TOP > Cryptocurrency > How to Buy Golem (GNT) in the Philippines
November 16, 2018 Updated

If you’re working on a project and your computer can’t handle the task and you’ll need more power, you can tap on Golem.




Golem is a distributed supercomputer. It uses a global network of unused computer power, where “requestors” can rent a “providers”‘ computing power. Requestors pay with Golem Network Tokens (GNT) and providers receive GNT as well in the Golem network.

As of this writing (October 4, 2018), in order to get GNT, crypto enthusiasts have to buy the token from cryptocurrency exchanges. In this article, we will teach you how to buy Golem in the country.

What is Golem?

To understand Golem easily, think of it as an Airbnb for computing power. If you’re working on a project and your computer can’t handle the task and you’ll need more power, you can tap on Golem. It has a global network of unused computing power from a single PC to entire data centers.

A “requestor” is a person/s who are searching for additional computing power that they can get from the “provider”, the person/s who own the computer. For payments, it uses its own coin Golem Network Tokens (GNT), an ERC-20 compliant token and uses ethereum-based transactions to settle it.

“Golem is a global, open source, decentralized supercomputer that anyone can access. It is made up of the combined power of users’ machines, from PCs to entire data centers.” – Golem Website

GNT’s total supply is 1,000,000,000 GNT and as of this writing, it has a circulating supply of 959,242,000 GNT.

Where to buy Golem (GNT) in the Philippines?

Since GNT is not readily available in the country, you will need to purchase it through cryptocurrency exchanges such as Abra, Changelly, and traditional trading platforms.

Step 1: Getting BTC

In order to purchase or trade GNT in the country, you will need bitcoin (or other cryptocurrencies) to trade first. We will choose BTC. Getting BTC in the Philippines is easy through Coins.ph, Abra, and Changelly.

How to Buy Bitcoins using Coins.ph

Coins.ph is one of the first companies in the Philippines to receive a Virtual Currency Exchange license from the Bangko Sentral ng Pilipinas (BSP). It is also one of the most popular cryptocurrency wallets in the country because of its convenience. As of this writing, it can support PHP, BTC, ETH, BCH, and XRP. (October 4, 2018).

Steps:

  1. Sign up and Register for a Coins.ph account (Register here!)
  2. Verify your account and complete necessary KYC (know-your-customer)
  3. Have your Philippine fiat ready and cash in your account via:
    1. 7-Eleven Cliqq Kiosk
    2. Palawan Pawnshop
    3. UnionBank or other bank accounts
  4. Once you have PHP in your Coins.ph wallet, convert it to BTC
  5. Transfer this BTC to your cryptocurrency exchange of choice.

How to Buy Bitcoins using Abra

  1. Register to Abra (Register here! Don’t forget to start with +63 for Philippine numbers.)
  2. Verify your account and complete the necessary KYC.
  3. Have your Philippine fiat ready and add money to your wallet by using
    • Union Bank account
    • Abra teller
    • Tambunting Pawnshops and other affiliated pawnshops
    • Bitcoin transfer
    • Litecoin transfer
    • Bitcoin Cash transfer
  4. Once you have your account funded, you can now exchange it to bitcoin (BTC)

How to Buy Bitcoin using Credit Card / Debit Card

If you don’t want to use Abra to purchase BTC using your credit card, you can try Changelly. It is a cryptocurrency broker that will also let you exchange your token to another for a fee. Using this option, you can purchase either bitcoin, litecoin, or bitcoin cash using your card.

Steps:

  1. Sign up and register to Changelly (Register here!)
  2. Choose as to whether you want to purchase crypto using USD or EUR
  3. Choose what token you want to purchase. It can be bitcoin, bitcoin cash, litecoin, or ethereum.
  4. Put your correct token address. For the sake of this article, put your BTC address.
  5. Complete the KYC requirements.
  6. Input your credit card or debit card information.
  7. Verify if all the information is correct.
  8. Receive your tokens.

Step 2: Trading your BTC to GNT

Abra

Abra is a cryptocurrency wallet and exchange app available in the country. Currently, it has three natively supported tokens: bitcoin, litecoin, and bitcoin cash. Once the app is funded, users can exchange to other 28 cryptocurrencies and 50 fiat currencies supported in the app.

