I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank GogolComplete Guide to the Nano Crypto Exchange
Updated on April 9, 2024
Written by
Written by
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
See all posts Rohit Mittal
At a Glance: Nano crypto is a digital protocol designed to provide instant and feeless transactions. It addresses limitations of traditional financial systems and other cryptocurrencies. Nano, formerly known as RaiBlocks, utilizes a unique block-lattice data structure and a voting system called Open Representative Voting for transaction confirmation, making it highly energy efficient. With transaction speeds of less than a second and no transaction fees, Nano is ideal for commercial and micro-transactions. To buy Nano, open an account with a supporting exchange, consider a wallet for added security, and make your purchase. Selling Nano follows a similar process on a cryptocurrency exchange. However, it’s important to remember that Nano, like any cryptocurrency, carries its own risks.
When it comes to cryptocurrency, everyone wants to make sure they find the best one so that they can make money out of it. Nowadays, there is a wide range of cryptocurrencies to choose from, so people have more options than just Bitcoin, Litecoin, Ethereum, and Dogecoin.
Nano crypto is one of the available options and it seems very convenient for a lot of traders. If you are planning to get started with Nano crypto, you need to know what it is, but also how to buy and sell it. By reading this post, you will learn more about the coin and you will be able to use it to your advantage. Let’s get into it!
What Is Nano Crypto?
Nano crypto is a digital protocol trying to erase friction in crypto network transactions. It was made in order to provide people with instant and secure payments without having to worry about fees.
Furthermore, NANO addresses various legacy financial infrastructure limitations, as well as several modern cryptocurrencies. It is a very lightweight cryptocurrency, and it started being developed back in 2014. The founder is Colin LeMahieu, who is a software developer and engineer with a lot of experience and knowledge. He worked for large tech companies, such as AMD and Dell, which is one of the reasons why he has so much experience.
After starting to work on Nano full-time in 2017, LeMahieu remained the company’s CEO. There are also more than a dozen different other employees working for Nano Foundation.
However, when it was in development, its name was RaiBlocks, with the coin called XRB. The coin was launched in 2015 using a public faucet. This way, people were able to claim smaller XRB amounts as soon as a captcha challenge was completed by them. In order to increase their amounts, people could complete multiple captchas. As they were trying to complete as many captchas as possible, they would end up spending a lot of effort and time to obtain XRB.
In January 2018, RaiBlocks ended up rebranding to Nano. The new name was picked as it was a better representation of the project’s simplicity and speed. Nano manages to allow its users to transfer value easily through a very unique block-lattice data structure. This way, it does not need to rely on any centralized intermediaries.
Nano works differently than other platforms that rely on the proof-of-work of a large mining network. The system used by nano is Open Representative Voting. Through ORV, users can vote for a representative, who will then work to securely confirm blocks of transactions. Because of this, Nano is very energy efficient.
Nano is unique because it is very fast, making it ideal for commercial payments. The majority of the transactions made with Nano are completed within less than a second. Other large cryptocurrencies tend to take a bit longer, around several minutes, but Nano begs to differ. Merchants will not have to worry about any transaction delays when they accept payments this way.
To make things even better, the transactions done with Nano are free of charge, and this is the result of the fact that representatives do not get compensation for what they do to secure the network. As such, users will not have to even be concerned about pricey transaction fees, which makes Nano amazing for micro-transaction processing.
Nano is able to provide about 1,000 transactions per second, without requiring a mining network that is energy-intensive to keep its integrity. Anyone interested in an eco-friendly digital payment will love Nano.
How to Buy Nano Crypto
If you are interested in buying Nano crypto, here is what you have to do:
Open an Account with an Exchange
First things first, in order to have access to Nano, you will have to create an account with a broker or an exchange that supports the coin. Some apps do not support it, so it is best to be aware of that before you go through account creation. Gemini and Coinbase do not have Nano, but Crypto.com and Kraken have it.
When you choose your exchange, you may want to make sure you are also going with a platform that has convenient features. For instance, Crypto.com is great in terms of its offerings, but it also has some different fee structures.
Before you purchase Nano on any platform, you need to check out the taxes and fees you will be charged.
Consider a Wallet
This is optional, but you may be interested in this part. A cryptocurrency wallet is great because it provides more safety for your cryptocurrency. If you own any crypto asset, you need to keep it in a secure place, where hackers cannot gain access. You can download one for free if you want a software wallet, but you can also purchase a hardware one that offers more safety.
Buy the Crypto
Once you have your account and possibly your wallet, you can buy your Nano coins. You will first have to think about how much of the capital you want to devote to Nano. At the same time, you shouldn’t go overboard with it because just like any other coin, Nano is volatile.
You will be able to buy Nano using a bank account, a credit card, or another cryptocurrency.
How to Sell Nano Crypto
Selling Nano is just as easy as buying it. Here are the steps you will have to go through:
Sign Up on a Crypto Exchange
It is important to join a cryptocurrency exchange or broker to do this. Kraken is a great option. To sign up, you will only need a username, your email address, and a good password. Afterward, you will have to verify your account by providing your birth date, name, phone number, and country of residence.
Send the Crypto to Your Address
You need a deposit address in your Kraken account if you want to sell Nano for a different cryptocurrency. Luckily, it is very easy. But if you want to sell your nano for fiat currencies instead, proof of residence and extra identification will be necessary.
Sell Nano
When you have Nano coins in your account, you can start selling them. To do this on Kraken, you will have to go to the New Order page, then fill out the order form and select SELL NANO. Afterward, you can check out the Nano price charts offered by the exchange so you can see which is the best trading time.
Considerations When Buying Nano Crypto
Nano is great mainly because it is an eco-friendly type of crypto and it’s fast and free. At the same time, before rushing to buy it, you need to consider the fact that Nano comes with its own risks just like any other cryptocurrency. Otherwise, you may have unpleasant surprises later on.
Read More
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
The Bottom Line
If you want to invest in cryptocurrency but also stay eco-friendly, Nano is a wonderful option. You will gain access to a fast cryptocurrency that will not charge you anything when trading. Make sure to follow these tips in order to buy and sell it successfully.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.