How to Buy Mirror Protocol (MIR) in 2021: A Simple Guide

Mirror Protocol (MIRIn this guide you’ll get information about where to buy Mirror Protocol token, if you are planning to buy MIR – You’re in the right place!

Powered by Terra’s network smart contracts, Mirror Protocol is the DeFi protocol powered by smart contracts on the Terra network. It powers Mirrored Assets or mAssets synthetic creation that impersonate the real-world assets’ price behavior. It also provides open access to traders worldwide to price exposure. Yet, traders don’t have to face the hassles of transacting or owning real assets.

mAssets minting is decentralized. It can be undertaken by those who open a position and deposit collateral throughout the network. Mirror makes certain that there won’t be any shortage of collateral to cover mAssets within the protocol. Mirror can also manage markets for mAssets, in which it lists them against UST on Terraswap.

Protocol mints MIR or Mirror Token and distributes it as a reward. It functions to highlight the ecosystem security behavior. This is why, Mirror assures liquid mAsset markets by rewarding users MIR. They stake LP Tokens that they obtain from providing liquidity. The high value of MIR is merely because it is staked to obtain voting privileges. Besides, it can earn CDP withdrawal fees’ protocol share.

Mirror itself is the developed project in which its community steers it by maintaining the markets among its own users. The community maintains it by using the MIR incentives, yet the protocol progresses with new ideas through the governance democratic policy.

Mirror Protocol (MIR) Features

  • mAssets become the blockchain tokens. They behave like real-world assets’ mimic. It reflects the on chain’s exchange prices. Traders can experience price exposure to real assets. Yet, they still can while enabling fractional ownership, open access, and censorship resistance. It works like other common cryptocurrencies.
  • Minimum collateral ratio. Its CDP which mints the mAsset won’t have a collateral ratio below the value, for fear that it can be subject to liquidation through auction
  • mAsset can be whitelisted when it is registered with Mirror Protocol. Yet, it requires several actions like creating its token and assigning the oracle feeder, and also register the new mAsset with all Mirror Contracts-related. When mAsset is already whitelisted, it can be minted by opening a CDP before trading on Terraswap.

Where to Buy, Sell and Trade Mirror Protocol aka MIR

You can basically use debit card, credit card, or even PayPal to buy the Mirror Protocol (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Mirror Protocol 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 Mirror Protocol. 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:

  1. You go to the online exchange and buy the Ethereum or Bitcoin
  2. Find a crypto exchange that supports Mirror Protocol currency and exchange your Ethereum or Bitcoin with the Mirror Protocol
  3. Store your Mirror Protocol 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.

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!

coinbaseClick here to register (opens in new tab)

  • 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 Mirror Protocol, 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 Mirror Protocol:

BINANCE
binanceBinance is  the top-ranked cryptocurrency exchange in the market, and it’s the place to go to trade large volumes of digital assets. They established their operations back in 2017 in Malta, one of the few countries to openly embrace cryptocurrencies as a financial instrument. They currently average up to 1.2 billion dollars in trade right now. Binance.com is unable to provide services to U.S. citizens or residents.

  • Deposit Methods: Bank transfer (ACH), Bank transfer, Cryptocurrency, Debit card, Wire transfer
  • Fiat Currencies: USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 5+ more
  • Supported Cryptocurrencies: BTC, EOS, BCH, ETH, FET, XVG, TRX, NEBL, XRP, NEO & 345+ more
  • Trading Pairs: 1189+
GATE.io
gate.ioGate.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+

IMPORTANT! Once you are registered to any of the above, find the BTC/MIR or ETH/MIR 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 Mirror Protocol (MIR) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

LEDGER NANO-X

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

TREZOR MODEL-T

  • 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 Mirror Protocol (MIR) 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 Mirror Protocol. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy Mirror Protocol (MIR) 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 Mirror Protocol (MIR) with Skrill?

You can’t buy MIR directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Mirror Protocol. You can buy BTC/ETH with skrill by using these exchanges::

Can I Buy Mirror Protocol (MIR) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/MIR and begin the transactions.

Can I Buy Mirror Protocol (MIR) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/MIR trading pair.

What Is the Best Payment Method to Buy Mirror Protocol (MIR)?

The cheapest way is to use bank account to buy Bitcoins first or to buy the Mirror Protocol right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect Mirror Protocol (MIR)?

Once you have purchased the Mirror Protocol, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

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+

How to Sell Mirror Protocol (MIR)?

Find a crypto exchange which allow pairing MIR with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine Mirror Protocol (MIR) 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 Mirror Protocol is to buy it from a reliable exchange.

Conclusion

Those who buy Mirror Protocol, they should have known that the main objection of mAssets is to mimic real-world exchange-traded underlying asset price trends. It provides chances for investors, whether at home and also foreign markets. Trading mAssets can be done by interacting with Terraswap liquidity pools. The minting process requires price oracles. The oracles can help to decide the required collateral amount of collateral for minting an mAsset. Besides, they help resolve whether adequate collateral is backing up the current mAssets.

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