In this guide you’ll get information about where to buy THORChain token, if you are planning to buy RUNE – You’re in the right place!
THORChain was created as a liquidity protocol with decentralized technology, allowing users to exchange their digital assets (cryptocurrency) easily across network ranges. Moreover, they are able to use it without having to lose the (full) custody of the assets within the process. In concept, this platform enables users to exchange one cryptocurrency for another within a permissionless manner. They can source liquidity without having to rely on the order books. Pool’s ratio of assets is the ones maintaining the market prices. RUNE as the native (utility) token would be set as the base currency within the ecosystem.
Moreover, it is also used as security token as well as governance token, but users must have at least a million of RUNE if they want to take part in the consensus process. Another unique part of the platform is the anonymity of the platform. No one knows who the founder is or who the CEO is. Everyone involved in the project is anonymous to ensure the decentralized nature of the network.
Table of Contents
THORChain (RUNE) Features
- Users focus without any profit-oriented mechanism. The main purpose of the platform is to help users make use of the technologies. All the fees generated (by the protocol) will go to the users directly. The team doesn’t get any provision.
- Combination of new technologies. The platform has several advanced technologies, such as TSS protocol, Bifröst Signer Module, a state-of-the-art machine, and advanced state pegs that can be handy to help with cross-chain token exchange seamlessly.
- Hidden but efficient protocols. All of the protocols and technologies are available, but hidden within the platform so users won’t be discouraged from it. Inexperienced traders should be able to access the platform conveniently and easily.
- Unique system to prevent impermanent losses. Liquidity providers often experience losses when they contribute to liquidity pools.
- Multiple blockchains for RUNE token. The token is made available in various blockchains, including Ethreum (as ERC-20 token) and Binance Chain (as BEP-2 type).
- Users’ involvement. Users should be able to take part in the platform (to run the node, to provide the liquidity, etc) to be rewarded or incentivized.
Where to Buy, Sell and Trade THORChain aka RUNE
You can basically use debit card, credit card, or even PayPal to buy the THORChain (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the THORChain 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 THORChain. 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 THORChain currency and exchange your Ethereum or Bitcoin with the THORChain
- Store your THORChain 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 THORChain, 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 THORChain:
IMPORTANT! Once you are registered to any of the above, find the BTC/RUNE or ETH/RUNE 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 THORChain (RUNE) 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 THORChain (RUNE) 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 THORChain. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy THORChain (RUNE) 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 THORChain (RUNE) with Skrill?
You can’t buy RUNE directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to THORChain. You can buy BTC/ETH with skrill by using these exchanges::
Can I Buy THORChain (RUNE) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/RUNE and begin the transactions.
Can I Buy THORChain (RUNE) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/RUNE trading pair.
What Is the Best Payment Method to Buy THORChain (RUNE)?
The cheapest way is to use bank account to buy Bitcoins first or to buy the THORChain right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect THORChain (RUNE)?
Once you have purchased the THORChain, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell THORChain (RUNE)?
Find a crypto exchange which allow pairing RUNE with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine THORChain (RUNE) 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 THORChain is to buy it from a reliable exchange.
THORChain is a perfect platform for those who want to take part in a decentralized-based liquidity protocol so they can exchange their cryptocurrencies within different networks or platforms. They can swap tokens easily through different chains without pegged or wrapped tokens. However, in order to reap the benefits, users will have to join the platform first and they can do so if they buy THORChain (RUNE) first.