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Algorand Fundamentals and Buying Guide


How to buy Algorand? Discuss fundamentals of Algorand | How to buy Algorand token in India, Should I buy Algorand token now?

In this article you will be knowing about the fundamentals of Algorand token How Algorand is better than its other competitor, technology used by the coin and much more. If you are interested then i will also let you know where and how to buy Algorand. So lets begin….

Algorand
Figure 1

Introduction to Algorand

In June 2019 Silvio developed Algorand, He is a MIT professor and a recipient of the Turing Award (in 2012) for his fundamental contributions towards the theory and practice of secure two-party computation, electronic cash, cryptocurrencies and blockchain protocols. This makes him one of the foremost creators of crypto in the world.

With time the token gained huge popularity and it is ranked #29 among all the coins in the market in terms of market capitalization. At the time of writing this article the current market cap of Algorand is $3,016,310,654 USD.

Algorand is a self sustaining, decentralized, blockchain based network that supports wide range of Application. Algorand uses POS (proof of stake) protocol, PoS is more advanced protocol which comes with lots of improvements like it is faster, cheaper and more secure. Ethereum suffers from high transaction fees, often charges it sinvestors for using its blockchain. On a contrary Algorand uses proof of stake consensus which reduces the cost of transaction and when you compare it with Ethereum then you will be amazed as its just a fraction. The speed of transaction is also very high in comparison with Ethereum.

Algorand aims to improve the existing smart contract market by improving the functionality so that implementation could be simplified. Hence finally attracting more customers into the smart contract market.

What makes Algorand Unique?

Algorand was invented with the sole purpose to counter the slow transaction speed and very high cost per transaction, and yes it serves it purpose. The transaction speed of smart contracts which uses Algorand is much much faster when compared to Bitcoin Ethereum and other blockchains.

Because the speed of transaction is high it consumes less amount of resources hence the cost of transaction also comes down drastically (in comparison). The coin is based on permission less pure proof of stake protocol hence doesn’t require mining like other blockchains and you must know that mining of crypto currencies require huge power supply.

Algorand Ecosystem

Algorand has lots of projects in their Ecosystem in this article I’m including only few, I will be attach the link to their ecosytem website url in the sources section at the end of this article.

  • Pact: A dapp with smart contract functionality is the mobile first app designed which gives a trading experience. It has high liquidity and the transaction fees is very low.
  • Folks Finance: Folks Finance is the leading algorithmic capital markets protocol for lending and borrowing built and operated on top of the Algorand blockchain.
  • AlgoFi: Purpose of AlgoFi is building a DeFi hub of ALGO ecosystem.
  • Pera Wallet: It is the easiest and safest way to store, buy and swap on ALGO blockchain.

How to Buy Algorand

After reading above matter about Algorand and you find this coin convincing enough to add it to your portfolio. Then now I will be sharing one of the many process through which you can buy ALGO coin.

Step 1: Open an account with Exchange: I am using Binance exchange, Sign Up with Binance and fill in the required details there, chose strong password for your crypto wallet and never share it with others. Try to write it down somewhere like use Last Pass like extensions to remember your password as it is almost impossible to recover your wallet password. Protect your account with 2FA i.e. 2 factor authenticator, it will provide an extra layer of security belief me it is necessary.

Step 2: Complete your KYC Verification – Know your customer is mandatory verification of a client’s identity by financial institutions. In this process you need to submit various documents specified by the institutions that can be used to verify your identity. Do all this under Profile tab and there select identification option from the dropdown menu.

Step 3: Deposit funds into your Binance Wallet to buy Tether (USDT)– Login to your binance account, proceed to add Funds into your wallet. You can directly deposit FIAT currency to your wallet or you can transfer your existing cryptocurrencies as well. Other methods of depositing funds and buying cryptocurrencies are to buy them directly through Bank transfer or through P2P transfer from your bank.

Step 4: Buy Algorand on Binance – Once you have transferred your fiat currency into your binance wallet it will get reflected in few minutes, once it shows your balance in your wallet, you can start purchasing ;).

Click Here and you will be redirected to ALGO/USDT trade page of Binance scroll down and you can see same screen as shown in Figure 2 below. Now you can place Limit order or Market as per your choice. In Limit the order will execute only when it matches the seller order where as in market order will match the price at which the seller is selling. I am showing Market order, you Just enter the amount of Algo you want to purchase and place your order. It will not take more than 2 mins to reflect.

Algorand USDT trade on Binance
Figure 2: Buying ALGO using USDT on Binance platform
Consider reading below Articles as well:
1. Saitama Inu Fundamentals and Buying Guide
2. HBAR coin fundamentals and How to buy it?
3. New Crypto Gem which can replace Ethereum
4. Shiba Inu Fundamental Analysis
5. Ethereum Fundamental Analysis
6. All about Ethereum 2.0
7. How to Buy NFT

Conclusion

If you are reading this part to know what I think about ALGO then here it is… The creator of ALGO is well qualified and has very good Vision. Their project shows that they are working towards their goal. It is no doubt that in many ways it is better that other famous blockchain platform. But this market is highly unstable so put only a limited money from your portfolio, in my eyes this project has very bright future.

FAQs on Algorand

Where to Buy Algorand in Indai?

I prefer Binance but you can chose any exchange as ALGO is listed on almost all the platforms in India

Should I keep Algorand in personal Wallet?

Yes you should keep it in your personal wallet for the purpose of security

Disclaimer: This is just writer's personal view on the topic with his/her limited knowledge. It is just shared for educational purpose. This post is not meant to give any kind of financial advice to any of its reader, Please do your own research before landing on any conclusion. If you disagree or find anything which is misleading or inappropriate in the above post, then please reach out to us at via our contact page and we will definitely work on it.

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