This is a detailed guide to buy Nano which goes by the symbol XRB. Apart from learning how to buy XRB, you will also learn where to buy XRB. The guide will also explain where to store XRB and how to set up Nano wallet.
Bitcoin is the most popular cryptocurrency in the world, and it also deserves to be. But being the most popular and the very first cryptocurrency doesn’t make it perfect. There are flaws in Bitcoin that make the transactions really difficult at times. Such flaws are being corrected by the emerging cryptocurrencies like Nano. Nano, formerly known as Raiblocks, is a payment system that is based on the block-lattice architecture. Nano is fast, the latency rate is very low and it’s also a trustless medium.
The way Nano differs from Bitcoin and some other coins are the Block-lattice architecture. Nano does use a Blockchain to store all the transactions nor does it require the minors to solve the cryptographic equations to write down the transactions in the public ledger. When transactions happen through Nano, the sender has his own sending block and the receiver has his own receiving block. The sender has to solve the cryptographic equation in the sending block and the receiver has to solve it in the receiving block. This minimizes the requirement of heavy resources resulting in cutting off the time required to perform a transaction.
Nano was formerly known as RaiBlocks. In the most recent update, the rebrand changed its name to Nano. The tokens of Nano go by the XRB symbol.
How to buy Nano (XRB)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Binance
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Binance now.
- First of all, open Binance website and sign up. Use this link to sign up on Binance to earn a little bit of reward. Verify your identity as per the requirements of Binance.
- Now on Binance, click on Funds > Deposits > Select BTC and copy the Deposit address.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Binance Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Binance wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Binance Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Binance wallet in a few minutes.
Step#3: Trade Bitcoin for XRB (BTC -> XRB)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for XRB.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select Nano/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of Nano you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get XRB in your Nano wallet at Binance.
Step#4: Store XRB in Nano Wallet (MyEtherWallet)
Nano has its own wallet called the Nanowallet. This is a web wallet and it’s good enough to store your Nano tokens. Here’s how to store the Nano (RaiBlocks) XRB in the Nanowallet.
- Open Nanowallet on your web browser and click on sign up.
- After signing up, open your newly created account.
- On the account homepage, you will get an address on the right side. You can also create a new wallet to get a new address.
- Copy this address now.
- Now open Binance > Funds > Withdrawals > Select XRB/Nano > Paste your Wallet address and send the tokens to your Nanowallet. That’s all.
- It will take a few minutes for you to get your XRB tokens in the Nanowallet account.
More information on Nano:
- Nano Price Tracker – CryptoPit Coin Price Tracker
- Nano Official Website – nano.org
- Reddit Community – r/nanocurrency/
- Nano Wallet – Nanowallet.io
- White Paper – White Paper Link
- Github – Github Repository
- Exchanges – Binance | Huobi | Coinnest | Liqui | HitBTC
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.