How to Buy YAM V3 (YAM) in 2022: A Simple Guide

YAM V3 (YAM)In this guide you’ll get information about where to buy YAM V3, if you are planning to buy YAM token – You’re in the right place!

Yam was released in August 2020 as an experiment in fair farming, elasticity, and governance. The Yam Protocol combines some of the most interesting developments in programmable money and governance. Built by a DeFi local team, but currently managed by the community. The Yam community voted in December 2020 to stop the rebasing/elastic supply mechanism of Yam, and the scaling factor of Yam was set at 2.50.

YAM was originally an elastic supply cryptocurrency that extended and reduced supply in reaction to market conditions, with a goal price of 1 USDC per YAM. This stability mechanism was augmented by one significant addition to current elastic supply models: a part of each supply expansion was utilized to purchase yUSD/ETH and contributed to the Yam treasury, which is managed by Yam community governance. YAM is now a DAO governance token and a launch pad for DeFi initiatives funded by a community-governed treasury.

YAM V3 (YAM) Features

  • Umbrella. The Umbrella protocol is intended to allow Protection Providers to earn premium fees in exchange for staking money that will be paid out in the case of an exploit to Protection Seekers, who stake and pay a funding rate in order to obtain protection in such an event. The protocol has two pool kinds, one for Protection Providers and one for Protection Seekers.
  • Synths. Yam Synths is a product developed by Yam for Degens using UMA. This platform enables the development of synthetic assets. The first product is uGas, a synthetic futures contract that settles at the end of each month to the 30-Day Median Gas Price. This new derivatives suite will begin with UMA’s recent uGas contract and progress into a variety of speculative and hedging products tailored to the DeFi ecosystem.
  • Treasuries. Yam Treasuries is the Yam Treasury’s investing arm. The investing goal is to maximize long-term financial appreciation while minimizing risk in order to support the Yam Ecosystem’s growth and development.
  • The Museum of Fine Yams (MoFY). It is an NFT art museum and marketplace dedicated to the curation and presentation of high-quality NFT artwork. MoFY’s mission is to deliver a one-of-a-kind and seamless experience where art and NFT enthusiasts may mint NFTs cheaply, explore curated work, and experience NFT art in a different way.

Where to Buy, Sell and Trade YAM V3 aka YAM

You can basically use debit card, credit card, or even PayPal to buy the YAM V3 (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the YAM V3 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 YAM V3. 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 (ETH), Bitcoin (BTC), or Tether (USDT)
  2. Find a crypto exchange that supports YAM V3 currency and exchange your Ethereum / Bitcoin / Tether with the YAM V3
  3. Store your YAM V3 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.

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 YAM V3, 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 YAM V3:

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.

  • 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 1040+ more
  • Trading Pairs: 1801+

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 YAM/BTC or YAM/ETH or YAM/USDT trading pair and then place the order to buy those pairing cryptocurrencies.

Most likely you’ll find this pair available to you YAM/USDTso you need to convert your BTC or ETH to USDT first in order to buy YAM V3 (YAM)

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 YAM V3 (YAM) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

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

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 YAM V3 (YAM) 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 YAM V3. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy YAM V3 (YAM) 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 YAM V3 (YAM) with Skrill?

You can’t buy YAM directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to YAM V3. You can buy BTC/ETH with skrill by using these exchanges::

  • LocalBitcoins
  • Paxful
  • Virwox
  • SpectroCoin
  • Lykke
  • Exmo
  • Coingate

Can I Buy YAM V3 (YAM) with Bitcoin?

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

Can I Buy YAM V3 (YAM) with Ethereum?

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

What Is the Best Payment Method to Buy YAM V3 (YAM)?

The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the YAM V3 right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect YAM V3 (YAM)?

Once you have purchased the YAM V3, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

Ledger Wallet

Trezor Wallet

 

 

 

 

 

 

How to Sell YAM V3 (YAM)?

Find a crypto exchange which allow pairing YAM 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 YAM V3 (YAM) 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 YAM V3 is to buy it from a reliable exchange.

Conclusion

Yam aims to realize the promise of what DeFi can be for the world: a worldwide, permissionless financial ecosystem. While other DeFi ecosystem actors share similar ideals, several offer different trade-offs for efficiency, security, or profit over decentralization and community control. These sacrifices can occasionally be justified, but YAM V3 (YAM) will not deviate from its essential beliefs, instead driving fearlessly forward with its community.

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