One might wonder what Helium(HNT) is. It is one such tradable token that is spreading across major exchanges. It is one of the new sensations in the cryptocurrency market. It also can be described as a decentralized blockchain-powered network used for Internet of Things (IoT) devices. How does it function? Many of you might not know about that, or even if you know, you might not be clear about the functions.
So let me clear it out for you. The mainnet of Helium allows low-powered wireless devices to communicate with each other and, with the help of its network of nodes, to send data. These nodes usually come in the form of presumed Hotspots, which are generally a combination of a wireless gateway and a blockchain mining device. So the users who operate with nodes thus mine and earn rewards in Helium’s own cryptocurrency token, which is HNT. Helium was founded in 2013 by Amir Haleem, Shawn Fanning, and Sean Carey, and launched in July 2019. Every one of them was well known in the tech industry because of their achievements.
Step 1: First create an account on the Fiat-to-Crypto Exchange
If you want to buy Helium(HNT) like professional helium HNT miners then you will have to register on a Fiat-to-Crypto Exchange. It is necessary to do so before buying any type of major cryptocurrency. But as many of you are new to this, we’ll walk you through the details of registering in two of the most commonly-used fiat-to-crypto exchanges, which are Uphold.com and Coinbase. We will start with the most commonly known cryptocurrency Bitcoin(BTC). So both of these exchanges have their own fees, policies, and other features which will go through in detail. But I would recommend you to try them both, to find out which one suits you best.
Step 2: You Should Buy Bitcoin(BTC) with Flat money
After choosing which fiat-to-crypto exchange you will use to buy your cryptocurrency, you will be asked to fill out a KYC form. After you’re done with it, you will be asked to add a payment method. Here, you have two options to choose from: one is to provide a credit/debit card, and the other is a bank transfer. While choosing the method, you need to remember that you will be charged a higher fee if you use cards, but you can make an instant purchase. On the other hand, a bank transfer will certainly be much cheaper but slower, and depending on which country you live in, some countries will offer you low fees if you deposit your cash instantly.
After doing so, you are all set, and you will see a ‘Trade` button at the top left. Click that button, choose Bitcoin, and confirm your transaction and viola! You’ve just purchased your first crypto.
Step 3: You Will need to Transfer BTC to an Altcoin Exchange
You have made your first crypto purchase, but we’re still not done yet with the process of purchasing HNT. Because HNT is an altcoin, we need to transfer our BTC to an exchange in which HNT can be traded. You might, for example, use Binance as your exchange because it is a popular platform for trading altcoins and offers a big number of tradable altcoin pairs.
Binance has earned popularity because of its crypto-to-crypto exchange services.
Step 4: You Will need to Deposit BTC to the Exchange
You may need to go through another KYC process, which might take anywhere from 30 minutes to a few days, depending on the policies of the exchange you choose. It ought to be a simple procedure. After you’ve finished the process, you should have full access to your exchange wallet.
Now comes the step of depositing your crypto. The screen might look a little bit scary to you if you’re depositing crypto for the first time. But don’t worry, it’s as easy as a bank transfer. Let me walk you through this. On the right of your screen, you will see a string of random numbers that says ‘BTC address`. This number is a unique public address of your BTC wallet at Binance exchange, and you will receive BTC by giving this address to the person who will send you the funds. If you have bought your BTC coins on Coinbase and want to transfer them to this wallet, click on `Copy Address` or right-click on the full address and just click copy to copy this address to your clipboard. Go back to Coinbase, go to the Portfolio page, and click on BTC on your asset list. Then click “send” on the right of your screen.
After that, paste your wallet address under the recipient field. For safety, you should always check if both addresses match or not. Because there is certain computer malware that can change the content in your keyboard into another wallet address, you might send your funds to another person. After finishing the process carefully, press `Send` to proceed. You will instantly receive a confirmation email. With one click on the confirmation link in the email, your coins are on the way to Binance!
Now go back to Binance, and go to your exchange wallets. Don’t panic if you don’t see your deposit there because it takes a little time to get verified in the blockchain network, but the coins will arrive in a few minutes. It depends on the condition of the Bitcoin network. During busy times, it could take even a longer amount of time. Once your BTC has arrived, you will receive a confirmation notation from Binance. So finally, you are ready to purchase HNT!
Step 5: Trade Your HNT
After everything is done, go to Binance and then to exchange. What a view! The constantly flicking figures might look a little scary, but don`t worry. I’ll help you wrap your head around this.
A search bar can be found in the right column. Because we’re exchanging BTC for altcoins, you’ll want to make sure “BTC” is selected. Click it and type “HNT” into the box. HNT/BTC will be visible. Select that pair. After that, in the center of the page, you’ll notice an HNT/BTC price chart.
Just below that, there is a box with a green button that says “Buy HNT” inside the box. You will need to choose the “Market” tab as it is the most straightforward way of buying orders. You can type your amount or choose the portion of your deposit you want to spend on buying by clicking the percentage buttons. After you have confirmed everything, just click “Buy HNT,” and you will have bought HNT!
This whole process might sound arduous. But as we all know, cryptocurrency is the future of currency, so if you want to adapt to the future, you have to learn this process. So I hope this article will make the process of buying Helium(HNT) less strenuous for you.