Factom is one of the many coins which went parabolic in the last few months of 2017. And while this crowd of crypto projects contains some duds, Factom is most certainly not one of them. Factom’s use-case may not be as sexy to the average person as Worldwide Cash or New Decentralized Internet, but it nonetheless addresses a problem which affects all of us and most certainly needs to be solved.
Factom is all about record and data keeping. It is practically common knowledge at this point that Bitcoin can immutably store financial transaction records. What Factom has created is a way to store all other kinds of data on the blockchain, especially stuff like medical records, voting data, titles of property, and many other examples. Today, these data are controlled be third parties. Factom wants to change this.
How Does Factom Work?
Factom runs atop the Bitcoin blockchain. It is a blockchain itself, but it stores and transmits a great deal of data which never has to run through Bitcoin itself. Once a certain bit of data is organized and stored in Factom, it creates a single hash and stores this on the Bitcoin blockchain. This way, it benefits from Bitcoin’s immutability and decentralized mining power, without having to employ these techniques itself or burden Bitcoin with tons of traffic.
Factom has been called a “decentralized notary”, but this doesn’t get down to the core of its innovations. With ownership of, say, your medical records, you’d be able to share your medical history only with physicians you trust, rather than trusting a hospital to store this sensitive data. Or, you might be able to vote from your smartphone in national elections, without having to worry one bit about voter fraud or the sharing of your voting choice.
Factor is about efficiency and freedom. Is order to use the Factom network, you’ll need Factom coin. Whether or not you actually use the network, the strength of Factom’s value proposition and their ongoing success and growing partnerships make Factom coin a solid investment opportunity. If you believe in Bitcoin, Factom seems like a no-brainer which will help expand the possibilities of what Bitcoin can be. The Factom price is likely to rise.
How to Buy Factom Coin
It’s clear that Factom has a strong use case, a history of success and innovation, and a bright future in 2018. But without investing in Factom (FCT) early enough, you’ll miss some explosive returns in the near future. We are going to highlight two different techniques for how to make a Factom buy, one for people with no experience in cryptocurrency trading and one for experienced cryptocurrency investors.
How to Buy Bitcoins in Order to Buy Factom Coin (FCT)
Before you can buy Factom coin, you’ll have to buy some Bitcoin on a site like Coinbase. There are very few coins which you can buy with US Dollars directly, or any other kind of fiat currency for that matter. For this reason, Coinbase is a major gatekeeper people use to get into cryptocurrency trading.
Create your Coinbase account. Link it to your bank account or credit card. Buy Bitcoin through whichever method works best for you. It will usually take a number of days for your new Bitcoin to arrive, so don’t be alarmed if you don’t get it right away. When it arrives, you’ll be ready to transfer it to your Poloniex Factom wallet so that you can get Factom coin at a good Factom price.
How to Create a Poloniex Account to Get in at the Current Factom Price
You can’t use Poloniex to buy at the current Factom price if you do not first make an account. Go to Poloniex.com and create your new account by putting in the information they ask for. As you can see from the following image, it may take days or weeks for your account to be confirmed due to the very high demand Poloniex has at this time in crypto history.
Once you’ve replied to the confirmation emails and taken careful note of any codes or fees provided by Poloniex for the emergency restoration of your account, add 2 Factor Authentication. This will make your account much safer, as well as unlock trading possibilities on Poloniex.
How to Buy Factom Coin on Poloniex
One of the main places at which the market Factom price is determined is the well known cryptocurrency exchange Poloniex. More Factom price volume occurs at Bit-Z, but because Poloniex is more well known and accessible to western crytocurrency traders, we’ll use it as our example of how to take advantage of the current Factom price.
Step 1: Now that you have Bitcoin in your Coinbase account as described above, you’re ready to send them over to Poloniex to fund your account. This will allow you to buy at the present Factom price selected by the markets.
Log in to your account, go to “Balances”, and select “Deposit Withdraw” on your “BTC” wallet. You’ll see a Bitcoin Deposit address. Copy this and go back to your Coinbase Bitcoin wallet. Send the Bitcoin to this address by pasting the address in the appropriate place and then sending/withdrawing.
Step 2: Once your Bitcoin have arrived in your Poloniex Bitcoin wallet, you will be able to buy at the current Factom price, or put in a stop-limit order at a lower Factom price, which will be filled if and when the price goes that low at some future time.
For this example, we’ll focus on buying at the current Factom price. Look at the “BUY FCT” menu box at the bottom left the screen. Do the following to buy Factom coin here:
Put the price at which you’d be willing to buy one Factom coin. The system will automatically fill in this section for you at the present market price. If you want your order to be filled immediately, just use this price.
Put the number of Factoms that you would like to buy in one order. That’s the next line down. Once you’ve input the number of Factom coins you wish to buy, you’ll see the total price, in Bitcoin, on the next line.
Now all you have to do is click “Buy”. Your order that uses the market price Factom price should be filled in just a few seconds.
How to Send Your Factom to Your Private Factom Wallet for Safekeeping
If you look up at the guide portion about buying Factom with BuyVirtualCurrency.co.uk, you’ll see instructions for downloading the Exodus Eden wallet. Download and create your new wallet as indicated there. Find your Factom address inside (it’ll be a long alpha-numeric code). Copy it and head back over to Poloniex.
Go back to the list of wallets we’ve already visited. Find “FCT” for Factom coin and click “Withdraw”. Here, paste your Exodus Eden Factom wallet address into the “Address” text line. Add the amount you wish to withdraw, then click “withdraw”. If you’re nervous that you might have something wrong, just send a small amount of Factom first to make sure it arrives as expected. Be willing to wait a few hours if necessary during times of great network congestion.
Once your Factom coins arrive, they’ll be safe and secure in your wallet until you wish to move them, trade them, spend them, or use them on the Factom network.
Final Thoughts on Factom
There are many reasons to invest in Factom. The company and network are solving real world issues at an incredible rate, and adoption is growing all around the world. The Factom price reflects this, as values of Factom coin have gone through the roof in 2017 and the first part of 2018.
We expect these trends to continue. If you believe in Bitcoin (the blockchain upon which Factom is based), and if you recognize the need for personal data autonomy, you understand that Factom has a real claim to the future. Invest in Factom at your own risk, but understand that this is one of the best projects in crypto right now.