How To Buy Elrond (EGLD)?

A common question you often see on social media from crypto beginners is “Where can I buy Elrond?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.

Step 1: Create an account on an exchange that supports Elrond (EGLD)

First, you will need to open an account on a cryptocurrency exchange that supports Elrond (EGLD).
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 Elrond (EGLD) 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 Elrond (EGLD)

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 Elrond (EGLD) or Elrond (EGLD) trading pairs. Look for the section that will allow you to buy Elrond (EGLD), and enter the amount of the cryptocurrency that you want to spend for Elrond (EGLD) or the amount of fiat currency that you want to spend towards buying Elrond (EGLD). The exchange will then calculate the equivalent amount of Elrond (EGLD) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Elrond (EGLD) 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 Elrond (EGLD)?

Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency and a $0.001 transaction cost. By employing sharding, a method of parallelizing data & transactions processing, Elrond’s performance will aim to scale up with the number of computers joining the network, reaching more than 100.000 transactions per second while growing increasingly decentralized. The blockchain has a native token known as eGold, or EGLD, that is used for paying network fees, staking and rewarding validators.

The Elrond network is the first to present a viable solution where all the three aspects of sharding – state, network and transactions – have been implemented at once. Combined with its “Adaptive” component, this novel architecture allows for dynamic network configuration to maintain a high level of security while scaling with demand.

In addition to scaling through sharding, Elrond also approaches the consensus problem with a mechanism called Secure Proof of Stake, which mitigates potential attack vectors when compared to Proof of Work, while also enabling large throughput and fast execution.

By solving some of the hardest consensus and sharding problems in the blockchain space, Elrond is able to provide a very high level of performance on a network made of inexpensive computers, resulting in a very low cost per transaction. In addition to performance and cost, Elrond also stands out through the quality of the developer experience and the resulting boost in usability on the end-user side.

Who Are the Founders of Elrond?

Elrond was co-founded in late 2017 by brothers Beniamin and Lucian Mincu alongside Lucian Todea as a solution to the problem of blockchain scalability, which they thought to be the most pressing problem facing the industry.

Prior to Elrond, Beniamin and Lucian Mincu co-founded MetaChain Capital, a digital asset investment fund, with Beniamin Mincu serving as CEO and Lucian Mincu as chief technology officer. The two also co-founded ICO Market Data, an aggregator of information around initial coin offerings.

Beniamin Mincu was also responsible for product, marketing and community for blockchain platform NEM from 2014 to 2015, in addition to being an early investor in projects such as Zilliqa (ZIL), Tezos (XTZ), Brave and Binance. Lucian Mincu has additional experience as an information technology engineer and security specialist, having worked with Uhrenwerk 24, Cetto and Liebl Systems.

Todea is a serial tech entrepreneur who previously founded and served as CEO of Soft32, a software review and download site, and a partner of mobilPay, a mobile payments application. He is also an angel investor, having invested in biometrics tech company TypingDNA and accounting platform SmartBill.

WHAT MAKES Elrond (EGLD) UNIQUE?

ESDT Stablecoins

Stablecoins are tokens whose value is pegged to a fiat currency such as USD, or other assets.

They are the simplest and most effective first step for integrating blockchain utility in the traditional financial system, enabling immediate benefits, and using recognizable denominations while providing a smooth transition for traditional finance actors.

The Elrond ecosystem includes many stablecoins such as Binance USD, European stablecoins such as EUR, CHF, SEK, NOK and DKK, or algorithmic stablecoins from our many partners. Each of them will be coming live soon, with more to follow.

Elrond NFT Standard

Non-fungible tokens are the purest digital representations of property, extending art, collectibles, game items that are unique. NFTs will reshape the media space, providing true ownership for digital media objects.

NFT experiments by artists and creators from around the world will bring an unprecedented cultural shift and excitement, underscoring one of blockchain’s important killer applications, and driving adoption to the mainstream. NFT applicability extends beyond art, spanning fields ranging from finance to gaming, entertainment, and more.

Elrond has designed a native NFT standard, to leverage its throughput and speed, making these features usable at internet scale. The Elrond NFT standard will also feature a built-in royalty fee.

Elrond Launchpad

The Launchpad module enables new projects to bring the most innovative and creative ideas to market, getting funding and launching directly within the Elrond ecosystem.

Technical advantages of the Elrond mainnet and the unique properties of eGold tokens, coupled with our vibrant DeFi ecosystem and one of the most passionate communities in the space, will set the stage for perhaps the most effective Launchpads in the blockchain space.

