Interested in how to buy CRO, but you can’t figure out how and where to start? This guide will provide you all the information you need about CRONOS and why it is important. It also explains how you can purchase CRO.
Cronos was created by Crypto.com and launched in November 2021. It is a compatible blockchain network with Ethereum Virtual Machine. Cronos can seamlessly integrate Metaverse and GameFi applications running on Ethereum in its protocol as well as building new ones.
Cronos is also interoperable with the Cosmos ecosystem through inter Blockchain Communication (IBC).
Cronos chains is one of crypto.com’s lineups of solutions intended to accelerate the global adoption of digital assets and cryptocurrencies as a means of protecting users’ identities, safeguarding user data, and increasing personal control over money.
Cronos aims at delivering faster, cheaper transactions than Level 1 Blockchains. It also enables more people to use smart contracts (DApps) and other decentralized applications (Smart Contracts).
Cronos also allows for the fast porting and integration of DApps and smart contracts from Ethereum or other Ethereum Virtual Machine-compatible chains (EVM).
Cronos has seen a rise in user adoption. The blockchain has been used to create over 120 applications and more than 350,000 distinct wallets.
Cronos plans to become one of five top public blockchain networks in terms of total value locked (TVL), by the end the year.
The rebranding the token name will not have an adverse effect on its price. It is similar to Binance’s BNB move. This only separates Crypto.com and the token.
Cronos’ goal is to offer a cheaper and more convenient way to purchase online using virtual currencies while also offering alternatives to Bitcoin scaling.
Scalability describes the capacity of a Blockchain to process large numbers of simultaneous transactions. Users who initiate transactions beyond the threshold of the blockchain will remain in a queue if the blockchain isn’t optimized for scalability; only those who paid the largest amount in commission retain a first place on the queue.
Cronos seeks to overcome scaling issues that hinder a greater integration of blockchain technology. Cronos provides instant payment confirmation, and supports scaling by increasing the volume of transactions.
Crypto.com’s target confirmation time is under 1 second. The platform will support over fifty thousand transactions per minute once the testing net has been implemented.
Cronos allows you to purchase CRO or other cryptocurrency with more than 20 fiat currencies by using your credit card or debit card, wire transfer or bank transfer.
Cronos History & Founders
Crypto.com launched Cronos as part of its vision of “putting cryptocurrency in every wallet.”
This company provides a variety of services, including an exchange, a cryptocurrency.com app and a DeFi wallet.
Crypto.com and the crypto.com coin were founded as “Monaco Technologies GmbH” in June 2016, Rafael Melo, Bobby Bao, Gary Or, and Kris Marszalek.
Rafael Melo spent 15 years working in finance and has been associated with many major corporations in Asia. He earned his bachelor’s degree in engineering from the PUC-Rio and has helped secure over 50 million AUD in funding for the Ensogo social commerce website.
Bobby Bao worked in the M&A department of the china resistance investment bank before helping launch crypto.com. He graduated from the University of Melbourne’s College of William and Mary and NYU Stern School of Business.
Gary Or previously worked at Ensogo as a platform administrator before co-founding Crypto.com. Foris is his mobile app development business.
Gary Or received his bachelor’s degree in engineering computer science from Hong Kong University and has over nine years of full-stack engineering experience.
Kris Marszalek, a graduate of Polish Adam Mickiewicz University, was the founder and head of three companies before founding crypto.com: e-commerce company BEECRAZY and a location-based mobile platform and app YIYI and Starline Polska which is a business in consumer electronics manufacturing and design.
CRO
Cronos’ native token, CRO, powers its blockchain.
Initial development of CRO began as an ERC-20 token that was built with the Ethereum network.
Crypto.com Chain’s native token, crypto.com coins (CRO), has been changed to Cronos (CRO), in order to emphasize the Cronos ecosystem’s explosive growth and decentralized nature.
The crypto.com blockchain launched its own open-source public blockchain Cronos. If you have the Cros erc-20 crypto.com coin previously, the web tool for token migration is available from the crypto.com network. This allows you to transfer any erc-20 tokens to the new crypto.comchain.
Cronos is powered by the CRO blockchain, which lets you use cryptocurrency to pay online merchants more and to settle transactions fees via crypto.com.
The exclusive offer is for CRO holders who have enough funds in the app wallet to receive a metal visa card. Users can access features in the DeFi wallet that are not custodial with CRO.
You can also use CRO to increase stake rewards. CRO can be used to increase bonus yields by providing liquidity for the DeFi swap.
The CRO is an intermediary money that allows you to exchange cryptocurrency or digital assets for fiat currency. To fund blocks and receive token rewards, users on the blockchain will have to use CRO.
CRO has a 24 hours trading volume of $49.3M, and it’s currently ranked #18. CRO’s live market cap is $10,187.987.272 USD. There are 25,263,013,691 CRO Coins in circulation and an overall supply of 30,263,013,692.
