How to Buy Raiden Network Token (RDN) in 2021: A Simple Guide

Raiden Network Token (RDN)In this guide you’ll get information about where to buy Raiden Network Token, if you are planning to buy RDN – You’re in the right place!

Raiden Network is created as a robust off-chain scaling platform that enables scalable, low fee, and fast payments. It is complementary to (already popular) Ethereum blockchain and it works well with any ERC-20 token. The main purpose of the platform is to define protocols, develop reference implementation, and to do research of state channel technology. Blockchain is about the wide use of cryptocurrency without any limitation or restrictions. Basically, users should enjoy easier and more efficient use and functionality.

Micropayment is one of the crucial feature for the crypto money – if the blockchain wants to disrupt centralized and traditional financial system. To encourage adoption, users want functionality – which means that they should be able to pay simple things, such as a bus ticket, a movie ticket, or a cup of coffee. RDN is created as the Raiden Network’s native token, designed to deal with scalability problem. With Raiden created as the layer 2 of scaling solution, it is possible to have a scalable, inexpensive, and quick token transfer (and other transactions management) for Ethereum. Raiden isn’t about ‘taking over’ the Ethereum – it is a complimentary solution that provides extra assistance and help.

Raiden Network Token (RDN) Features

  • Quicker transfer confirmation. In most cases, many of the transactions can be done in less than a second, which is impressive and helpful
  • Greater scalability. It helps with Ethereum’s mass adoption and better engagement
  • Inexpensive transaction. Since the network has dealt with scalability issue, there is no traffic jam anymore. It means that fee can be minimized, resulting in low fee and inexpensive transactions.
  • Increased privacy. Due to the numbers of transactions happening off chain, users won’t have to worry about privacy issue anymore.
  • Micropayment abilities. There is no transaction that is too small or too big. The platform can be used to managed all kinds of transactions, even when you ‘only’ buy a cup of coffee or pay your bills.
  • ERC-20 token compatibility. It is designed for this purpose – compatible with Binance Coin, Icon, Tron, EOS, and others.

Where to Buy, Sell and Trade Raiden Network Token aka RDN

You can basically use debit card, credit card, or even PayPal to buy the Raiden Network Token (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Raiden Network Token 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 Raiden Network Token. 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 Raiden Network Token currency and exchange your Ethereum or Bitcoin with the Raiden Network Token
  3. Store your Raiden Network Token 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 Raiden Network Token, 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 Raiden Network Token:

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/RDN or ETH/RDN 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 Raiden Network Token (RDN) 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 Raiden Network Token (RDN) 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 Raiden Network Token. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy Raiden Network Token (RDN) 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 Raiden Network Token (RDN) with Skrill?

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

Can I Buy Raiden Network Token (RDN) with Bitcoin?

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

Can I Buy Raiden Network Token (RDN) with Ethereum?

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

What Is the Best Payment Method to Buy Raiden Network Token (RDN)?

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

How to Protect Raiden Network Token (RDN)?

Once you have purchased the Raiden Network Token, 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 Raiden Network Token (RDN)?

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

Can I Mine Raiden Network Token (RDN) 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 Raiden Network Token is to buy it from a reliable exchange.

Conclusion

Those who are looking for a platform that can manage all kinds of transactions and payments without drama or complication, then they may find it ideal to join in Raiden. The platform isn’t only able to solve scalability issue, but it also supports better financial arrangements and management. It helps with daily (financial) activities, but it is also functional for future use. Find out the requirements to buy Raiden Network Token (RDN) so interested users can join the platform.

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