With something of a prestigious development team, Helium (HNT) has its origins dating back as far as 2013. Outlining a broad plan for widespread hotspot adoption, geared toward creating “The People’s Network,” Helium hopes to create a system that benefits users and operators alike. So, in this helpful guide, we will be taking a look at the background of this project, providing some details about its native HNT token, and providing you with a handy guide on how to get some of your very own Helium coin.
What is HNT?
Officially launched in July of 2019, this project actually has its origins dating back as far as 2013, making it a project with a more lengthy development timeframe than is often found in crypto. This team’s founders include Amir Haleem, Shawn Fanning, and Sean Carey, and they have experience in in-game development, the eSports community, and even the development of Napster.
Together with a team of other developers, Helium seeks to create a decentralized network on the Internet of Things (IoT) that can provide users with internet network coverage. Self-referred to as the ‘The Peoples Internet,’ this system hopes to create a feedback loop business model. Owners/operators of the nodes (also referred to as hotspots) of this network act as both a network gateway and HNT miner simultaneously. With better nodes being awarded better HNT rewards.
Functioning by what is called a “Proof-of-Coverage” system, this blockchain network allows for low-powered devices to communicate in a stable fashion using the Honey Badger BFT protocol. Essentially, this system allows for the consensus of the overall chain to be affected even when network connectivity can become variable.
Overall, this project has enjoyed a good degree of success and can be found to be flourishing, or at least taking root, in many countries and major cities around the world. We here at CryptoWallet are not authorized to provide you with any financial or investment advice, but it is always recommended that you do your research and take a look at the background of a coin and ensure you have a thorough understanding of the coin’s use case and operation.
With all that in mind, and if you still find yourself looking for some, we will now provide you with a handy guide on how to get some of your very own HNT.
Step 1: Register on Fiat-to-Crypto Exchange
So, first things first! HNT is an altcoin, and as an altcoin, it usually cannot be purchased directly with fiat funds or a credit/debit card. Instead, you’ll need to buy another mainstay cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH), that you can then trade for some HNT. We’ll be purchasing Ethereum in this tutorial.
To get some ETH, we’re going to have to register on a Fiat-to-Crypto Exchange. You have a lot of options when it comes to choosing a crypto exchange, and each one is a bit different, so it pays to browse around. In this case, though, we’ll be utilizing our very own CryptoWallet.
CryptoWallet is a very safe, simple, and easy-to-use system that brings together a wallet system and an exchange in one handy app. The CryptoWallet app can be found on the Apple App Store or the Google Play store and can be easily downloaded to your device. Once downloaded, just follow the app’s on-screen instructions. These will show how to link one of your already existing fiat bank accounts to the app.
Once linked, you’ll be sending over some fiat funds to the app, which then can be used to quickly trade for some crypto, in this case, Ethereum.
Step 2: Buy ETH with Fiat Money
Once the deposited fiat funds are displayed in your CryptoWallet app, you are free to trade for some ETH, which we can later use to trade for some HNT.
To begin, go to the CryptoWallet app’s trading page and search for Ethereum. Choose the quantity you wish to buy and click “Buy.” CryptoWallet offers a variety of price charts, market information, and trading alternatives to help you make the best investment decisions with your money.
If used wisely, CryptoWallet provides users with a variety of different trading options, onscreen market data, and charts that, can empower you to make the best possible decision with your money.
There will be a brief confirmation time after your ETH purchase. This confirmation can vary depending on traffic conditions, but generally will be well under thirty minutes. Then your new ETH, as well as any remaining funds, will be displayed in your CryptoWallet account.
Step 3: Transfer ETH to an Altcoin Exchange
Once your new ETH is safely displayed in your CryptoWallet, your next step is going to be trading the ETH for some HNT. As a result, you will need to sign up with an altcoin exchange.
There is a lot of variety when it comes to choosing an altcoin exchange, and different exchanges will offer different services, differing rates, and differing reputations. So it’s always a wise idea to patiently identify your personal trading needs and seek out an exchange that suits them.
