In today’s society, the realm of crypto is facing a considerable boom. People all around the world are contemplating using digital currencies as a way to maintain both their long-term investments and short-term trading.
As a result of this, there has been an increase in the number of crypto products we have never seen before that are beginning to take shape on the market. Each product features its unique characteristics and features.
With this in mind, this article will be looking at Mina Protocol, a venture that has already been designated as ‘the lightest blockchain’. Likewise, we will also explain everything you need to know about Mina crypto and where to buy it.
What Is Mina Crypto?
Mina is a subsidiary of Ethereum that provides anonymous, private transactions to take place. To manage digital assets, it uses an account-based model.
Therefore, rather than depending on a blockchain, they use their account-based systems to record and manage transactions between users’ accounts.
The Mina Protocol was designed and developed to perform DApps more smoothly and efficiently using an Ethereum-based blockchain. Not only does the protocol ensure the distribution of smart contracts, but it does so using the minutest amount of computing power.
To achieve this, they utilize an algorithm that allows light proof-of-work, ensuring that it can support and generate thousands of different transactions every second.
This is great when compared to other proof-of-work blockchains that are limited in their abilities to generate many transactions.
While Mina is inherently a cryptocurrency, it aims to create a prosperous system of decentralized payments.
The company’s whitepapers discussed and outlined the key points of the site, this includes succinct blockchain and native verification.
Likewise, a type of cryptocurrency that inhabits the Ethereum network is the Ouroboros Samasika. This is an exceptionally well-organized and successful PoS mechanism that delivers and produces bootstrapping sustained from genesis blocks to their users. This provides instantaneous access to mining rewards.
This makes it perfect for any decentralized networks that may be looking for somewhere to mine their tokens.
As previously mentioned, cryptocurrencies are becoming increasingly popular, and different cryptos have been developed so fast that they are hard to record.
To make sure that all transactions are fixed, an archive is stored in the blockchain for different transactions. An update function ensures that this stays up to date while preventing anyone from changing or altering its contents without being discerned.
How And Where To Buy Mina Crypto?
Below, you will find an easy-to-follow step-by-step guide on how and where to purchase Mina crypto.
Step 1. Create An Account for Fiat-To-Crypto Exchange
The first thing you will need to do before getting started is to purchase major cryptocurrencies, in this situation, we will be buying Bitcoin (BTC). This article will help walk you through the process of exchanging fiat-to-crypto using Coinbase.
Below, we will go into all the benefits and potential fee policies when using Coinbase. Coinbase is among some of the largest crypto exchanges that allow fiat deposits.
Step 2. Purchase BTC using fiat money
Once you have completed the KYC processes. The next thing you will be asked to do is to add a payment method. You can either use a bank transfer, debit card, or credit card.
One thing to note is that when using cards you will be charged a higher fee; however, this makes for instant purchase. On the other hand, while a bank transfer is cheaper, it will take longer to process.
Although depending on the country you live in, some countries will provide an instant cash deposit with smaller fees.
Once all set, in the top left corner, click ‘trade’, then select Bitcoin and confirm your order. When completed, you have successfully made your crypto order!
Step 3: Transfer BTC For A Altcoin Exchange
However, we are not done quite yet. As Mina is an altcoin, you will need to transfer the BTC into an exchange that can be traded with Mina. In this case, we will be using Binance as the exchange.
This makes a great option to trade altcoins with a large amount of tradable altcoins sets.
Following a similar process when setting up your Coinbase account, do the same with Binance. Likewise, it is advisable to create a 2FA authentication to add extra security to your account.
Step 4: Deposit BTC To Exchange
Looking at the right-hand side of the screen you should be able to see a box, inside here there should be a string of numbers stating the ‘BTC address’. This is the personalized public address for your BTC wallet on Binance, you can receive BTC by providing others with this address.
You will want to copy this address to your clipboard, then go back to Coinbase, click the ‘Portfolio’ page, and then select BTC on the asset list, finally select ‘send’ on the right-hand side.
Under the ‘Recipient’ category, paste the address from your clipboard. Then, select ‘Send’. Once completed, you should receive a confirmation email, then your coins are on their way to your wallet!
Step 5: Trade Mina
After, go back onto your Binance account, then select ‘Exchange’. Looking at the right column, you should see a search bar, make sure ‘BTC’ is selected. Click on this and type ‘MINA’, this should come up with MINA/BTC, click this pair and a price chart will appear in the middle of your screen.
Under it, there is a green box saying ‘But MINA’. Above this, select the ‘Market’ tab. Then, you can either choose the portion of your deposit you’d like to spend in terms of percentage or type it in.
Once you have confirmed everything, select ‘Buy MINA’, and voila! You have just bought MINA!
Cryptocurrencies are becoming increasingly popular, with this trend inspires new crypto options and products. Hopefully, this guide has informed you on where and how to buy Mina crypto.