Technological progress has been exponential in recent decades. Rapid technological change has impacted nearly every aspect of global business, society, and culture.
Blockchain technology is a game-changing technology that has seen rapid growth in recent years. A blockchain is a distributed database that is accessible through a network of computers known as nodes. Simply put, a blockchain is a digital database that stores data.
Decentralisation is a key and important feature of blockchain technology. This entails the ability of two people to complete a transaction without the use of a third party. This is why the blockchain is interconnected via peer-to-peer nodes.
Since the advent of technology, a number of projects have been built using the same infrastructure because it provides a secure and safer environment for user data and is completely decentralised, making it immune to manipulation.
ThreeFold is one project that leverages blockchain’s decentralised nature to provide its users with a fully decentralised peer-to-peer network service.
Below has been outlined a step-by-step guide on buying TFT.
What is ThreeFold?
ThreeFold is a peer-to-peer Internet and cloud stack that gives anyone access to smart contract-based infrastructure. ThreeFold, according to its description, allows any current or future digital task to be hosted natively on its tamper-proof and advanced decentralised infrastructures, such as blockchains, IoT networks, oracles, decentralised organisations, and dApps.
ThreeFold is the world’s most comprehensive, secure, and decentralised Internet and cloud infrastructure, featuring a game-changing quantum-safe storage system, a next-generation Docker container environment, and a secure peer-to-peer network. It is integrated with industry-leading frameworks and tools, and ThreeFold’s operating system is capable of running everything that runs on Linux.
TFT is the native token of the ThreeFold ecosystem, and in order to stay true to the community’s ideals and ideas, ThreeFold incentivizes TFT ecosystem expansion toward DeFi.
We’ve covered everything you need to know about investing in or purchasing TFT in the sections below.
Step 1: Register on Fiat-to-Crypto Exchange
To obtain a cryptocurrency token, you must first purchase it from one of the major cryptocurrency exchanges that offer fiat-to-crypto conversion, from an altcoin exchange, or you may purchase using a decentralized exchange.
Because of the size of the crypto industry, some of the largest crypto exchanges only offer the top coins for sale on their platforms. Altcoin and decentralised exchanges can be used by users who want to acquire crypto assets that aren’t listed on any of the major crypto exchanges.
Because ThreeFold (TFT) is primarily listed on the DeFi platform as part of the project’s desire to promote its decentralisation concept, you cannot acquire TFT from a major exchange. As a result, you must first exchange Bitcoin or Ethereum for them.
The most common way to purchase TFT is to first use a fiat-to-crypto exchange to purchase Bitcoin or Ethereum, then transfer it to an altcoin or decentralised exchange. To effectively use the trading services of a fiat-to-crypto exchange, you may need to complete their sign-up procedure and open an account with them.
A number of fiat-to-crypto exchanges require some form of identification to complete their signup process. They require the user to provide some KYC authentication. A valid driver’s licence, international passport, or other acceptable forms of identification is frequently required.
Step 2: Buy BTC with Fiat Money
After you have successfully registered and completed the KYC procedure on the fiat-to-crypto exchange, the next step is to obtain the currency you require. You can do this by using a well-known fiat-to-crypto exchange, such as CryptoWallet.
Before you decide which currency to purchase (Bitcoin or Ethereum), make sure that it will work best with the exchange where you want to purchase TFT.
After successfully signing up for the CryptoWallet exchange, there are three basic procedures for acquiring Bitcoin or Ethereum. They are as follows: deposit fiat money (such as USD) using a debit card or bank transfer; confirm the current BTC or ETH trading price so you can decide whether you’re comfortable buying at the time; and enter the amount you want to spend on the coin before clicking “Confirm” to complete the transaction.
Step 3: Transfer BTC to an Altcoin Exchange
After you’ve successfully purchased BTC (or ETH) on a fiat-to-crypto exchange, the next step is to locate an altcoin or decentralized exchange that has listed TFT for trading.
There are several prominent exchanges from which to pick. Some of the most prominent altcoin exchanges are Gate.io, HotBit, and Huobi Global, while decentralized exchanges include PancakeSwap, Uniswap, and 1inch. Each of them has its own set of features that distinguishes it from the others. Some of these altcoin exchanges also need registration while decentralized exchanges do not require any form of registration whatsoever. All you need for a decentralized exchange is a non-custodial wallet.
After you’ve set up your altcoin exchange account or dEx wallet, you are required to transfer the purchased Bitcoin or Ethereum from your fiat-to-crypto exchange to your altcoin or decentralized exchange to facilitate TFT trade.
Depositing requires that you seek the “deposit” button on the receiving platform, which is usually next to “Bitcoin” (or ETH). After clicking “deposit,” you’ll be given a unique wallet ID. Return to the fiat-to-crypto exchange where you bought your BTC (or ETH), and click “Send” after entering your wallet address in the “Send” section.
If you bought BTC (or ETH) with CryptoWallet, choose the currency and quantity you wish to send, then paste the wallet ID you copied from the altcoin exchange, verify, and wait for the coin to appear on the new exchange. You can check out a few step-by-step instructions for a better understanding.
Once you’ve gotten confirmation that your coins have arrived from the fiat-to-crypto exchange, look for the TFT trading pair TFT/BTC or TFT/ETH (depending on the base currency you bought/received) on the altcoin or decentralized exchange and make your trade.
Last Step: Store ThreeFold Securely
Purchasing cryptocurrency is one thing; deciding on the best storage option for your requirements is another.
Cryptocurrency can be stored in one of two ways, either online or offline. The two types of wallets used to hold crypto assets are cold wallets and hot wallets, and they differ in terms of the security they provide and the convenience with which they may be utilized.
The Ledger Nano S and Nano X are two of the most popular cold wallets available today, and they handle a wide range of crypto assets. Cold storage, also known as offline wallets/hardware wallets, is the most secure way to retain cryptocurrency because it is not accessible over the internet.
Another option for securing your cryptocurrency is to use hot wallets. This storage type was chosen due to the ease with which they can be obtained and the ease with which transactions can be completed because they are widely available online.
Bitgo is an autonomous, well-known third-party digital asset custodian that is used by some of the most popular cryptocurrency exchanges to keep their consumers’ assets secure. Bitgo, for example, is used by CryptoWallet to safeguard its platform’s five major cryptocurrencies.
Other Useful Tools for Trading ThreeFold
To become a great cryptocurrency trader, you must have a thorough understanding of the terms associated with the crypto market. To accomplish this, you must immerse yourself in word learning and broaden your knowledge of a variety of subjects.
In the long run, this knowledge will help you trade ThreeFold and other coins. Investopedia is a world-class encyclopedia that covers cryptocurrency and other investment-related terms and concepts. Its goal is to make financial decisions and information as simple as possible so that readers can feel confident in their financial management.
Can I buy TFT with cash?
No! You can’t. Instead, you buy Bitcoin or Ethereum on a reputable exchange that supports fiat-to-crypto exchange, then convert them to TFT on any altcoin exchange.
Are there any quick ways to buy TFT in Europe?
Yes! There are a few. European residents may open accounts with select European banks, such as Bunq and Revolut, and easily buy cryptocurrencies on exchanges like Coinbase.
Are there any alternative platforms to buy TFT or Bitcoin with credit cards?
Yes! There are a few of them. A number of popular cryptocurrency exchanges accept credit card purchases for Bitcoin and Ethereum. Changelly is an example of a service that accomplishes this.
It’s a cryptocurrency exchange where you can buy Bitcoin with a credit card. Following the successful receipt of BTC, you may wish to purchase TFT tokens on your preferred altcoin exchange.