How to Buy TRON (TRX): Quick Guide
This guide will teach you how to buy TRON from square one (i.e., all you have is fiat money, no cryptos). It will also work for most other cryptocurrencies, but as I’m focusing on TRON right now, I am going to write a quick foreword about it and then we’ll get right into the details of the guide.
A Little About TRON — Why Buy?
There is a massive subset of people who are new to the crypto-space entirely but have only heard of Bitcoin. Then they go online and they search around and figure out there are actually many, many cryptocurrencies out there with many different use cases. For TRON (ticker symbol TRX), there has been a lot of recent interest and massive upward price movement. It’s no surprise that TRON was named in a recent Bloomberg article titled “Bitcoin’s Smaller Cousins Are Leading the Crypto Rally” — and personally I believe it’s likely that simple speculation is going to raise the price, at least in the short term, in the wake of this news.
However, I never write these guides only to use a coin as an engine for speculation. For me to be interested in a coin, it has to have great fundamentals or a new and interesting technology which solves specific problems in elegant ways. TRON punches these buttons.
Justin Sun, Founder of Tron
The Tron Foundation was founded in Singapore by its current CEO, Justin Sun. Its goal is to create a “worldwide free content entertainment system” using smart contracts. Putting it in simpler terms, this is a technology that may end up with the ability to seize the market share currently held by various kinds of content distribution platforms like Google Play and the Apple Store. TRON is aimed at content creators who would otherwise have to pay money for access to such platforms. With TRON, they’d be able to distribute their work for free. Here’s the cool part, though: the protocol behind TRON allows these creators to make decisions about the cost (if any) of the content, how it gets distributed, etc.
Now, so far everything I’ve said is basic information about TRON that I’ve discovered in the course of my research. However, what really piqued my interest about TRON is something that I actually haven’t seen anyone else mention: censorship resistance. Censorship resistance is an exciting concept in cryptocurrency — the idea that it’s impossible for a government or other bad actors to alter the blockchain, e.g., your coins cannot easily be confiscated nor can your transactions be reversed after the fact. With cryptocurrency, there is no such thing as “freezing someone’s bank account” — now that’s censorship resistance.
With TRON, I envision a far more literal form of censorship resistance — content creators will be able to say or create whatever they want without the risk of being “de-platformed.” The fact is, small-minded censors in governments or powerful corporations are always looking for ways to keep people from being able to speak their minds. This is often politically motivated, but sometimes it’s simply nonsensical — how long did Apple resist allowing Bitcoin wallets onto its Apple Store, just because they could? The reality is that companies like Google and Apple are prehistoric megafauna, dinosaurs proudly walking the Earth. At first glance they seem to be the rulers, but there’s a meteor in the sky called cryptocurrency and TRON may be the one that kicks them off their thrones. Could this be a true paradigm shift?
Before moving on to the rest of the guide, I will say a few things about the current market capitalization of TRX — this is, of course, something you should always think about when considering an investment into a coin. I’ve found analysis is often made easier by doing direct comparisons between coin market capitalizations for various cryptocurrencies. For example, Ripple is currently ranked #3 on coinmarketcap and has a market capitalization of $47,771,951,251. If TRX had Ripple’s current market cap, it would be worth around 73 cents per coin. Considering that TRX is currently worth 4 cents per coin, that’s an 1825% increase over today’s price! The realistic potential for massive growth in cryptocurrencies is always alluring, and that’s only possible when you can get in on the ground floor. With Tron, the opportunity to get in early is definitely still present — so, let’s learn how to buy some.
Buying TRX: Basic Strategy
To date I’ve had no problems with the following basic strategy:
1 Create and sign into a Coinbase account. I recommend Coinbase because they are the most straightforward exchange
2 Purchase some ETH. At the time of this writing, this currency transfers the fastest and cheapest out of anything Coinbase offers. Litecoin competes here, but will cause hiccups later in the process — more on that later.
3 Create and sign in to a Binance account. I recommend Binance because they have been reliable and convenient for me and they offer many different lesser-known cryptocurrencies with trading pairs on both ETH and BTC. An added bonus is that you can withdraw up to 2 BTC/day worth of funds with no verification at all.
4 Move your ETH to Binance. Once it has confirmed, you can now easily use the ETH/TRX trading pair to buy as much or as little TRX as you want. More on trading pairs later.
5 Send your coins from Binance to a safe TRX wallet for long term storage if you intend to hold for awhile. This is not strictly necessary but it is considered a safer option than keeping ANY coin on ANY exchange long term. I personally believe Coinomi to be the safest and most convenient wallet for many cryptocurrencies. Unfortunately, they don’t support Tron at this time — so instead, we’ll talk about options later on in this guide.
Announcement To Our Investors
In order to further protect the vital interests of our supporters and to promote the rapid development of TRON’s global network along with the continuous growth of Tron’s communities.
The 34.2518% TRX held by Tron Foundation, namely the 34251807523.9 TRX had already being locked up until January 1st, 2020. Tron Foundation TRX will not be withdrawn or traded.
The account address is: 0xa18ff761a52ce1cb71ab9a19bf4e4b707b388b83
