How To Buy 1inch (1INCH)?

A common question you often see on social media from crypto beginners is “Where can I buy 1inch?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy 1inch on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports 1inch (1INCH)

First, you will need to open an account on a cryptocurrency exchange that supports 1inch (1INCH).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase 1inch (1INCH) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy 1inch (1INCH)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for 1inch (1INCH) or 1inch (1INCH) trading pairs. Look for the section that will allow you to buy 1inch (1INCH), and enter the amount of the cryptocurrency that you want to spend for 1inch (1INCH) or the amount of fiat currency that you want to spend towards buying 1inch (1INCH). The exchange will then calculate the equivalent amount of 1inch (1INCH) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of 1inch (1INCH) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is 1inch (1INCH)?

The 1inch Network unites decentralized protocols whose synergy enables the most lucrative, fastest, and protected operations in the DeFi space.

The 1inch Network’s first protocol is a decentralized exchange (DEX) aggregator solution that searches deals across multiple liquidity sources, offering users better rates than any individual exchange. The 1inch Aggregation Protocol incorporates the Pathfinder algorithm for finding the best paths across over 60+ liquidity sources on Ethereum, 30+ liquidity sources on Binance Smart Chain, 30+ liquidity sources on Polygon, Optimistic Ethereum, and Arbitrum. In just over two years of operation, the 1inch Aggregation Protocol surpassed $80 bln in overall trading volume on the Ethereum network alone.

The 1inch Liquidity Protocol is a next-generation automated market maker (AMM) that protects users from front-running attacks and offers attractive opportunities to liquidity providers.

The 1inch Limit Order Protocol facilitates the most innovative and flexible limit order swap opportunities in DeFi. The protocol’s features, such as dynamic pricing, conditional orders, and extra RFQ support, power various implementations, including stop-loss and trailing stop orders, as well as auctions.

What is the 1inch Token?

1INCH is a multi-chain token, currently available on Ethereum, Polygon and Binance Smart Chain (BSC). The integration with BSC was conducted through a bridge, which indicates that there are no extra tokens issued on BSC.

1inch serves both as a utility token and a governance token. Regarding its utility purpose, 1inch is used as a connector to maximize the routing efficiency of the 1inch Liquidity Protocol. At the same time, it is also used for all the governance activities happening within the 1inch Network and forthcoming Protocols.

The 1INCH token has 3 main use cases:

• As a connector in the Liquidity Protocol.
• Rewards for Liquidity Providers and Stakers.
• To participate in governance activities on 1inch DAO.

Who Are the Founders of 1inch Network?

The 1inch Network was founded by Sergej Kunz and Anton Bukov over the course of the ETHGlobal New York hackathon in May 2019. The two had earlier met during a live stream of Kunz’s YouTube channel (CryptoManiacs) and began entering hackathons together, winning a prize at a hackathon in Singapore, as well as two major awards from the ETHGlobal.

Prior to 1inch, Sergej Kunz worked as a senior developer at product price aggregator Commerce Connector, coded at communication agency Herzog, led projects at Mimacom consultancy, and then worked full time at Porsche in both DevOps and cybersecurity.

Anton Bukov had worked in software development since 2002 and in decentralized finance (DeFi) since 2017. Among other projects, his resume features gDAI.io and NEAR Protocol.

1inch development updates in 2023

1inch, a notable player in the decentralized finance (DeFi) space, has made significant strides in 2023. Below is an overview of the most important developments:

• Fusion Mode Expansion: Fusion mode, a feature that allows users to swap tokens on decentralized exchanges (DEXes) without incurring network fees, expanded to include five more blockchains. Initially available on Ethereum, Polygon, and BNB Chain, it now also supports Optimism, Arbitrum, Avalanche, Fantom, and Gnosis, offering users highly protected and cost-efficient swaps​​​​.

• 1inch Wallet Updates: The 1inch Wallet received several updates, including version 1.14 for Android, featuring improvements such as Fusion mode for additional chains, NFT integration, and enhanced UI and Ledger connection. Version 1.15 added checks for suspicious domains and wallet addresses, further enhancing security​​​​.

• Developer Portal Beta Launch: In July, 1inch launched a beta version of its developer portal. This Web3 cloud SaaS platform provides APIs for building new products, offering developers fast and efficient tools for creating new Web3 products​​.

• Strategic Integrations and Partnerships: Throughout the year, 1inch announced integrations with various projects, such as XFai, Arbitrum Exchange, Algebra Protocol, and Lido Finance, as well as partnerships with platforms like Enzyme and SushiSwap V3​​​​​​.

• Significant Milestones and Stats: In March, 1inch’s 24-hour trading volume hit a remarkable $4 billion mark for the first time, showcasing its efficiency and security in the DeFi space. The platform also showed impressive user and transaction statistics across multiple blockchains​​.

• Paris Blockchain Week Participation: 1inch had a significant presence at Paris Blockchain Week 2023. Co-founder Sergej Kunz participated in key discussions and the network hosted its iconic party, Cirque De La Lune, highlighting its growing influence in the blockchain community​​.

• 1inch DAO and Community Involvement: The 1inch decentralized autonomous organization (DAO) continues to govern the network, fostering a community-driven approach. This includes initiatives like the grant program to support the network’s growth and expansion​​​​​​.

These updates mark a significant period in 1inch’s evolution, emphasizing its commitment to improving DeFi accessibility, security, and efficiency. The 1inch community and users of decentralized finance are keenly watching these developments, which are expected to enhance the platform’s overall performance and utility in the ever-evolving crypto landscape.

Official website: https://1inch.io/

Best cryptocurrency wallet for 1inch (1INCH)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for 1inch (1INCH)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).