitcoin, another cryptocurrency. Set a ‘market’ order for the best optimal price execution. Once done, press buy, and the order will fill at the next best time. Each exchange works relatively similar. Market orders are better for quicker execution, while limit orders are more ideal for precise entry points.
Once done, if you navigate to your ‘Wallets’ tab at the top right of the screen you should now see if completed, your Nano balance has been updated. Now, you can maneuver it the same exact way that you would for Bitcoin.
Considerations When Purchasing Nano
Nano is a cryptocurrency, and as all cryptocurrencies are, it is volatile in its nature and is subject to speculation. Nano runs off a ‘blockchain-lattice’ technological infrastructure which is both positive and negative for its rise to mainstream. The blockchain-lattice enables great opportunity for faster payment options, however it is not entire decentralised. Decentralisation is in many cases a deciding factor as far as an investment opportunity for many people. It allows for a less governed payment system, nonetheless, Nano still obtains extremely fast transaction times as well as virtually nonexistent fees.
The Nano network is also pretty reliant on their team base. They have a solid structure of developers, however this can be both a positive and negative. The Nano community is also, as argued by many, reliant upon the dev team for any problems. In the event of the BitGrail incident, the exchange was hacked and over $170M worth of Nano was lost. People consequently blamed the developers.
Wallets That Can Hold Nano
Nano can be stored on exchange wallets if you’d like, however if you’d like a more safe option you can opt for Nano exclusive wallets.
Additionally, Nano has its own desktop wallet you can download on their website which can be found here.
Nano is currently not supported with the Ledger Nano S wallet.
Nano is also not storable on Coinbase wallets.
Q: Can I purchase Nano on Coinbase?
A: No, at the moment you cannot purchase or hold Nano on the Coinbase platform.
Q: Can I buy Nano with fiat?
A: Yes, there are some exchanges such as BitFlip that allow for Nano purchase with fiat. Also, many exchanges accept USDT in exchange for Nano to hedge against crypto volatility.