Tron(TRX)Founded by Justin Sun in 2017, Tron is a platform that allows developers to write decentralized apps. It is very similar to Ethereum and EOS, though its founders claim that it is more scalable and cost effective than the alternatives. Tron uses the TRX token to power its platform. A delegated Proof of Stake model is used to decide who can add blocks to the Tron blockchain (i.e. mine TRX). 27 representatives are chosen and users can stake part of their funds in order to vote who they want to mine the next block. Unlike Proof of Work that requires a lot of electricity, PoS is much more cost effective. If this all sounds too confusing perhaps it’s better to go over our Bitcoin mining video to get more familiar with mining in general. Tron uses Solidity as its programming language (same as Ethereum), and the move from programming Dapps for Ethereum to Tron is relatively easy.
How to buy TRON (TRX)
Being in the top 10 is enough to get noticed and that’s why many services/exchanges have started dealing in Tron.
Storing your Tron tokens on a cryptocurrency exchange isn’t recommended because exchanges can be hacked or even shut down. Even smaller issues such as scheduled maintenance can prove problematic. TRX used to be an ERC-20 token, which means that it was stored in Ethereum wallets. Today Tron has its own blockchain with dedicated wallets.
TronWallet for mobile
Recommended by Tron foundation, TronWallet is a mobile wallet available for iOS and Android. The wallet doesn’t require any signup or login, is completely open-source and is relatively easy to use.
Tron paper wallet
If you want to get serious about security you can store your TRX on a paper wallet. This means that the private key for your TRX coins will be printed on a piece of paper that should be kept safe and secret. This website allows you to print your own paper wallet. You can find a complete list of additional recommended Tron wallets by the Tron foundation here. Once you have your wallet you’ll need to get your Tron address. A Tron address is a long string of letters and numbers that starts with a T. Here’s an example: TYRRb6uWsn11cZEmwaTWk6wDEnNcTT88pD
Ledger is a hardware wallet that allows you to store your TRX securely offline. It’s a multi-currency wallet that’s compatible with over 700 different assets aside from Tron. There are currently two main models for the wallet – the Nano S and Nano X. The Nano X is the more advanced model that also offers mobile support through Bluetooth
Buy Tron on an Exchange Despite
TRX’s having a market cap in the billions of dollars, there isn’t a wealth of choices when it comes to reputable exchanges on which to buy it. Right now, the most common TRX trading pairs are with Bitcoin (BTC) and Ethereum (ETH). If you’re looking to buy TRX with fiat (i.e. USD or EUR) there are only two worthy options.
Binance is arguably the best place to buy Tron, and this is evidenced by the very high volumes compared to other exchanges. Although Binance only launched in 2017, it has quickly established itself as one of the most popular cryptocurrency exchanges. Recently the exchange implemented the option to buy cryptocurrencies with a credit card, but the fees are higher than crypto to crypto purchases. If you don’t want to use the credit card option, you’ll need to buy Bitcoin or Ethereum on another exchange before sending it over to Binance and trade it for TRX.
A US-based cryptocurrency exchange founded in 2019, Bitsdaq offers a TRX/USD trading pair. Bitsdaq is a secure, reliable, and advanced platform for digital assets that operates in Asia. Designed from Bittrexs cutting-edge technology, Bitsdaq provides an opportunity for users who would like to access a wider section of cryptocurrency on a secure and reliable platform. The platform is currently undergoing a multi-week evaluation to ensure it caters well for the needs of international customers.
Withdraw the TRX to your wallet
Once you found your exchange, signed up and made the trade, make sure to withdraw the TRX to the Tron address you got on your Wallet. There are so many hacks and exchange failures going on that you want to make sure you’re the only one who has control over your coins.
Tron has certainly captured the interest of many cryptocurrency investors, however it’s still not showing the same signs of adoption as Bitcoin or Ethereum, so there’s a long way to go. It’s also one of the harder altcoins to buy, since not many popular wallets support it.
I hope the information in this guide gave you a clear overview of the buying process. Have you used any of the above wallets or exchanges? What do you think of Tron? Let me know in the comments below!