Table of Contents
RaiBlocks has been officially rebranded as “NANO,” replacing the previous term. The coin saw a new beginning when company leaders chose the name Nano for their Crypto (and the currency itself) at the start of 2018.
As the name of the Crypto suggests, Nano is relatively self-explanatory. It is a coin that seeks to replace fiat money and integrate Crypto into people’s day-to-day lives. The objectives and purposes of the coin are remarkably similar to those of Bitcoin. Let’s learn more about this interesting Crypto project in this article.
An introduction to NANO Coin
A digital protocol called Nano Coin aims to reduce latency in Crypto network transactions. It was created so that users can make rapid, secure payments without worrying about fees.
Nano can facilitate value transfer for its users because of its very distinctive block-lattice data structure. This eliminates the need for centralized intermediaries.
Get WazirX News First
Unlike other platforms that rely on the Proof-of-Work (PoW) of a sizable mining network, Nano operates differently. Open Representative Voting is the system that Nano employs. Users can choose a representative through ORV, who will work to confirm blocks of transactions securely. This is the reason why Nano uses relatively little energy.
Nano is unique since it is extremely quick, which makes it perfect for business payments. When accepting payments this way, merchants won’t have to worry about any transaction delays.
Nano can offer 1,000 transactions per second without the need for an energy-intensive mining network to maintain its integrity. Anyone keen on environment-friendly digital payments will love Nano.
What makes NANO Coin unique?
- Speedy network and faster transactions: The most distinctive feature that makes Nano unique is the high speed of its network and the instant completion of transactions. The majority of the Nano transactions are validated and carried out in less than a second, which is faster than other Crypto projects.
- Guarantees instant payments: Nano is an excellent option for merchants globally because it integrates payments and offers fast finality. Sellers can accept payments instantly with Nano integrations.
- No transactional fees: Transaction fees are not charged by Nano. Free transactions are made possible because the users’ chosen representatives aren’t paid for participating. This is how Nano offers the ideal approach for micropayments.
What gives value to the NANO Coin?
The technology used in Nano, the technical capacity, and the utility are what give Nano its value. These characteristics determine Nano’s intrinsic value, which is essential for adoption and widespread use.
How to buy NANO coins in India?
Following a few simple steps, you can buy NANO tokens in India via WazirX, India’s most trusted and widely used Crypto exchange.
Now, you can buy NANO tokens using P2P trade. Here are all your questions answered about P2P.
Step 1: Sign-Up on WazirX
To start trading the NANO token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.
Here’s a guide explaining how to open an account on WazirX.
Step 2: Verify your email account and set up your account security.
The following step is to verify your email address. After signing up, you’ll receive a verification link on the email address by which you’ve just created your account.
On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3: Complete the KYC.
After selecting the appropriate country, complete the KYC process.
Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.
Step 4: Add funds to your WazirX account through P2P.
After linking your bank account to your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will work as funds to buy other coins.
Step 5: Buy NANO on WazirX
You can purchase NANO tokens using P2P trade through WazirX. Check the NANO to USDT here.
After logging in to your WazirX account, you can select USDT from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the NANO coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
