If you have any interest to buy Reserve Rights (RSR), 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)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of Reserve Rights (RSR).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
- Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transferring Your Cryptos to an Altcoin Exchange Okex
Let us now see how to buy Reserve Rights (RSR) 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 Reserve Rights (RSR) 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 Reserve Rights (RSR), 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 Reserve Rights (RSR)
Now you can head back to Okex to purchase Reserve Rights (RSR) 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 “RSR”. Then after you move your coin click on it and now you will see a price chart of RSR/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 RSR”. Now you own your RSR!
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 Reserve Rights 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 Reserve Rights 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
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- 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 Reserve Rights for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy Reserve Rights with cash?
The answer is No. Because there is no way you can directly buy Reserve Rights 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?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy Reserve Rights while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase Reserve Rights or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
What Is Reserve Rights (RSR)?
Reserve Rights is a dual-token stablecoin platform that was launched in May 2019 following a successful initial exchange offering (IEO) on the Huobi Prime platform.
Reserve Rights’ dual token setup includes a stablecoin known as the Reserve stablecoin (RSV) — which is backed by a basket of assets managed by smart contracts. The second token is the Reserve Rights token (RSR), which is used to keep the RSV stable at its $1.00 price target through a system of arbitrage opportunities.
Unlike RSV, the Reserve Rights (RSR) token is volatile, and its main purpose is to help maintain the stability of RSV. It can also be used to vote on governance proposals — helping holders shape the future of the Reserve Rights ecosystem.
In the later stages of the project, Reserve Rights plans to back the Reserve stablecoin by an increasingly diverse basket of assets, and eventually move it away from the U.S. dollar peg — instead creating an alternative reserve asset where RSV tokens instead represent fractional ownership of the collateral pool.
Who Are the Founders of Reserve Rights?
Reserve Rights was co-founded by Nevin Freeman and Matt Elder. Freeman is Reserve’s CEO and a seasoned entrepreneur. He describes his life goal as “solving the coordination problems that are stopping humanity from achieving its potential.”
Matt Elder, on the other hand, is an experienced engineer who previously worked for Google and Quixey, and now works to oversee the architecture of the Reserve protocol implementation as the project’s CTO.
Since its launch in 2019, the Reserve team has grown considerably, and now includes more than two dozen individuals, which includes engineers, developers, and legal and compliance staff — all unified under the shared ambition to position Reserve as an open, massively scalable stablecoin that promotes economic prosperity.
What Makes Reserve Rights Unique?
Unlike other stablecoins that are typically backed by U.S. dollars (USD) held in reserve in a bank account controlled by the stablecoin issuer or a trusted custodian, Reserve stablecoins are backed by a basket of cryptocurrencies managed by smart contracts.
This basket initially consists of Ethereum stablecoin assets, including USD Coin (USDC), True USD (TUSD) and Paxos (PAX), but there are plans to later transition to a more diverse basket, which might eventually include fiat currencies, securities, commodities and complex asset types, like synthetics and derivatives.
Arguably Reserve’s major defining feature is its Reserve Rights token, which is minted and sold when the RSV stablecoin loses its peg with the U.S. dollar. The funds generated by selling RSR tokens are used to replenish the RSV collateral pool, whereas when RSV is valued at above $1, the additional collateral will be used to purchase and burn RSR from the secondary market, driving down the supply.
Arbitrageurs can benefit from this mechanism when RSV is valued at above $1.00, by buying RSV at $1.00 from the Reserve smart contract using RSR, and then selling it at the current market price to net the difference as profit. This option is only available to RSR holders, and is currently one of the main drivers for holding RSR tokens.
Read about DAI — a similar stablecoin backed by a basket of assets.
Read about Libra — an upcoming basket-backed stablecoin from Facebook.
Stuck on an unfamiliar term? Find out its meaning on the CoinMarketCap Glossary.
Check out the CoinMarketCap blog to discover the latest insights and tools to help you stay on top of the market.
How Many Reserve Rights (RSR) Coins Are There in Circulation?
Reserve Rights has a fixed supply of 100 billion tokens. Out of this, less than 10% are currently in circulation as of October 2020.
The maximum token supply has already been pre-mined, but a large proportion is locked for various reasons, including 55.75% of the supply locked in a smart contract known as the “slow wallet.” Funds from this wallet are released following a one-month delay with a public on-chain message from the Reserve team explaining the purpose of the withdrawal.
Although RSR has a fixed supply of 100 billion tokens while on Ethereum, the Reserve team has stated that this maximum supply might change once Reserve moves to its mainnet — an event currently slated to occur in 2020.
The Reserve Rights token initially launched with a circulating supply of 6.85 billion tokens, of which 3% were distributed to Huobi Prime IEO participants, 2.85% released as project tokens and 1% to private investors. All team, advisor, partner, and seed investor tokens will remain locked until after the mainnet is launched.
How Is the Reserve Rights Network Secured?
Reserve Rights is currently an ERC-20 token based on the Ethereum blockchain. As a result, it is secured against attacks by a robust proof-of-work (POW) consensus mechanism backed by a network of thousands of Ethereum miners.
Where Can You Buy Reserve Rights (RSR)?
Reserve Rights (RSR) is a popular token that currently maintains excellent liquidity.
It is available to purchase and trade on several of the most well-established cryptocurrency exchange platforms, including Binance, Huobi Global and OKEx, and can be traded against various popular cryptocurrencies, including Bitcoin (BTC), Tether (USDT) and Ethereum (ETH), as well as the U.S. dollar (USD) on multiple platforms.
To get started, consider buying Bitcoin with your credit or debit card. You can then exchange this for Reserve Rights tokens on various exchanges.