More and more cryptocurrencies are leaning towards eliminating carbon emissions and optimizing blockchain-based transactions.
Algorand (ALGO) is another smart contract company with a negative carbon record aiming to achieve transformation through decentralization.
It leverages simple design and technology for easier adoption among communities worldwide.
In this guide, we will provide an in-depth study about Algorand and its native token, ALGO.
This will include a step-by-step process on how to buy Algorand (ALGO) using different mediums.
How to Buy Algorand (ALGO) 2023
Listed below are the most popular platforms where you can buy Algorand (ALGO).
eToro – Best Multiasset Platform
For traders planning to trade multiple asset classes at once, eToro is one of the most beginner-friendly exchanges to try.
The exchange is heavily regulated and has a stellar safety record for buying and selling crypto, stocks, indices, currencies, commodities, and ETFs.
For cryptocurrencies, eToro charges a 1.0% market spread fee instead of a direct commission. The minimum deposit amount of only $10 is also accessible to entry-level traders.
You can make use of eToro’s unique features including its CopyTrader and virtual portfolio tools.
A user’s minimum investment when copy trading is $200. You can already view, track, copy, and gain from expert traders’ portfolios using this small amount.
When it comes to security, eToro uses multi-layer protection to ensure optimum user protection.
Binance – Cost Efficient Platform
Binance is making waves in the cryptocurrency world as a cost-efficient and innovative crypto exchange.
While considered a “newbie” in the industry, having launched only in 2017, it now enjoys strong strong patronage from 30 million users across its 140 serviceable countries.
It logged the highest trading volume among all crypto exchanges in 2021.
Investors are drawn to Binance for several reasons, but mostly for its ultra-low fees and no minimum deposit.
It charges a flat rate of 0.1% in every trade which can hardly be felt especially on small trades.
Also, the platform does not require a minimum deposit amount but every trade should at least be worth $10.
Pionex – Best Automated-trading Platform
Not all of us have the time to keep our portfolios in check 24/7. Pionex recognized a growing appetite for trading bots that could automate buying and selling crypto assets.
The platform is loaded with 18 AI-powered bots serving different purposes with one common goal: to maximize profits and minimize losses.
What’s good about this site is its accessibility. It is available for both desktop and mobile downloads which allows users to keep track of their holdings whenever they can.
Also, the Pionex transaction fee per buy and sell is only 0.05% and deposits made in crypto are free of charge.
It supports more than 120 cryptocurrencies and 20 fiat currencies.
Best Crypto Wallets to Store ALGO
Other than crypto exchanges, crypto wallets are another way to go around with any crypto investment.
These are suitable for long-term investors planning to keep their holdings safe and steady.
The most secure way to store crypto is through cold storage. Ledger is a cold wallet similar to the size and structure of a USB flash drive that is not connected to the internet.
Since it is offline, there is relatively zero to little chance that hackers can breach past its security protocols.
As of this writing, hacking trials made on Ledger devices all made failed attempts to bring down its layers of protection.
All Ledger units support sending, receiving, and staking ALGO along with more than 1,100 other cryptos available on the platform. Its competitor, Trezor, still does not support ALGO as of late.
For those who plan to keep their Algorand holdings without worries for the long haul, investing in hardware like Ledger is worth the penny.
Without hard wallets, you can still get hold of your private keys and keep cryptos on a dedicated software wallet.
Trust Wallet is a soft wallet acquired by Binance in 2018. It allows users to stake tokens in exchange for interest and access dApps built on the Ethereum platform.
It now has more than five million active users worldwide as it is readily accessible for both iOS and Android users.
Since it is free to use, Trust Wallet does not earn anything when traders use it on transactions.
This soft wallet is easy to use and straightforward, supporting more than a million digital assets and 160,000 cryptocurrencies.
Step-by-step Guide on How to Buy ALGO
Here is a detailed guide on how to buy Algorand (ALGO) on crypto exchanges.
Step 1: Create an Account
To start the registration process, enter personal details including a username and a password.
