In this guide you’ll get information about where to buy Witnet, if you are planning to buy WIT token – You’re in the right place!
Many users or even investors don’t realize the importance of an Oracle blockchain. They often see it as a service that connects the crypto world with the real world. But there is more that this chain can do.
As part of the Alliance of Decentralized Oracle, Witnet aims to show what a reactive oracle is capable of doing. Investors who buy Witnet (WIT) tokens will see how the project taps on the oracle’s power. The project focuses on providing a secure and fully decentralized oracle to protect smart contracts. Users can try multiple apps that Witness has, such as the data feed explorer. Witnet encourages everyone from miners to regular users to stay in touch and be the first to know about their latest updates.
Witnet (WIT) Features
- Sheikah Wallet: Witnet has several apps available for the time being. One of them is the Sheikah Wallet. This wallet app is special not only because it’s supported Witnet. It also can process data requests. Sheikah is a desktop/web wallet that is built on Electron. Therefore, it is easy to install.
- Data feeds explorer: Users who want to monitor their data can use this app. The Data feeds explorer on Witnet shows the smart contracts that are on or supported by the Witnet Network. In case they want a deeper view of the Witnet network’s activity, users can see it on the Witnet Blockchain Monitor. Both apps are great for developers who want to build an app on Witnet or write a smart contract based on one.
- Miner Influence: Witnet invites all miners to mine in the Witnet Mainnet. They just need to run on a Witnet node. The miners don’t have to start with a WIT token. However, they still need to connect their Ethereum smart contract with the running API. As soon as they finished the setup and the nodes are in sync, developers can start resolving the data requests. The project aims to include this process in the Sheikah Wallet soon.
Where to Buy, Sell and Trade Witnet aka WIT
You can basically use debit card, credit card, or even PayPal to buy the Witnet (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Witnet 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 Witnet. 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 Witnet currency and exchange your Ethereum / Bitcoin / Tether with the Witnet
- Store your Witnet to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)
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 Witnet, 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 Witnet:
IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the WIT/BTC or WIT/ETH or WIT/USDT trading pair and then place the order to buy those pairing cryptocurrencies.
Most likely you’ll find this pair available to you WIT/USDT – so you need to convert your BTC or ETH to USDT first in order to buy Witnet (WIT)
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 Witnet (WIT) 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 Witnet (WIT) 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 Witnet. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Witnet (WIT) 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 Witnet (WIT) with Skrill?
You can’t buy WIT directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Witnet. You can buy BTC/ETH with skrill by using these exchanges::
Can I Buy Witnet (WIT) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair WIT/BTC and begin the transactions.
Can I Buy Witnet (WIT) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support WIT/ETH trading pair.
What Is the Best Payment Method to Buy Witnet (WIT)?
The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Witnet right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Witnet (WIT)?
Once you have purchased the Witnet, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Witnet (WIT)?
Find a crypto exchange which allow pairing WIT 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 Witnet (WIT) 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 Witnet is to buy it from a reliable exchange.
Investors who buy Witnet (WIT) tokens are supporting the future of a total decentralized oracle system. The project has various apps that users can use to try the top security smart contracts. Users can write Witnet-powered smart contracts on any chain they want. The project has cross-chain nodes that will relay and process the requests. Witnet also has a wallet where users can safely store their tokens. The project invites everyone to take part in the community to unleash more of the decentralized oracle’s power.