How To Buy Internet Computer (ICP)?
A common question you often see on social media from crypto beginners is “Where can I buy Internet Computer?” 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 Internet Computer on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports Internet Computer (ICP)
First, you will need to open an account on a cryptocurrency exchange that supports Internet Computer (ICP).
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Fees (Maker/Taker) 0.2%*-0.2%*
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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 Internet Computer (ICP) 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 Internet Computer (ICP)
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 Internet Computer (ICP) or Internet Computer (ICP) trading pairs. Look for the section that will allow you to buy Internet Computer (ICP), and enter the amount of the cryptocurrency that you want to spend for Internet Computer (ICP) or the amount of fiat currency that you want to spend towards buying Internet Computer (ICP). The exchange will then calculate the equivalent amount of Internet Computer (ICP) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Internet Computer (ICP) 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.
How to create a Binance account
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Step 1: Go to the Binance website.
Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.
Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.
Step 3: Complete the Security Verification.
Step 4: The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How to complete KYC (ID Verification) on Binance
Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
Step 2: click “Start Now” to verify your account.
Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.
Step 5: Enter your personal information and click “Continue.”
You won’t be able to change it once confirmed.
Refer to the respective options offered for your country.
Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
Once your application has been verified, you will receive an email notification.
How to buy cryptocurrency on Binance
Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”.
Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.
Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.
Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.
Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.
How to Conduct Spot Trading on Binance
Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.
Step 2: Search and enter the cryptocurrency you want to trade.
Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)
Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.
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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.
What is Internet Computer (ICP)?
What is Dfinity?
The DFINITY Foundation is a not-for-profit organization based in Zurich, Switzerland. The Foundation has research centers all over the world, including Zurich, Palo Alto, and San Francisco. Team members work from a variety of locations worldwide, such as Germany, the United Kingdom, and the Netherlands. Dfinity also has administrative centers in places like Neuchâtel, Switzerland. The dual purpose of the DFINITY Foundation is to research and develop technology that supports the Internet Computer, and to support developers interested in building on the Internet Computer. You can find the official website here.
What is the Internet Computer Association (ICA)?
The Internet Computer Association is a nonprofit members association that is based in Geneva. Its purpose is to support, coordinate, connect and advocate for Internet Computer ecosystem members — data centers, node providers, developers, educators, investors funding the building of dapps, enterprises wishing to use it, regulators, etc. You can find the official website at here.
How Does Internet Computer (ICP) Work?
The Internet Computer is a new blockchain that uses breakthrough technology and cryptography which allow you to run Canister smart contracts at a far higher speed and far lower cost than ever seen before. It does this while simultaneously preserving decentralization and the security properties that a blockchain provides. We are of the opinion that all software systems can and should be run on top of a blockchain, and we are headed toward a future where many things will be tokenized.
Not only does the Internet Computer allow you to make transactions and run Canister smart contracts in a matter of seconds, it also allows you to host web pages. This means that your entire stack can be decentralized. This is a big advantage of the Internet Computer in comparison to other smart contract platforms, which often have users interact with the chains through something like Amazon Web Services.
Furthermore, the Internet Computer is infinitely scalable. With traditional blockchains like Bitcoin or Ethereum, new nodes don’t add extra capacity to the network. The Internet Computer is similar to the internet in that it has lots of different subnets that can communicate with each other. Its capacity can be continuously expanded by adding more subnets.
Finally, the Internet Computer can be easily upgraded or expanded through its native on-chain governance system, the Network Nervous System (NNS). Anyone can participate in this governance system by staking ICP, the Internet Computer’s utility token, in voting neurons within the NNS. Token holders who participate can make proposals to upgrade or expand the network. These upgrades occur seamlessly without disruptive hardforks, which allows the Internet Computer to quickly evolve and improve.
The internet computer has many different components: subnets, nodes, canisters, the NNS, neurons, proposals, votes, ICP, and cycles. Let’s briefly define each one to help you better understand what the Internet Computer is made of.
- Subnets: A subnet is a specific group of nodes. Anything that runs on a particular subnet is replicated across one to many nodes in the subnet.