But usually, the first thing you should look for is support for the appropriate trading pair, in this case, ETH/HNT. Thankfully, in this instance, you have quite a few providers to choose from, including Binance, Gate.io, FTX, and KuCoin. We, however, will be using Gate.io.
Next, you are going to have to register with Gate.io and begin trading. The registration process will be straightforward, requiring just basic information, KYC standard data, and the implementation of a few security measures like passwords and two-factor authentication (2FA), and the like.
After completing this and a brief wait, Gate.io will tell you when your account is ready to trade. Then, using your old CryptoWallet account, send some ETH to your new Gate.io account. From the “funds” tab, choose “deposit funds.” After that, Gate.io will provide you with a wallet address or a QR code. Scan or input the Gate.io address and enter the amount you want to send from your CryptoWallet account to your new Gate.io account.
After a brief confirmation time, your ETH will appear on your Gate.io account, and you may swap it for HNT. Choose the ETH/HNT trading pair and the amount you wish to trade from the Gate.io trading menu. Hit the trade and you will then be the proud owner of some of your very own Helium HNT.
Last Step: Store HNT Securely
So if you’ve followed the above guide, you will be in possession of some of your very own HNT, but now you might be wondering where to store it.
Some people don’t seem to mind leaving their tokens on the exchange from which they bought them, presumably doing so for reasons of convenience or because of the intent to trade again or use other DeFi services. However, this can be a little risky, as exchanges can go down, be victim to hacks, or lock funds, leaving you without your possessions. Therefore, many users use wallet systems to store their funds.
Unfortunately, HNT is limited when it comes to wallet systems, with the main option being that of the hardware wallet Ledger and their Helium wallet app. To move your funds from the exchange to your Ledger or Helium wallet, look to Gate.io’s “withdraw funds” option. Enter your address once active and send funds to your wallet system.
It might be worth keeping in mind CryptoWallet when considering other wallet systems. While it does not currently hold HNT, it does offer a variety of other wallet options, exchange services, and a sleek and intuitive design that is enjoyed by both crypto newcomers and crypto enthusiasts alike!
Other Useful Tools for Trading HNT:
It is important to recognize that we here at CryptoWallet are not offering financial or trading advice of any kind. Instead, we offer guidelines that may empower you to make your own decisions, hopefully in a more informed and insightful way. With that in mind, let’s take a look at some of the most common trading tools you are likely to find on crypto exchanges that, if you use them correctly, can help you make the best decision with your money.
The On-Balance-Volume (OBV) is one of the most commonly used tools found on exchanges. This indicator is a straightforward tool that displays both positive and negative volume movement as well as the value direction of an asset’s trend.
The Average Directional Index (ADI) is another indicator that informs traders about the strength of a trend. The asset’s movement intensity might help you figure out how often lengthy motions occur, allowing you to gauge an asset’s value movements.
The Stochastic Oscillator allows traders to track the price of an asset over time and in relation to a certain condition within that time frame, giving traders valuable insight into the timing of an asset’s movements.
Can I buy HNT with cash?
HNT coins, unlike some other cryptocurrencies, cannot be acquired using fiat money. Instead, you might buy a cryptocurrency like BNB, Bitcoin, or Ethereum and then trade it for the altcoin on an altcoin market. To find out how to accomplish it, look at the instructions above.
Are there any quick ways to buy HNT in Europe?
Purchasing HNT may appear to be more complicated when compared to other crypto trades. If you read through our provided guidelines, however, you should be able to purchase HNT in absolutely no time! Take a look at our guide and let’s see if we can walk you through each step. This guide is perfectly applicable to the EU.
Are there any alternative platforms to buy HNT or Bitcoin with credit cards?
HNT, like many altcoin cryptocurrencies, cannot be bought using fiat money. Instead, you might buy a cryptocurrency like BNB, Bitcoin, or Ethereum and then trade it for the altcoin you want on an altcoin market. Go to the guidelines above to learn how to accomplish this.
Bitcoin, on the other hand, may be purchased with a credit card by enrolling with a cryptocurrency exchange that accepts credit cards. This service is offered by companies such as eToro.