Home » Crypto » What Is Nano Cryptocurrency | How To Buy Nano

What Is Nano Cryptocurrency | How To Buy Nano

Nano is one of the newest crypto currencies which was formerly known as RaiBlocks (XRB), which was later changed to Nano. However, the re – branding did keep their ticker as “XRB” but the majority of people are simply referring to it as ‘Nano’.

Nano’ or ‘XRB’ is a digital currency which is designed in order to offer instant transactions, have zero fees and be infinitely scalable. It utilizes hybrid of blockchain and directed acyclic graph (DAG) technology which aims at offering a well – structured and a practical alternative to fiat currency.

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How does Nano Works

Nano has been designed to provide a practical alternative to traditional fiat currencies. The three issues that affect Bitcoin’s feasibility are:

  • High transactions fees due to scalability issues
  • An average transactions time of 164 minutes
  • The power inefficiency of the bitcoin network

Nano has been introduced to conquer these obstacles. It is built by using a directed acyclic algorithm; it also employs a unique blocklattice structure. Each Nano account has its own blockchain known as an account – chain, which is equivalent to that account’s transaction / balance history. Also, each account – chain can only be updated by the account owner, which means it can be updated asynchronously of the rest of the network.

Every transaction that is sent through the network is its own block. When you send XEB, two transactions are required – a send transaction that deducts the balance from the sender, and a receive confirmation by the recipient.

How to Buy Nano (XRB)

You can buy Nano (XRB) from the below mentioned exchanges, which are as follows:

Name Payment Method Available Fiat Currencies Available Cryptocurrency
CoinSpot Cash, BPAY, POLi, Cryptocurrency AUD BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG etc
coinbase Credit Card, Debit Card AUD, USD, EUR, GBP, CAD, CNY etc BTC, BCH, ETH, LTC
BINANCE Cryptocurrency BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC etc
Independent Electronic Fund Transfer, SWIFT, POLi (currently unavailable ), cryptocurrency AUD, NZD, USD BTC, BCH, ETH
eToro Credit card, Debit card, Neteller, PayPal, Skrill, WebMoney, Yandex Money USD BTC, BCH, DASH, ETC, ETH, LTC, XRP
CEX – IO Credit card, Debit card, SWIFT, SEPA, cryptocurrency USD, EUR, RUB, GBP BTC, DASH, ETH, XRP, ZEC
CoinTree Cash, Electronic Funds Transfer, POLi AUD BTC, ECH, ETH, ETC, LTC, DASH, XMR, XRP, ANT, REP, BNT, BAT, BTS, BLK, CVC, CLAM, DCR, DGB, DGD, DOGE etc
Bit it Credit card, Debit card, Neosurf, Cashlib, Trustpay, ePay EUR, USD, GBP, CNY, SEK, NOK, DKK BTC, ETH
CRYPTEX MonetGram, Perfect Money, Western Union, Cryptocurrency, OKPAY USD, EUR, RUB BTC, ETH, LTC
YoBit.net Cryptocurrency, Payeer, AdvCash, Perfect Money, Capitalist, QIWI* only available for RUB Deposits USD, RUB BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, BCC, TRX, NANOX, PAC, ZEC, XVG, EOS, ETC, RDD, TOKC, B2X, TTC
Indacoin Credit card, Debit card USD, EUR, RUB BTC, BTG, BURST, BYC, CANN, CFI, CLAM, CLOAK, CLUB, COVAL, CPC, CRB, CRW, CURE, CVC, DASH, DCR, DCT, DGB, DMD, DNT, DOGE, DOPE etc
Coinmama Cash, credit card, debit card, USD, EUR BTC, ETH
LocalBitcoins P2P Exchange Cash, Credit card, Cryptocurrency, Debit card, BPAY, Flexepin, Neosurf, Neteller, M-PESA, PayPal, Perfect Money, WebMoney, Western Union, iDEAL, SEPA, Skrill, SWIFT AUD, USD, EUR, GBP, CAD, CNY BTC
Changelly Credit card, Debit card USD, EUR BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC
Cryptopia Cryptocurrency BTC, BCH, ETH, LTC, DOGE, NEO, XMR, POWR, DASH, PIVX, XEM, OMG, GNT
BitBay Wire Transfer, Cryptocurrency, Express Polish Post Office 24 / 7, Express, Abka Market, Express DotPay USD, EUR, PLN BTC, BCC, BTG, LTC, ETH, LSK, GAME, DASH
BitMex Cryptocurrency BTC, BCH, ADA, DASH, ETH, ETC, LTC, XMR, XRP, XLM, ZEC
XCOINS Bank account, Credit card, Debit card, eCheck, PayPal USD BTC
CRYPTONIT PayPal, Moneygram, OKPAY, Perfect Money, SEPA, WebMoney, Western Union, Wire Transfer, Paxum, QIWI, Payeer EUR, USD BTC, ETH, ETC, ZEC
PAXFUL Cash, Credit card, Cryptocurrency, Debit card, Flexepin, Neosurf, Neteller, M-PESA, PayPal, Perfect Money, WebMoney, Western Union, iDEAL, SEPA, Skrill, SWIFT AUD, USD, EUR, GBP, CAD, CNY etc BTC
BTC Markets Bank Transfer, BPAY, POLi AUD BTC, BCH, ETH, ETC, LTC, XRP
Bleutrade Cryptocurrency BTC, BTG, DASH, ZET, XVP, XPM, WDC, VTC, VRC, UNO, TROLL, START, SLR, SLG, RDD, QTUM, PPC, POT, OK, NVC, NMC, NLG, NEOS etc
VirWox Credit card, Debit card, OKPAY, PayPal, Skrill, SOFORT EUR, USD, CHF, GBP BTC
Mercatox OKPay, PerfectMoney, Yandex Money, Payeer, QIWI, Cryptocurrency USD, EUR, RUB BTC, XRB, ETH, DCN, BCH, NIO, TRX, DASH, COB, DOGE, PRIX, DSR, XCPO, LTC, VERI, LOC, NUA, PKT, PPT, ICO etc

