In this article, we will be exploring the altcoin STRONG, discuss its functionally and provide a handy step-by-step guide for how to get it, what to do with it, and answer some of the general FAQs about this coin.
What is STRONG Coin?
STRONG is the native token to the Strong Block platform. This token was first released in 2018 by founder and CEO David Moss, and functions as the means of conducting governorship amongst the platform. What this means is that STRONG holders can engage in acts such as calling for proposals, votes, and having input in the general operation of the platform.
On a technical level, STRONG functions via the Ethereum ERC-20 standard but with some key protocol differences. These differences allow STRONG to stand out in the altcoin crowd and are designed to encourage greater degrees of functionality and better operator rewards systems.
Generally speaking, blockchain operation is broken down into two separate categories, miners and nodes. Miners are rewarded for the successful solving of the cryptographic code within a block and are generally awarded in tokens or coins. Nodes however are usually a ledger of the overall blockchain, allowing for information to be sent out amongst the chain and are generally not rewarded for this function. Strong Block rewards its node operators with its native STRONG and even allows for the Strong community to rate better operators for better rewards.
Step 1: Register on Fiat-to-Crypto Exchange
To purchase STRONG you must first purchase a cryptocurrency, such as Bitcoin. (BTC) To purchase Bitcoin. you must first be registered on a Fiat-to-Crypto Exchange. CryptoWallet is a simple and safe-to-use app available on the Apple or Play Store that will allow you to exchange fiat currency for cryptocurrency.
Once downloaded you can start following its simple registration process, where you can quickly link an existing fiat account with your new CryptoWallet App. This will allow you to deposit fiat funds from a pre-existing account into the CryptoWallet account.
Step 2: Buy BTC with Fiat Money
Now that you’ve deposited fiat currency into the CryptoWallet App you can now purchase cryptocurrency through its easy-to-use interface and its various features. Firstly, simply select BTC and the amount you wish to purchase. With CryptoWallets up to date data, you will then be able to observe the current market for the best crypto price, its market charts and make an informed decision with your money.
CryptoWallet offers a host of different purchasing options that will allow you to purchase crypto in the way that best suits your needs. Once purchased, your BTC funds will be displayed in your account, as well any other funds, allowing for you to easily keep track of your various accounts.
Step 3: Transfer BTC to an Altcoin Exchange
Once you’ve purchased your desired amount of BTC you will need to trade that BTC for STRONG. To do this you must register on an altcoin exchange that facilitates the trade of BTC/STRONG. There are many different exchanges such as Uniswap or Binance which each will have their own functions and network fees.
But for this example, we will use HOO as one such altcoin exchange platform that hosts STRONG. The registry process for HOO is relatively straightforward but will require some verification. This verification process will require the setting up of an account, the confirmation identity, and the creation of a security protocol such as two-step verification.
Once completed, simply find the wallet tab on your browser and select the ‘deposit’ funds option and follow the instructions shown to deposit your stashed BTC. This process will involve the copy and pasting of a code or the use of a quick scan QR code. Your BTC will now be deposited into your HOO account, find your way to the ‘trading’ tab, select the BTC/STRONG trading pairs in the drop-down menu, and begin trading!
Last Step: Store STRONG Coin Securely
Congratulations, you are now in possession of some STRONG tokens! The next and final step is figuring out where to store your STRONG and to do this you are going to need a wallet. When selecting a crypto wallet it is important to consider your specific utility and security needs, as well as the security details and costs associated with said wallet.
MetaMask for example is a popular wallet that holds STRONG and offers an impressive degree of versatility and broad scope integration. Offering the option to integrate both browser and mobile storage methods and even has options for a hardware wallet.
TrustWallet is another popular token storage method that can hold STRONG tokens. This wallet, much like MetaMask, is widely versatile, easy to use, and has a strong reputation. Offering both browser and mobile options for both Android and Apple.
CyptoWallet is another wallet system that caters to most users’ needs, being both safe, secure, and simple. While this specific wallet is currently unable to hold STRONG tokens, it is worth keeping an eye out for its growing functionality.
Other Useful Tools for Trading STRONG
When trading any crypto including STRONG there exist a few handy tools that allow you to make the best and most informed decisions when it comes to trading.
On-Balance-Volume (OBV) is one such handy tool that measures both the positive and negative flow of an asset’s volume. Allowing traders to chart the supply to demand relation of the asset.
Average Directional Index shows traders the intensity of an assets movement trend, highlighting all kinds of useful signifiers for better trade.
The Stochastic Oscillator shows traders the current price of an asset concerning its price range over a specific timeframe. This informs traders about the nature of an asset’s price changes within a specific framework and context.
Latest News for STRONG
In early 2020 STRONG announced that it was going to make a change in its overall tokenomics strategy. This would involve STRONG engaging in the burning of 96% of its overall token supply dropping from 10 million to 400,000. This change in strategy and market cap altered both the volume and trading position of STRONG, yet it has been made clear that this strategy has some long-term benefits in mind.
As noted by STRONG CEO and founder David Moss, node participation in the Ethereum network is down since 2017, and trends such as this represent both a challenge to the network and an opportunity for STRONG. Given the importance of node operational health to the overall network, STRONG is perfectly poised to capitalize both in the existing network and the future Ethereum 2.0.
STRONG’s primary use case is the creation of better and more reliable node architectures via a system of incentivization towards its node operators. As such STRONG has over the past few years been gearing up for its integration with Ethereum 2.0 and has already gone live with Polygon nodes. It appears that given the market conditions and the preparedness of the company, STRONG Block is well-positioned to benefit in these emerging markets.
Can I buy STRONG with cash?
Not directly. STRONG is one of the cryptocurrencies that can only be purchased via already existing cryptos such as Bitcoin or Ethereum. To purchase STRONG simply follow our step-by-step guide above to get STRONG in a quick and timely manner.
Are there any quick ways to buy STRONG in Europe?
STRONG can be purchased quickly throughout Europe via a host of different altcoin exchange platforms. Platforms such as Binance, Uniswap, or HOO are popular means of procuring STRONG tokens.
Are there any alternative platforms to buy STRONG or Bitcoin with credit cards?
To buy STRONG you must already own some other cryptos such as BTC or ETH. Purchasing either BTC or ETH with a credit card is simple with many different platform options. Options such as Coinmama, CoinSmart, Binance, Bybit or Bitpanda.