There is no denying that cryptocurrency has been booming in recent years. Since Bitcoin was created back in 2009, there have been a number of new digital currencies that have followed suit. FLOW is one such example.
In this post, we will reveal everything you need to know about purchasing FLOW cryptocurrency. But first, let’s explain what it is…
The FLOW background story
Back in 2017, the CryptoKitties famously clogged the Ethereum blockchain. For those who are unaware, CryptoKitties, created by Dapper Lavs, was a Tamagotchi-style game whereby players could collect NFT kitties for breeding and trading.
Every Kitty has its own unique attributes, making some a lot more valuable and rarer than others. This result in players flooding the farm so that they could breed the most valuable Kitties.
While this gave a great indication of the sheer potential of NFTs, it also highlighted that the Ethereum blockchain has some clear scaling problems.
The network was once again congested in 2020 and 2021 due to the demand for decentralized financial services (DeFi).
So, when the NBA got in touch with Dapper Labs to create an NFT-based trading card game, Top Shot, they decided they would not rely on Ethereum. Instead, they would create their own blockchain.
This is how the Flow blockchain was created, as well as FLOW – its native asset. The Flow network makes the most of the proof of stake consensus model, which makes it more eco-friendly and scalable at the cost of some level of centralization.
What are the benefits of Flow?
There are many benefits that are associated with Flow, including the following:
- An impressive set of investors back Flow
One of the main benefits associated with Flow is that it is backed by a lot of reputable and respected investors, which should facilitate the sustainability and long-term growth of the ecosystem.Investors include the likes of Valor, Compound, Andreessen Horowitz, AppWorks, Alchemy, CoinFund, SNZ, Fenbushi Digital, Samsung Next, SVAngel, Coinbase, and several others.
- A focus on decentralization
As it is very easy for users and developers to participate in the Flow ecosystem, this makes sure that more people can get involved in the consensus process that secures the network.
- Sharding is not used
User accounts and smart contracts on Flow can always interact with one another in an ACID transaction, i.e. an atomic, consistent, isolated, and durable transaction.What this essentially means is that all applications on Flow can run in the same shared execution state.
As sharding is not used, the Flow ecosystem has the ability to bypass some of the problems it can cause.
- Mainstream ready and user-friendly
Flow has been created with mainstream adoption in mind, with a clear focus on being developer-friendly and making it easy for beginners to get involved.
Why buy FLOW currency?
We hope that the benefits mentioned above help you to see why Flow is a sustainable and exciting platform. As it has been purpose-built for NFTs and games, it is going to be a big player in this space.
The entire Flow digital ecosystem and its innovative four-node validation stages have resulted in low-cost transactions and higher efficiency levels, meaning less network congestion on the blockchain.
How can you purchase FLOW cryptocurrency?
If you want to buy FLOW, there are platforms like MoonPay that make it very easy for you to do so. Of course, you will need a wallet that supports FLOW too, like Blocto. Blocto is an accessible blockchain identity system, which enables you to freely explore the blockchain world and interact with numerous blockchain applications.
Steps to follow to buy FLOW cryptocurrency
Buying FLOW cryptocurrency is easy, and there are a few steps that you will need to follow in order to complete your transaction:
- Open an account on the exchange that supports FLOW – The first thing you will need to do is open an account on an exchange, and of course, make sure that FLOW is supported on it. Most of the exchanges today are going to require proof of identity for registration, so you will need proof of your ID, as well as a phone number and email address.
- Deposit some funds into your account – Once you have registered, you will need to put some funds into your account in order to complete the purchase. We will take you through some of the payment methods that are commonly accepted in the next section.
- Purchase FLOW – Now, you are ready to purchase FLOW cryptocurrency. Remember, you are going to need to locate the best wallet for storing FLOW as well so that you can make sure your purchase is protected.
What payment methods can you use to purchase FLOW cryptocurrency?
There are a number of different ways that you can purchase FLOW cryptocurrency. You can use any major debit or credit card to do so, such as Mastercard and Visa. It is also possible to use Apple Pay, Google Pay, or Samsung Pay.
Or, if you would prefer to cut down on the transaction fees that can sometimes be occurred with these sorts of payment options, a bank transfer is a viable option.
Using FLOW cryptocurrency
You can use FLOW cryptocurrency as a currency, and you can also use it as a store of value. Tokens can be utilised when paying for transactions on the Flow network as well.
Final words on purchasing FLOW cryptocurrency
So there you have it: everything you need to know about FLOW currency, including how and where to buy this popular cryptocurrency.
Just like any other investments, you should never purchase more than your budget. However, when you consider the benefits mentioned above, it is not hard to see why people choose to invest in FLOW cryptocurrency.