The goal of TRON is to build a decentralized Internet based on the TRON block chain. Therefore not only Smart Contracts but also whole applications (dApps) can be executed on the platform. We will explain everything important about TRON and tell you where you can buy the corresponding crypto currency TRX.
TRON was founded by the Chinese Justin Sun. He was previously responsible for the Ripple business in China and also developed the App Peiwo. Although TRON is now managed by the TRON Foundation, Justin Sun still has considerable influence on the project. Justin Sun financed TRON through an ICO. This was conducted between August 31, 2017 – September 2, 2017. A total of 70 million US dollars in Bitcoin and Ethereum were collected. At the Initial Coin Offering (ICO) 40% of all available TRX, as the crypto currency at TRON is called, was sold.
The TRON platform intends to develop into a decentralized Internet in the long term. Therefore, TRON not only offers the crypto currency TRX, but also allows the execution of decentralized apps on the platform. So that this is possible, new blocks must be generated very fast. While Ethereum finds a new block only about every 15 seconds and Bitcoin only every 10 minutes, TRON can create new blocks in less than 1 second.
This means that the TRON block chain can already handle thousands of transactions per second. This also distinguishes TRON clearly from Bitcoin and Ethereum where only under 15 transactions per second are possible. In order to generate new blocks so quickly, TRON has 27 selected Super Representatives. These are responsible for generating new blocks and thereby confirming transactions.
The TRON project was also strengthened by the acquisition of the file sharing service BitTorrent. Although BitTorrent now has its own token, BTT is also based on TRON technology. More about TRON can be found here.
Who would like to buy TRON (TRX) must announce itself with crypto stock exchanges (also Exchanges called). You should pay attention however to the fact that with the crypto stock exchange also TRX is traded against euro. Not every exchange allows you to buy TRX against Euro. At the largest crypto exchange in the world, Binance, for example, all crypto currencies are only traded against other crypto currencies.
Beside the possibility of the deposit of euro, you should also pay attention to it like you the euro to deposit can. Some crypto exchanges only give you the possibility to transfer Euro credits to the exchange. Since transfers are however very slow, it can partly take a few days until the assets arrive. Faster is it if you can pay in the credits by credit card or PayPal at the respective crypto exchange. eToro for example gives you this possibility.
The easiest way to buy TRX is to go to eToro. There you can choose between different payment methods (PayPal, credit card and instant bank transfer) as well as an easy to use platform with German support. At eToro you buy real crypto currencies which you can also withdraw with the eToro wallet.
eToro’s user-friendly design is undoubtedly one of the easiest ways to get started in TRON trading. This provides a platform with special value for all traders who want to buy or sell TRX.
To trade on eToro you first need to log in to the platform. But this can be done without any problems. All you have to do is enter your name, email address and a password. After that you will get access to the eToro dashboard.
As eToro crypto currencies are traded against Euro you also need to verify your identity on the platform.
After opening an account you will also need to verify your identity with eToro. You will need to leave your personal information and upload a photo of your ID or passport. This process is required by European law for all platforms trading crypto currencies against Euro.
If you have provided all the information, the verification can still take a few days. It is advisable to make the deposit during this time, as you will be preferred during the verification process. But don’t worry, if something goes wrong during verification, you will get your money back. We have never experienced this kind of problem before.
As soon as the verification is complete you will be notified by email. If you have already made the deposit at this point, you can start trading immediately.
Buying and selling TRON at eToro is then quite easy. All you have to do is select TRX and click “Trade”.
A window will appear where you can buy TRX. All you have to do is indicate how much Euro or US Dollar you want to invest in TRX. In addition, you have the possibility to set a stop loss, trade with a lever or enter a profit target.
With a Stop Loss you can determine at what loss your TRX should be sold automatically, thus reducing further losses if the price falls sharply. We do not recommend trading with a leverage as this is very risky. Therefore you should always put X1 on the lever, then you buy real TRX. You don’t need to specify the profit target either, because you can always close the trade manually if you have made enough profit.
Once you have entered everything, you only have to click on “Buy”. The trade will be executed immediately and you will see your newly acquired TRX in your portfolio.
In 2018 eToro introduced the so-called eToro Wallet. This is available for both Android and iOS. Now you can also use it to withdraw your crypto credits from eToro. All you have to do is install the wallet on your smartphone. You can then login to the wallet with your normal eToro login.
Many investors like to buy crypto currencies by credit card. This is usually due to the fact that credit card payments are immediately available and the buyers do not have to wait until the deposit is there. As a result, credit card purchases are often faster than normal wire transfer payments.
Unfortunately, not all exchanges support credit card purchases or charge very high fees for them. This is different with eToro. You can simply top up your credit card balance and start trading immediately. So you can also buy tezos there immediately by credit card.
Paypal has the advantage that you will be credited immediately and you have the buyer protection.
Only very few crypto exchanges allow you to buy crypto currencies via PayPal. You profit with PayPal particularly by the buyer protection. One exchange which I allow you to buy via PayPal is eToro.
You can simply fund your eToro account via PayPal and then you can start trading and buy Bitcoins. This makes eToro the big exception compared to other crypto exchanges.
Another way to deposit money into your account in order to buy cryptocurrencies is via wire transfer. You don't pay any fees in order to deposit money. However the disadvantage is that it can take up to 2 business days until your money is finally in your account. If you want to avoid that you can use Rapid Transfer for instant wire transfers. If you are using eToro you can choose if you want to do a regular wire transfer or a Rapid Transfer.
When is the right time to buy TRON? Nobody can really predict. But it is a fact that TRX is only at the beginning of its development. Whether TRON will prevail and the ambitious goal of creating a decentralized Internet will be achieved is unclear at this point. Therefore TRON is a risky investment. If TRON becomes successful, investors could earn disproportionately much money, but on the other hand there is always a risk of default.
When you buy TRON (TRX) you can either leave it at the stock exchange (eToro, Binance etc.) or store it on your own wallet (depending on where you bought it). Basically there are 3 types of wallets you can use to store TRX. These are Hardware Wallets, Paper Wallets and Software Wallets.
With the so called Paper Wallets you simply write your private key on a piece of paper. With this private key you have access to your credits. If you lose the sheet of paper or it is stolen, your credit will be gone. For normal investors Paper Wallets are not really practical.
Much better are the software wallets. You install it on your desktop computer or smartphone and can manage your assets. With a so-called recovery phrase (usually consisting of 24 words) you can restore your credit if you lose the device. If you want to use a software wallet, we recommend the official Trust Wallet for your smartphone. This is available for both iOS and Android.
The safest place to store your TRX is a hardware wallet. The market leader for hardware wallets is the French company Ledger. We recommend you to use either the Ledger Nano S or the Ledger Nano X. Your Private Keys always remain on the wallet and cannot be stolen. Even if you lose the hardware wallet, you can still recover the credit via the recovery phrase. The ledger also supports the storage of TRON. But you also have to use Tronscan.org for this.
TRON has very high standards for itself. This is also necessary if the platform is to become a decentralized Internet. Technologically TRON is very broadly set up because besides the crypto currency TRX there is also the possibility to execute dApps on the platform.
Another positive aspect is that there is no energy consuming mining. Nevertheless TRON remains a risky investment. Who wants to invest in TRON should not put all his money in TRX. It is recommended to buy also other crypto currencies like Bitcoin.
Here you can find the current TRX price and see how the price has developed.
Copyright © 2022 | WordPress Theme by MH Themes