How To Buy Moonbeam (GLMR)?

A common question you often see on social media from crypto beginners is “Where can I buy Moonbeam?” 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 Moonbeam (GLMR)

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

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

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

Moonbeam is a parachain on Polkadot offering Ethereum-compatible smart contract capabilities. Moreover, Moonbeam is host to ChainBridge by ChainSafe, offering bi-directional bridge services between the Ethereum blockchain and the Polkadot ecosystem. Furthermore, as a fully decentralized smart contract-enabled platform, Moonbeam uses its native Glimmer token (GLMR) to operate the network. 

As a developer-oriented blockchain, Moonbeam offers a Web3-compatible application programming interface (API) and full Ethereum Virtual Machine (EVM) implementation. Further, Moonbeam provides bridges to connect with existing Ethereum applications. This means Ethereum developers can gain access to the Polkadot ecosystem with minimal code configurations. Moreover, Moonbeam offers developers a seamless experience with minimal cost. 

Moonbeam plans to partner with other parachain-based bridges once this functionality launches on Polkadot. This will allow Moonbeam to offer developers multiple choices for integrating decentralized applications (dApps) and users to transfer assets to and from the Ethereum mainnet.

Rather than operating a single blockchain, Polkadot is often known as “the blockchain of blockchains”. The Polkadot ecosystem comprises several aspects, including the Relay Chain, parachains, parathreads, and bridges. 

The Relay Chain is the heart of Polkadot, facilitating cross-chain interoperability for communication and transfer of assets. Parachains are sovereign blockchains operating with their own tokenomic and governance structure, secured by the Relay Chain. Parathreads are smaller size parachains that don’t require 24/7 access to the Relay Chain. Bridges are the protocols that connect different parachains to external blockchains, such as Bitcoin or Ethereum. 

As Moonbeam is operating as an individual parachain, the project uses its own consensus mechanism. Moreover, this also means that Moonbeam receives shared security from the Polkadot Relay Chain and benefits from interoperability with other parachains in the network. Moonbeam network participants known as “collator nodes” will produce blocks. Validators on the Polkadot Relay Chain are then responsible for verifying and finalizing transactions on the network. Moonbeam’s consensus is entirely separate from Ethereum’s Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus models. Moonbeam bridges create the connection between Moonbeam and Ethereum, with each end of the bridge connecting to the different consensus models. 

What is the GLMR token?

The Glimmer token (GLMR) underpins the entire Moonbeam ecosystem as a highly functional multi-utility token. Shouldering the main responsibilities for the up-keep and smooth-running of the Moonbeam network, the GLMR token holds many use cases. Some of these include incentives for honest participation and decentralization of the platform. Also, the GLMR token supports gas metering with smart contract executions. This is in addition to being the unit of exchange when paying for gas fees on the network. Furthermore, holding the GLMR token entitles holders with governance rights and access to on-chain voting mechanisms.

GLMR Tokenomics

Operating on the Polkadot network, the Glimmer token (GLMR) aims for an annual inflation rate of 5% with an uncapped maximum token supply. The 5% inflation rate pays for a parachain slot on Polkadot on an ongoing basis and rewards network participants. Of the 5% inflation rate, 1.5% goes towards funding the parachain bond reserve. Additionally, 1% is to incentivize collator nodes, while the remaining 2.5% goes back to GLMR token stakers who help power the block production process. 

Moonbean also incorporates deflationary aspects of the Glimmer token (GLMR). When users or developers execute smart contracts to fulfill a transaction, they must pay a fee to cover the computational gas the nodes need to complete the request, alongside a small platform fee. This fee is then split between two protocols. Firstly, 80% of the GLMR tokens received as fees are burned. This acts as a deflationary force, increasing scarcity as the GLMR token has no capped supply. If the number of GLMR tokens burned from transactions and fees on Moonbeam exceed the 5% annual inflation rate, GLMR will become a deflationary asset. 

The remaining 20% of GLMR tokens go to the on-chain Treasury. On-chain governance proposals will confirm how these funds are spent. This includes covering the costs of initiatives and projects bringing adoption and boosting engagement with the Moonbeam network.

Moonbeam development updates in 2023

Moonbeam has seen several noteworthy developments in 2023. These advancements are aimed at enhancing its platform’s capabilities and solidifying its position in the blockchain ecosystem.

Key Technological Advancements and Network Updates

• Integration with Subsocial Parachain: In December 2023, Moonbeam announced an integration with the Subsocial parachain, enabled by Polkadot’s cross-consensus messaging (XCM). This integration enhances the interoperability capabilities of Moonbeam, allowing seamless interactions with Subsocial’s network​​.

• Web3 Powered Loyalty Program with Grupo RAO: November 2023 marked the launch of a Web3 loyalty program for Grupo RÃO using the DUX smart wallet, powered by Account Abstraction. This development represents a significant step in applying blockchain technology to real-world business applications​​.

• Integration with Picasso and Zeitgeist: Moonbeam announced XCM integrations with Picasso and Zeitgeist in November 2023. The integration with Picasso brings the PICA token to Moonriver, while the integration with Zeitgeist enables the flow of liquidity between Moonbeam and Zeitgeist through the ZTG token​​.

• Release of Previously Locked DOT Tokens: October 2023 saw the release of previously-locked DOT tokens due to the end of the initial batch of parachain slot leases on Polkadot. This event provided original contributors with increased flexibility in utilizing their tokens​​.

• Expanding the Ecosystem: Throughout the year, Moonbeam continued to expand its ecosystem, which now boasts over 100 projects, integrations, and collaborations. This growth underscores Moonbeam’s position as a primary entry point for decentralized applications looking to connect to Polkadot​​.

Market Performance and Tokenomics

• Market Capitalization and Trading Volume: As of the latest data, Moonbeam’s market capitalization stands at approximately $265 million, with a 24-hour trading volume of around $14.6 million. The fully diluted market cap is about $360.8 million​​.

• Token Performance and Distribution: Moonbeam’s native token, GLMR, has experienced significant price fluctuations. Its all-time high was $29.84 (January 2022), and the all-time low was $0.1606 (September 2023). The current price represents a recovery from the all-time low​​. The total supply of GLMR tokens is 1,097,427,550, with an annual inflation rate of 5%. The genesis token supply was 1 billion, and the distribution includes allocations for seed funding, strategic funding, community events, crowdloan, and other ecosystem development initiatives​​.

Moonbeam’s developments in 2023, especially its integrations with other parachains and the expansion of its ecosystem, highlight its role as a versatile and adaptive platform within the Polkadot ecosystem. These advancements not only enhance the platform’s technological capabilities but also broaden its applicability in various domains, from DeFi to real-world business applications. The market performance of GLMR, characterized by its recoveries and adaptations, reflects the dynamic nature of the cryptocurrency market and the potential for growth in the Moonbeam network. As with all cryptocurrency investments, potential investors should approach with caution, considering market volatility and conducting thorough research.

Official website: https://moonbeam.network/

Best cryptocurrency wallet for Moonbeam (GLMR)

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 Moonbeam (GLMR)?

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).