You can also buy Nano by following the below mentioned steps:

Steps 1 – You can create an account at an exchange which offers Nano (XRB)

You can refer to the above list to know the exchanges which are currently offering Nano. Provide your email address and create a password, in order to register for an account. Some of the exchanges may ask for your full contact details and also proof of ID (Identification) before allowing you to trade. Make sure to add two – factor security to your account to make sure your coins are protected

Step 2 – Deposit funds into your account

Mostly, a crypto exchange does not support the direct deposit of fiat currency, better known as AUD / USD. So, you’ll often need to make your deposit in Bitcoin (BTC) or Ethereum (ETH).

Step 3 – Buy XRB

At last, navigate to the market section on your chosen exchange and place a buy order.

Whichever exchange you choose, make sure you remember to review all the details of your transaction, which includes the number of XRB you’re buying and the total cost, before finalising your purchase

How to Sell Nano XRB

It is extremely simple. Enter the amount of Nano (XRB) which you want to sell and select the coin you want to sell it for then click on sell.

It is also important to note that crypto exchanges don’t offer every available currency pairing, so it may not be possible to directly exchange XRB for the currency you want.

Nano Wallets to store Nano (XRB)

It is extremely important to buy a Nano Wallet where you can store your coins after you purchase them.

The team behind Nano offers an online wallet, a desktop wallet and a beta version of mobile wallets and a new desktop wallet and a beta version of mobile wallets and a new desktop wallet.

