Prometeus Coin (DeFi) is a data-driven project. The Prometeus Network (PROM) is a completely decentralized project that aims to solve real-world problems in data brokerage.
PROM is Prometeus’ native utility token.
You can check the current Prometeus price, market capital, supply and trading volumes, as well as historical prices. This information is in addition to detailed information on some of CoinStats’ most important and fast-growing crypto currencies.
CoinStats provides investors with valuable investment advice, portfolio tracking, and information about cryptocurrencies.
You can read on for all the details about the Prometeus Network (PROM) and Prometeus Coin. What to do when you want to buy Prometeus Coin.
Let’s get right to it!
Prometeus: What You Need to Know
Prometeus Labs is behind the Prometeus Network. Prometeus Labs comprises a team of highly skilled data scientists and entrepreneurs with an extensive background in blockchain & cryptography, artificial intelligence (AI), adtech, big data, and data brokerage.
Prometeus Network is described as an ecosystem of data brokers that provides security and anonymity. The network is a decentralized, censorship-resistant structure for data brokerage industries such as insurance, medical, and influencer marketing.
Prometeus is a platform that bridges the gap between privacy, data exchange, and social interaction.
Prometeus is a platform that connects data producers to data consumers. It allows them to share data without censorship and across national borders using public blockchain technology. The blockchain-based infrastructure allows for global communication without any censorship and uses a peer to peer approach.
Not only is this data trading solution open-source, but it’s also public. This network promotes data-markets owned by people, such as the Influencer Marketing or Insurance data markets industries.
Prometeus offers a variety of products that are geared towards data brokerage. These products can be used to secure the right to data exchange.
One of the products is Stoa—a data exchange platform that allows people to get rewards for selling their services or personal data.
Ignite, which is a free and decentralized microblogging site that does not censorship, is also available.
Smart Contracts are used by the Prometeus Network to share value transparently across its ecosystem. It stores transaction data on a public blockchain, or distributes it.
PROM, Prometeus’ crypto coin, was first tradable on July 17, 2019. As of writing this article, it’s ranked the 296th crypto coin in the world by market cap, and the Prometeus price is $12.03. PROM currently has an inventory of 19,675,172. It also boasts a $231,595,782.59 market cap and a current circulating supply.
You cannot buy Prometeus (PROM), directly using fiat money. You’ll need first to buy Bitcoin from a fiat-to-crypto exchange and then transfer to an exchange that offers market access to PROM. You can then sell your bitcoins and buy PROM to start trading.
Things to consider before buying Prometeus
However, keep in mind that cryptocurrencies aren’t regulated and are highly volatile. The majority of cryptocurrency exchanges have faced multiple cyber-attacks and hacks in the past, so it’s essential to do your research and consider the risks before you buy PROM or any other tokens.
Whenever investing in cryptocurrency tokens, including PROM, it’s important always to invest what one can afford to lose.
Below, we’ll discuss some important factors you should consider before buying Prometheus:
Don’t Buy Prometeus (PROM) Coins Without Adequate Research
You’ve ever heard of FOMO? FOMO simply refers to the fear that you will miss out on something. It is also the easiest way of losing your money.
If you find the coin’s price spiking suddenly, you shouldn’t rush into buying it out of the fear of missing out. Find out why the price spike is occurring and decide if it’s worth investing.
Do your homework on any coin you are considering before making an investment.
Check out the most popular exchanges
There’s always the risk of getting scammed in cryptocurrency trading. We recommend that you only use well-respected crypto exchanges in order to avoid being scammed.
Particularly, PROM should be traded on secure and reputable cryptocurrency exchanges.
Prometeus Shopping Guide
This guide shows you how to buy Prometeus.
Step 1. Register for Fiat-to-Crypto Exchange
To purchase Prometeus (PROM), you must first choose a Fiat to-Crypto currency exchange that can accept bank transfers, credit or debit cards. Register for it.
Our advice is to choose popular exchanges that also offer competitive trading fees.
Binance and Coinbase, which offer competitive trading fees for fiat deposits, are two of the most popular exchanges.
