Buying Nano: how to invest in Nano?
The crypto market is currently attracting many new investors, all of whom want to get a piece of the huge returns that can be achieved here. One of the projects that has seen a lot of growth is Nano. If you are thinking about adding Nano to your portfolio, but you are not sure what kind of coin it is, don’t worry. In this article we will show you everything you need to know about investing in Nano!
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How can you buy Nano?
Nano can be a promising investment. The coin solves some of the bitcoin‘s known problems: transactions are carried out faster & cheaper and the system is also scalable. If Nano manages to capture a larger chunk of the market in the future, it may be smart to buy Nano.
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What is Nano – goal of the project
The first thing to consider is the function of Nano. Nano (NANO) can be described as a digital currency designed to enable fast transactions at no cost. The project promises to offer a high degree of scalability, unlike, say, Bitcoin. The project was originally known as RaiBlocks (XRB). They have since renamed the cryptocurrency to Nano to make it more accessible to investors.
The team at Nano is trying to make the goals possible by combining a special blockchain with a unique acyclic graph technology. This technology assigns each account its blockchain. As a result, Nano has quite a few followers who think that investing in Nano is the best choice to make at the moment.
Creation of Nano – original vision
Nano was originally conceived by Colin LeMahieu. This is a well-known software engineer who has worked at well-known companies like Dell and AMD. He founded RaiBlocks in 2014, launched the coin in 2015 and has been with the team all these years. In the company’s white paper, he focused on fixing three major problems that Bitcoin faced:
- Poor scalability and very high transaction costs
- High latency with an average confirmation time of 164 minutes
- Power efficiency where sustainability lags behind
This white paper proved to be very popular. This is the reason why many people started investing in Nano, with the hope that it would experience a lot of growth. At the time of writing, LeMahieu is still the chief developer of Nano. He is particularly focused on the development of the coin’s core protocol. Of course, the team has grown much larger over the years.
How the Nano blockchain works
Nano combines several elements of blockchain with a DAG, or directed acyclic graph, algorithm. Under this structure, each Nano account has its blockchain that stores its transaction and balance history. This is also called an account chain. Only the account owner has full control over this. Each account chain can be updated asynchronously from the rest of the Nano network. This high level of control is not found in other projects.
When an account owner sends a number of Nano tokens, a “sending block” is added to their account chain. Their balance is then updated. The receiving account then adds a “receiving block” to their account chain to update their balance. As a result, the most recent block in any chain contains the current balance of that account. This ensures that the Nano system can soon achieve higher processing speeds than many other digital currencies. This of course contributed to the increasing popularity of Nano over the years.
Risks of investing in Nano
There are not many risks involved in investing in Nano. However, the biggest risk investors should take into account is that Nano could eventually fail to meet its objectives. Now that the team is making a lot of progress, the chance of this happening is small, but you do not know what the future will bring. It is also possible that another project will turn out to be better. It is important to remember that investing in Nano will always involve risks. This also applies to all other cryptocurrencies, not just Nano. After all, the crypto market is very volatile.
By actively investing in Nano’s stock price developments, you can perfectly anticipate the latest market conditions.
What are the advantages of investing in Nano?
There are many advantages to investing in Nano. A big advantage of the Nano crypto coin, are the fast transactions. Because the coin uses the Directed Acyclic Graph (DAG) technique, other accounts do not slow down the processing of transactions on a loose chain.
The (almost) free transactions are also a good reason to buy Nano. This is again due to the way the transactions are processed within the Nano cryptocurrency: only a sender and a receiver are required, which means that the costs amount to $0.000035 per transaction.
The coin should also be sufficiently scalable: 7000 transactions per second should not be a problem according to its creators. Because the coin solves the teething problems of bitcoin, it could be a good replacement. Do you have faith in the future of Nano? Then it may be smart to buy the Nano cryptocurrency.
Store Nano in a special wallet
It is possible that after reading the above, you would like to invest in Nano yourself. If you bought the coins at one of the many exchanges that can be found online, it is not a bad idea to transfer your coins to a wallet. Contrary to the exchange, you really do own your NEM tokens in a wallet. This ensures that you are less likely to be hacked, something you obviously don’t want.
There are different types of wallets to choose from. The best is to choose a hardware wallet like a Ledger. These wallets are the safest as they are never connected to the internet. It is true that these wallets can cost quite a lot of money. If you did not buy that much Nano, but you do want to secure your coins, you can always opt for a special software wallet. This is a wallet that you can easily install on your computer.
Conclusion: should you invest in Nano?
We see that the community strongly believes that Nano might have a good future. This could mean that it is a good idea to invest in Nano. However, there are also critics who think that Nano will not be able to deliver on its promises. So, is it wise to buy Nano? This is really a personal choice to make. It depends entirely on whether you think that Nano will achieve its objectives and growth rate or not. In any case, the information in this article will help you take a better position on the coin.
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