What is the Golem Coin (GNT)?
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Blockchain technology has created huge opportunities in the financial markets with numerous new cryptocurrencies, with powerful features, being launched. These new developments in the cryptocurrency space aim to provide solutions to a variety of challenges. One of the more exciting cryptocurrencies is Golem (GNT). This cryptocurrency coin is essentially a worldwide “supercomputer” in that it enables GNT coin holders to rent spare computing power to a web of computing networks. This cluster of networks redirects the computing power to intensive processing tasks, such as rendering videos.
The Idea Behind the Golem Coin
The Golem coin was launched in April 2018 on top of the Ethereum blockchain. The Golem network aims to allow individuals to rent spare computing capabilities to a network which will redirect the computing power to where it may be in need. The idea behind Golem is that a group of personal computers, which have combined their computing power, can make a significant difference.
The potential of combining the computing power of numerous personal computers is apparent in DDoS (distributed denial-of-service) attacks. In 2010, PayPal became the victim of one of the first highly publicized DDoS attacks which occurred in retaliation for refusing payment processing services for Wikileaks. GitHub was also victimized in March 2018 by the largest DDoS attack on record. It is estimated that 33 percent of Internet website downtime incidents are a result of DDoS attacks which combine the computing power of multiple personal computers to shut down a targeted website.
DDoS attacks illustrate that combining the processing power of numerous personal computers can be powerful enough to overtake large corporate servers. Mining pools are currently using this same concept for cryptocurrency token mining. Golem was created with the objective of using this same tactic to rent computing power for financial gain.
Who Should Be Using Golem?
The Golem network was created to provide a marketplace for renting computing power from anybody who has spare computing power, to anybody who could use more computing power for a variety of processing tasks. The computing power rented can be utilized for rendering computer graphics, machine learning, scientific calculations, realistic simulations or other processing tasks. This is similar to centralized cloud services provided by Microsoft, Google, IBM and Amazon. Therefore, those who have spare computing power can fully capitalize on their resources while those needing additional processing power can access it without having to purchase more computer hardware.
Where to Buy Golem?
You can buy Golem at various cryptocurrency exchanges and brokers which offer the GNT coin. However, not all cryptocurrency exchanges and brokers are the same. Therefore, make sure to choose a trustworthy broker or exchange with adequate security technology to keep you safe from fraudulent activities. Partnering with a regulated exchange or broker is the right place to start as these companies are required to follow the rules and regulations as laid out by the regulatory financial authorities.
Why Buy GNT from Brokers?
Traders find cryptocurrency brokers to be a preferable route to buy GNT because there is no requirement to actually own the tokens. Essentially, when using a cryptocurrency broker to trade, you are simply making a prediction on the future direction of the GNT market. You will access the GNT market via the broker’s online platform which empowers you with interactive price charts and technical analysis tools to help you make logical and calculated trading decisions.
Cryptocurrency brokers generally earn a profit through the difference between the buying and selling prices for a token, such as GNT. This difference in pricing is known as a price spread. The spreads can vary between brokers, therefore, you should research the price spreads of different cryptocurrency brokers you may be considering to register with. Also, brokers usually have numerous options of payment methods for making deposits and withdrawals.
To top it off, cryptocurrency brokers offer varying features with some brokers offering more than others. Many times, you will be provided with a large array of helpful educational resources aimed at enhancing your trading knowledge. However, there are some brokers which provide much less or no educational resources at all. Additionally, the menu of tradable assets can vary greatly as well. Some cryptocurrency brokers may even offer access to other asset classes, such as Forex, commodities or stocks. You should also check the online reviews posted by users of any brokers you are considering registering with.
Before choosing to partner with a cryptocurrency broker, you should be aware of the various advantages and disadvantages of brokers. Below are some of the main pros and cons of online cryptocurrency brokers.
Buy Golem Coin (GNT) From Exchanges
Another option you may want to be aware of for investing in GNT is using cryptocurrency exchanges to buy and sell this crypto coin. Cryptocurrency exchanges allow traders to utilize fiat currency to buy and sell GNT as well as other cryptocurrencies. An exchange charges a transaction fee for facilitating the buying and selling of cryptocurrencies between users of the exchange.
Generally, cryptocurrency exchanges will offer more tokens to choose from than brokers. Also, the verification requirements might not be as stringent with exchanges. Many times, you can go ahead and make deposits and withdrawals prior to verifying your identity. Also, unlike brokers, exchanges do not charge price spreads.
On the other hand, cryptocurrency exchanges will charge fees for facilitating transactions instead of a price spread. Also, the process to withdraw and deposit capital can be cumbersome and not user-friendly. The process for verifying identity is also not straightforward with many cryptocurrency exchanges.
The differences between cryptocurrency exchanges can also be something to consider. Some exchanges offer more features than others. For instance, there are some that offer margin trading, similar to brokers, while most of them do not. The transaction fees can vary widely as well for exchanges. Also, you should be sure to check to see what fees are charged for making deposits and withdrawals since some exchanges will charge more than other cryptocurrency exchanges.