Now, let’s discuss the two exchanges and help you select the one that suits your needs.
Binance
Firstly, let’s talk about registering on Binance—a very popular cryptocurrency exchange that has only been around since 2017 but has quickly become a household name in the crypto world. Binance also ranks as the most popular cryptocurrency exchange worldwide in terms of trading volume.
Let’s discuss the processes of registering on Binance below:
Visit Binance’s Website
First, visit Binance’s website. Tip: Ensure that you’re on the original website by looking for the ‘Secure’ certificate on your address bar. Save it to save for later.
Complete your personal information
Find the “Register Now” tab on the website’s homepage and fill in your details, such as your mobile number or email address. Your information should be valid, accessible and secured.
Also, you’ll need to choose a strong password for your new account. The cryptocurrency exchange requires that your password includes at least 8 characters, 1 number, and 1 uppercase.
After registering, you’ll receive a 6-digit verification code via your email or mobile number. Additionally, you’ll need to provide a valid ID to complete the registration process.
Set Up 2-Factor Authentication (Optional)
Two-factor authentication (also known as 2FA) is recommended by Binance after you log in for the first time. Although this is not required, it will make your account less vulnerable to attacks.
Coinbase
Coinbase has been in existence since 2012 and is the 2nd-largest cryptocurrency exchange worldwide by volume. It’s also the best choice for beginners due to its simple website.
Below, we’ll walk you through the process of registering on Coinbase:
Visit Coinbase’s Website
First, visit Coinbase’s website and make necessary checks to confirm you’re on the original site.
Personal Information
You’ll find a tab that requests your email address on the homepage. Enter your address and click on the ‘Get Started’ tab. Your first, last, and password will be required by the website. Make sure you pick a strong password to ensure protection.
After clicking on the ‘Create Account’ tab, you’ll receive a confirmation email. To confirm the creation of your account, click on the link in the confirmation email.
Coinbase then requires you to establish 2FA and a valid number on your mobile phone in order to add an extra layer security. Additionally, you will need to prove your identity.
After you have completed this step, your account will be up and running.
Step 2: How to Buy Your First Bitcoin (BTC).
Once you’ve registered with a fiat exchange to convert crypto, it is possible now to buy Bitcoins. You can buy Bitcoins on different exchanges but they will be mostly the same.
You can transfer funds to your Binance crypto wallet using SWIFT money transfer. Simplex allows you to fund your account with your debit or credit card.
It is easy to buy Bitcoin using Binance. Click on the ‘Buy Crypto Tab’ and choose the fiat currency, say US dollars. If you’re buying with credit or debit cards, click on the ‘Credit/Debit card’ tab, and you’ll be taken to the next page. Select BTC and the amount you want to buy, and then click on the ‘Buy BTC.’
Double-check your order details, read the disclaimer and Terms of use, confirm your order, and click ‘Go to Payment.’ You’ll need to fill in your card details and necessary information, then click ‘Pay Now’ and let the website verify your details.
Your Binance account with BTC will be charged once you have completed the verification.
Step 3: Find an Altcoin Exchange
Since Prometeus (PROM) is an altcoin (a coin that’s not Bitcoin), you’ll need to transfer the purchased BTC to other exchanges that allow trading PROM.
While not all crypto exchanges deal in Prometeus, Binance did list PROM in November 2020.
So, if you bought BTC on Binance, you don’t need an altcoin exchange. However, if you bought it on Coinbase, you’ll need an altcoin exchange because it does not provide market access to PROM. There are many other options that support PROM.
Binance could be an alternative to Coinbase if you purchased your BTC from Coinbase.
You can also try these other top-rated platforms:
Gate.io
Gate.io, a well-known company that was established in 2007, is now thriving. It’s one of the most popular crypto exchanges to trade altcoins and boasts a vast number of trading pairs.
Gate.io is an American crypto-exchange and offers a friendlier option for US-based investors looking to invest in Prometeus. So, if you’re in the US and want an exchange that offers several trading pairs, Gate.io might be a perfect choice.
