EOS is one of the most interesting cryptocurrency projects in 2018. While there are many new networks which claim to do things better than reigning smart contract protocol Ethereum, there is no project so keen on taking the throne from Vitalik Buterin and his remarkable technology.
Users who want to buy EOS coin do so because there is tremendous upside to the EOS coin price. If EOS achieves even a small percentage of their goals, this is going to be a worldwide player with an EOS price that’s only going up. Stay tuned to find out why this might work.
Quick Steps to Buy EOS
If you want to cut right to the chase, here are the basic steps for how to buy EOS coin.
- Buy Ethereum or Bitcoin on Coinbase.
- Create an account at Binance.com and send your Ethereum or Bitcoin to the appropriate Binance wallet.
- Set your market or limit order and wait for it to be filled.
- Send your EOS coins out of Binance and into your personal wallet for safekeeping.
What is EOS? What is EOS Coin?
EOS is the developing project of a team of blockchain experts headed by Dan Larimer. Larimer’s previous successful blockchain endeavors include Bitshares and Steem. Larimer wants to build a blockchain protocol from the ground up which fixes scaling issues (and others) common to major blockchains like Bitcoin and Ethereum.
EOS will support smart contracts and handle ICOs. In many ways, it will do all of the things that anyone familiar with Ethereum will well know. In many ways, EOS is taking a crack at being the Web 3.0 network we’ve all been waiting for. The question is, can they pull off the big promises they’re making at this point in history?
EOS is the coin you need to use EOS. Right now, the EOS coin exists, but the main network doesn’t, at least not in any usable form. We have a working testnet that gives developers a change to create applications that can be bootstrapped to the full platform once it drops. Tens of millions of EOS coins have yet to be distributed.
With a team led by Larimer, it would seem that EOS has as good a chance as any to dethrone Ethereum. What’s more, being able to handle many thousands of transactions per second is a very compelling capability, one which Ethereum can only dream of at the moment. The coming months will tell us much about who wins.
What About EOS’s Delegated Proof of Stake?
One of EOS’s major selling points is its Delegated Proof of Stake security and governance model. With familiar blockchains like Ethereum and Bitcoin, Proof of Work through data mining is the way transactions are verified, the network is secured, and new coins are added to the circulating supply.
The problem is, Proof of Work is messy. It saps the world of incredible power resources and has a tendency to centralize influence in mining pools, and those who can afford/develop specialized devices which can mine these coins better than any other existing technology. Proof of Work isn’t green.
Proof of Stake allows users to verify transactions themselves, without requiring machines to do it for them. Ethereum itself is moving toward a version of Proof of Stake, and away from the mining protocol which has guided the network to this point. With Casper, Ethereum will make these important steps.
But Ethereum isn’t there yet. EOS’s Delegated Proof of Stake gives 20 “Witnesses” the power to confirm transactions and receive new EOS coins. This puts a great deal of power in a few hands, but there is big financial incentive not to cheat, and what is lost in decentralization is gained in scaling potential.
So Should I Buy EOS Coin?
EOS is unreleased and unproven, but we think that Proof of Stake (and specifically Delegated Proof of Stake) may be the best answer to big problems plaguing today’s blockchain companies. At about $11 at the time of this writing, it’s likely that the EOS coin price will be many times what it is today, as long as the main-net is released as planned. We have no reason to think that we will be disappointed.
EOS is as yet unproven, but the track record of its development team and the remarkable success of developer Dan’s past platforms indicates that this is a project to watch and (probably) invest in.
How to Buy EOS Coin on Binance
The majority of EOS coins which are bought and sold are traded on Bithumb, Bitfinex, and OKex. However, because these options are not available to many westerners, we’ll focus our EOS coin buy guide on the 4th largest EOS coin exchange. Binance is well known, widely available, and handling well the dramatic surge in trading demand. We think you’ll have a good experience here.
How to Buy Bitcoin or Ethereum Before You Buy EOS Coin
Buying EOS isn’t as simple as typing in your credit card number. There are very few cryptocurrencies which you can buy with US Dollars or Pounds Sterling or any other “fiat” currency. To make purchases of assets like EOS coin, you’ll have to first buy Ethereum or Bitcoin, then take it to an EOS exchange where you can trade these well known cryptos for up-and-coming coins like EOS.
Use an exchange like Coinbase or Gemini to buy some Ethereum or Bitcoin. You’ll have to link your bank account or pay with a credit card. In most cases, it’ll take a number of days for your transaction to be completed and for your new coins to be available to transfer and trade. Just be patient. You’ll be there before you know it.