Current price for CRO is $0.400303. CRO’s price performance is good, despite the crash market in 2022.
The price of Crypto Markets Optimism (CRO) can be affected by market conditions and volatility.
Crypto portfolio trackers allow you to track your assets and make trade decisions in real time.
Crypto Assets
Digital assets called crypto assets can be used to prove ownership by using public ledgers that are accessible over the Internet. To create, verify and secure transactions, crypto assets make use of distributed ledger technology (DLT) such as blockchain and peer-to-peer network and cryptography.
Different functions and characteristics are available for crypto assets: They can be used to trade, store or exchange value, but also have business benefits.
Crypto assets are often independent of central banks, financial institutions or central authorities.
You may be familiar with the following types of cryptocurrency assets:
Cryptocurrency
Most likely, cryptocurrency today is the most popular type of cryptocurrency asset. Users can exchange digital currency or virtual money with cryptocurrency.
- You can exchange for products or services, such as fiat currencies (e.g. the US or Canadian dollars)
- A store of value
- You can trade on a cryptocurrency exchange.
Cryptocurrencies’ perceived value is largely based on their demand and supply in the market. Bitcoin, Dogecoin, and Ethereum are just a few examples.
Suppose you’re looking into how to buy cryptocurrency. One thing you need to know in this case is that cryptocurrency are not securities, and therefore are not subject of securities laws.
Utility Tokens
A utility token uses a blockchain platform or distributed ledger to provide access rights to a service or product – potentially one still in development-or to be used to purchase specific services or products.
The provider of the service or product usually issues the tokens, which can only be used within the issuers’ network.
Security Tokens
An ICO (initial coin offering), or ITO, is a way for businesses to raise capital to support a business or idea.
In exchange for crypto-assets and fiat money, the business provides security tokens. A security token can often come with a stake in a project. This could include dividends, profit sharing or voting rights. Investors should be aware that the project might fail and funds they invest in support an idea but not a product or service.
Non-fungible Tokens (NFTs)
A distributed ledger that records the ownership of unique tangible or intangible objects such as designer clothes or digital images like a song or video or designer clothing can contain non-fungible tokens, or NFTs.
Non-fungible assets can be traded by investors to make it more valuable. Non-fungible tokens, even for crypto assets are still relatively new and both the market and regulatory system for NFTs is rapidly evolving.
Why the CRO Token is a Good Investment
Cronos’ blockchain and native token will address many issues that have been associated with implementation of blockchains, such as:
- Support for merchants with enhanced capabilities
CRO Blockchain integration has been made easier by crypto.com’s developers. Crypto.com has released its SDK (software Development Kit) to enable merchants to use the CRO Blockchain solutions without requiring any technical know-how.
2. Transactions are instant and at lower fees
CRO’s primary objective is to facilitate a quicker payment network through scaling solutions that grow with increasing transaction load.
Cronos’ final version will allow for approximately 50,000 transactions every second. This is much more than can be done on Bitcoin.
3. Technology that is decentralized
CRO, like many emerging solutions to decentralized finance (DeFi), verifies transactions through spreading confirmations over a network. This avoids a single point for failure and allows CRO to verify transactions. CRO’s are much harder to hack and steal than those who rely on central third parties.
What is the best way to buy CRO
This is how CRO works. You should now understand why you should trade or buy cro. Here’s our simple step-by-step guide to help you purchase cro right away!
It is possible to purchase CRO tokens using the same way as buying any other cryptocurrency.
Step #1: Locate the best exchange for CRO
Numerous cryptocurrency exchanges can trade cro. Compare the top cro exchanges in your area to find the most suitable.
Cryptocurrency Exchanges
The cryptocurrency exchange allows users to sell and buy crypto, such as Bitcoin.
You can use these exchanges to set up different orders types in order to buy, sell or speculate on the cryptocurrency market.
Some exchanges offer advanced trading features such as margin and futures trading, although they may not be available for users who are based outside the US. Some exchanges offer features such as crypto loans or crypto staking, which allow you to make interest on crypto assets.
There are many types of crypto-exchanges
There are two major types of exchanges. Each has its advantages and drawbacks.
Centralized crypto exchange
One organization manages a centralized cryptocurrency exchange (CEX). The majority of cryptocurrency trading is done on central exchanges. By allowing customers to instantly convert dollars and euro into crypto, they make trading easy.
Users of centralized exchanges are expected to adhere to KYC (know Your Customer) guidelines. This is similar to how you apply to a bank account. To combat fraud and launder money, users must reveal their identity.
Hacking is a concern for centralized exchanges. The CEX keeps your digital assets safe on their platform, while trades are processed. This increases the possibility of hackers taking assets.
Decentralized crypto exchange
The responsibility of verifying and facilitating crypto trades is shared by decentralized exchanges.
Much like the way cryptocurrency blockchains work, anyone can certify transactions once they’re willing to join a decentralized exchange network; this helps increase transparency and accountability, ensuring the exchange can keep running irrespective of the company’s state that created it.