KuCoin
KuCoin was a Singapore-based crypto currency exchange that launched in Hong Kong, in 2017. This exchange is trusted by many traders thanks to its large user base, which has doubled in the span of four years. KuCoin appears to be a great choice for anyone looking for an altcoin platform that can buy Prometeus(PROM).
ZT
ZT is mostly a crypto-tocrypto exchange, but it also supports PROM and a variety of other altcoins. It is safe and secure, so it’s easy to transfer BTC to ZT in order to buy PROM.
Step 4: Deposit BTC in Exchange
After selecting an altcoin exchange that trades PROM, you’ll have to deposit BTC to that exchange. As we mentioned before, if you bought your BTC from Binance, there’s no need for an altcoin exchange. The exchange supports PROM and Binance allows you to purchase the cryptocurrency through it.
However, if you bought your BTC on an exchange that doesn’t support Prometeus (PROM), you’ll have to deposit BTC to an altcoin exchange. Different altcoin exchanges use different Know Your Customer processes. Your exchange might ask for proof of identity.
Once you’re done with the identity verification, you’ll gain complete access to your exchange wallet. You’ll usually find a box with a string of random numbers in your wallet. These numbers indicate your BTC deposit address—your wallet’s public address.
If you’re depositing BTC from Coinbase, copy your address in full. Then, go to the exchange’s Portfolio page, click on BTC on the asset list, and click on ‘Send’ on the right side of your screen. Your BTC will be in your altcoin exchange in no time, and you’ll be ready to buy Prometeus (PROM).
Step #5: Buy Prometeus (PROM)
Now, you’re all set to buy Prometeus (PROM) with the Bitcoin you sent to your altcoin exchange wallet. Once you have the Bitcoin in your wallet, select a “BTC” pair and enter “PROM” in the search bar.
Find the coin, click on it, and you’ll find a price table of PROM/BTC. Go to the “Market” section, which is the most straightforward type among buying orders, and choose the portion of your BTC you want to spend on buying Prometeus (PROM). Finally, click on the “Buy PROM,” and you have purchased your Prometeus coin!
It is important to note that you can purchase cryptos in Europe quickly and easily. Europe offers many advantages. Online banks are also availableThis allows buyers to open an account, transfer funds and make purchases on crypto-exchanges.
Step #6: (Optional).
If you intend to keep PROM for a long time, it is advisable that you securely store the card in your wallet.
While some exchanges may offer crypto wallets that they own, others have many. Hacking has been a problem in recent yearsYou lost your funds, so a software- or hardware wallet is a good option.
You can download many software wallets free of charge from Google Play and the App Store. Software wallets protect your data online from hackers and save you and your private address. Although these wallets offer robust protection, they’re still vulnerable because they store information online.
A cold wallet is also called a hardware wallet. The possibility of hackers being able to access your private keys is eliminated by hardware wallets.
Also, consider the paper wallet. This is a free type of cold wallet that stores PROM.
Prometeus (PROM), Why Prometeus is Important
To use the secure and decentralized ecosystem of Prometeus and benefit from its services, you’ll need PROM, Prometeus’ native utility token. Prometeus native utility token, PROM, is required to make payments for Prometeus applications like Stoa and Ignite. Trade Prometeus (PROM), and stake PROM in order to receive rewards for participating in Proof of Staked Authority’s (PoSA).
Due to cryptocurrency’s volatility, however, there are significant risks when investing in them. Before you rely on the information, it is important to consider your personal circumstances. You should also carry out your own research, including the legal status and relevant regulatory requirements, and consult the relevant regulators’ websites before making any decision.
This information does not constitute financial, investment, or other advice.
Last Thoughts
To sum up, you’ll have to buy BTC first before buying PROM. And, if your exchange doesn’t support PROM, you’ll have to transfer the BTC to an altcoin exchange that offers market access to the coin.
Once you’ve decided to buy PROM, you can follow the steps described above for a seamless experience.
We trust that this article helped you to understand the pros and cons of Prometeus.
You can also learn more about blockchain and cryptocurrencies, including “How to Buy Pirate Chain,” etc., on our website!