EOS is a cryptocurrency project based on the EOSIO software, which introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications.
For more information on purchasing Bitcoin or Ethereum, check out our guides on purchasing Bitcoin and Ethereum. If you already own these currencies or know the process, keep reading to learn how to buy EOS!
|Exchange||Fees||Supported Countries||Payment Method|
|Binance||.05%-.1%||All||BTC & ETH|
|Changelly||.5%-5%||All||Fiat and Crypto|
In order to get started buying EOS on Coinbase, you’ll need to first create an account. In addition to EOS, Coinbase features Bitcoin, Ethereum, Litecoin, and a few other altcoins.
You’ll be asked for some basic information for verification. This is mandatory for all fiat exchanges and most crypto to crypto exchanges.
Once an account is created and verified, you’ll need to link a payment method. Your options are debit card or bank account. Coinbase used to offer credit card support but removed it due to complaints from credit card companies.
After the payment method is set up you already to purchase EOS on Coinbase! It’s never a good idea to keep funds on an exchange, so keep reading to the bottom to learn more about EOS wallets.
Binance is one of the most popular cryptocurrency exchanges and has extremely low fees at .05%. They have never been hacked, and hold all sorts of contests for its users to participate in. To get started buying EOS on Binance, you will need to create an account.
Once you have made your Binance account, mouse over the funds area on the navigation bar and click Deposits. This page gives you access to every single cryptocurrency on Binance deposit address.
If you are unfamiliar with deposit addresses, keep reading and we will teach you how to send a transaction!
You will see a search bar, type BTC or ETH, depending on which cryptocurrency you are sending to Binance.
Below are MY deposit addresses for Bitcoin and Ethereum on Binance. Find your deposit address for the currency you initially purchased, and copy the address as we will need it for the next step.
In order to send Bitcoin or Ethereum from Coinbase, you will need to go to the accounts tab and click send. In this example, I am transferring Bitcoin to my Binance address, but the process is the exact same for Ethereum.
After, click continue and then confirm and wait for your cryptocurrency to arrive to Binance!
After your Bitcoin or Ethereum arrives to Binance, you will need to go to the trading pair of the currency we sent.
Once on the correct page, you will see something like this. Please note that the prices will be different than what you see in the picture.
Enter your order in the bottom middle section. You have two options here, a market order or limit order.
In a market order, you select an amount of a cryptocurrency you want to buy, and it will automatically be processed at the going rate. To access a market order, hit the tab between Limit and Stop-Limit.
In a limit order, you select a price and rate. The order will execute when the chosen price is sold into.
Once your order is filled, you have successfully purchased EOS! Hold onto it as its value should only go up in the future.
Changelly is one of the simplest methods of purchasing EOS. It is recommended that you own other cryptocurrencies such as Bitcoin or Ethereum before using Changelly, but it is possible to convert your dollars or Euro’s to EOS on Changelly. Your conversion rate will not be as good, however.
Changelly operates differently than most exchanges because it never actually holds your coins. You send coins to an address, and the coin of your choosing is sent to an address that you designate, at the going rate. It is completely safe and used by millions of people.
To get started, create an account on Changelly. They have an extremely easy signup process. Go to the main page of the site and select an input and output currency.
The input currency is the cryptocurrency you are sending to the address, and the output currency is the currency you want to receive. In the example below I am sending BTC and receiving EOS.
Once you have your EOS address, enter it into the field.
After hitting next, you will be asked to send the Bitcoin or whatever input currency you selected to an address. Changelly is a completely trustworthy exchange and will deliver your EOS quickly.
EOS is limited to crypto to crypto exchanges, so that means to purchase EOS via credit card we must first purchase Bitcoin or Ethereum on a fiat exchange, and then send it to a secondary exchange where EOS is sold on Bitcoin and Ethereum pairs. Read the above tutorial to learn how to buy EOS on Binance and Changelly.
EOS is only available on crypto to crypto exchanges. So to buy EOS via debit card, we need to first buy Bitcoin or Ethereum using a fiat exchange like Coinbase using our debit card and then send the purchased cryptocurrency to an exchange like Binance where EOS is sold on Bitcoin and Ethereum pairs.
The best to get EOS with Skrill is to get Bitcoin or Ethereum on Bitpanda. After purchasing Bitcoin or Ethereum on Bitpanda, you can send it to any exchange listed above like Binance. Bitpanda is only available to European countries so make sure your country is supported.
To get EOS with Paypal, we must first purchase Bitcoin on Virwox. Virwox is an exchange that allows you to convert Paypal balance into Bitcoin. After we have Bitcoin we can send it to Binance and purchase EOS like the above tutorial!
For a guide to purchasing Bitcoin on Virwox, check out this guide.
If you know of someone selling EOS for cash then great! Just send them EOS in person. If you don’t know of anyone, you would need to use a service like LocalBitcoins to buy Bitcoin. After, you can send the purchased Bitcoin to Binance and buy EOS like the above tutorial.
The EOS team is leaving it to the community to determine the exact meaning. The name Eos has links to Greek Mythology and is the Titan goddess of dawn. Considering one of their updates was called Dawn, this is the most likely what it’s named after.
The official EOS whitepaper can be found on the official EOS GitHub. It is on version 2 and has been updated several times.
EOS is created by block.one. Block.one is a research team who has an interest in cryptocurrency and how it can impact the world. Members of block.one include Brandon Blumer and Dan Larimer. Block.one plans to decentralize as many things as they can.
Larimer is the brains behind EOS, Steemit, and Bitshares, which are all cryptocurrencies in the top 100 of market capitalization and leading the performance ranks at blocktivity.
Brendan Blumer, the CEO of Block.One, has previously created a successful start-up GaMecliff, and pioneered trading in-game items.
EOS was distributed through a year-long ICO where 90% of the supply was distributed. 10% of the funds were given to block.one to hold, to ensure the development teams interests were aligned with the rest of the holders.
The 10% are vested for 10 years, with a smart contract is releasing each year 1% into the control of Block.one.
EOS is unable to be mined and is only created through inflation. Block producers are users who validate blocks on EOS and are rewarded for their efforts. Non-block producers can vote for block producers who pass down some of the rewards.
EOS is supported by Ledger and a multitude of web wallets that can be accessed through Scatter.
Besides being a Wallet Scatter interacts with dApps as a universal safe login and introduces the RIDL network to protect you from phishing attacks.
Through the yearly inflation given to block producers, users can send transactions for free. These transactions are then “covered” by inflation.
This is an interesting method of eliminating transaction fees but is a controversial approach compared to Bitcoin’s deflation.
Currently, there are 170+ projects being built on EOS, many of them are already having their own token which can be traded on several decentralized Exchanges (DEX) such as Newdex, Dexeos or Whale Ex. On all these Exchanges EOS is the base pair.
The Consensus on EOS is reached through Delegated Proof of Stake (DPOS) which allows EOSIO based Blockchains their blazing speed while using way less electricity than Proof of Work (POW) based chains like Bitcoin or Ethereum.
In an initiative by EOS Authority, the Community of EOS Block producers even agreed to offset their emissions to make EOS the first Blockchain that is 100% carbon neutral.
EOS is a very ambitious project that has the potential to completely change the way we look at cryptocurrencies. The EOS mainnet is launching at the beginning of June so keep an eye out for the project.
For more information, please read the EOS.IO Technical White Paper.