Blackcoin (BLK) is a crypto project that has been on the market for over seven years. It started out sharing many similarities with Bitcoin but has changed significantly over the years. The protocol claims to be the first to use the Proof of Stake (PoS) consensus mechanism.
The project is a fork of another digital currency known as Novacoin. By shifting to PoS, the project reduced energy consumption and improved transaction speeds, thereby setting a precedent for other projects to follow. This guide will focus on how to buy Blackcoin (BLK) and make the most of the opportunities it offers.
Fill all the requested information using your personal data accurately. Check your inbox for a confirmation email and log in with your selected email and password.
Choose your favourite payment method and follow the steps to make your first deposit. The minimum deposit amount might change depending on your location.
Search for Blackcoin on the list of available cryptocurrencies. Use a "Buy Order", choose the amount of BLK to buy, set up other trade details and confirm the order.
Brokers present one of the easiest ways to get into the Blackcoin market since the requirements are low. All you need is to be of legal age before you can fund their account with the minimum amount of about $100 to $250, and you are ready to interact with various financial instruments that are attached to BLK. These platforms are also easy to access from any corner of the planet.
You need to consider a few things before buying Blackcoin to get the best out of the experience.
Cryptocurrency exchanges and online brokers support various payment modes that one can use to access Blackcoin. These include bank transfers, use of credit/debit cards, third-party payment processors, and use of other cryptocurrencies. It’s up to you to choose the mode that serves you well, depending on the options available to you.
The answer to this question lies with whether you intend to interact with Blackcoin using brokers or exchanges. Brokers offer access to derivative products attached to Blackcoin. These instruments don’t require one to set up a cryptocurrency wallet since they are not dealing with the actual asset. However, on the other hand, exchanges will allow you to access the actual asset, requiring you to find a secure private wallet to store your tokens.
The safety and security of the platforms you choose to use to access the Blackcoin market is another crucial factor that you need to consider. Most top platforms will have robust security measures to protect user funds and data by employing cryptography and encryption to protect against breaches by hackers.
It’s good to invest some time and research what security measures a platform has in place to protect your fund and if it has ever been hacked before, and how it dealt with the situation. Also, find out if a reputable body regulates the platform since this inspires confidence.
As a digital currency, Blackcoin secures its network using cryptography, decentralisation, and consensus mechanism.
Another thing you need to pay attention to is the costs that you are likely to encounter on various platforms that you will find that offer access to Blackcoin. The costs will be in the form of network fees, transaction fees, deposit and withdrawal fees and commissions. Also, some brokers will charge inactivity fees. These are all costs that you need to consider on various platforms before settling on one.
You should also consider if you can navigate the platform that you choose to use to interact with Blackcoin. Some platforms can be too complicated for beginners, and they are not worth the hassle. Most top platforms are designed with users in mind making them welcoming to new users. A great platform should have everything laid out on the dashboard in a simple manner, should have tutorials to guide users on how to get started and interact with various functions, and have a responsive customer support team to help out when one gets stuck.
Below let’s take a look at some of the payment modes you are likely to come across when getting started with buying BLK.
Buying Blackcoin with Debit/Credit Card: Credit/debit cards are popular when it comes to online transactions, whether you are shopping or paying bills. This popularity makes them one of the most common modes you will encounter on brokers to fund your account and even exchanges to facilitate the direct purchase of Blackcoin. The process is simple, and by following the outlined steps and entering your card details, you are good to go.
Buying Blackcoin with Crypto: Some nations might have restrictions when it comes to cryptocurrencies. For example, the central bank can ban financial institutions operating within a given nation from facilitating crypto transactions. In such an instance, credit/debit cards and bank transfers will not work in the country. For investors that find themselves in this situation, they can opt to use crypto to buy Blackcoin. But this means having some coins in the first place. The section below will discuss how you can get your hands on a coin like Bitcoin and use it to buy Blackcoin.
Buying Blackcoin Peer-to-Peer: Most P2P platforms are decentralised, meaning they are not regulated by anyone and can be accessed by everybody no matter where they are located. They offer an alternative way to access cryptocurrencies for individuals that live in areas where crypto is restricted. These platforms offer users a chance to buy coins like BTC and ETH, which they can transfer to an exchange that supports Blackcoin and swap or make a trade. Also, they offer a vast array of tailor-made payment options for every region you choose to purchase in. This allows users to use local currencies and alternative payment options that don’t restrict them from accessing cryptocurrencies.
Buying Blackcoin Using Third-Party Payment Options: Third-party payment options such as PayPal are another popular option to buy Blackcoin on P2P platforms, centralised exchanges, and brokers. Since such modes are many, it’s up to you to select the mode you feel meets your needs.
This section will cover the fees you will encounter on various trading platforms when buying and selling BLK.
