What is TRON (TRX)?
TRON is a blockchain based protocol that aims at decentralising content and entertainment amongst a Web 4.0 ecosystem. TRON wants to create a global ecosystem for delivering content that is not focused on any centralised system, rather a network. TRON utilises Tronix ‘TRX’ tokens to ‘heal the internet’ and deliver a payment system amongst creative industries that works by directly applying towards the quality of content. TRX is an altcoin, and has rather low volume in comparison to Bitcoin & Ethereum at the time of this writing (March 2018).
Tron enables users to freely publish, store, and share their own content rather than storing it or entrusting it with ‘capitalists’ who may take advantage of the value of the content. Blockchain based smart contracts power the Tron ecosystem allowing for virtual escrow systems, P2P trust systems, and so on through the blockchain. TRX is slowly but surely becoming a powerful name within the cryptocurrency industry.
Where to Buy Tronix (TRX)
Tronix tokens can be found on cryptocurrency exchanges, along with its counterparts including Bitcoin & Ethereum. The main difference between Tronix and Bitcoin is the volume at which it is traded. Tronix is relatively small in comparison to Bitcoin and Ethereum. Therefore, since Tronix tokens are not as in demand as Bitcoin & Ethereum, it is somewhat harder to find since less exchanges provide it. This is mainly why you won’t find Tron on Coinbase or other major outlet exchanges. Binance is currently available on the following exchanges, listed in order by highest volume.
While there are other exchanges to purchase TRX, these are at the moment the most common exchanges used for purchasing TRX tokens. TRX tokens are primarily exchanged for Bitcoin or Ethereum, meaning in order to purchase them you have to exchange it for either BTC or ETH amongst the mentioned exchanges. The process is fairly simple, and requires limited crypto knowledge to complete.
Step by Step Guide on Purchasing TRX
To start off, you’ll have to set up an exchange account on one of the previously mentioned exchanges. If you don’t want to create an account on those exchanges, you can additionally sign up and work on another exchange that supports TRX. Always make sure prior that they do support Tronix tokens. If you’re unsure, exchange support teams are typically prompt to helping provide answers to those sorts of questions. For this example, we’re going to set up an account with Binance, since the account creation process is fairly simple and doesn’t require too many verification documents.
Once signed up with Binance, we’re going to deposit a base cryptocurrency into our exchange account. Since ETH is a fast, cheap option, we’re going to use ETH. To do this, hover over to Binance’s navigation bar (the top bar) and find the ‘Funds’ tab. Click on the drop down and find ‘deposit’. This will then bring you to a page where a plethora of cryptocurrencies are shown. Find the ‘Ethereum’ option and select ‘deposit’. This will create a random string of letters and numbers which is then your desired ‘address’. To deposit your funds to this address, copy and paste it to your sending ETH wallet. If done correctly, you’ll see your ETH in your Binance wallet shortly after.
Now, once your funds are confirmed on the exchange, you’ll have to go over to the top left of the navigation bar and find the ‘exchange’ tab. This will then yield a series of pairings. Find TRX/ETH, as we want to exchange our Ethereum (ETH) for Tronix (TRX) tokens.
Create a buy order. This can be either a market or limit order; you can do some further research about which one is better for you on your own, however for a beginner’s tutorial we will just initiate a market order. This will execute the order at the best possible time, assuming you just want some TRX to hold for the long term. Hit the ‘max’ button and this will allocate all of your Ethereum to be put in the queue for an exchange to TRX. Wait for this process to finish. It should take a minute to complete.
If done correctly, your ETH order should fill and be exchanged to TRX. You can check and make sure this process was correct by going back to your ‘funds’ tab in the top right of the screen and going to ‘Balances’. You should see that your balance has updated to the respective amount of TRX you purchased.
Considerations When Purchasing Tron
TRX is a cryptocurrency, and like all cryptocurrencies is rather speculative in notion. However, TRX aims to create a free virtual world for content sharing. This would be done entirely decentrally rather than through centralized databases or processes. Rather than just a singular entity controlling all of the content and its payment systems, TRX aims to be freely distributed. This means that in order for price to increase, TRX and the TRON platform as a whole would have to evolve and start to become mainstream usage, otherwise it will just remain speculative.
Other factors to consider when purchasing TRON, is that companies are starting to adapt to its framework. Platforms and companies such as Peiwo and even a yacht company have begun to accept TRX as valid payment forms. These factors pave the way for a bright future.
Which Wallets Can TRX be Stored In?
Tronix is an ERC20 based token, so any wallet that supports ERC20 tokens can hold it; however in any case if you are unsure about the funds that can be held on your wallet, contact your provider. Some wallets that support ERC20 tokens are Ledger Nano S, MyEtherWallet, and Mist. You can also hold TRX on exchange wallets that support TRX. Some exchanges that for sure support TRX are Binance, Cobinhood, and Bit-Z. However, always check with the provider so that you don’t accidentally lose your funds.
Q: Can I purchase TRX on Coinbase?
A: No, at the moment you cannot buy Tronix on Coinbase.
Q: Will the price of TRX keep going up?
A: Nobody knows the future – however TRX price has increased nearly 27x since its ICO which was held last August.
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