How to Buy NEAR Protocol (NEAR) in 3 Simple Steps
NEAR Protocol (NEAR)
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Near aims to make open finance accessible to all and power the future of the open web with a fast, cheap, and user-friendly blockchain. Integral to the platform is the native utility token NEAR and this guide will show you how you can buy NEAR for yourself.
How to Buy NEAR Protocol
If you’re looking for a simple way to buy NEAR Protocol, 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 NEAR Protocol and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing NEAR Protocol.
1. Choose a platform
Select one of the many crypto brokers or exchanges to sign up with. Choose a platform based on what’s important to you, such as low fees, ease of navigation, or customer support. You can see a comparison of the best platforms further down this page or register now with our top choices in the table below.
2. Create and fund your account
Head to the registration page for your chosen platform and fill in the form with your details. You may also have to complete the Know Your Customer process by providing a photo ID before your account can be verified. Then you can choose from the payment options supported in your country and fund your account.
3. Buy NEAR Protocol
Search the platform for the trading pair for the currency you have deposited and NEAR. Enter how much you would like to buy, either in NEAR or fiat, in a buy order. A limit buy order means NEAR will be bought for you automatically in the future once a specified price is reached, while a market buy order means buying NEAR immediately.
What Is NEAR Protocol?
NEAR Protocol is a blockchain platform designed for building decentralised applications (dApps) that are usable on the web. The aim is to facilitate dApps that are easy to use, even for people who are unfamiliar with crypto. These dApps can also scale to meet the needs of a large number of users.
Web services currently require trust between users and companies as requests are processed by a single server managed by an individual entity. NEAR Protocol offers transparency as its cloud-based infrastructure is controlled by all the people in the decentralised network.
The blockchain on which Near dApps are built is highly efficient thanks to its Proof of Stake consensus mechanism. It is also scalable as it uses a process known as “sharding”, which splits the blockchain into pieces so that many transactions can be processed in parallel.
Key to this system is the native utility token NEAR, which is used for staking, governance, and paying fees for processing transactions and storing data.
Ways to Invest in NEAR Protocol
There are different ways to invest in NEAR Protocol, depending on your aims and level of experience. Some prefer to sell at a profit as quickly as possible, while others prefer to invest for the long term.
Buy and hold NEAR Protocol
Buy and hold is the simplest strategy there is. As you may have guessed, it entails buying NEAR and holding it for the long term. It doesn’t require any particular skills and you don’t have to commit much time or effort to potentially make a profit.
As NEAR Protocol is a Proof of Stake system, you can also generate passive returns on your NEAR holdings. NEAR holders can stake their tokens to help secure the network and earn rewards in the form of more NEAR tokens.
Best NEAR Protocol wallets
When holding tokens for a long period of time, it can be prudent to store them in a private wallet. This can make them more secure and give you total control over your assets. The most popular wallets are hardware or software.
Hardware wallets can be a bit expensive but you are paying for the best possible security. Examples of hardware wallets include Trezor, BitBox, and Ledger. Software wallets provide a free and easy-to-use alternative. They can be downloaded to your computer or mobile.
Trade NEAR Protocol
For those who don’t want to invest in NEAR Protocol for the long term, an alternative is trading NEAR by buying and selling it on a shorter timescale. This does, however, require more time and skill as traders tend to analyse the market to find the best times to buy and sell.
As traders regularly need to access their tokens on exchanges, private wallets can be less convenient. Instead, many traders opt to store their NEAR in the free web wallet provided by their exchange.
Should I Buy NEAR Protocol Now?
Although we can provide you with information about NEAR Protocol’s fundamentals and potential, you will have to make this decision for yourself. There is a capped max supply of NEAR, which could make it a good store of value in the long term. What’s more, the ability to earn staking rewards could drive demand for NEAR from people wanting to stake it, which could lead to less supply available on the market.
NEAR is also required to pay fees for processing transactions and storing data, which drives further demand for the token. This means as the number of users, dApps, and data on Near increases, there will be greater demand for NEAR which could make it more valuable.
The speed, scalability, and low cost of NEAR Protocol already make it an attractive platform for developers and users alike. Its focus on smooth user experience also helps NEAR Protocol eliminate the barriers to Web 3.0 adoption, as even those without prior crypto experience can be a part of the new system of open finance.
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