How to Buy Algorand (ALGO)

Algorand builds technology that acts as a pure proof of stake blockchain crypto protocol that accelerates the convergence between decentralized & traditional finance.

How to Buy ALGO

1. Create a Coinbase account - We recommend using Coinbase as it offers $5 in free Bitcoin when you sign-up.
2. Add a payment method - Add your payment method and fund your account.
3. Research the coin - Search for the coin by name or ticker symbol - ALGO.
4. Decide the amount of coins - Now it is time to decide how many coins you want to buy of Algorand.
5. Purchase coins of ALGO - Buy the amount of coins you want with at the current price on Coinbase.

The buying and trading of non-fiat currencies have increased dramatically in the last decade. New ways of earning interest on crypto like Aave have developed.

As a result, it is reasonable to go out and purchase a variety of cryptocurrencies. One platform that you can use to process your crypto payments is Algorand.

This article will help get you started.

What is Algorand (ALGO)?

Algorand, or ALGO, is a self-sustaining, decentralized, blockchain-based network with several applications. It has secure systems that allow users to trade and sell various forms of crypto without any issues. 

Algorand first launched in June of 2019, and it immediately became a notable competitor to Aave. At launch, it could handle nearly 1 million transactions per day.

Now, you can view transaction metrics here. That site launched in December 2020 to ensure that Algorand was transparent with its customers.

When Algorand first launched in June of 2019, the price of Algorand was $2.40 per token. That number has dropped significantly since its launch, but it has started to rise since last year.

The cost of Algorand has not stabilized as it is still a new company, but it appears to be on the rise.

Who Are the Founders of Algorand?

Silvia Micali, a computer science professor at the Massachusetts Institute of Technology founded Algorand. However, that was not the first time he accomplished something significant. 

He received the Turing Award in 2012 for his fundamental contributions to the theory and practice of secure two-party computation, crypto, blockchain protocols, and electronic cash.

As a result, he stands as one of the leaders in the world of cryptocurrency.

Algorand (ALGO) Price Today

How Many Algorand (ALGO) Coins Are in Circulation?

There were 10 billion ALGO coins minted when Algorand launched, but not all of the coins fell into distribution. Instead, there is a plan to distribute them all by 2030.

Initially, the plan was to distribute all of them by 2024.  As of November 2020, distribution amounted to 16% of the total supply of ALGO in circulation.

The founder of Algorand has stated that he would like to evenly distribute the coins over the next eight years. He believes that by doing so, Algorand will remain a healthy cryptocurrency and trading platform.

How is Algorand Secure?

Security is a necessity when working with a public blockchain. If there is not adequate security, it is not safe for users to hold high-value assets and build their trading enterprise.

Fortunately, Algorand has done a great job of maintaining security against cyber attacks in its early years of operation. ALGO uses a permissionless pure proof of stake blockchain protocol.

In this system, all validators know each other, and they only have to agree on the next block to create it. This method is different from proof of work blockchains.

Under that system, the root block validation occurs by randomly selected validators. While this process takes longer, it is not any more secure than the one used by ALGO.

Furthermore, Algorand has systems in place to ensure that it can recover shortly after a partition. Upon partition resolution, generation of new blocks takes place to ensure there is no risk to your valuables.

What Makes Algorand Unique?

At this point, you are probably wondering why you should use Algorand when something like Aave is far more established. Why would you take the risk on something new rather than using something older and more reliable?

While that is a reasonable assumption, it is not necessarily the case.  Advantages to using Algorand include making it easy to tokenize, transfer, and program conditions on any coin of value. 

These steps reduce the amount of time spent on mundane tasks that can take your focus away from the really important aspects of financial investing such as research and keeping an eye on the market.

With ALGO, you can create fungible tokens, NFTs, and security tokens with a single transaction. You do not need to worry about waiting in line or smart contract codes.

Furthermore, there is no requirement for program sophisticated decentralized applications.  Additionally, Algorand treats its customers fairly.

The company management understands that there are many sketchy companies in this industry, and they do not want you to think they are one of them. Algorand remains transparent  in every way that they can without compromising security. 

Sticking with that theme, you can view Algorand’s entire source code for the core protocol online. Company management made it open source to ensure they are transparent with consumers.

While Algorand is not significantly different from other companies like Aave, they are new. Joining something new can be scary, but it can also be a great decision.

In this case, joining the new company makes a lot of sense.

Algorand Alternatives

Should I Invest in Algorand?

Unfortunately, that is not a question we can answer for everyone. Algorand is a worthy company to invest in, but we would be lying if we said it was not a volatile investment.

It is still very new, having launched less than three years ago, and as a result, prices are still in flux. There is an opportunity to make money here, but there is no guarantee that it will stay afloat in the long term. 

With that in mind, Algorand has the base to be a good investment. It has stable ownership, a good company policy, and a solid business plan.

They are not too eager to rush into things, as indicated by their restraint in releasing all available coins.  ALGO may be the right investment for you.

Doing research prior to investing makes good financial sense. It is a good idea to consider all available resources, and as you begin this journey, we understand if it all seems to be a bit much, so do not hesitate to contact us.

We welcome the opportunity to help you make an informed decision.