In this guide you’ll get information about where to buy Loom Network, if you are planning to buy LOOM token – You’re in the right place!
Developers are able to access Loom Network so they can run their own decentralized applications. Through this platform, developers should be able to have (and manage) smart contracts, enabling them more access to computing power whenever it is needed. They can also maintain the similar power for applications without them having to spend a fortune.
Loom allows developers to completely interact with APIs, even those developers by the off-chain third parties. It means that those third parties aren’t within the chain. Loom wants to be the ultimate network enabling smart contract developers to create and manage applications without switching to different programming language. Moreover, Loom Network operates on Plasma. It is the scaling solution that provides abilities to users to enjoy faster transactions. The concept is to allow developers create applications beyond mere financial transactions. It isn’t only about creating profitable financial situation, but also to deliver smooth and seamless user experience.
- Official website: https://loomx.io/
- Twitter: https://twitter.com/loomnetwork
- Telegram: https://t.me/loomnetwork
- Reddit: https://www.reddit.com/r/loomnetwork/
- Whitepaper: https://medium.com/loom-network/introducing-loom-network-scaling-ethereum-today-9ea26b5b57c
Table of Contents
Loom Network (LOOM) Features
- Production ready. Those who want to develop their own applications don’t need to wait for any scaling solution. Loom is always in live production. Developers can always launch the DApp to start the program right away.
- Scalable and fast environment for serious DApps. Loom Network operates on DPoS (Delegated Proof of Stake). It is optimized for high transaction throughput and speedy confirmation times for serious DApps implementation
- Flawless user experience that is frictionless. Loom Network allows transactions in super fast mechanism as well as zero cost setting. Users won’t have to pay for gas fees. They don’t even have to deal with annoying MetaMask pop-ups.
- Access to limitless and massive user base. Users (no matter where chain they are coming from) should be able to access the Loom DApps, thanks to the integrated Universal Transaction Signing. They can always use their native wallets to do so.
- Impressive security. The Basechain has more than 21 external validators scattered all over the world. It has been solidly audited by Trail of Bits, a security company that specializes themselves in blockchain technology.
Where to Buy, Sell and Trade Loom Network aka LOOM
You can basically use debit card, credit card, or even PayPal to buy the Loom Network (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Loom Network as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy Tether first. After you get the ETH or BTC or USDT, you can convert it to Loom Network. 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 (ETH), Bitcoin (BTC), or Tether (USDT)
- Find a crypto exchange that supports Loom Network currency and exchange your Ethereum / Bitcoin / Tether with the Loom Network
- Store your Loom Network to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT) 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.
The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.
Get $10 Bonus when you sign up for Coinbase!
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- 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 Loom Network, once you get your Bitcoin or Ethereum or Tether, 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 or USDT 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 or USDT with Loom Network:
Gate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions. Gate.io crypto exchange allows users in 49 states within the US to trade the spot crypto market except for Washington State and New York State.
- Deposit Methods: Cryptocurrency Only
- Fiat Currencies: N/A
- Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 565+ more
- Trading Pairs: 1118+
Kucoin is one of the most solid exchanges in the market right now. They started to operate back in 2017. They take regular payment methods such as wire and bank transfers as well as other cryptocurrencies. They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They have a presence both in the Google Play Store and the iOSAppStore.
- Deposit Methods: Cryptocurrency, Express Polish Post Office 24/7, Wire transfer, GBP bank transfers
- Fiat Currencies: USD, EUR, PLN, GBP and 47+ More
- Supported Cryptocurrencies: BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 512+ more
- Trading Pairs: 1044+
IMPORTANT! Once you are registered to any of the above, find the LOOM/BTC or LOOM/ETH or LOOM/USDT trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum/Tether
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 Loom Network (LOOM) 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.
- Secure
- 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 Loom Network (LOOM) 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 Loom Network. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Loom Network (LOOM) 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 Loom Network (LOOM) with Skrill?
You can’t buy LOOM directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Loom Network. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy Loom Network (LOOM) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair LOOM/BTC and begin the transactions.
Can I Buy Loom Network (LOOM) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support LOOM/ETH trading pair.
What Is the Best Payment Method to Buy Loom Network (LOOM)?
The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Loom Network right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Loom Network (LOOM)?
Once you have purchased the Loom Network, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Loom Network (LOOM)?
Find a crypto exchange which allow pairing LOOM with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine Loom Network (LOOM) 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 Loom Network is to buy it from a reliable exchange.
Conclusion
Loom Network makes everything easy and effortless for developers to create, manage, and launch their DApps. The platform is able to integrate DApps created within Loom with other major blockchains, such as Binance Chain, Ethereum, Bitcoin, and many more. Moreover, developers won’t have to worry about the sophisticated technology or whatsoever as the platform takes care of it. Interested users (or developers) should buy Loom Network (LOOM) if they want to gain access to the network.
