How to Buy Bancor Network Token (BNT) Right Now • Benzinga

Want to jump straight to the answer? You can buy BNT on Coinbase and Changelly.

Bancor Network is a decentralized exchange on Ethereum’s blockchain. Its token — Bancor — was among the first tokens to be released in the DeFi industry. DeFi is short for decentralized finance –– DeFi replaces traditional banking operations with code on the blockchain. 

This code, called smart contracts, can hold cryptocurrencies on Ethereum’s blockchain. The terms of the smart contract are set in code, allowing a secure and trustless transaction without a 3rd party.

Bancor offers a new and innovative way to exchange cryptocurrencies without the need for a centralized cryptocurrency trading platform. Using a Dex (decentralized exchange) can be more secure, liquid and less expensive than a traditional cryptocurrency exchange. 

What is Bancor Network?

Bancor Network is a series of smart contracts on Ethereum’s blockchain. These smart contracts are what allow you to exchange your crypto without using a centralized exchange. 

Bancor Network’s smart contracts are used to provide liquidity for investors that want to exchange their tokens. Anyone can put ERC-20 tokens into a liquidity pool on Bancor and earn interest on their deposit. This interest is generated by transaction fees on Bancor’s exchange.

Traditional crypto exchanges use order books to match buy and sell orders between users. This works well for large market cap coins that are highly liquid, but this kind of market making creates it hard to exchange less liquid cryptocurrencies. 

With Bancor liquidity pools, there is always a constant liquidity for all supported ERC-20 tokens. Since Bancor is a smart contract protocol on Ethereum, you can only exchange Ethereum-based tokens on the network. To trade bitcoin on Bancor, you need to purchase Wrapped Bitcoin (WBTC) which is just bitcoin on Ethereum’s blockchain. 

Bancor has an in-depth explanation of how liquidity pools work on its website.

Brief History of Bancor

Bancor released its initial coin offering (ICO) in December 2017. As one of the most promising ICOs of the year, Bancor raised $153 million in capital in the first 3 hours of its ICO. Bancor was founded by Eyal Hertzog, Guy Benartzi, Yudi Levi and Galia Bernatzi.

Bancor Network got its name from the idea of a supranational currency proposed by John Meynard Keynes in 1944. Keynes proposed the idea of a supranational currency to be used as a measure for international inflows and outflows of assets.

How to Buy Bancor Network Token (BNT)

Bancor Network Token (BNT) is an ERC-20 token built on Ethereum’s blockchain. BNT has 2 main functions: to provide liquidity and govern the protocol. Currently, BNT is trading for $3.52 with a total market cap of $446 million.

Because Bancor is decentralized, no single entity owns the protocol. Instead, Bancor is used as a governance token to vote on upgrade proposals on Bancor’s network. Users who own BNT have voting rights proportional to the amount of BNT they own. 

Bancor Network Token is paired with other ERC-20 tokens in liquidity pools. BNT acts as an intermediary currency, similar to Keynes’ idea of a supranational currency. If you want to exchange Ethereum for Wrapped Bitcoin, for example, the smart contract would sell your Ethereum tokens for BNT, then buy Wrapped Bitcoin with the newly purchased BNT.

Step 1: Open an online account.

You don’t have to use Bancor’s exchange to buy BNT. Some centralized exchanges like Coinbase, Binance and Bittrex support Bancor. Centralized exchanges are easier to use, especially if you already have a crypto brokerage account. Most investors that don’t want to use Bancor’s decentralized exchange choose Coinbase to buy BNT. 

When you make an account with a cryptocurrency brokerage you need to give them your personal information. Typically, exchanges will want a record of your address, Social Security number, phone number and email address. If you choose to use a decentralized exchange like Bancor or Uniswap, all you need to do is connect an Ethereum wallet. 

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Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. 

You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.

Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.

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Step 2: Buy a wallet (optional).

No matter which exchange you choose to buy Bancor on, it’s a good idea to store them in a cryptocurrency wallet. You could keep your tokens on the exchange you purchase BNT on, but this is less secure than storing your investment in a cryptocurrency wallet. Software wallets like Coinbase Wallet and Metamask are good choices for many investors, but hardware wallets offer the highest security.

If you’re investing a significant amount of money into cryptocurrency, you should purchase a hardware wallet. Hardware wallets are physical devices that store your cryptocurrency offline, so there’s no way for hackers to access your funds.