Prediction markets like Prosper are an exciting use case for blockchain technology, and holding Prosper’s native PROS token is a great way to bet on the continued growth of this burgeoning field.
In this easy step-by-step guide, we will show you exactly how and where you can buy and store PROS in the easiest way possible.
What is PROS?
Prosper is a cryptocurrency-based prediction market. Users connect their cryptocurrency wallets containing PROS tokens, which they can wager based on a prediction they make about a future event. For example, a user could predict the outcome of a sporting event or election and wager PROS tokens based on their conviction in their chosen outcome coming true. If a user has a high conviction they can wager a high amount of PROS tokens which will result in a higher payout should their prediction prove to be correct. Conversely, if the user is less sure what the outcome can be they can make a smaller wager which carries less risk but also a potentially lower payout.
The outcome of predictions is assessed using Chainlink’s oracle. An oracle is a data feed that communicates real-world info (such as the winner of a sporting event) onto the blockchain. Payouts meanwhile, are also made using PROS tokens and sent directly to the user’s crypto wallet.
If this sounds interesting to you, read on to learn the easiest and best ways for you to buy and store PROS in this step-by-step guide.
Step 1: Register on Fiat-to-Crypto Exchange
Before you can hold PROS and other cryptocurrencies you must enter the cryptocurrency ecosystem. In other words, you must convert your fiat money (such as dollars) into crypto. To do so you will need to register with a fiat-to-crypto exchange which is an onramp for trading between fiat money and crypto.
We recommend using CryptoWallet.com as your fiat-to-crypto onramp. It provides a quick and easy registration process catered to new users and is, therefore, an excellent choice. The CryptoWallet.com app is available on both Apple and Android devices and even provides a crypto debit card that allows you to spend your crypto anywhere that accepts debit payments.
After downloading the CryptoWallet.com app and completing the guided registration process you are ready to move on to step 2, which is to buy cryptocurrency with your fiat money.
Step 2: Buy BTC with Fiat Money
The point of a fiat-to-crypto exchange is to move from your fiat money into crypto and in this step, this is precisely what we will do. After purchasing an initial cryptocurrency it will be much easier to swap for more niche cryptocurrencies such as PROS.
We recommend purchasing Bitcoin (BTC) as your initial cryptocurrency since it is the most widely accepted cryptocurrency. However, CryptoWallet.com also supports Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). Best of all CryptoWallet.com allows you to buy any of these cryptocurrencies with your debit or credit card, making the process extremely familiar and easy.
Once you have purchased BTC on CryptoWallet.com you are ready to trade that BTC for PROS which we will cover how to do in the next step.
Step 3: Transfer BTC to an Altcoin Exchange
To trade your BTC for PROS, you will need to send your BTC to an altcoin exchange that supports both cryptocurrencies.
Luckily, PROS is currently supported on a wide range of altcoin exchanges including Binance, Gate.io, and DeCoin. Which one is better for you will be a personal choice. You can also use tools such as CoinGecko.com to compare rates between the two exchanges and see which one will provide you with a better deal when trading BTC for PROS.
After completing sign-up on your chosen altcoin exchange you can navigate to your wallet within that exchange and find your BTC receive address. Copy this address and head back to the CryptoWallet.com app where you can then paste it into the ‘Send To’ section to transfer your BTC to the new altcoin exchange.
It may take 15-45 minutes for your BTC to arrive on the altcoin exchange. Once it has arrived you can search for the BTC/PROS trading pair and execute your trade.
Last Step: Store PROS Securely
Now that you own PROS you should consider how you will store it. You have two major options for securely storing cryptocurrencies: software (online) wallets and hardware (offline) wallets. Each comes with its own set of tradeoffs. For example, software wallets are convenient, feature-rich, and free to use, while hardware wallets are the safest option (since your keys are stored offline) but are not ideal for regular use and require separate purchases of the hardware wallet itself.
For software wallets, CryptoWallet.com is excellent for hundreds of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). The CryptoWallet.com crypto debit card is an excellent feature for those who would like to spend their crypto at any online or offline store that accepts debit card payments.
In terms of hardware wallets, Trezor and Ledger are two industry leaders in terms of security and ease of use. Both are widely available and support most major altcoins. Be sure to do your own research to make sure the specific device type you are looking at supports PROS before purchasing. A hardware wallet such as a Trezor or Ledger is generally the best and most secure option for storing large amounts or if you are looking to store your crypto for a long period of time without needing regular access.
Other useful tools for trading PROS
Other useful tools for trading PROS include tools like CoinGecko.com and CoinMarketCap.com which provide you with a real-time price chart and statistics such as current market cap and trading volume. As mentioned in step 3, these tools are also excellent for comparing rates between exchanges to decide the best place to trade your coins.
You can also trade PROS on a decentralized exchange like PancakeSwap. Decentralized exchanges allow you to make trades directly from your wallet without having to give custody to an altcoin exchange.
Can I buy PROS with cash?
No, unfortunately not. Most smaller and niche cryptocurrencies such as PROS are not available to buy with cash.
The most cash-like way to purchase PROS is to use CryptoWallet.com to buy BTC with your debit or credit card, and then trade this BTC for PROS on an altcoin exchange that supports this trade.
Are there any quick ways to buy PROS in Europe?
The quickest and easiest way to buy PROS in Europe is to use your debit or credit card on CryptoWallet.com to purchase BTC, and then send that BTC to trade for PROS on an altcoin exchange that supports both currencies.
Are there any alternative platforms to buy PROS or Bitcoin with credit cards?
CryptoWallet.com is a very easy way to purchase BTC with your credit card and send it to an altcoin exchange to trade for PROS. However, there are other options. 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.