Ontology (ONT) Purchase Guide - Tutorial

Ontology (ONT) is one of the crypto-currencies that are based on a self-developed block chain and thus stand out from the crowd. Ontology’s ecosystem has so far concentrated on four exciting areas from the real economy, and ONT as a native token benefits from this practical orientation. Why Ontology has good future prospects and where you can buy ONT, we explain here and give additional tips. With our link to Binance you save another 10% in fees.

Ontology was founded by the Chinese Jun Li and Andy Ji in late 2017 and the Mainnet went live in June 2018. The motto chosen was “Trust Redefined”, translated “Trust redefined”. Initially this meant that Ontology could serve as a decentralized network for digital identities. At the launch, ONT experienced all-time highs of well over 5 US dollars.

The team quickly expanded the field of use cases to include digital finance, marketplaces for data and, more recently, solutions for the automotive industry. With partners such as Google and Daimler, Ontology demonstrates that the technology it provides is well received in the industry. Compatibility with third-party blockchains is just as important as the possibility of using Ontology sidechains, for example for DApps.

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In the summer of 2020, Ontology updated its ecosystem to 2.0, largely unnoticed by the public, thus further increasing its performance. Ontology plays a leading role in associations that have taken up the issue of digital identity. The starting point is always the question of how identities can be documented and verified in a tamper-proof way for the online world without the individual losing control over his or her data.

ONT as the crypto currency for applications at Ontology has meanwhile established itself in the TOP 40 of the most important Altcoins according to market capitalization. After the initial hype about ONT, the price has settled in a corridor between 0.60 and 0.80 US dollars in autumn 2020. This level allows quite positive forecasts for ONT and reasons for this are given below in this text.

How to Buy Ontology – Summary

  1. 1. Register with Binance
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  1. 2. Deposit via  Credit Card, Wire Transfer or Cryptocurrency
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  2. 3. Now you can buy ONT directly

ONT Buying Guide

To be on the safe side when buying ONT, it is crucial for you to choose a crypto exchange with high trading volume for Ontology. Binance, as the world’s largest crypto exchange, is a recommendable contact point for this, which guarantees real market prices. Binance is also known for reliability and low fees.

How to buy ONT from Binance

To start the purchase of Ontology at Binance, you first need a customer account there. This is opened quickly and easily by entering your e-mail address and a password. Binance will then send you an e-mail for confirmation and you will already have your customer account. The basic version allows you to deposit crypto currencies and to withdraw up to 2 Bitcoin (BTC) per day. An identity check is not required for this.

A verified customer account is required to deposit euros or other fiat currencies at Binance and thus purchase ONT. To do this, you must confirm your identity, which is triggered by uploading a photo or scanning your ID card or passport. To do this, Binance asks for proof of your residential address, which should not be a problem with a copy of a current invoice or bank statement, for example. Once this procedure (KYC, Know Your Customer) has been completed, Binance will confirm your identity after a few hours and you will have a customer account activated for all functions.

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What payment methods are available to purchase ONT?

If you are in a super hurry to start buying ONT, you can deposit Euros by Visa or Mastercard at Binance. The balance is credited immediately, but the service does not cost a cheap three percent fee.

  • Credit Card
  • Wire Transfer
  • Cryptocurrencies

Buy ONT with Credit Card

 

If you are in a super hurry to start buying ONT, you can deposit Euros by Visa or Mastercard at Binance. The balance is credited immediately, but the service does not cost a cheap three percent fee.

Buy ONT via wire transfer

 

For bank transfers in euros to your customer account at Binance, you must be prepared to wait one or two banking days until the money is credited. However, this procedure costs only 0.50 Euro per transfer.

Buy ONT via Cryptocurrencies

 

If you have funds in Bitcoin (BTC) or other crypto currencies, you can easily transfer them to Binance. Simply scan the QR code of your destination address at Binance and initiate the transfer from your wallet there. Normally the amount will be credited within minutes. This also saves you the identity check from Binance.

