Want to jump straight to the answer? You can buy THETA on Pionex, Binance.US and Crypto.com.
Initially released as an ERC-20 token on Ethereum, Theta token is among the most promising projects in the cryptocurrency industry. Since its inception, Theta has migrated from Ethereum’s network to its own dedicated blockchain. Since Theta uses a proof-of-stake consensus model, the network has significantly lower transaction fees while simultaneously increasing its transaction throughput.
What is Theta?
Theta aims to solve the problems with streaming services like YouTube and Twitch by creating a decentralized platform for content creators. Its blockchain supports smart contracts, similar to Ethereum and Cardano. However, unlike many smart contract-enabled blockchains, Theta already has a working ecosystem and users on its platform. THETA.tv is a decentralized application (DApp) on Theta’s blockchain that allows users to stream content without a centralized 3rd-party platform.
Theta has 2 tokens on the platform: Theta and Theta Fuel (TFuel). Theta token is the native cryptocurrency on the Theta platform and it’s used for protocol governance. Since Theta is decentralized, token holders can use their tokens to vote on upgrades to the network. TFuel is similar to Ethereum’s gas and it’s used to pay network validators to process transactions on Theta’s blockchain.
Brief History of Theta
Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch, work as advisors for Theta. Since Theta resembles both Twitch and YouTube in many ways, Kan and Chen are extremely valuable to Theta’s team.
Theta was co-founded in 2018 by Mitch Liu and Jieyi Long. Since the Theta token didn’t release right away, the project had to secure funding from private investors. The project is currently backed by the likes of Samsung, Sony and several Silicon Valley venture capitalists.
Theta Token began trading in 2018 for around $0.20. This was just after the 2017 bull market, and Theta dropped in price alongside almost every other crypto asset. The token reached a low of about $0.06 in April 2020, before quickly appreciating because of newfound attention on the crypto markets. Today, Theta is trading for almost $10, making it the 20th largest cryptocurrency by market capitalization.
- Altcoin Trading
Step 1: Open an online account.
There are a few great options for exchanges offering Theta trading including Pionex, Binance.US and Crypto.com. Depending on where you live, the process of making a Binance account may differ. If your internet’s IP address is located in the United States, then Binance will redirect you to Binance.us. Binance.us is its exchange for U.S.-based investors, which only features certain services compliant with the Securities and Exchange Commission (SEC).
If you sign up for Binance in the U.S., you’ll need to verify your identity before you begin investing in cryptocurrency on its platform. Some information you’ll need on hand includes your driver’s license number, Social Security number and home address.
While popular U.S.-based exchanges like Coinbase, eToro and Kraken are great options for beginners, they don’t support Theta. However, these exchanges make it extremely easy to buy a variety of other cryptocurrencies, like Bitcoin, Ethereum, Uniswap and Cardano.
Step 2: Buy a wallet (optional).
Storing your crypto assets on an exchange is never a good idea. Several crypto exchanges have been hacked in the past, as these platforms are large targets for cryptocurrency hackers. Since the exchange holds custody of all their investors’ funds, a security breach could lead to all of the cryptocurrency stored on the exchange being stolen.
To mitigate this risk, consider using a dedicated cryptocurrency wallet to store your assets. The two main types of crypto wallets are hardware and software wallets. Software wallets are computer programs that encrypt your cryptocurrency on your PC or mobile device. Hardware wallets are the safest way to store crypto, as they use a physical device to store your cryptocurrency offline.
- ERC-20 tokens
Best Hardware Wallet: Ledger Nano S
Out of the box, the Ledger Nano S won’t support Theta. Thanks to its Ledger Live software, investors can make their Ledger wallets work with Theta, and if you’re interested in learning how Ledger Live works, then you should check out this article.
Ledger is a multicurrency wallet, meaning it can store a variety of cryptocurrencies. The wallet supports over 1,000 different assets, including major cryptos like Bitcoin, Ethereum, XRP and any Ethereum-derived token (such as ERC-20 and ERC-721 tokens).
Best Software Wallet: Theta Wallet
Theta Wallet is a cryptocurrency software wallet made by the Theta team. The wallet is accessible for free via PC, and you can create a wallet in a matter of minutes. Upon generating a wallet, the program will show a recovery phrase. This recovery phrase can be used to access your crypto in case you lose access to your wallet, so make sure to keep your seed phrase somewhere safe.
Step 3: Make your purchase.
Once you’ve made an account and chosen how to store your crypto, you’re ready to make your purchase. Binance supports trading Theta with THETA-BTC and THETA-USDT. While the USDT pair simulates investing with the U.S. dollar, the Bitcoin-Theta pair allows you to trade Theta token with Bitcoin.
Trade, sell or Convert your Theta
When you want to trade or sell your Theta coins, you’ll need to send your assets back onto Binance to execute the trade. You can sell your Theta for either Tether (USDT) or Bitcoin (BTC). Tether is a stablecoin pegged to the value of the dollar, so using Tether simulates selling your investment for cash. Alternatively, you can sell your Theta for Bitcoin, leaving you exposed to the cryptocurrency market’s price fluctuations.
Bonus section:
Trading altcoins against Bitcoin is a great way to gauge your performance against the cryptocurrency market. Since Bitcoin is the largest cryptocurrency by market capitalization, some investors like to use Bitcoin’s return on investment (ROI) as the “standard return” for the cryptocurrency market.
Current Crypto Prices
The entire cryptocurrency market has seen a sharp downturn, which most attribute to Elon Musk’s decision to stop accepting Bitcoin as payment for Tesla. Even with the markets being down over 20% from their all-time-highs, most cryptocurrencies are still up over 100% year-to-date. Depending on whether you believe the market will continue to trend upward, this may be a great buy opportunity for you.
Is Theta a Good Investment?
Theta has a credible team with founders who know the industry extremely well. Historically speaking, Theta has been a great investment. The coin has beaten the returns of Bitcoin and Ethereum this year, making it an attractive investment for risk-tolerant crypto investors.