Let’s talk about Tron TRX, shall we?
If you follow crypto prices, you’ve no doubt noticed that Tron has soared more than 100% in a 48 hour span in early January 2018. The question is, why?
A look at Tron’s plans, development team, community, and current working products quickly reveal that this is one of the most exciting projects in crypto, with incredible potential for the future. Tron also has a number of promising partnerships on the horizon. We’ll cover all of this in greater detail below.
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- 0.1 Quick Step-by-Step to Buy Tron
- 0.2 What is the Tron Exactly?
- 0.3 The China Connection
- 0.4 The Tron Coin TRX
- 1 How to Buy Tron Coin
- 1.1 Buying Bitcoin or Ethereum to Buy Tron Coin/Tronix TRX
- 1.2 Setting Up Your Account With Binance to Buy Tron TRX
- 1.3 Sending Ethereum to Binance So You Can Invest in Tron Coin/Tronix/Tron Coin TRX
- 1.4 How to Exchange Ethereum for Tron Coin/TRX
- 1.5 Alternative to Binance – Buy Tron With BuyVirtualCurrency
- 1.6 How to Store Your TRX is a Personal Wallet for Safekeeping
- 1.7 Tron Coin TRX FAQ
- 1.8 Final Thoughts on Tron Coin TRX
What is the Tron Exactly?
Tron is aiming to be a decentralized entertainment ecosystem, where users and creators control their data and are fairly repaid for positive actions within the network. The ecosystem will include social media, gaming, video, and all forms of digital entertainment.
This sounds like a great idea, but there are lots of cryptocurrencies with great ideas. Are there good reasons that Tron can be expected to reach its lofty goals?
Furthermore, in late December 2017, the head of Alibaba data mining jumped ship and joined Tron. The network is slated to release its main-net in Q1 2018. There’s also the partnership with Game.com, and the promise of 100 million users waiting to join the network once released.
Tron, at this time in history, remains more promise than reality. But as promises go, the project seems to have the team, resources, and connections necessary to make good. We expect progress to be steady, with similar action from the Tron coin price.
The China Connection
China has had a dominating role in crypto during the past 365 days. When China threatened to ban Bitcoin, the entire industry suffered major losses. Chinese ICOs had to refund their buyers. It looked like blockchain innovation was going to be squashed for good.
But that’s not how it turned out. China did their best to stop in its tracks the trend of flawed, scammy, pointless ICOs that bloated the Ethereum network in 2017. Instead, they found a way to promote real blockchain innovation in an environment where it can flourish.
Since then, blockchain networks like NEO and Loopring have seen massive expansions and investment returns. For many, China means quality, at least as it pertains to blockchain. Holders of Walton, Metaverse, and the list of NEO ICO coins tend to agree.
China also has a way of creating its own technologies, which it uses in favor of Western alternatives. They’ve got Alibaba instead of Amazon. WeChat instead of a host of western social media platforms. Blockchain is likely to work the same way.
So when we see a Chinese entertainment blockchain project with a development team of this quality, it is implicit that the government has already given the “OK”, and that China as a whole is likely to be a strong user base. This is all bullish for Tron.
How to Buy Tron Coin
Remember, Tron is the network, Tronix/Tron Coin TRX is the coin. To buy this coin you’ll have to go to Binance, an exchange based out of Hong Kong available in most parts of the world.
Buying Bitcoin or Ethereum to Buy Tron Coin/Tronix TRX
On Binance, you can trade Ethereum or Bitcoin for Tronix/TRX. Because Ethereum transactions are much faster and more affordable than Bitcoin transactions, we’ll urge you to buy Ethereum from a source like Gemini or Coinbase. You can do this with US Dollars.
Sending Ethereum to Binance So You Can Invest in Tron Coin/Tronix/Tron Coin TRX
Whenever you want to send Ethereum to an exchange, you will have to find your personal Ethereum deposit address within that exchange. We’ll show you how to find that on Binance, as well as how to send money to that address from a different wallet outside of Binance.
Step 1: Go to Binance.com and click on “Funds”, then “Deposits Withdrawals”. This will take you to your wallets page, where you’ll see a wallet for every coin that Binance supports. All you want to pay attention to is Ethereum, so type “Ethereum” into the text box near the upper left hand portion of the screen, and this will make all wallets but the ETH and ETC wallet disappear. Ignore ETC.
Step 2: Click “Deposit” on your ETH wallet.
Step 3: Copy the alphanumeric address that appears. Now it’s time to move to your external wallet.
Step 4: For the purposes of this example we’re using the Exodus wallet, which is a great software wallet that holds several different coins. Whatever wallet you choose, you need to select “Withdraw” for Ethereum. Paste your Binance address into the address text box (always always always double check!). Then choose how much Ethereum you wish to send to Binance in order to invest in Tron coin. When you’re satisfied that all of the information is correct, hit “Send”. In a few minutes, your Ethereum will arrive in your Binance Ethereum wallet.
How to Store Your TRX is a Personal Wallet for Safekeeping
TRX does not have a dedicated software wallet for you to download, though this will come in time. Fortunately, trusted wallet providers like MyEtherWallet support TRX, because TRX was created on the Ethereum blockchain.
Step 1: Create a new password and create your new wallet.
Step 2: Save your keystore file. This will help you regenerate your wallet anywhere in the world, so you can use your coins even if you are away from your primary device. It’s also a security measure just in case you lose your password or something.
Step 3: Take careful note of the Private Key shown on the next screen (I can’t show you mine, obviously). This private key can act as a password for you to get into your account. It can also be used to regenerate your wallet anywhere in the world. Type in the private key.
On the home screen you’ll see your account address on the right side. Copy this address. This is the address you’ll send Ethereum, TRX, and any other ERC20 token for safekeeping in the future.
Head back over to Binance. Click “Withdraw” on your TRX wallet and paste your MyEtherWallet address. Then hit “send”. You’ll be charged a 30 TRX fee, and in a few minutes you TRX will arrive.
It’s important never to store your TRX or any other cryptocurrency on the exchange on which you purchased it. Exchanges are routinely hacked and can be slow and unpredictable. You want your coins out of harm’s way.[/su_note]
Tron Coin TRX FAQ
Final Thoughts on Tron Coin TRX
Tron is a massive project in development, with a great team behind it, and a tremendous amount of community interest. We are bullish on Tron for all the reasons listed above, and because something like this should exist and China seems the best place in the world to do it.
Only time will tell if Tron Coin is truly a good investment, but with all of these good signs already known, we expect Tron to be one of the big cryptocurrency investment stories of 2018. Good luck, do your own research, and enjoy when you invest in Tron!