How to Create a New Account With Binance So Your Can Begin Trading EOS
While you’re waiting for your Bitcoin or Ethereum to arrive, it’s time to make an account with Binance. As mentioned above, if you live in a part of the world where exchanges like Bithumb or Bitfinex are available, feel free to make your EOS purchases there. Binance is simply more widely available for Western readers, our primary audience for this guide.
Step 1: Create an account with Binance just as you would any other large internet platform, by giving your email and a unique password. When you hit “Register”, Binance will send you a couple of confirmation and verification emails. Respond to these as directed.
Step 2: Enable 2FA. Two-Factor Identification is a great way to keep financial and private data accounts secure. It makes it impossible to open your account with your password alone. Instead, you must download a smartphone app such as Google Authenticator. GA will constantly be cycling through random sets of 6 digit codes, a new code every 30 seconds. When you log in, look for the code on your phone for Binance. Type this into Binance and you can go into your account.
You can’t trade as you please on Binance without completing this step, so make sure to do so before continuing.
How to Send Your Bitcoin/Ethereum to Your Binance Wallet
Now you have to move your Bitcoin or Ethereum over to your Binance wallet. We’ll use Bitcoin for this example.
Hover your mouse over “Funds” and select “Deposits Withdrawals”. This will take you to a complete list of all of the Binance wallets available to you, which include options for every coin this EOS exchange allows to be traded. Type in BTC or ETH into the search bar (whichever you will be using), and you will see the wallet you’re looking for sift itself out of the larger pile. Click “Deposit” and you will see an address appear. This is your Binance Bitcoin/Ethereum deposit address. Copy this address (it’s a bunch of letters and numbers).
Next, take this to the wallet in which you currently hold your Bitcoin/Ethereum. Paste the address into the address text box that appears after you click “Withdraw”. Select how much Bitcoin/Ethereum you wish to send to Binance, and then hit select withdraw/send. If you’re worried that you might make a mistake, always try sending a small amount first.
How to Exchange Bitcoin/Ethereum for EOS Coin
Now it’s time to trade your Bitcoin/Ethereum for EOS. For this guide, we’ll show you how to buy EOS with Bitcoin in the image, but you could do it with Ethereum pretty much the exact same way.
Click on “Exchange” at the top left of the page and select “Basic”. This will take you to the main trading screen. On the right side of the screen, select the “BTC” box to see only coins that trade against Bitcoin. Now type in EOS into the little text box and you’ll see the “EOS/BTC” trading pair. Click this.
Below, the “Buy” and “Sell” buttons will change to “Buy EOS” and “Sell EOS”. You don’t have to worry about the “Sell EOS” part for now. In the “Amount” section of the little interface with the green “buy” button, type in the price at which you would be willing to buy 1 EOS. You might want to just copy and paste the current market price, which is the black number in between the “Ask” and “Bid” lists on the left of the page.
Or you might want to see if you could buy EOS at a cheaper price, if the market takes the EOS price down at some point on the future. By inputing a lower price than the one at which EOS is currently selling, you run the risk that your purchase will never be completed because the price might not go down that far ever again. On the other hand, you might pick up EOS at a bargain price as a result of your patience.
Now select how many EOS coins you wish to buy. If you just want to buy however many you can afford with the Bitcoin you sent to Binance, just click the “100%” box. As soon as “Ask” orders are found to fill your order at your specified price, your EOS will arrive in your EOS Binance wallet. This could take seconds or days, depending on the price you chose.
How to Send Your EOS Coins to Your Private EOS Wallet For Safekeeping
Now you’ll want to send your new EOS coin to your private wallet because your private wallet is always safer than a public exchange wallet. Start by creating a new wallet at https://www.myetherwallet.com/, which holds all coins released through the Ethereum blockchain, including EOS (ironic, I know).
Once you’ve created your account (make sure to copy down your private keys and codes!), copy the address in the upper right hand corner. Take this back to your Binance EOS wallet, where you’ll select “Withdraw”. Paste your MyEtherWallet address and select the number of EOS coins you wish to send. Confirm the transaction and wait for your EOS coins to arrive in your new MyEtherWallet account. Again, you can always send just a few coins to start if you’re worried you’ll make a mistake.
Final Thoughts on EOS
EOS is one of several burgeoning cryptocurrency networks which have excellent promise, because of their explanations of the technologies being built and the past success of their team members. EOS looks great on paper, but because they have no working product just yet, only time will tell if this project is the true Ethereum-killer is wants so badly to be.
Because of the developers’ past successes, we have every reason to believe that the main-net will be released in a timely fashion. The question then is whether or not development adoption will be robust enough to knock Ethereum off the tracks. We’re very excited to watch this process in action in the coming weeks and months.
Even if EOS is unsuccessful, the hype leading forward will likely carry the EOS price to new heights. If EOS is successful, the sky is the limit.