How to Buy Internet Computer (ICP) in 3 Simple Steps

Internet Computer is a blockchain project that looks to advance the decentralisation of the internet with an eye on safeguarding the privacy of user data. The remainder of this page will instruct you on all you need to know about this nascent project and how you can invest in it safely and securely.

How to Buy Internet Computer ICP

If you’re looking for a simple way to buy Internet Computer, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell Internet Computer and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing Internet Computer.

1. Choose a platform

To start things off, you will need to sign up with one of the reputable brokers or exchanges we’ve selected for you in the table below. These platforms will provide you with an easy and convenient way to initiate your first crypto account at zero or no cost.

2. Create and fund your account

Most brokers or exchanges will likely ask you for some form of identification, such as a driving license and a utility bill, before you’re ready to make your first fiat deposit using a variety of payment methods including Visa, Mastercard, and PayPal.

3. Buy Internet Computer

After meeting the KYC requirements outlined on your preferred platform, you’ll now be able to buy your first Internet Computer tokens with the money in your account. You’ll want to do this by choosing a trading pair that best matches the local currency held in your account. For example, as a UK-based user, you’ll be looking for the ICP/GBP trading pair on the search bar of your favoured exchange.

Table of Contents

What is Internet Computer?

Internet Computer is a blockchain-based computing system that aims to create a “public internet” where systems and servers aren’t monopolised by big tech companies. It achieves this by operating on a network run by private individuals across the world rather than centralised servers.

Under the current status quo, the internet and its services are dominated by companies like Amazon, Google, and Facebook. This raises the difficult question of who really controls the internet, as well as censorship and privacy issues.

Internet Computer seeks to decentralise both web-based services and data storage, so that the internet can truly be run by the people, for the people. Many of the decentralised apps (dApps) currently in use on the platform popular social applications like TikTok or LinkedIn, and anyone can build a public app on the network.

The Internet Computer Protocol (ICP) token is the native token of the project and can be staked by users to secure the network in return for rewards. The ICP token also enables holders to vote on proposals that shape the future of the blockchain through its autonomous governance system, the Network Nervous System (NNS).

Ways to Invest in Internet Computer

There are a few methods you could employ when buying Internet Computer tokens. As an investor, you may wish to hold on to your investment with the aim of securing the largest return on your profit. Alternatively, you may also look to make a more short-term investment depending on the financial targets you set yourself.

Buy and hold Internet Computer

Buying and holding Internet Computer is one of the most popular, and potentially rewarding, strategies out there. Investors will usually buy ICP tokens and hold onto them in the hope that the value of their investment increases over time.

Best Internet Computer Wallets

As a new investor, you have a number of options when it comes to storing and managing your Internet Computer tokens. The majority of brokers and exchanges offer custodian services by providing internal web wallets that store your cryptocurrency for you after you have made your purchase.

On the other hand, some token-holders will opt to take self-custody of their Internet Computer tokens and make use of external software or proven hardware wallets like Trezor, BitBox, and Ledger where they can manually store their crypto on a physical device.

Investors can also store their ICP tokens on Internet Computer’s Network Nervous System dApp with a view to staking their tokens in order to secure the blockchain and earn rewards for doing so.

Trade Internet Computer

Instead of holding Internet Computer for long spells of time, some investors also opt to speculate on the volatility of the asset by trading ICP. This strategy involves buying and selling tokens over shorter time frames for profit..

This can be lucrative if done successfully, but it is important to remember that even the most skilled traders are capable of misreading the market and making costly mistakes.

Since traders tend to hold ICP for relatively brief periods of time, they often find it simpler to store their tokens on a web wallet provided by an exchange rather than putting them in private wallets, as switching between web and private wallets may incur additional costs in the form of transaction fees.

Should I Buy Internet Computer now?

Before investing in Internet Computer, you should do your own research on the asset and weigh up the risks and benefits it may bring. Here are some factors you may want to consider while making this decision.

Internet Computer solves a problem that is becoming increasingly pronounced as more and more of our lives are conducted online. Centralised web services create single points of failure, which lead to increasingly frequent outages for services like Facebook, WhatsApp, and Instagram. These instances make a strong case for Internet Computer and other cloud computing services.

More broadly, experts predict that the cloud computing industry could be worth $1 trillion by 2026—if Internet Computer is to be a key piece of digital infrastructure going forwards, then there is a chance that it could reap a large share of that estimate.

Internet Computer has received criticism for waning on its commitment to a genuinely decentralised web, although DFINITY, the company behind the project, has responded to these claims. Whether or not Internet Computer can truly decentralise the internet will be a key determinant of its success in the market.

Frequently Asked Questions

What is Web 3.0?

Web 3.0 is a system where internet users can interact with one another on a peer-to-peer basis without the need for third party entities like Facebook or Twitter.

What is Staking?

Staking involves lending out your crypto tokens to help validators secure the network, and receiving newly minted tokens as a reward.

What are Decentralised Applications (dApps)?

dApps are decentralised applications that operate on the blockchain and use smart contract features.

What is the Network Nervous System (NNS)?

The Network Nervous System is a user-led algorithmic system and is responsible for the governance of the Internet Computer blockchain.

What is a Hot Wallet?

Hot wallets are private software wallets that allow users to store their coins outside web wallets provided by exchanges.