Transaction Fees: These are fees charged by platforms that facilitate the buying and selling of BLK. On exchanges, they include network fees and a small addition from the platform for facilitating the buying and selling of the asset. Brokers will not charge this type of fee but will take commissions after you make a given bunch of trades. Also, the platform may charge inactivity fees if you go for long without using your account.
Deposit Fees: Brokers and exchanges will not charge any fees for making a deposit; however, the payment option you choose to use might do it. The fee will vary among different payment processors, and it’s up to you to ensure you select the mode with the least fees without compromising your security. Time is also a factor with payment modes, and some may take longer than others; therefore, it’s up to you to make these considerations.
Withdrawal Fees: These are fees charged when you are taking funds from a broker or an exchange. Most brokers will not charge this fee, but you will find it on exchanges when taking out coins. However, in the case of BLK, these fees are minimal.
Below let’s explore a few ways to store your BLK coins once you purchase them on an exchange. It’s important to understand that wallets store your private keys that offer access to the coins on the parent blockchain.
Web Wallet: Blackcoin web wallets exist as browser extensions or exchange custodian wallets. The latter belong to exchanges, and it’s the kind of wallet you will have when you sign up on an exchange and purchase BLK. However, since the exchange holds your private keys, you don’t have control over the coins. This is risky since if the platform is breached or goes under, you will lose your coins forever. On the other hand, browser extensions are wallets that offer the user the ability to hold their private keys, making them a better option compared to exchange wallets. These types of wallets are convenient for traders and people that need to make regular transactions. The only risk is that they are always online, and this means they can be breached easily.
Mobile Wallet: These are apps you download and install on your smartphone. They are great for people that need constant access to their tokens and even make trades on the move. Most belong to exchanges or companies that specialise in building such software. Like web wallets, they are online most of the time, and this can pose a risk threat since if your device is infected by malware or virus, the wallet might be breached. Also, if someone gets hold of your device and has your login details, you will lose your tokens. Popular examples include MyEtherWallet, Blockchain wallet, and Coinomi.
Desktop Wallet: Blackcoin desktop wallet is a software you download and install on your PC. It offers a higher level of security compared to web wallets since you get to hold your private keys. This makes it ideal for traders and people that make regular transactions. Even though this type of wallet isn’t always online, it can be breached if your PC gets infected with viruses or malware. Popular examples include MyEtherWallet and Blockchain wallet.
Hardware Wallet: These are physical devices that resemble USB flash drives. They hold apps that allow you to store various crypto assets securely in cold storage since they are offline most of the time. Blackcoin hardware wallets are the best for long-term investors and people who hold many BLK tokens. Whenever you want to send your tokens to the wallet or to another address, you just connect the wallet using a USB cable to your PC or phone.
Wallet Combinations: As an investor, you are not limited to any wallet, and it’s possible to hold tokens in all of the wallets listed above simultaneously, depending on your needs. If you are both a short-term and long-term investor, you can hold wallets that offer convenience when trading and holding tokens for the long term.
There are many other coins you can use to trade for BLK. The most popular will be stablecoins and native tokens of the various exchanges you choose to use. It’s also not uncommon to find the most popular coins, such as BTC and ETH, paired with BLK.
One BLK token goes for a few cents. This means buying a single token is possible for almost everyone that might be interested. However, most exchanges will stipulate you buy coins worth at least $10. As for the maximum, there may be some limits imposed by the platforms depending on the level of KYC of your account and local laws.
Regulators may be messing up with privacy lovers as they aim to bring some control within the market; however, for those that love to buy and sell tokens anonymously, decentralised exchanges offer the perfect platforms for this activity. There is no KYC, and you get to go about your business without having to worry about being identified by anyone. On these platforms’ users deal with P2P and can negotiate on the price before settling the sale. However, lack of KYC means there are many scammers within these platforms, and if you are not careful, you will lose your funds.
Even though centralised exchanges will take you through KYC, which might not be pleasing to a privacy lover, they will at least protect your BLK investment.
Most users speculate on the volatile price of the token on exchanges and brokers using various trading strategies. But as mentioned earlier, this will require some trading education. The other is long term investing, where you buy tokens and hold them for an extended period. Visit our dedicated Blackcoin Price Page to find out more about the price history of this cryptocurrency.
There are many ways you can spend your BLK tokens, such as paying for goods and services at places where the token is accepted. Also, you can buy online services using the token if the other party agrees to receive payment in the token. Most importantly, you can convert the tokens to fiat and spend the money as you wish.
The process of selling BLK is as simple as the buying procedure. The same platforms that offer the ability to buy the token are the ones that will allow you to sell them. If you chose to go the CFD route, then the process is much simpler as you can close the CFD trade easily as no wallets are involved.