Do you want to make a difference in the world while investing in exciting new cryptocurrency projects? PARA is a mission-driven project which helps users launch NFTs and new tokens, all while contributing a portion of fees to army veterans in need across the world.
In this easy step-by-step guide, we will show you exactly how and where you can buy and store PARA in the easiest way possible.
What is PARA?
PARA is an ERC-20 (Ethereum) token aimed at building a like-minded community while supporting army veterans around the world in the process. The PARA platform offers an NFT marketplace where users can mint, sell and buy NFTs. In addition to this, PARA offers a launchpad for new cryptocurrencies where PARA holders are eligible to gain early access to the launches of these new tokens.
One thing that makes PARA particularly unique is that a percentage of all transactions is donated to PARA partners which include Convoy of Hope, and Xtreme Couture GI, two nonprofits aimed at helping support former army veterans across the world.
If this sounds interesting to you, read on to learn the easiest and best ways for you to buy and store PARA in this step-by-step guide.
Step 1: Register on Fiat-to-Crypto Exchange
Prior to trading cryptocurrencies like PARA you need to first move your fiat money (such as dollars) into the crypto universe. This can be done with a fiat-to-crypto exchange.
CryptoWallet is an excellent option for a fiat-to-crypto exchange. It is fully regulated and all funds are secured by BitGo, a leader in the digital asset security space. The CryptoWallet app provides an intuitive and guided registration process. On top of this, it includes unique features such as the crypto debit card which allows you to spend your crypto like cash anywhere that accepts debit card payments.
You can download the easy-to-use CryptoWallet app on both Apple and Android devices. Once you have finished the easy registration process you are ready to begin purchasing crypto in the next step.
Step 2: Buy BTC with Fiat Money
After you have registered on a fiat-to-crypto exchange, you can begin to purchase cryptocurrencies. However, the most reputable fiat-to-crypto exchanges may not provide access to the exact niche cryptocurrency you want. This is why we recommend using CryptoWallet and purchasing an intermediate cryptocurrency that you will trade for PARA later on.
CryptoWallet currently offers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT) as options. You can even use your debit or credit card to purchase these cryptocurrencies, making the transaction as easy as any other type of online shopping.
We recommend purchasing BTC to begin with since it is the most widely accepted cryptocurrency. This will make your job of trading it for PARA in the next step much easier.
After purchasing BTC you are ready to move on to the next step, which is to transfer the BTC to an altcoin exchange and trade it for PARA. Read on to learn how to do this in the next step.
Step 3: Transfer BTC to an Altcoin Exchange
PARA is currently supported by several altcoin exchanges. You should do your own research to find which is offering the best exchange rate for trading into PARA at the time you are reading this. Just make sure the exchange you choose is reputable and trustworthy.
Once you have selected which altcoin exchange you will use, you will need to sign up for that exchange. Since fiat money is not involved and you will only be trading crypto-to-crypto from here on out, the sign-up process should be noncomplicated, fast, and easy.
After you finish signing up you can send your BTC for the trade by finding your BTC receive address on the new exchange and copying that address to then paste into the ‘Send To’ field on the CryptoWallet app.
It will likely take 15-45 minutes for your BTC to arrive on the altcoin exchange, after which you can search for the BTC/PARA trading pair and execute your trade.
Congratulations, once the trade has been completed you will be the proud owner of PARA.
Step 4: Store PARA Securely
It is not uncommon for a cryptocurrency to double or triple in value in a short period of time. What may seem like a relatively trivial amount now can be worth much more in the future. That is why you should consider the security of your crypto assets now rather than later.
There are two primary options for storing cryptocurrencies like PARA securely: software wallets and hardware wallets. Software wallets tend to be convenient, easy, and free to use. Hardware wallets, on the other hand, are often more secure since they store your keys offline. However, they come with an added cost and loss of convenience.
CryptoWallet is an example of a software wallet that is both very convenient and prioritizes security for its users. For example, all funds stored on CryptoWallet are protected by BitGo, a leader in the digital asset security space. The CryptoWallet crypto debit card also provides the added benefit of allowing you to spend your crypto anywhere that accepts debit payments. Unfortunately, CryptoWallet is focused on large-cap cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT), so more niche cryptocurrencies like PARA are not currently an option.
There are other options for software wallets that will support PARA. You should do your own research to find the best wallet that supports PARA and is secure, safe, and reputable. Software wallets can be secure (such as with CryptoWallet) but this is not always the case.
A hardware wallet is generally your best option if you are planning to store large amounts of crypto for an extended period of time. Since hardware wallets store your keys offline they add an extra layer of protection. The downside of hardware wallets is that they are less convenient than software wallets and require an extra purchase (of the hardware wallet itself). If you do decide that a hardware wallet is the best option for you, Trezor and Ledger are both excellent choices that are reputable and well tested.
Other Useful Tools for Trading PARA
If you prefer, you can also trade PARA on a decentralized exchange such as Uniswap. Decentralized exchanges allow you to execute trades directly from your chosen wallet without needing to rely on and give up custody to an exchange.
As mentioned, price-feed tools like CoinGecko.com and CoinMarketCap.com are also very useful for trading cryptocurrencies like PARA. These tools provide you with a real-time price chart and statistics such as current market cap and trading volume. In addition to this, CoinGecko and CoinMarketCap will provide you with a list of exchanges currently trading PARA as well as the trading pairs they support (for example BTC to PARA or USDT to PARA, etc).
Latest News for PARA
PARA recently launched the much-anticipated NFT marketplace portion of its platform. This means PARA holders can now mint, buy and sell NFTs on the PARA platform while contributing to veterans in need. Before this, PARA was mainly focused on its launchpad for new tokens, which is still a major offering of the platform.
Can I buy PARA with cash?
Unfortunately, you cannot buy niche cryptocurrencies like PARA directly with cash. However, a cash-like way to purchase PARA is to use your debit or credit card to purchase BTC on CryptoWallet and then trade that BTC for PARA on an altcoin exchange.
Are there any quick ways to buy PARA in Europe?
The quickest way for you to buy PARA in Europe is to use the CryptoWallet app which will allow you to buy Bitcoin (BTC) directly with your debit or credit card. Once you have completed this purchase you can easily swap your BTC for PARA on an altcoin exchange.
Are there any alternative platforms to buy PARA or Bitcoin with credit cards?
While the combination of CryptoWallet and an altcoin exchange that supports PARA is likely the easiest and best option to purchase BTC with a credit card and then swap that BTC for PARA, other options may exist. You should do your own research as to which option is best for you and what the potential trade-offs are for your chosen platform.