Want to jump straight to the answer? You can buy EGLD on Coinbase.
Elrond, now known as MultiversX, addresses the critical issue of scalability in blockchain technology by significantly enhancing transaction throughput compared to traditional networks like Bitcoin and Ethereum. While Bitcoin is limited to just 7 transactions per second and Ethereum handles around 15, the Elrond blockchain is capable of processing an impressive 260,000 transactions per second, which is a staggering five times more than Visa's capabilities. This extraordinary scalability allows Elrond to alleviate issues like backlogged transactions and high fees, providing users with a seamless and efficient experience when engaging in cryptocurrency transactions. By innovatively optimizing its architecture, Elrond not only enhances the usability of blockchain technology but also positions itself as a frontrunner in the quest for high-performance digital networks.
Ready to invest in MultiversX? Learn how to buy Elrond (EGLD) online now.
How to Buy MultiversX (Elrond)
Here are the essential steps to buying EGLD:
1. Open an Online Account
The first step to make your purchase is to create an account with a cryptocurrency exchange that supports EGLD trading. The most well-known crypto exchanges that support MultiversX (EGLD) are Coinbase, Binance, Crypto.com and Kraken. No matter which trading platform you choose to make an account with, you’ll need to provide personal information for tax purposes. This may include your full name, address, phone number, birthday and Social Security number.
2. Fund Your Account
Once your account is verified, you can start making a deposit. Most trading platforms provide several payment options. These include bank transfers, credit cards, debit cards, and crypto deposits from other exchanges or wallets. Follow the platform's instructions for your chosen payment method. Enter the amount you wish to deposit and review any applicable transaction fees.
3. Purchase MultiversX (EGLD)
Once your account is funded, it’s time to make your purchase. Depending on the cryptocurrency exchange you use, you can buy EGLD with either USD or bitcoin. Some traders prefer to purchase altcoins with bitcoin so they can track how their investments compare to Bitcoin’s value.
Navigate to the trade section of your chosen platform and search for your preferred trading pair. Place a buy order based on the amount you wish to purchase. Review the details before you execute the order.
What Is Elrond?
Elrond is a smart contract enabled blockchain network. Smart contracts are code that is uploaded to the blockchain. What makes smart contracts unique is their ability to hold cryptocurrency in escrow, enabling automated financial functions such as loans, exchange, and insurance. Ethereum is the most prominent example of a blockchain that supports smart contracts, but it faces scalability issues, processing only about 30 transactions per second and incurring high transaction costs, making it impractical for small-scale use.
Elrond solves the problem of scalability through a process called sharding. Sharding makes it possible to compute multiple transactions at once through splitting the blockchain into shards. This way, computer nodes only have to process a portion of the blockchain’s data, making it possible for different computers to process separate transactions synchronously.
Elrond can support smart contracts just like Ethereum, but Elrond has much faster and cheaper transactions. Transactions on Elrond typically cost less than a cent.
What Is eGold?
eGold (EGLD) is the native cryptocurrency used on Elrond’s platform. When the platform launched, the cryptocurrency was an ERC-20 token built on Ethereum.
Recently, the platform has started migrating these ERC-20 tokens to eGold at a conversion rate of 1000:1. In only a few months after December 2020, eGold rose from $9 to $138, an over a 1,500% return in just three months. Even in the volatile cryptocurrency market this is impressive.
eGold is meant to be a store of value on Elrond’s network, but it has several features of a utility token as well. eGold is needed to pay for transactions as well as governance on the network.
Since the network is decentralized, eGold is used like a “voting share” in the network to vote on upgrade proposals to the network. And eGold can be staked on Elrond to power its network, and you can earn a high annual interest on your eGold through staking.
Brief History of Elrond
Elrond was established by three co-founders: Beniamin Mincu, Lucian Mincu and Lucian Todea. These founders have an extensive background in blockchain and cryptocurrency. The Mincu brothers founded Metachain Capital, a cryptocurrency investment fund. Todea has a background in technology and has successfully started several startups in the past.
The platform was conceived in 2017, and its initial exchange offering (IEO) launched in 2017. IEOs are similar to initial coin offerings (ICOs), but the launch operates directly on exchanges. In 2022, Elrond rebranded as MultiversX, shifting from a blockchain platform to an expansive ecosystem for metaverse interactions and digital assets. This rebranding faced challenges like competition and market volatility, as MultiversX aims to adapt to the growing demand for immersive digital experiences while navigating technological and regulatory challenges to become a leader in the metaverse space.
Elrond token was initially put up for sale at $0.00065 (which would be equal to $0.65 of eGold). Since then, the token’s price has appreciated over 4,000 times its initial value. EGLD is currently trading for around $27.55 and has a market capitalization of over $753 million.
Where to Buy EGLD
Take a look at our top picks for crypto platforms to purchase EGLD online.
How to Store EGLD Safely
Now that you know how to buy EGLD, you need to know exactly how to store your cryptocurrencies safely. Here are the best software and hardware wallets to hold Elrond.
- Best hardware wallet: Ledger
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
Not very many hardware wallets are available to store your eGold on, but thanks to Ledger Live you can store your Elrond on a Ledger Nano S or Ledger Nano X. Ledger live is like an app store for cryptocurrency wallets –– you’re able to download different types of crypto wallets onto your Ledger wallet to store a variety of altcoins.
- Best software wallet: Elrond Wallet
Elrond Wallet is made by Elrond for its users to securely store their eGold tokens. Since eGold is not an ERC-20 token, you can’t store your funds in an Ethereum wallet. Elrond has many great features investors in eGold can take advantage of, such as token staking for interest rates.
Trade or Sell Your Cryptocurrency
You can’t directly trade cryptocurrency from your wallet, so if you plan on actively trading your eGold you’ll need to store your cryptocurrency on an exchange. An exchange’s security should be very important to you if you plan to trade eGold.
Current Crypto Prices
The market capitalization of all cryptocurrencies is around $2.19 trillion. To get an idea of how the market is moving, check out current prices of the top cryptocurrencies below.
Is Elrond a Good Investment?
On paper, Elrond is a much better solution for a smart contract enabled blockchain than Ethereum. It’s cheaper to use and magnitudes more scalable. However, Ethereum has network effect advantages, as most smart contract applications are built on Ethereum, not Elrond. If Elrond can attract developers to its platform before the Ethereum foundation solves Ethereum’s scalability problems, then it may be a great investment.