The interface and currency conversion process for decentralized exchanges is less intuitive. For instance, they don’t always allow users to deposit fiat money in exchange for crypto; users have to either already own crypto or use a centralized exchange to get crypto.
Dex trades with other people more slowly than peer-to-peer trading. If liquidity is limited, it may take longer for someone to look at you and offer to make price concessions so you can quickly buy or sell low volume crypto.
Multiple exchanges offer CRO coins such as:
- Crypto.com
- Coinbase
- Huobi Global
- Gate.io
You should consider the following factors before you decide on an exchange: fees, reviews from other users, coins available, deposit options supported, and customer service.
Step #2: Make an account to verify your identity
After choosing an exchange, the next step is to create an account.
The platform will have different requirements.
Before you can trade Cronos, most platforms will require that your identity be verified. KYC, or Know Your Customer, requires personal information like a photo ID, copy of your passport or government-issued ID. To prove your address, you will need to upload an insurance or utility bills.
While other exchanges do not need KYC to allow trades in cryptocurrencies, you are unable to transfer fiat money from your bank account. KYC must be completed if you intend to purchase CRO tokens with US dollars.
It is advisable to enable two-factor authentication (2FA) once you’ve verified your identity; this will help keep your funds safe.
Increasing your account’s security helps as certain computer malware can alter the content of your clipboard when you’re trading into another wallet address, essentially sending your funds to another person.
Step #3: Fund your account
You can proceed to fund your account once you’ve completed the verification process.
Your account may be funded through the following:
- Credit or debit card
However, you can link a debit card with your account. This will incur an additional charge. You can link your debit card and make recurring or immediate purchases.
- Bank account
You can usually make a transfer to your local bank account for free, however you need to double-check the details with the crypto.
The exchange that you prefer.
CoinStats allows you to monitor the CRO price at any given moment and can access additional articles on crypto exchanges, wallets and tokens such as how to buy Polkadot or what DeFi means.
- Cryptocurrency
You can purchase CRO by trading it in for another currency, such as Ethereum or Binance USD (BUSD). This varies from exchange to exchange. To see which currencies CRO is available for trade on the spot market, you’ll need to search CRO.
Step 4: Purchase CRO
After funding your account, the easiest way to purchase CRO is by using the ‘instant buy’ feature to acquire it for a set price; not every exchange offers this feature.
Or, trades in the spot markets allow you to choose the amount you wish. The spot market is probably the most popular way to buy cryptocurrency. However, the instant buy option is simpler than a spot.
Step 5: Storing your Cronos (CRO)
It is possible to store or transfer your CryptoRewards on any cryptocurrency exchange that you have purchased them on.
Some investors may prefer to combine their wallets and other services such as DeFi, or have total ownership.
You can keep your CRO token in two types of wallets: a physical wallet or a software one.
Hardware wallets
Hardware wallets store your private keys to send or receive crypto.
Because of their physical security, hardware wallets are often considered to be the most secure type of cryptocurrency wallet.
Hardware wallets provide offline storage and significantly lower the chance of being hacked.
The pin secures hardware wallets and erases all data after failed attempts. This prevents physical theft.
You can also sign off transactions with your hardware wallet, adding an additional layer of security.
It is a well-known fact that the best hardware wallet for your money is the Ledger.
With the ledger Hardware wallets, you can control and secure CRO tokens.
Current Ledger wallets come in 2 models
Nano S is a cryptocurrency beginner’s tool that offers only limited features.
Nano X allows for more advanced crypto trading, and can store a larger variety of assets.
It is advantageous to have a hardware wallet because:
- Thieves can’t hack it
- Gives direct control over your crypto
- More secure
- Long-term Storage
A hardware wallet has its disadvantages:
- A hardware wallet can be expensive
- It is not easy to use a hardware wallet for beginners
- For daily transactions, a hardware wallet can be less convenient than a regular wallet.
Cryptocurrency will continue to attract hackers and thieves, but a hardware wallet can reduce the risk.
Software wallets
Software wallets provide online storage for users. They allow them to keep their private keys, as well as access to crypto.
Although software wallets may not be as secure as hardware wallets they can still be used with ease.
Software wallets have many advantages
- Easy to use
- Control of private keys, if you don’t use the wallet hosted by an exchange
- Transactions done quickly
Software wallets’ disadvantages
- Inadequate control over third-party wallets
- Hacks and viruses are two of the online security threats.
- You could lose your assets if you device gets damaged or is lost
You can download many online software wallets. One wallet that you can use to trade your assets is the CoinStats Wallet.
Conclusion
Cronos (CRO), included. Cryptocurrencies can be complex and speculative. They are also sensitive to secondary activity. Before trading cryptocurrency, seek investment advice.
Future performance of cryptocurrency is uncertain and not dependent on previous performance.
Investors need to understand the risks involved in trading with cryptocurrency.