If you have any interest to buy Nano (NANO), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
1.2 Fill in your trading details
1.3 Allow 2FA-Two-factor authentication (Optional)
Step 2: Buying your first Bitcoin (BTC)
I highly recommend buying Bitcoin first and then trading it for the right amount of Nano (NANO).
Step 3: Transferring Your Cryptos to an Altcoin Exchange Okex
Let us now see how to buy Nano (NANO) using your investment from Binance.
But you have to keep in your mind that, not every crypto can be traded in Binance we need to transfer our coins to an exchange that Nano (NANO) can be traded. Therefore, I will guide you to Okex which is a famous exchange to trade altcoins. We will use the link below to register your new account.
After completing similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
If you have already created your trading account setup at one of the exchanges that trades Nano (NANO), you will need to transfer your BTC from Binance to that specific exchange.
To do this you have to use a wallet system. okex deposit Mouse over to “Assests” on the top right and click “Deposit”. Just look for “BTC” from Token section and copy the given “Deposit Address” This process may be a little bit difficult but don’t worry, it is simpler than using a bank transfer. Once you have copied your unique BTC wallet address go back to Binance.
Next you move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”. Look for BTC in the list and click on “Withdraw” on the right hand side.
After that, just paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Type the amount that you want to withdraw (you may click the Max button if you want to withdraw all). Also you will have to click on the Submit button to begin with the withdrawal process. To continue with the withdrawal, Binance mayrequest you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s all you need to do, wait shortly so that the blockchain to confirm your transaction.
Step 5: Trading Nano (NANO)
Now you can head back to Okex to purchase Nano (NANO) with the Bitcoins you sent.
Just move the mouse over “Trade” and click “Spot” then you will see trading menu. okex trade In the left column make sure to select “BTC” pair and in the search bar type in “NANO”. Then after you move your coin click on it and now you will see a price chart of NANO/BTC at the center of the page. Select the “Market” tab as that is the most straight-forward type of buying orders.
Also, you can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
After you have confirmed everything, click “Buy NANO”. Now you own your NANO!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever Nano gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store Nano securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your Nano for some long time, you need to find ways to ensure it stays safe safe,
Frequently Asked Questions
Is it possible to buy Nano with cash?
The answer is No. Because there is no way you can directly buy Nano with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
What are the quickest ways I can buy Nano while living in Europe?
Can I use alternative platforms to purchase Nano or Bitcoin with credit cards?
What Is Nano (NANO)?
Billed as “digital money for the modern world,” Nano is a lightweight cryptocurrency that is designed to facilitate secure, practically instant payments, without fees, and addresses some of the major limitations of both legacy financial infrastructure, and many modern cryptocurrencies.
Development of the project began in 2014 under the name RaiBlocks, and the coin (then termed XRB) launched the following year through a public faucet, which allowed users to claim small amounts of XRB after completing a captcha challenge. Users were allowed to complete as many captchas as they liked to increase their words — effectively trading their time and effort for XRB.
RaiBlocks (XRB) was rebranded to Nano (NANO) in January 2018, with the new name chosen to better represent the speed and simplicity the project offers to users.
It is a peer-to-peer platform that uses a unique block-lattice data structure to allow users to easily transfer value to one another without relying on centralized intermediaries.
Unlike other platforms which typically use the combined proof-of-work of a massive mining network to achieve consensus, Nano instead uses a system known as Open Representative Voting (ORV) — which sees account holders vote for their chosen representative, who then work to confirm blocks of transactions securely.
Who Are the Founders of Nano?
Nano was founded by Colin LeMahieu, a heavily experienced software developer and engineer with a wealth of experience working for prominent tech companies, including Dell, AMD and Qualcomm.
Self-described as an inventor, LeMahieu has interests that range from space technology to physics and environmental sustainability, and is a well-known name in the digital currency space. He began working full time on Nano in 2017 and remains the CEO of the Nano Foundation — an organization created to drive the development and adoption of the Nano — to this day.
Colin LeMahieu also pushed the vast majority of commits to Nano’s GitHub repo.
Beyond LeMahieu, the Nano Foundation has over a dozen other employees, including George Coxon, a graduate in Evolutionary Anthropology and experienced account executive, and the current COO of the foundation.
What Makes Nano Unique?
As we previously touched on, Nano is designed to be fast. So fast, in fact, that most Nano transactions reach absolute finality within less than a second — compared to several minutes or even longer for many other major cryptocurrencies.
This speed makes Nano suitable for commercial payments, since merchants and retailers no longer need to worry about transaction delays when accepting payments.
Moreover, Nano transactions are completely free. Since representatives do not receive financial compensation for their efforts to secure the network, there is no need for a transaction fee. This makes Nano an ideal solution for processing micro-transactions, since users no longer need to worry about fronting a potentially expensive transaction fee when making small payments.
These features are enabled by its unique architecture. Unlike many cryptocurrencies which are built on top of a distributed ledger known as a blockchain, Nano is instead built around a similar ledger technology called a directed acyclic graph (DAG).
This structure is highly reliable and allows Nano to process as many as 1,000 transactions per second (tps) — without requiring an energy-intensive mining network to maintain its integrity, positioning Nano as an eco-friendly digital payment option.
Check out IOTA (MIOTA) — another DAG-based cryptocurrency with no transaction fees.
Check out EOS (EOS) — a smart-contract capable blockchain with free transactions.
Read Oracles: The All-Seeing Eyes That Guide Crypto Networks—a deep dive by CoinMarketCap Alexandria.
Stay on top of the market with the latest tips, tricks, and trends with the CoinMarketCap blog.
How Many Nano (NANO) Coins Are There in Circulation?
Like the vast majority of cryptocurrencies, Nano has a fixed maximum number of tokens that will ever enter existence, this number is set at exactly 133,248,290 NANO.
The original maximum supply was set much higher than this, but any remaining NANO tokens above the current 133 million limit were permanently burned. In total, around 39% of the original genesis supply was distributed.
Nano is unusual in the fact that its entire supply is already in circulation, this means it is fully diluted.
Because it is fully diluted, Nano is also highly decentralized, and well distributed, with the vast majority of Nano accounts holding less than 100 NANO. As of December 2020, around 20% of all Nano in circulation (~26 million) is held in one of the cold wallets associated with the Binance cryptocurrency exchange.
A total of 5% of the circulating supply was held back for the continued development of the project, this was allocated to a so-called “developer fund.”
How Is the Nano Network Secured?
Nano is secured by a network of representatives, each of which is voted into position by NANO holders.
These representatives are responsible for casting their votes when the network needs to achieve consensus, and their voting power is the sum total of the voting weight delegated to them by NANO holders. These vote on the validity of transactions on the Nano network, ensuring only valid transactions are confirmed.
This process protects the network against a type of attack known as a double spend—which occurs when an attacker is able to manipulate the network to effectively spend the same funds twice.
In addition, the Nano network features a wide variety of additional defenses against various possible attack vectors—a full overview of which can be found here.
Where Can You Buy Nano (NANO)?
Since Nano cannot be mined, the most popular way to get your hands on some is by purchasing it from one of the more than 50 exchange platforms that support it. Binance, OKEx and Huobi Global are currently among the most popular exchanges for Nano to crypto trading pairs, whereas it can also be bought with fiat on Kraken and Binance.US.
For more information about buying cryptocurrencies with fiat, see our comprehensive guide.