Name Wallet Type Supported Cryptocurrencies
NanoWallet Web XRB
Nano Wallet Desktop Client, Mobile XRB

What are the Features of a Nano Wallet

Choose a Nano wallet which has below mentioned features:

  1. User – friendly interface – If you are new to cryptocurrency, you should choose a user – friendly wallet which is easy to use and understand
  2. Private Key Control – In order to access your essential crypto coins, your private keys are essential. Do look for a wallet that allows you to retain control of your private keys and doesn’t require you to store them on any third – party servers
  3. High Level of Security – Security is of utmost important for any wallet, especially you’re storing a large amount of crypto. Contemplate the security features a wallet offers, such as advanced encryption and two – factor authentication, before deciding whether it’s right for you
  4. XRB Support – It is important to cross – check if the wallet actually supports XRB, before sending XRB to any wallet
  5. Backup and recovery – Go for a wallet which has easy – to – use backup facility, it plays a crucial safeguard against unexpected disasters. Make sure to know who are involved in the recovery process in case something ever goes wrong
  6. Ongoing Development – Check if the wallet is backed by any stong development team that is always working towards upgrading security tech or upgrading new features to the user interface
  7. Customer Support – If you ever have a problem with your wallet or a particular transaction, being able to quickly and easily access customer support provides much – needed peace of mind

NanoWallet

  • NanoWallet is easy and has convenient storage which allows the holder to control private keys, simple to set up and use
  • NanoWallet i.e. nanowallet.io/ is a light web wallet for storing XRB. This wallets provides a fast and a convenient way for the coin holder to store and manage your Nano
  • The setup process for the wallet is swift and simple. Also, because of its intuitive interface, sending and receiving process is also easy
  • NanoWallet is also an open – source wallet, which also allows you to keep control of the private keys for extra security, with wallets encrypted before being sent to the server

Nano Mobile Wallet

  • With Nano Mobile Wallet, you can get a convenient access, iOS and Android access
  • With Nano Mobile Wallet one can manage your XRB on the go; it offers apps for Android and iOS users. However, these apps were still in the beta – testing stage at the time of writing
  • As per the reviews, the Nano Mobile Wallet which is simple to set up and use

Nano Classic Wallet

  • Nano Classic Wallet is accessible on multiple devices, which is also very easy to use
  • If you wish you can manage your crypto funds on your desktop as well, as it offers desktop wallet as well
  • It is available for download for Windows, Mac and Linux operating systems; this wallet allows you to retain control of your private keys.
  • It is also easy to set up and use. And similarly, sending and receiving payments is also similarly simple

How to Securely Store Nano (XRB)

Securities of your funds are extremely important. If you wish to ensure the security of your XRB or any other crypto coins or tokens, read the below mentioned steps:

  • Back it up You should always back up your wallet, which will be extremely useful in case you lose access to your wallet. Hence, make sure to back up your wallet regularly so you’ll be able to recover your funds
  • Use all available security features To make sure the safety of your funds, you can use features such as two – factor authentication, secure PINs, multisig functionality or any other features offered by your chosen wallet
  • Create a strong password – As there is a large sum associated with it; put a strong password when you are setting up passwords for crypto wallet. Make sure to put some time into creating a strong password that features a variety of characters
  • Update your software – Make certain that your antivirus software and malware protection is always up to date as any security vulnerabilities could open you up to the risk of hacking
  • Consider cold storage – You can store your cryptocurrency offline as well, which is also called ‘cold wallet’. You can store a large balance or coins or tokens, going offline can offer better security to your crypto coins.

Things to Ponder Over Before Investing in Nano (XRB)

Cryptocurrencies are complicated and speculative, before investing in one; you should consider the risk level as well. It is important to be fully aware of the risk consequences before you decide to invest on them

  • Supply As per the sources, the circulating supply of Nano was 133,248,289 XRB, out of a maximum supply of 133,248,290 XRB
  • No mining There is no way to mine Nano and was initially distributed via a captcha – based faucet distribution system that ended in October 2017
  • Adoption The value of XRB will depend largely on whether or not it can achieve extensive adoption
  • Exchanges – As of now, Nano is listed on the handful of exchanges. The One of the key factors affecting the adoption of Nano will be its listing on a variety of popular exchanges

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