How to Buy Worldcoin

After years of anticipation, CEO of OpenAI Sam Altman recently announced that Worldcoin is publicly available. On the opening day of trading, the token’s fully diluted market cap surpassed $25 billion, reaching similar levels to Altman’s OpenAI. 

Its valuation is in part due to the team’s lofty goals, articulated in the Worldcoin co-founder’s letter: “Worldcoin is an attempt at global scale alignment; the journey will be challenging and the outcome is uncertain. But finding new ways to broadly share the coming technological prosperity is a critical challenge of our time.” 

Worldcoin is among the most hyped cryptocurrency launches in 2023. You may wonder if the token is worth buying or claiming for free after verifying your humanity. Let’s dive into what Worldcoin is and how to buy it on top exchanges today. 

What is Worldcoin?

Worldcoin is a proof-of-humanity protocol that uses the Optimism Stack to secure its network. It can be difficult to tell who or what owns which crypto wallets — a bot or an individual who controls multiple wallets. Worldcoin seeks to solve this problem by assigning one ID, dubbed World ID, to each user. Worldcoin verifies users' identities by scanning their retinas and issuing them a World ID.

That’s right, users can’t get a World ID without first scanning their retinas. People are incentivized to do so for WLD tokens, which they receive for “simply being human.” A specific device, called an Orb, is required to scan your retina, so you’ll need to find one near you to participate. In the meantime, you can download the World App and reserve your share of tokens ahead of your scan.  

Worldcoin acknowledges the potential use cases for Worldcoin to discredit AI-generated content, power universal basic income (UBI), and enable global democratic processes. 

Brief History of Worldcoin

Worldcoin was co-founded in 2020 by Sam Altman. Altman serves as the CEO of OpenAI, the company that created ChatGPT. Altman also served as president of Y Combinator, an early-stage venture incubator that has helped grow Coinbase, DoorDash, DropBox and dozens of other large tech companies. 

Worldcoin officially launched its token on July 24, 2023. After much anticipation, Worldcoin began trading at a $23 billion market cap, making it valued similarly to OpenAI. 

How to Buy Worldcoin

With large amounts of trading volume and a credible team, Worldcoin is already available on numerous cryptocurrency exchanges. You can buy Worldcoin using a decentralized exchange (DEX) like Uniswap or on centralized exchanges like Binance, Houbi and Bybit. 

Step 1: Open an Online Account

If you don’t already have a crypto exchange account that offers support for Worldcoin, you’ll need to make a new account. Signing up for these trading platforms requires KYC verification, meaning you’ll need to verify your identity (without scanning your retina) before you can begin trading. 

You can also send ETH from an existing exchange to a wallet. Once in your crypto wallet, you can connect to Uniswap and trade ETH for WLD tokens. 

Step 2: Buy a Wallet (Optional) 

While using a wallet is only required if you plan on buying Worldcoin via a DEX, it’s recommended that you use a hardware wallet to store your crypto assets. Unlike holding your tokens on an exchange, using a cryptocurrency wallet allows you to hold custody over your funds, and it reduces the risk of your funds being stolen. 

Best Hardware Wallet: Ledger Nano S

Ledger stands out as the best hardware wallet for several reasons. It’s one of the longest-lasting wallet manufacturers, selling millions of units since its inception in 2014. Ledger hardware wallets support thousands of tokens, so you won’t need to have separate wallets for different types of digital assets. 

The Ledger Nano S stores your crypto completely offline, out of reach from hackers. It also comes in at an affordable price, selling for $59 on Ledger’s website and Amazon. 

Best Software Wallet: Coinbase Wallet

If you’re not ready to shell out cash for a hardware wallet, software wallets are good alternatives. Software wallets are free applications that allow users to self-custody their assets, such as MetaMask and Coinbase Wallet. Coinbase wallet stands out for its DeFi integrations and support for layer 2s, allowing you to interact with DeFi without needing to pay high gas fees. 

Step 3: Make Your Purchase

Once you’ve set up a wallet or created a cryptocurrency exchange account, you’re ready to make your purchase. Search for Worldcoin or its ticker, WLD, and select the trading pair you’d like to trade on. Typically, this will be either BTC or stablecoins, meaning you’ll need to hold one of these assets in your account to purchase WLD. 

Once funded, set a limit or market order to buy your Worldcoin. Once executed, the assets will appear in your account balance. Then, it’s recommended to transfer your tokens to a crypto wallet to have full control over your funds.

Trade, Sell or Convert your Worldcoin

When you’re ready to sell or convert your WLD tokens, you can do so using the same exchange you used to make your purchase. If you seek to convert your WLD using a centralized exchange, you may need to transfer your tokens back to the exchange from your wallet. Once funded, you can choose to sell your Worldcoin for stablecoins or Bitcoin on most exchanges. 

Current Crypto Prices

The cryptocurrency markets have been in a bear market for the better part of two years, with few projects making as much noise as Worldcoin. Most altcoins are down over 80% from their peaks, while Bitcoin and Ethereum are still down over 50%. While many investors are certainly feeling the burn, others see this as a prime opportunity to accumulate more digital assets.

Is Worldcoin a Good Investment?

The fully-diluted valuation of Worldcoin is tens of billions of dollars, but it’s hard to justify this value based on fundamentals. It’s difficult to predict how the market price of WLD will react to its token distribution, as everyone who scans their retinas will receive tokens in return. While the protocol would be invaluable if it achieves its goals, it’s important to consider what Worldcoin must overcome to bring its ambitions to life.

Frequently Asked Questions