Elrond Swap

AMMs are an important breakthrough adding orders of efficiency to market liquidity.
Elrond will soon have its own AMM, enabling swapping between any assets, at near-instant speeds and inexpensive cost.

This will enable value to seamlessly flow between various tokens, stable coins, and synthetics.
Extending this at the internet-scale will bring a maturation phase for both digital assets and their deep liquidity.

Through the Elrond swap module, anyone will be able to provide liquidity in pools to generate yield for their service.

Elrond Lending

Borrowing and lending are fundamental cornerstones of an efficient financial system.

The lending module will provide automatic, easy, and instant access to liquid capital, either collateralized by token holdings or via other mechanisms.

This will open a new more efficient global debt market, effectively matching borrowers with lenders in an automatic fashion. Global users will have the opportunity to get fast and inexpensive access to funds via borrowing while enabling others to lend their capital and generate yield for doing so.

Elrond Synthetics

Synthetic assets are tokenized financial instruments that simulate another asset’s payoff.

Tokenization is rapidly growing as a trend beyond finance, enabling a very efficient process by which any asset can receive a digital representation, fractional ownership and granularity, easy transferability, depth of liquidity, and global distribution and accessibility.

Everything from tokenized Tesla stocks, to commodities, will become available to be swapped or collateralized against, via the Elrond synthetics module.

Elrond Bridges

Elrond is a highly interoperable blockchain. It is already connected to several chains, with others to follow soon via bridges.

Bridges enable any tokens from one chain, to move to the other, and will soon enable smart contracts on one blockchain, to interact with smart contracts on another.

Simply put, through the Elrond bridges, you will be able to own and transfer wrapped Bitcoin, Ethereum, or any other tokens from other chains, in a similar way you transfer native tokens on the Elrond mainnet.

The bridge module will enable global liquidity to flow seamlessly through the Elrond Network, granting any project the opportunity to leverage Elrond’s high throughput, low costs transactions, and compelling user experience.

Elrond development updates in 2023

Elrond (EGLD) has made significant strides in 2023, solidifying its position as a notable player in the blockchain and cryptocurrency arena. Here’s an overview of the most important updates:

• Partnership with Alchemy Pay: Elrond has entered into a strategic partnership with Alchemy Pay, a payment solution provider. This collaboration integrates Elrond (EGLD) into the crypto to fiat payments network of Alchemy Pay, which has an extensive reach of over 200 million merchants across 65 countries and regions​​.

• Expansion in the US Market: US citizens can now purchase Elrond directly via credit card through the Maiar app, further increasing the accessibility of EGLD. However, this service is not available in Louisiana, New York, and Texas​​.

• KuCoin Listing and Trading Competition: Elrond announced the listing of EGLD on KuCoin, a secure crypto exchange. Following this, a $30,000 KuCoin trading competition was launched to increase community involvement​​.

• Advancements in DeFi with Maiar App: Elrond is advancing in the DeFi sector with the development of the Maiar App, a web extension for browsers like Chrome and Brave. This app is a precursor to the Maiar Exchange, a decentralized exchange automated market maker, and will act as a companion for Elrond dApps​​.

• Elrond’s Novel Sharding Approach: Elrond uses a dynamic sharding method, making its network highly scalable and secure. The blockchain shards as a binary tree and adapts to the number of validators. This adaptive approach has allowed Elrond to achieve transaction speeds significantly higher than many existing networks​​.

• Developer Collaboration and Toolkits: Elrond has built an extensive toolkit for developers, enhancing their productivity and efficiency. This toolkit includes a smart contract development framework, debugging and testing extensions, and support for various programming languages. This initiative reflects Elrond’s commitment to fostering a strong developer community​​.

• Partnership with Opera: Elrond announced a partnership with Opera, enabling direct access to the Elrond ecosystem for Opera’s 300 million users. This integration is a significant step towards mainstream adoption of blockchain technology and expands Elrond’s reach considerably​​.

• Token-Economics and Community Engagement: Elrond’s native token EGLD powers its ecosystem. The token-economic model is designed to balance inflation and rewards, aiming to provide value to token holders. The Elrond community is notably active, with over 300,000 followers on platforms like Twitter and Telegram, further enhancing its market presence​​.

These developments represent Elrond’s commitment to innovation and growth in the blockchain space, as it continues to evolve and expand its capabilities and reach in 2023.

Official website: https://elrond.com/

Best cryptocurrency wallet for Elrond (EGLD)

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 Elrond (EGLD)?

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).