A Beginner's Guide Buying, Selling, Using and Mining EOS:
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Much of the popularity behind cryptocurrencies is due to success stories. People wish they had known about it five years ago, so they could be among the celebrated Bitcoin millionaires. The growth of alt coins has been so astronomical, people who invested pennies early on have turned those pennies into millions. Now that the secret is out, more people want to know what these cryptocurrencies are, and how to get in on the action.
EOS (EOS) might be a chance to recreate the craze that’s taken place in cryptocurrencies. EOS, by definition, is a cryptocurrency based on a blockchain platform and a decentralized operating system. This means it’s a platform that allows commercial scale applications to be built upon it that are user-friendly. These decentralized applications provide all of the necessary framework (like databases, account management, and authentication) for others to come and build upon it.
It’s important to define what a blockchain platform is. A blockchain is a decentralized application where a network of users regulates and authenticates the purchases and transactions of the particular asset. In this way a blockchain acts like a database or account book, validating the transactions made with the digital token. The internet is full of videos and websites, like Reddit and Steemit, that helpfully explain what blockchains and cryptocurrencies are.
Like Bitcoin seven years ago, EOS is still in its infancy as the initial coin offering (ICO) is still live. EOS is unique in that they’ve offered their tokens for the last 100 days, and it will still be offered for another 250 days. Their goal is to provide ample amounts of time for the coin to gain popularity.
Also, the way they are offering the coin is very unique. The offering model is based primarily off the percentage of the allotted coin that you purchased in an offering period. When all of the offers for the coin are in, you’ll get whatever percentage of the offered coin you paid for, factoring in how much everyone else was willing to pay.
In order to buy EOS, simply trade it for Ethereum or another cryptocurrency. Ethereum and other cryptos can be purchased with cash or with credit card through online exchanges like Coinbase.
In order to turn your EOS back into cash, basically follow the above steps, only in reverse. Exchange sites will let you convert and sell your EOS back into Ethereum. Once you have made this transfer, it's easy to withdraw your Ether into a fiat currency of your choice, like GBP, USD, or Euro. Once the cryptocurrency is in your desired currency, a quick trip to the ATM will allow you to withdraw your money.
The main way to use EOS is by investing it. Many have predicted EOS to compete with Ethereum, which is one of the fasting growing alt coins next to Bitcoin. This is why many are choosing to use EOS as an investment, storing up loads of coins in their wallet. Some also are using the token to play EOS poker. A simple look at the exchange rate of EOS into other currencies, whether alt or fiat, will tell you if it is time to buy more or sell.
Mining is the process of working on the blockchain platform. With other coins, this is often a lucrative yet challenging task. It is lucrative because payment for mining can be received in either your desired fiat currency, or in alt coins. Typically, you earn coins for the cryptocurrency that you just mined. However, with EOS there is a way to mine other coins and be paid in EOS tokens through Shapeshift.
Mining is also challenging because of the buy-in cost required. To mine most coins requires a high-powered computer with a specialized calculator in order to perform the necessary functions.
Not all mining has the same level of profitability. This is largely due to the fact that each alt coin has a different market cap. Whether it is a profitable endeavor to mine EOS depends on a cost analysis of the equipment, level of difficulty, and time spent mining. The process of mining is done through a downloadable application. The easiest way to do this is to mine any form of cryptocurrency and then instruct their shapeshift wallet to transfer your earnings into EOS.
EOS claims to have remarkable scalability potential. Because it is built on a platform that allows enterprise-level applications, the EOS platform can potentially process millions of transactions per second. One of the big perks that could lead to such a large increase in transactions is that EOS does not charge transaction fees. This feature should incentivise more people to buy the coin.
The more action a coin gets, the more the price for that coin will grow. When investors see good growth in value, they want to get in on the coin. This growth should be easily handled by EOS as it’s built for that purpose.
Now that the secret on cryptocurrencies is out, people are always looking to get in on the latest ICO offering to see if this is their chance to get rich quick. EOS had an initial boom in its first couple months of existence. But now that more time has passed, it’ll be interesting to see if the year long ICO offering, with its unique percentage format, turns out to be the next big thing, or the next big bust.