Purchase of ONT from Binance

With Binance credit, buying ONT is a matter of minutes. Under the menu item “Markets”, enter ONT in the search field and you will now see the list of currency pairs where Binance trades with Ontology. Euro as a Fiat currency will not be included in autumn 2020, so you will have to take the detour via a crypto currency. It is a good idea to use Tether (USDT) or Bitcoin (BTC) to buy Ontology. You can get USDT or BTC at Binance against Euro under the menu item “Fiat” at “Markets”.

Now back to the markets for ONT and clicking on “Trade” for the desired currency pair will take you to the website where you can trade. This view shows you the price curve of ONT. On the left side you see the order books, on the right side you see the completed deals with Ontology. Of course you are interested in the “Buy” for buying below the price curve.

In the input field there you enter the number of ONT you want to buy. With “Market” you immediately convert the order to the market price. With “Limit” you set the price at which the trade should take place.

Sale of ONT at Binance

Binance has been praised for ease of use and you’ll see that when you sell ONT. With “Sell” for sales you initiate the business, as before you determine the number of ONTs to be sold. Whether you want to sell Ontology at the market price (“Market”) or wait for a target price (“Limit”) remains your decision. As soon as you have Bitcoin, Tether or other Fiat-traded crypto-currencies on your customer account with Binance again, they can be exchanged into Euro under “Fiat”. Euros can then be transferred to your bank account by bank transfer.

Should I buy Ontology (ONT) now?

The cryptoscene is in the DeFi boom in autumn 2020, which hinders the view of promising projects in other sectors. Ontology has been proving its practical suitability for a good two years now and has recently gained Daimler Mercedes as a prominent partner.

With its focus on four different industries (automotive, data commerce, digital identities and digital finance), Ontology has diversified the use cases for ONT, which is a big plus. With the opportunities for Smart Contracts and DApps in Ontology’s ecosystem, there is hardly any competition to fear, as the company’s own block chain has proven to be very powerful.

What many do not know: Co-founder Andy Ji now holds the position of Deputy Secretary General in China’s Ministry of Industry and IT. This should make it easier for Ontology to gain opportunities as a solution for China’s ambitious block chain industry and planned e-yuan. Such applications on a large scale as well as with Microsoft in the identity business or Google in data trading allow optimistic forecasts for ONT.

So if you are not only thinking of Bitcoin or Ethereum when you start trading crypto currencies, but are looking for hidden champions, you may be right for ONT. Ontology has established itself in global use cases and has huge prospects in China. This situation does not seem to be nearly priced in at the current price of ONT below 1 US dollar and suggests good chances for strong price gains.

Which wallet to use for Ontology (ONT)?

Your balances in ONT and other crypto-currencies are safe if you also consider how best to store them. Widespread are software wallets that strive for a balance between security and convenience in daily use. Not every software wallet is compatible with Ontology, because ONT is based on its own block chain. The OWallet is the official desktop wallet of Ontology . With the Trust Wallet from Binance you also have a good mobile wallet for smartphones that supports ONT.

If you want to go a little deeper into the topic of wallets for crypto currencies like Ontology you will understand: Hardware Wallets are the measure of all things, because here your digital wallet is separated from the Internet and realized in form of a small hardware device. With Trezor and Ledger two manufacturers dominate the market. The entry level Ledger Nano S and the Ledger Nano X for more flexible use (Bluetooth) are already prepared for ONT and therefore our recommendation. The hardware wallets of Trezor are not yet compatible with Ontology at the end of September 2020.

Ledger Nano X

Conclusion

Ontology inspires developers in large enterprises with the goal of implementing applications according to their requirements based on block chain technology. In many cases, theory has already turned into practice for ONT and the list of projects based on Ontology continues to grow. Ontology succeeds where many other crypto currencies fail: creating added value in the real economy. Many indications in a deeper analysis of Ontology and ONT lead to the assumption that a sustainable ecosystem as a bridge between the crypto sector, large IT companies and traditional industry and the financial sector is emerging with corresponding opportunities for the price development of ONT.

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