In this guide you’ll get information about where to buy GeoDB token, if you are planning to buy GEO – You’re in the right place!
GeoDB is designed as an advanced platform with peer-to-peer mechanism, especially designed as a decentralized ecosystem and as data sharing service. The main purpose is to return the value to the users and creators. The main mission is to democratize and open Big Data environment for better ecosystem implementation, in order to create trusted and better relationship. The users and markets are expected to work together while returning the data generators’ value and control to the system.
The blockchain technology is used to remove intermediary party, resulting in faster processing and lower price. In the end, it will encourage faster adoption growth. This platform is designed to address issues related to decentralized system and big data. As blockchain and decentralized technologies emerge, more features and easiness are improved. However, live data exchange has its own challenges with system traffic jams and others. That’s why the system needs more oracles to bridge and connect the data. Through ODIN as the main network in GeoDB platform, everything is expected to run smoother and more efficient.
GeoDB (GEO) Features
- Data uploaders. They get direct rewards (or compensation) for the shared data. They are GDR compliant, having high security and data privacy within the blockchain.
- Data buyers. The platform makes it possible for users to buy data affordable and inexpensive, thanks to the peer-to-peer mechanism. The buying process is made efficient and fast. Moreover, the blockchain environment uses high trust and reliability for data resources.
- Various types of assets. There are different kinds of assets used in this platform. GEO token for data provider token is implemented as payments for (data) providers. There is also inflationary token that can be used to reward data producers and providers. There is also ODIN token for data consumers and also governance token. This is used as payment for the received data. When compared to the previous token, the number of ODIN token is limited, but this token enables you to take part in the governance system and voting mechanism.
Where to Buy, Sell and Trade GeoDB aka GEO
You can basically use debit card, credit card, or even PayPal to buy the GeoDB (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the GeoDB as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to GeoDB. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum or Bitcoin
- Find a crypto exchange that supports GeoDB currency and exchange your Ethereum or Bitcoin with the GeoDB
- Store your GeoDB to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase
There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.
Get $10 Bonus when you sign up for Coinbase!
- You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
- Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
- You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.
That’s the first step in buying GeoDB, once you get your Bitcoin or Ethereum, you can continue to the next step.
Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH with GeoDB:
IMPORTANT! Once you are registered to any of the above, find the BTC/GEO or ETH/GEO trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your GeoDB (GEO) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Frequently Asked Questions (Faqs)
Can I Buy GeoDB (GEO) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the GeoDB. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy GeoDB (GEO) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy GeoDB (GEO) with Skrill?
You can’t buy GEO directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to GeoDB. You can buy BTC/ETH with skrill by using these exchanges::
Can I Buy GeoDB (GEO) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/GEO and begin the transactions.
Can I Buy GeoDB (GEO) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/GEO trading pair.
What Is the Best Payment Method to Buy GeoDB (GEO)?
The cheapest way is to use bank account to buy Bitcoins first or to buy the GeoDB right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect GeoDB (GEO)?
Once you have purchased the GeoDB, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell GeoDB (GEO)?
Find a crypto exchange which allow pairing GEO with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine GeoDB (GEO) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a GeoDB is to buy it from a reliable exchange.
GeoDB would be a perfect platform for those who are interested in data sharing, especially in the digital industry. There are many features that you can enjoy from the platform, as well as the technologies coming with it. However, the only way to get into the platform and gain access is through crypto purchase. That’s why it’s important for interested users to buy GeoDB (GEO) first.