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Tron Crypto: What You Need to Know
At a Glance
- TRON is a blockchain-based operating system founded in 2017 by Justin Sun.
- Aims for decentralized content-sharing and entertainment, handling up to 2,000 transactions per second.
- Its cryptocurrency, TRX, can be purchased on various trading platforms.
- Uses a delegated proof-of-stake consensus mechanism and has goals of driving content creation, decentralizing the gaming industry, and building DApps.
Tron is a popular cryptocurrency, one that is listed on more than 130 exchanges and it is considered, by many, one of the most promising cryptocurrencies. The coin uses the TRX symbol in trades, and it has been around since 2017.
If you want to get into Tron crypto and look for a cryptocurrency exchange where it can be traded, you need to know more about the coin and how to buy and sell it. Luckily, through this post, you will obtain all the information you need.
What Is Tron Crypto?
TRON is a blockchain-based operating system allowing anyone to use this technology on a daily basis. Ethereum can handle up to 25 transactions per second, whereas Bitcoin can handle up to 6 transactions per second. TRON begs to differ, though: it can handle up to 2,000 transactions per second.
TRON was founded back in 2017 by Justin Sun, who was the CEO of the company at the moment. He was born in 1990 and he studied at Peking University, as well as the University of Pennsylvania. In the past, he was also associated with Ripple, as he used to be the chief representative of the company in the Greater China area. Sun also got some recognition from Forbes Asia in the 30 Under 30 series that included entrepreneurs.
The company started working as an environment where all content creators are able to connect with their audiences in a much better way. This way, creators would not end up losing a lot of commissions, like they would with centralized platforms. Content would also be less expensive for consumers.
To make its services work at their peak, the company gathered a lot of experienced and skilled developers in its team.
The company’s own cryptocurrency, TRON, uses the symbol TRX in trading and it can be purchased on multiple trading platforms. You can get it from Binance, Coinbene, Bitfinex, Bancor, KuCoin, Poloniex, and many others. TRON has about 100 billion tokens in total supply. Currently, there are about 71.6 billion tokens in circulation.
For protection, TRON has a delegated proof-of-stake, a consensus mechanism where TRX holders can freeze their cryptos to get Tron Power. So, this will allow them to vote for “super representatives”, which will then operate as block producers. Block producers will get certain TRX rewards for checking and analyzing transactions. People who voted for the producers will then have the rewards distributed among them.
According to the developers, TRON is a decentralized platform aiming to offer content-sharing features and entertainment. One of their largest acquisitions was BitTorrent in 2018.
TRON has different goals divided into multiple phases. Overall, they want to drive content creation by offering financial rewards, delivering simple file sharing, decentralizing the gaming industry, and letting content creators make their own tokens. On top of that, TRON is one of the most famous blockchains when it comes to building DApps.
How to Buy Tron Crypto
Are you looking for a quick, safe, and easy way to purchase Tron crypto? Well, the process is pretty straightforward. Here is what you have to do:
1. Purchase a Compatible Hardware Wallet
First things first, you will have to buy a hardware wallet. After all, you want your coins to be secured, and the best way to do that is by getting a good wallet. Hardware wallets are the safest for storing cryptocurrencies because there is no way to hack them. Therefore, purchasing a hardware wallet is one way to make crypto safer and more accessible.
Ledger has some good hardware wallets that allow you to keep your cryptocurrency safe – so, if you want to buy Tron, you should look into them.
2. Use an Exchange Service to Purchase Tron Crypto
Buying Tron crypto is possible by using fiat currencies. To do that, you need a good cryptocurrency exchange that also offers Tron. On an exchange, you can use dollars, pounds, euros, and other currencies to buy the cryptocurrency you desire.
Once you find a quality exchange that offers Tron, you can use a Bank Transfer or Credit/Debit card to buy Tron crypto. Before you do that, you will have to open an account and validate it by offering some of your personal information. When the exchange reviews and approves it, you can start buying Tron crypto.
3. Transfer the Amount to a Hardware Wallet
When you are done buying the cryptocurrency, you can send the funds to your hardware wallet. If you decide on a Ledger wallet, you will have to use the Ledger Live app, open a Tron account and then send the funds from the exchange to the fresh Tron address.
Your Tron crypto will be kept securely until you decide to sell it or trade it.
How to Sell Tron Crypto
Selling Tron crypto is also pretty easy. Most of the time, people sell it for cryptocurrencies like Ethereum or Bitcoin. You must first find a cryptocurrency exchange that allows you to sell TRX. Of course, you can also sell your crypto for fiat currency.
Here is how you can sell Tron:
1. Create an Altcoin Exchange Account
The first thing to do is sign up on an altcoin exchange and then fund your account with Tron. You can also load Tron crypto into a Bitcoin ATM.
2. Sell the Crypto for Ethereum or Bitcoin
Since Bitcoin and Ethereum are two of the most popular and appreciated cryptocurrencies, you may decide to sell your Tron for one of them. Well, it is going to be very easy to do so because they have high liquidity and volume.
3. Transfer the Cryptos to a Crypto Exchange
Once you sell the Tron for another cryptocurrency, you can transfer it to a crypto exchange platform like Coinsquare. On Coinsquare, you have to go to the top menu and click “Fund”. Then, follow the instructions for the particular cryptocurrency you have.
4. Sell the Crypto for Fiat Currency
Coinsquare allows you to select Quick Trade from the dashboard. You can then sell any crypto you want very quickly and easily.
5. Withdraw the Money to Your Bank Account
From the menu, click “Withdraw” and follow the instructions. The money will be sent to your bank account shortly after.
Considerations when Buying Tron Crypto
Before buying Tron, take into consideration the availability of the coin. There are over 71 billion in circulation, which is a lot. Considering we know the total supply, there may be a modicum of restraint on value dilution that could have resulted from an uncapped supply. You also need to consider the future potential of the coin, as well as whether the rewards are worth it for you or not.
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
The Bottom Line
Tron crypto has a lot of tokens available at the moment, and with its growing popularity, more and more people might buy it and start trading it. If you are interested as well, then you should know how to trade your Tron crypto. Once you purchase a good hardware wallet and you find a trustworthy cryptocurrency exchange, you will be able to buy and sell it without issues.
Frequently Asked Questions (FAQ)
What is Tron Crypto?
Tron Crypto is a decentralized blockchain-based platform designed to create a global digital entertainment ecosystem.
How does Tron Crypto work?
Tron Crypto operates on a blockchain network and utilizes smart contracts to facilitate transactions and interactions within its ecosystem.
What is the purpose of Tron Crypto?
The purpose of Tron Crypto is to revolutionize the entertainment industry by decentralizing content distribution and empowering content creators.
Can I mine Tron Crypto?
No, Tron Crypto cannot be mined as it utilizes a delegated proof-of-stake consensus mechanism.
How can I acquire Tron Crypto?
You can acquire Tron Crypto by purchasing it from cryptocurrency exchanges or participating in token sales.
Is Tron Crypto secure?
Yes, Tron Crypto utilizes advanced cryptographic techniques and a decentralized network to ensure security and integrity.
Can I use Tron Crypto for online purchases?
Yes, Tron Crypto can be used for online purchases within platforms and applications that accept it as a form of payment.
Are there any transaction fees on Tron Crypto?
Yes, Tron Crypto transactions may incur minimal fees, which are typically used to prevent network abuse.
Can I develop applications on Tron Crypto?
Yes, Tron Crypto provides a developer-friendly environment and tools for building decentralized applications (DApps).
Is Tron Crypto scalable?
Yes, Tron Crypto has implemented various scaling solutions to handle a high volume of transactions and support a growing user base.