- Nodes: A node is a single machine running somewhere in the world. Nodes combine their computing power and run the Internet Computer Protocol.
- Canisters: A canister is where an application runs on a subnet (or group of nodes). This means the canister is the code, state, memory, and storage for Internet Computer applications.
- The NNS: The Nervous Network System (NNS). This is a system of neurons, proposals, votes, ICP, and staking that governs the Internet Computer. By governance, I mean almost all changes to the internet computer have to go through the NNS in a proposal.
- Neuron: A neuron may contain staked ICP. When ICP is staked and the dissolve delay is greater than 6 months, the neuron is a voting entity in the NNS.
- Proposal: In order to change the Internet Computer in any way, you have to do it through a proposal to the NNS (there may be a few edge cases that do not require NNS proposals). The proposal will outline a specific change, and then everyone with staked ICP in neurons will vote on it to decide whether to adopt the change or not.
- Votes: Each neuron receives voting power based on how much ICP is staked in it, how long the ICP has been staked in the neuron, and how long the ICP has to be locked away (also called dissolve delay). When a neuron votes on an NNS proposal it earns rewards.
- ICP: The Internet Computer Protocol, ICP, is a utility token that can be purchased at common exchanges (Coinbase, Binance) and staked in a neuron to participate in the governance of the internet computer. You also receive rewards in ICP for staking and voting on NNS proposals.
- Cycles: ICP can be converted into cycles. For example, 1 ICP might be worth 5 trillion cycles. This conversion rate always changes based on NNS proposals. A cycle is an operation performed by a computer, so cycles are a more granular form of compute costs. Canisters (see definition above) do computations on the Internet Computer and consume cycles to do those computations.
What is the function of the ICP utility token?
The ICP token is used in a variety ways. First of all, it is needed to pay for computation in the form of cycles. 1 SDR of ICP can be converted to a trillion cycles. SDR is a stable basket of currencies tracked by the IMF. Its price sits around $1.42 USD at the time of writing. Cycles are burned to pay for computation, storage, and serving of web pages. As more applications are hosted on the Internet Computer, more ICP tokens are converted and burned.
The second use of ICP is in the NNS. If you want to vote and earn voting rewards in the NNS, you have to stake your ICP tokens in a neuron. When you vote, you receive voting rewards in the form of newly minted ICP tokens.
Lastly, ICP tokens are also minted as rewards to node providers. On the one hand, the total supply of ICP is deflationary because the tokens are converted into cycles and burned. On the other hand, it is inflationary because rewards are minted for node providers and neurons.
What makes Internet Computer (ICP) unique?
One of the biggest questions about any cryptocurrency is how it differs from any other crypto. Here are three ways that Internet Computer stands out from other players:
- It allows anyone to create software on the internet. The technology allows anyone to use its blockchain technology to create apps and lets them do an end-run around the big tech companies.
- It runs on a decentralized network, not the cloud. In contrast to many other blockchains that run on the cloud, Internet Computer runs on a dedicated hardware set up by independent parties, according to Dominic Williams, founder of Dfinity.
- It’s fast. While completing transactions using some cryptocurrencies may take 30 minutes or more, Dfinity boasts that its crypto operates at web speed.
- Its immense potential. The cryptocurrency’s founder has made big claims about the potential of the cryptocurrency to displace, or at least nudge, internet behemoths from their lofty positions. These claims include the speed of the cryptocurrency, its ability to scale quickly and its ability to drastically reduce computing costs.
- Backed by big name investors. Andreesen Horowitz is a big-name venture capital firm, while another key investor (Polychain Capital) specializes in venture capital for crypto. The backing of well-regarded investors brings others to the party.
- Promotion: Some market analysts have already come out with price targets for the ICP, and have projected huge price increases over the coming years. Understandably, that hasn’t dampened investors’ enthusiasm one bit.
Official website: https://dfinity.org/
Best cryptocurrency wallet for Internet Computer (ICP)
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 Internet Computer (ICP)?
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.
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).
Internet Computer (ICP) Price & Charts
- Market Capitalization And Daily Trading Volume
- Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
- Circulating And Total Supply
- Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).