How and Where to Buy Mir Coin (MIR) – An Easy Step by Step Guide

What is MIR?

The Mirror Protocol (MIR) is a DeFi project built on top of the Terra blockchain and powered by smart contracts. It enables the creation of synthetic tokenized assets called Mirror Assets or mAssets. These mAssets are designed to mimic and track the price of real-world assets. This allows users to mint synthetic versions of real assets and be able to trade 24/7 rather than within traditional business hours.

Mir Coin allows users to gain exposure to the financial derivative market without having to own any real-world assets. They are also not subject to the strict regulations and fees that can be involved in the financial derivatives market. 

Rather than the mAssets representing the underlying asset, they are solely tied into the price of the asset. Examples of assets “mirrored” on Mir include mTSLA (Tesla) and mAMZN (Amazon).

The MIR token is used as a governance token to propose changes or upgrades to the protocol and vote on the proposals. MIR was designed by Terraform Labs, the team behind the Terra ecosystem.

Where to Buy MIR Coin

To buy MIR tokens, you’ll need to go to a cryptocurrency exchange, these are online platforms for trading cryptocurrencies. Some of the more well-known crypto exchanges will accept fiat money to buy crypto tokens – these include Coinbase, Gemini or CryptoWallet.com.

The MIR token is not currently available on the majority of these platforms to purchase using fiat money but you can purchase MIR coin using other cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH) on Binance and CoinJar. MIR is currently accepted on a range of altcoin exchanges that trade only cryptocurrencies such as Flybit , Bitforex and BitGlobal. 

The easiest option is to purchase BTC using fiat money via a trustworthy exchange and then trade this BTC for MIR tokens on a supported exchange. You’ll also need a crypto wallet to store and access your funds. 

A crypto wallet is a piece of software or hardware that stores the information that you will need to manage your funds. It includes your public key (this can be used to receive funds and is similar to a bank account number or email) and your private key (used to send funds and can be seen as similar to your password). We’ll go through some of the options available to you to hold your tokens securely!

Step 1: Register on Fiat-to-Crypto Exchange

Firstly you’ll need to get set-up on a crypto exchange that lets you buy crypto tokens using fiat currencies (US dollars or Euro for example). We’ll go through the steps to get started on CryptoWallet.com in a few simple minutes.

• Click register at the top of the CryptoWallet.com webpage to start setting up your account – you’ll need to provide verification of your identity for this.
• Once registered you will be taken through the steps to set up your own secure crypto wallet with a secure phrase to help you regain access to your wallet if needed.
• When the verification process is complete you’ll be ready to start buying crypto and trading straight away!

Step 2: Buy BTC with Fiat Money

Once you have a wallet set up on an exchange you can add fiat money to the wallet by a bank transfer or deposit. Some exchanges will let you use a credit or debit card to add money to your crypto wallet. With CryptoWallet.com you can even add funds using our mobile application. 

Once you have your funds stored in your crypto wallet you can purchase Bitcoin (BTC) tokens on the exchange using your held fiat money.

Step 3: Transfer BTC to an Altcoin Exchange

At this point you will have tokens that can now be traded on an altcoin exchange for MIR tokens. You will often need to set up a wallet on one of these exchanges or use a separate wallet that supports MIR tokens. 

You can use your wallet to transfer your BTC tokens to the altcoin exchange where it can then be traded for MIR tokens. Trading BTC for MIR is supported on a small range of altcoin exchanges including BitGlobal, BitForex and Flybit.

Last Step: Store MIR Securely

It’s vital to store your funds in a secure wallet that prevents anyone else from gaining access to it. As many altcoins are not supported by major exchanges, there have been malicious wallets set up to try to trick the users into giving their private key. We’ve taken a look at some of the options available to store your MIR tokens safely and securely.

Crypto wallets can be either a hardware or a software wallet.In a way a wallet can be seen as simply the keys needed to access your funds. A hardware or “cold” wallet stores your keys offline which makes it an extremely secure way to store crypto. 

However, cold wallets offer less convenience as they must be connected to a device before you can access your funds. The hardware wallets, Ledger and Trezor, both support MIR tokens and are well-known and established cold wallets. 

Software or “hot” wallets are used to store your information online. As they are always connected to the internet they offer lesser security but much more convenience than a cold wallet. Some of the wallets available on exchanges have tackled this issue by assuring your funds using a crypto security provider.

Some users prefer to hold the majority of their crypto in well-known tokens using a protected wallet. They will use a secondary wallet to hold and trade altcoins.

Other Useful Tools for Trading MIR

MIR can also be traded on the Decentralized Exchange, TerraSwap. This allows users to trade between other Terra-based tokens including USDT and LUNA. It also allows for the trading of the mAssets minted by the Mir Protocol.

This exchange allows for the trading of Terra tokens without an intermediary. You’ll have to connect your altcoin wallet using WalletConnect.

The MIR protocol has its own MIR wallet that allows you to hold MIR tokens but does not support other cryptocurrencies.