POA (POA) is the native token of the POA Network. This system is alleged to be the very first Ethereum-based public network that uses the increasingly implemented Proof-Of-Authority consensus system that uses some novel approaches toward staking.
In this article, we are going to cover a little about this coin, and its current state, and provide a how-to guide on where to get it.
What is POA?
First launched on March 6th, 2017, POA acts as the native token to the POA Network. Operating via the popular ERC-20 standard, this token is allegedly the very first Ethereum-based network that uses the proof-of-authority (POA) system. Essentially this system allows for staking to be conducted via the authentication of a select few identities, potentially allowing for lower costs and cheaper gas.
The POA Network enables the use of smart contract platform applications and other various DeFi systems.
With an experienced development team including Technical Lead Igor Barinov and Core Developer, Victor Baranov this token boasts a successful audit by Chainsulting and a total coin supply of 252,460,800.
IMPORTANT NOTE: POA is still available to be traded on some platforms and is usable as a form of gas payment, but it will no longer offer emission or rewards. The POA Network has merged with the xDAI network and holders of POA can trade their POA for STAKE at a direct rate.
Step 1: Register on Fiat-to-Crypto Exchange
For your very first step towards POA, you’ll need to purchase another cryptocurrency, which you can then swap for POA. The two most popular choices are Bitcoin (BTC) and Ethereum (ETH). In this article, though, we’ll be utilizing Bitcoin.
To buy BTC, you’ll need to sign up for a Fiat-to-Crypto Exchange. When it comes to picking a crypto exchange, you have a lot of alternatives, and each one is a little different, so it pays to shop around. However, CryptoWallet will be used as an example.
CryptoWallet, for example, is a secure and user-friendly app that can be downloaded from the Apple App Store or Google Play Store. Once CryptoWallet has been downloaded to your smartphone, or device, just follow the onscreen instructions to learn how you can link your fiat accounts to the app After that, you may deposit funds directly from your bank account into your CryptoWallet account.
Step 2: Buy BTC with Fiat Money
Once some fiat funds are in the app’s account, you can swap them for some BTC.
Now, go to the trading page of the CryptoWallet app and search for Ethereum. Select the amount of BTC you want and hit ‘buy.’ CryptoWallet provides several price comparison charts, market data statistics, and trading tools that, if used wisely can help you make the best decisions you can with your money.
Following the conclusion of your BTC purchase, there will be a brief confirmation period before the quantity of BTC acquired, as well as any remaining funds, are displayed in your CryptoWallet account.
Step 3: Transfer BTC to an Altcoin Exchange
After you have some ETH, you’ll be wanting to exchange it for some POA token! So next, you’re going to have to join an Altcoin Exchange.
There are many many different altcoin exchanges available, so it is always a good idea to seek out the exchange that best suits your needs. One of the first things you should look for is an exchange that supports BTC/POA trading pairs.
In regards to POA, your options are quite limited, so we will be using HitBTC for our example.
To start trading on HitBTC you’re going to have to create an account. Basic information, KYC information, and security measures such as passwords and two-factor authentication (2FA) will be required throughout the registration process.
Once you’ve completed these steps, HitBTC will notify you when your account is ready to trade. Then, using your CryptoWallet account, send some BTC to your new HitBTC account. On the HitBTC “funds” page, select “deposit money” from the drop-down menu. HitBTC will then supply you with either a wallet address or a QR code. Then, from your CryptoWallet account, pick money. It’s now time to scan/input the HitBTC address and enter the amount you wish to send to your CryptoWallet.
Your BTC will appear on your HitBTC account after a brief confirmation period, and you can trade it for POA. From the HitBTC trading menu, select the BTC/POA trading pair and the amount you want to trade.
If you’ve followed all of these steps correctly, you should have your very own POA.
Last Step: Store POA Securely
After you’ve gotten some of your very own POA, you’ll probably want to know where you can keep it, so next, you’re going to want to start thinking about a wallet system.
POA is only available through a few wallets, the most prominent of which are MetaMask, TrustWallet, and Ledger.
Once you’ve decided on a wallet, head to HitBTC’s ‘withdraw money option and enter or scan your POA code into your new wallet’s address box. After a few minutes, your POA will be safely kept in your new wallet.
It could be a good idea to keep a watch on the CryptoWallet app in the future. While it does not yet possess POA, it is secure, straightforward, and simple to use, with a roadmap of future currencies.
Other Useful Tools for Trading POA
We can’t provide you with trading or financial advice, but we can give you a quick rundown of some of the tools accessible on most exchanges that, when utilized correctly, may help you make the best financial decision for your money.
First, the On-Balance-Volume (OBV) indicator is a simple instrument that shows both positive and negative volume movement as well as the trend’s value direction within a certain period.
The Average Directional Index (ADI) is another straightforward indicator that tells traders how strong a demand or supply trend is. The asset’s movement intensity may aid in determining how frequently long movements occur.
Traders can use the Stochastic Oscillator to look at the price of an asset over time and in relation to a certain circumstance within that time frame.
Can I buy POA with cash?
POA, like virtually all altcoins, can seldom be purchased using cash or ordinary fiat currency. The most common approach to obtain POA is to swap an existing crypto like BTC on an altcoin exchange. Take a look at our easy-to-follow step-by-step guide on getting your POA.
Are there any quick ways to buy POA in Europe?
HitBTC is a European cryptocurrency exchange that is simple to use and easy to navigate. In general, most cryptocurrency exchanges are available in Europe and are secure and easy to use. As a result, follow the instructions above to register for an altcoin exchange and obtain your own POA.
Are there any alternative platforms to buy POA or Bitcoin with credit cards?
POA may be acquired on an altcoin exchange, however, many sites do not allow credit cards for this type of transaction. Instead, check out our how-to guide for how to navigate these platforms. Bitcoin, on the other hand, may be purchased directly with a credit card. To do this, look at services like eToro.