How To buy Toncoin, first, you need to select a cryptocurrency exchange that supports this payment method, such as Coinbase or BitPay.
What Is Toncoin?
Toncoin (TON) is a decentralized layer-1 blockchain developed in 2018 by the encrypted messaging platform Telegram. The project was then abandoned, taken over by the TON Foundation, and renamed from “Telegram Open Network” to “The Open Network”. Since 2020, the technology has been developing thanks to a non-commercial group of supporters and an independent community of enthusiasts who called themselves the TON Foundation. Toncoin, formerly known as Gram, is the native cryptocurrency of the TON network.
The original idea was to integrate TON into an easy-to-use application that allows users to buy/send/store funds. Clients pay transaction fees and use TON to settle payments or validate transactions. Toncoin utilizes the proof-of-stake (PoS) consensus model for network scalability and reliability. According to the project website, the platform provides its customers with fast, transparent and secure payment services, facilitating transactions with minimal fees and third-party applications.
The developers’ mission is to build a full-fledged ecosystem with decentralized storage, decentralized services, a domain name system (DNS equivalent), an anonymous network, an instant payment platform, and affordable/fast transaction processing.
The Open Network is a community-driven blockchain with a flexible architecture and focus on serving a typical consumer. TON stands out due to the fast processing/validation of transactions per second (TPS). In September 2021, the network processed a then-world record of 55,000 TPS during a contest, although the current TPS could be in the hundreds of thousands or even millions. This feature allows the project to grow rapidly while avoiding performance losses. At the same time, the project does not harm the environment.
Why Use Toncoin?
Toncoin, also known as TON Crystal, is a cryptocurrency that was created to facilitate fast and secure transactions on the Telegram Open Network (TON) blockchain. Here are some reasons why you might consider using TON Crystal:
- Fast transactions: TON Crystal is designed to process transactions quickly, with a goal of achieving near-instant confirmation times. This can be useful for applications where speed is important, such as online shopping or peer-to-peer payments.
- Low transaction fees: TON Crystal has low transaction fees compared to some other cryptocurrencies, which can make it a cost-effective option for sending and receiving payments.
- Decentralized: Like many cryptocurrencies, TON Crystal is decentralized, meaning that it is not controlled by any central authority or organization. This can provide users with greater control over their funds and more privacy.
- Secure: The TON blockchain uses a Byzantine fault-tolerant consensus mechanism, which is designed to be highly secure and resistant to attacks. This can make TON Crystal a good option for storing and transferring value.
- Use cases: TON Crystal has a range of potential use cases, including payments, micropayments, and smart contract applications. It can also be used to access various services within the Telegram ecosystem.
Of course, like any cryptocurrency, TON Crystal also has some potential drawbacks, such as market volatility and a lack of widespread adoption. It’s important to do your own research and carefully consider the risks and benefits before investing in any cryptocurrency.
Best Platform To Buy Toncoin
Huobi Global is an international digital asset exchange with a presence in over 100 countries. Founded in China in 2013, the platform works with global clients and provides trading and investment services to users around the world, handling over $4 billion in daily trading volume.
The centralized exchange (CEX) supports initial coin offering (ICO) tokens and offers an extensive list of cryptocurrencies, with over 500 assets and 300 trading pairs listed on the platform. An insurance policy is available for users to protect their assets, and there is also 24/7 access to several channels for contacting the support service.
The ecosystem includes spot trading, margin trading, futures trading, derivatives trading, staking, crypto loans and more. Active traders and investors have the opportunity to enter OTC trading platforms and gain access to custom trading instruments.
Bybit is a cryptocurrency centralized exchange (CEX) that offers a professional platform featuring an ultra-fast matching engine, quality customer service and multilingual community support for crypto traders of all levels. Established in March 2018, Bybit currently serves more than 10 million users and institutions offering access to over 100 assets and contracts across Spot and crypto derivatives like Futures and Options, launchpad projects, earn products, an NFT Marketplace and more.
Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), City Esports, and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.
The platform offers the following products: Spot, Derivatives (USDT perpetuals, USDC perps, inverse perps, futures, USDC options, leveraged tokens), NFT marketplace, Bybit Earn, Buy Crypto and Options.
Founded in 2018, BingX is a global digital asset, spot, and derivatives trading platform that provides a user-centric and open ecosystem with intuitive social trading features.
Created to enrich the entire cryptocurrency industry, BingX is a safe, reliable, and user-friendly venue for users to trade their favorite assets.
Lauched on 28 December 2019 and advised by Bitcoin.com founder Roger Ver, Azbit is a cryptocurrency exchange that offers spot crypto trading and crypt wallets. Azbit also provides Staking, Savings and Initial Exchange Offerings (IEO).
The exchange is in business for more than 3 years. During that time, over 400 cryptocurrency projects were successfully listed on the platform. Azbit’s plan is to build a bridge between the world of traditional finance and the world of cryptocurrencies.
Here are the quick steps to buy Toncoin
Here are the general steps to buy TON Crystal (Toncoin):
- Choose a cryptocurrency exchange that supports TON Crystal. Some popular exchanges that offer TON Crystal trading pairs include BitForex, KuCoin, and VCC Exchange.
- Create an account with the exchange and complete the necessary verification process.
- Add funds to your exchange account using a supported payment method, such as a bank transfer or credit/debit card.
- Find the TON Crystal trading pair on the exchange platform. For example, if you want to buy TON Crystal using Bitcoin, you’ll need to look for the TON/BTC trading pair.
- Place a buy order for TON Crystal using the exchange’s trading interface. You’ll need to specify the amount of TON Crystal you want to buy and the price you’re willing to pay.
- Once your buy order is filled, the TON Crystal will be credited to your exchange account.
- You can then withdraw the TON Crystal to an external wallet that supports TON Crystal, such as the official TON Surf Wallet or other compatible wallets.
It’s important to note that the specific steps and requirements for buying TON Crystal may vary depending on the exchange and your location. Additionally, cryptocurrency investing carries risks, and it’s important to understand these risks and do your own research before investing in any digital asset.
Does Toncoin Charge Fees
Yes, TON Crystal (Toncoin) transactions are subject to fees, like most cryptocurrencies. These fees are paid to miners or validators on the TON blockchain who process and verify transactions on the network.
The fee amount can vary depending on the size and complexity of the transaction, as well as the current network congestion. TON Crystal fees are typically quite low compared to other cryptocurrencies, and they can be paid in TON Crystal or other supported cryptocurrencies.
The TON Surf Wallet, which is the official wallet for TON Crystal, provides a fee estimation tool that allows you to preview the transaction fees before submitting a transaction. This can help you ensure that you’re paying a reasonable fee and avoid any unexpected costs.
It’s also worth noting that some cryptocurrency exchanges may charge additional fees for TON Crystal transactions, such as deposit or withdrawal fees. These fees can vary between exchanges, so it’s important to check the exchange’s fee schedule before making any transactions.