Tron is a decentralized protocol on the blockchain that allows a worldwide free content on a distributed storage technology. The protocol will enable users to publish, store and own data in an independent form. It allows content creators to release, disseminate, circulate and deal with digital assets, forming a decentralized content entertainment ecosystem.
Justin Sun, who’s the CEO tends to position TRON as the new distributed economy in digital entertainment which includes streaming videos, online gambling to social networks where users are in control the economy. The cryptocurrency that runs on the TRON blockchain is called TRONIX (TRX).
Tron currently ranks 13th position on the crypto charts with a market cap of just over 1.3 billion and has been making steady growth since the beginning of December.
Outside exchanges where the TRONIX cryptocurrency is traded, the TRX can be stored on the wallets listed here which offer users full control over their coins.
To buy TRON, users can visit a crypto exchange that allows crypto to fiat purchases of TRX. Or they can visit an exchange that allows crypto to crypto exchanges and trade another crypto for the coin usually BTC or ETH.
Buy Tron Using Crypto
Looking to exchange some of your Bitcoins or Ether cryptocurrencies for TRONIX? The Binance exchange would be the exchange that comes to mind.
Follow the following step to buy from Binance.
Create a Binance account if you are not currently registered on the platform. A quick form guides you through the registration process. All that’s required is a valid email address and a secure password. After registration, you will need to confirm your registration by clicking a link sent to the email you registered. This completes your registration and gives you access to using the platform.
Fund your Binance account. At this point, you need to send some Bitcoins or Ethers to the platform. The value of TRX you are willing to get tells you precisely how much BTC you’ll send on the platform.
To do this, click on “Fund” link then “Deposits” option, then search for Bitcoin/Ether in the list of cryptocurrencies displayed.
Search for BTC in the list of cryptocurrencies offered by Binance and a unique address would be generated for your use. You are to copy the address generated and send in some Bitcoins into it from your external wallet or exchange where you have your cryptos deposited. Wait some minutes, and your coins should reflect in the wallet you sent it.
Exchange your Bitcoin or other altcoins for TRON. To do this, you need to click on the “EXCHANGE” link next to the Binance logo. On the page, you should find the TRX/BTC if you funded with Bitcoins or the TRX/ETH if you funded with Ethers. This should load up the chart of the pair you clicked upon.
At the Buy TRX section under the chart, the Price box shows you exactly the fraction of bitcoin you pay for every TRX you want to buy. Use the amount field to enter the quantity you are willing to purchase. The percentage buttons help in filling the amount box with how much of your funded cryptocurrency deposited on the platform you would want to use to buy Bitcoins. Use the 100% button if you are using all your funds. Click on the BUY TRX button and wait for your TRONIX coin credited to its wallet on the Binance exchange.
Note that high fees on the Bitcoin network have caused you a lot of money purchasing other cryptocurrencies. It cost a lot to move the funds to Binance and also transaction fees on the exchange for Bitcoin is sky-high as well. A better approach would be to use the Ether is purchasing your TRONIX coin on Binance exchange.
Withdraw TRX To Your Wallet
For obvious reasons; hacks and even being shut down, it’s not advisable to store your newly acquired coins on crypto exchanges. Not to mention smaller issues like scheduled maintenance, which at times can prove to be troublesome. Therefore, ensure you withdraw your TRX to a safe and secure wallet that allows you to have control over your coins.
Is Tron A Good Investment?
Over the past year, Tron has managed to move to its own blockchain and has also acquired BitTorrent as it works towards dominating the entertainment industry. This, coupled with other positive developments that have been taking place in the form of partnerships, promise to push the price of Tron even higher.
Even though the past few days have seen the price of TRX in the red zone, the coin has still managed a respectable ROI since the beginning of the year. This trend is expected to continue as we move towards the final quarter of the year as experts predict that the crypto market is likely to rally.