There are various advantages and disadvantages to opting to trade with a cryptocurrency exchange which are listed below:
Buy Golem Coin (GNT) on Binance Exchange
One reputable cryptocurrency exchange on which you can buy Golem (GNT) is Binance. The exchange’s platform is highly responsive and user-friendly. There are more than 1,400,000 transactions performed per second on the Binance exchange. The fees charged by Binance are quite affordable in comparison with the rest of the exchanges available today. Also, Binance has its own native cryptocurrency, BNB, which is used to facilitate the transactions on the platform. In addition, if you are an order taker, you are eligible to receive a discount on transaction fees if you opt to use BNB for the transaction.
Binance users are able to select from a menu of various choices of banking methods for depositing and withdrawing funds. Some of the options are debit/credit cards, peer-to-peer cryptocurrency exchanges and various third-party payment services.
In order to buy Golem, you will need to go through a couple of steps which are detailed below:
Step 1: Register for a New Binance account
First, go to the Binance website. On the registration form, provide your email address and create a unique password. It is essential that you take the password for Binance as seriously as you would an account with your bank. Check the box confirming you are at least 18 years of age. Then, click on “Create Account.”
You will then receive an email containing a verification code. Check your junk or spam folder if you do not see it in your inbox. It should only take a few minutes to receive the email. Once you obtain the verification code, enter it onto the website where indicated.
Then, you will be provided with various options to begin. However, none of these options will be operational until you provide some more additional information to verify your identity. For now, click on the link labelled “Go to Dashboard.”
The system will then request that you enable two-factor authentication. Just click on the option for Google authentication. You will then be guided through the setup process. Once you have secured your account, go back to the dashboard screen and click on the button labelled “Security.” Then, click on the button link labelled “Verify.”
Next, you will be asked to provide an identifying document that shows a clear photograph of your face. Choose the country in which your identifying document was issued and the type of identifying document it is. You will then submit a photograph of the document along with a photograph of your face. You can use a webcam or simply upload the image files. If you are using a smartphone, you can click on the link to verify via your mobile phone.
Follow the rest of the online instructions. Note, it could take a little bit of time before your account has been verified.
Step 2: Buy Bitcoin and Exchange for GNT
Once your account has been secured and your identity has been verified, you will be ready to move forward in buying GNT. You will need to first buy Bitcoin in order to exchange it for GNT.
First, find the link labelled “Buy Crypto” on the top menu and click on it. Then click on the link labelled “Credit/debit card.” You will then be sent to the next page where you will choose your preferred currency. After choosing your preferred currency, indicate the number of funds you would like to spend. Choose Bitcoin from the drop-down menu and then press “Buy Bitcoin.”
In order to comply with some International regulations, you may be required to supply some additional information. Your account may be under review in order to assess your eligibility to buy cryptocurrencies using a credit or debit card. This review process will generally only take a few minutes, but it is possible to take up to a couple of hours in some instances.
Upon completing the review process, you will need to add your credit/debit card information to your Binance account. After you have provided these details, you will be provided with a summary of the purchase. If you are satisfied with the details, just click on “Confirm.” Your Bitcoin will then be sent to your Binance wallet shortly.
Step 3: Exchange Bitcoin for Golem via the Binance Exchange
There are two methods of purchasing Golem through the Binance platform: limit order and market buy. Using a limit order is more complicated while a market buy is quite simple to do.
A limit order allows you to set the price that you wish to purchase Golem (GNT) for. First, find the “Exchange” section on the website and select the link labelled “Limit.” Indicate the desired purchasing price for Golem in the box labelled “Price.” Next, enter the amount of GNT you are looking to buy. The system will then indicate how much Bitcoin is required for the order. Click on “Buy GNT.”
Another option to buy GNT is through a market buy. This type of order is filled automatically for the best available price on the market at that time. First, in the “Exchange” section, find the link labelled “Market” and click on it.
In the space labelled “Amount,” indicate how much GNT you are looking to purchase. You may find it easier to utilize the percentage buttons located below. For instance, you can press 50% if you want to exchange half of your BTC for GNT. Click on the green button labelled “buy GNT” when you are satisfied with the amount. Your order should be filled right away.
What to Think About Before Investing in Golem Coin
There are many aspects to consider before buying Golem which can determine the future returns of an investment in GNT. The main competition for Golem is not other blockchain networks or firms, but Amazon, Google and other technology companies offering cloud computing solutions. However, despite the strong competition, GNT has many advantages over these large technology corporations.
One advantage Golem has is that its blockchain services model is less expensive to operate thanks to the emphasis on crowd sharing. Also, Golem is a distributed network which means it is generally more protected from DDoS attacks which means downtime is less likely to occur. It is not possible for the whole network to be attacked which is ideal for applications that do not allow for any downtime.
In conclusion, there is a strong need for the Golem blockchain network. There will always be applications requiring cloud hosting with security, reliability and affordability. This need will be even more pronounced with the increasing use of artificial intelligence which will require more machine learning power. With the increasing demand, there will be the potential for future appreciation in the Golem market which can make early investors quite wealthy.