Linking a Google or Facebook account is a faster way to complete initial registration. Agree on the Terms and Conditions to proceed.
Step 2: Verify an Account
During account verification, crypto exchanges normally require new users to upload proof of their identification.
Cryptocurrency is highly vulnerable to hacking and fraud which is why platforms make ensure new users have legitimate identities before proceeding.
Step 3: Deposit an Amount
Once the account has been verified, it is time to make a deposit. There are a lot of mediums to fund a crypto account.
Some of the commonly used payment methods are a bank, credit/debit card, or online transfers.
Step 4: Buy ALGO
After account funding, you may now buy ALGO. Click the token of your choice, enter the amount you want to trade, and click “Buy” to complete the order.
You have just made your first ALGO purchase!
All About Algorand
Algorand is created in 2017 and uses a PPoS or pure proof-of-stake consensus mechanism.
PPos is characterized by full participation, protection, and speed of transactions which does not need staking to earn coins.
The company aims to accelerate the link between decentralized and traditional finance.
It targets to operate in the same space as large financial entities like Mastercard and Visa to solve large financial inequality around the world.
ALGO made its public debut in 2019 when it raised $120 million to fund growth prospects.
It operates on smart contracts like Ethereum but is known to be more efficient than the latter. It can process 1,000 transactions per second versus Ethereum’s 15.
A thousand projects are currently building on Algorand’s platform. Most of these are involved in decentralized finance, particularly in decentralized lending and trading.
Algorand has 23.5 million users and processes over a million transactions daily.
Price History of ALGO
Algorand currency trades at $0.91 a token, down 0.72% in the last 24 hours. Let us have a quick rundown on the token’s important price actions.
Algorand has a market capitalization of $6 billion, ranking #30 on the coinmarketcap.
It has a maximum coin supply of 10 billion and more than six (6) billion of its coins are already circulating.
For those who have invested in ALGO a year ago, the price is down 21.93%.
Meanwhile, investors from three months ago are experiencing a much bigger decline at 33.82%. ALGO price is also down 24.51% month-on-month.
The downward pressure started after it failed to break above $3.00 in November 2021. It followed a descending triangle pattern since then.
Is ALGO a Buy or Sell?
ALGO’s price failed to record a good performance over the past months. Despite this, we see that this crypto still has a huge capacity to recover and therefore deserving of a buy rating.
Algorand is growing its market slowly but steadily. Marshall Islands’ national digital currency SOV is based on its network.
Imagine if more countries would follow suit and adopt central bank digital currencies based on the Algorand network in the future.
In 2021, the platform’s management revealed they are working on 16 other CBDC projects globally.
Moreover, ALGO owners receive 4% to 6% APR for simply holding the coin without the need to stake it. Technically, owners get paid for doing nothing.
Just take note that the price of ALGO is frequently affected by swings and retracements. Always practice caution when trading this coin.
ALGO’s Near and Long-term Price Prediction
Now that you have decided to buy ALGO, take a look at how the price is expected to turn out over the next years.
Despite its excellent features, Algorand is an underperformer compared to its peers in the same field.
Nevertheless, prices could climb to $2.40 and touch an all-time high level of $3.20. This will happen if the overall crypto market continues to recover this year.
By 2024, ALGO could surge 300% from its current price and touch $4.00. We expect to see more smart contract projects migrating their operations to Algorand just like the moves done by Tether and USD Coin.
In a bullish scenario, prices could hike up to $6.21 at the end of 2024.
In 2026, ALGO can trade between $5.2 to $8.71. Among the factors that could propel prices up is the completion of its plan to offer decentralized financial services globally.
An estimate, there are more than two billion adults without equitable access to financial services in developing countries.
Algorand would like to tap this market and become a platform of choice that could rival Visa and Mastercard.
Algorand is a carbon-negative smart contracts platform that is quickly ascending as a timely rival to the Ethereum blockchain.
It is a faster and more efficient way to transact in the decentralized space.