How to Buy Theta Token (THETA) Right Now • Benzinga

May 20, 2021 admin Theta 0

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.

Step 1: Open an online account.

The best way to buy Theta token is through Binance. 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.