How to Buy Nano Crypto (NANO) Right Now • Benzinga

Want to jump straight to the answer? You can buy NANO on Kraken and Wirex.

One of the biggest complaints facing the cryptocurrency industry is the inefficiency of transaction processing. Not only do users rack up fees, but the energy expended in processing has become a bit of an environmental concern. Thankfully, this is a problem many in the development sphere are well aware of, and solutions are being formulated to combat the problem. 

Nano is a digital protocol that attempts to remove friction in transactions across crypto networks, but it’s not available everywhere. In this post, we’ll discuss how Nano works and where crypto investors can find it.

What is Nano?

Nano is a digital currency that uses a blockchain known as Block Lattice. Unlike other cryptocurrencies like Bitcoin and Ethereum, Nano allows each account to possess its own personal blockchain. Block Lattice enables each user to upload their transactions individually for verification, which greatly enhances processing speed. Since all transactions involve two parties, both the sender and receiver would be adding blocks to their personal chain, allowing for easy verification. 

Claiming itself to be “accessible and lightweight,” Nano reduces the amount of energy needed to process transactions. In theory, this has two benefits:

  1. Reduction of fees needed to process transactions
  2. Reduction in energy consumed to maintain the network

One of the biggest complaints of Bitcoin and Ethereum are the energy expenditures required to mine it and the gas fees required to complete transactions on the network. Nano’s goal is to solve both of these problems while allowing the network to be infinitely scalable. 

Nano is secured by delegated proof of stake (DPoS), which is thought to be more efficient than the proof of work (PoW) system used to secure Bitcoin. DPoS doesn’t rely on computational power but votes from “delegates” to secure the network. A nefarious actor would need to control 51% of all Nano in existence to hack a DPoS system.

Brief History of Nano

Nano wasn’t called Nano in its original iteration. Constructed by a former AMD programmer in 2014, Nano was originally called Raiblocks and used the Block Lattice chain in order to cut costs, energy and process transactions regardless of speed or girth. With a promise of no transaction fees, the newly rebranded Nano quickly gained steam during the 2017 crypto rally.

If you thought Bitcoin had a meteoric rise in 2017, check out Nano. After spending most of the year hovering around 1 penny, Nano began to rise and reached $0.16 by Thanksgiving. A 16-bagger isn’t a bad trade, right? Now here’s where things went really crazy. From Thanksgiving 2017 to January 2018, Nano saw an astronomical run that created unspeakable wealth and then took it nearly all back.

On New Year’s Day 2018, Nano topped the $37 mark. You read that correctly — not $0.37 but $37. If you had invested $100 in Nano during its penny day, you had $370,000 on New Year’s Day. Not a bad way to ring in 2018, huh? Of course, the gains were short-lived and the cost of Nano was under $10 by the 1st week of February. By Thanksgiving 2018, Nano was back under $1 and it would stay under a buck until the tail end of 2020.

Nano was hacked in February 2018 through the Italian exchange BitGrail. Over $170 million worth of Nano was stolen from the exchange and most of it has never been recovered. The hack was a black mark on Nano, although recent events have police now pointing the finger at the operator of the exchange himself.

Nano has potential as a low energy, flexible cryptocurrency, but questions remain due to the hack and its extreme volatility. Still interested in investing in Nano? Here’s how to get started.

Step 1: Open an online account.

You’ll need to open an account with an exchange or broker that supports Nano. Popular apps like Coinbase and Gemini, unfortunately, don’t have Nano available to trade, so you might need to look toward offshore accounts like Kraken and Crypto.com. Offshore-based crypto exchanges like Crypto.com have a wider array of offerings but also different fee and tax structures. Be sure to understand how you’ll be charged fees and what taxes you’ll pay before purchasing Nano with a company based outside of the U.S. Changelly, Wirex and Binance.US also have Nano available for purchase.

Best For

Crypto futures traders

Best For

Crypto futures traders

1 Minute Review

Kraken is a cryptocurrency that offers access to more than 50 supported coins and tokens, staking capabilities, futures trading and more. Kraken offers a variable maker-taker fee schedule, which often results in lower fees compared to flat-rate brokerages.

In addition to a wide range of crypto choices, Kraken offers customizable ordering platforms and mobile apps that you can use to fully refine your trading experience. There’s plenty to love about trading on Kraken. It appeals to both seasoned professionals and new investors looking to learn more about the market.

Best For
  • Cryptocurrency investors looking for a wide selection of supported assets
  • Crypto futures traders
  • Beginner investors looking for maximum account security
Pros
  • Wide selection of supported tradable assets
  • Straightforward platform is easy for new users to master
  • 24/7 customer service available via live chat
Cons
  • Maker-taker fee schedule may confuse some users
  • No option for phone or email customer service

1 Minute Review

Wirex is a borderless, digital payment platform seeking to make traditional currencies and crypto equal and accessible to everyone. Its innovative mobile app and next-gen card lets you purchase, store, exchange and spend a broad range of traditional and digital currencies quickly and securely — zero fuss and no hidden fees.

You can customize the app the way you want it to work by choosing from more than 12 traditional and crypto currency accounts. Quick and simple money transfer options are readily available, as well as the freedom to spend 150+ fiat and cryptocurrencies in over 54 million locations around the globe using the Wirex card.

Funding your account is also as easy as using your debit/credit card, bank transfer or crypto. For a seamless experience, Wirex lets you manage your account and track payments with its live in-app messages.

Best For
  • Secure accounts
  • Quick and simple money transfer options
  • Exchange multiple currencies instantly
Pros
  • You can spend over 150 fiat and cryptocurrencies
  • Easy account funding
  • Earn up to 1.5% in Bitcoin for every in-store transaction you make
  • Heavily-discounted fees
  • High limits
  • 24/7 live chat support
Cons
  • There have been complaints about long running open tickets

Step 2: Buy a wallet (optional).

Buying a cryptocurrency wallet provides an extra layer of security and accessibility since your digital assets will be in your sole possession, not sitting in your account with your broker or exchange. Cryptocurrencies as well as nonfungible tokens (NFTs) can be held in wallets, so it’s a worthwhile investment to procure one. Many software wallets are free to download too.