Steps:

  1. Register to Abra (Register here! Don’t forget to start with +63 for Philippine numbers.)
  2. Verify your account and complete the necessary KYC.
  3. Have your Philippine fiat ready and add money to your wallet by using
    • Union Bank account
    • Abra teller
    • Tambunting Pawnshops and other affiliated pawnshops
    • Bitcoin transfer
    • Litecoin transfer
    • Bitcoin Cash transfer
  4. Once you have your account funded, you can now exchange it to *golem (GNT).

*Since GNT is not a natively supported token, in order to withdraw the token, you will need to exchange it first to either bitcoin, litecoin, bitcoin cash, or any fiat currencies.

Changelly

Changelly is a cryptocurrency broker. This means it works just like a money changer where a user can trade its available token to another. Since it’s a crypto broker (money changer), users have to use the token’s market price. Changelly has over 100 altcoins that you can exchange and can also let you buy bitcoin using a credit card/debit card. Transactions using Changelly is easy and quick as it can only take 5-30 minutes.

Steps:

  1. Sign up and register to Changelly (Register here!)
  2. Choose the token “YOU HAVE” to BTC. Input the amount of BTC you have.
  3. Choose GNT on “YOU GET”.
  4. Click on Exchange!
  5. You will go to the next page, don’t forget to tick on the “I’ve read and agree…” and click on Next.
  6. Put your GNT address. Click on Next.
  7. Confirm the transaction if it’s correct. Click on Next.
  8. Changelly will give you a QR code to scan where you can send your BTC. You can also copy the address.
  9. Wait for the exchange within 5-30 minutes.
  10. Receive your GNT in your Golem Wallet.

Traditional Cryptocurrency Exchanges

Traditional cryptocurrency exchanges are your open book type trading platforms. It gives its users liberty to set their own buy/sell price or use the market price to buy/sell a token. In GNT, there are various trading pairs available such as GNT/BTC, GNT/KRW, GNT/ETH, GNT/USDT, GNT/TRY, GNT/USD, GNT/BNB, GNT/PLN, GNT/INR, GNT/BRL, and GNT/XRP. For the sake of this article, we will use GNT/BTC pair.

Steps in Buying GNT using Binance

  1. Register and verify your e-mail address (Register to Binance here!)
  2. Fund your Binance account by going to Funds > Deposit > BTC
  3. Use your BTC in your cryptocurrency wallet such as Coins.ph, Abra, Bitbit.cash, etc and then transfer it to your Binance wallet.
  4. Go to Exchange and search the BTC/GNT trading pair
  5. Put the amount of GNT you want to buy and you can either set the price or buy using the market price.
  6. After completing the purchase, go to Withdraw > GNT.

The steps shown above are almost the same in other traditional cryptocurrency exchanges.

Golem (GNT) Wallet

Since GNT is an ERC-20 compliant token, you can use MyEtherWallet or any wallet that supports ERC-20 tokens. You can also use hardware wallets such as Trezor or Ledger.

Lifetime GNT Price Chart

CoinMarketCap initially recorded GNT’s price at 0.015051 on November 18, 2016, the month and year of its ICO. It was at a steady price of 0.01 to 0.02 USD until it climbed to its first peak on June 2017 where it reached 0.730314 USD a token. It then declined back to 0.1 to 0.2 USD by July until November 2017. Together with other cryptocurrencies, Golem also reached its highest, not on December 2017 but on January 2018 when it finally reached 1.23 USD a piece. The token tried to gain back its gains on May 2018 but fell short at 0.804057 USD. As of this writing, the token’s price is dancing around 0.12 to 0.15 USD.

GNT – Difference from other Coins

Although GNT is like any other ERC-20 compliant tokens, what sets it apart is its Golem Network. The Golem Network can let any unused computing power be rented by “requestors” who want to perform intensive computing tasks. This network is best for:

  • Businesses
  • Programmers and developers running dApps
  • Scientists simulating large-scale models
  • Machine learning

Golem Key People

  • Julian Zawistowski , CEO and Founder, Golem (LinkedIn)
  • Piotr ‘Viggith’ Janiuk , CTO and Co-Founder, Golem (LinkedIn)
  • Andrzej Regulski , COO and Co-Founder, Golem (LinkedIn)
  • Aleksandra Skrzypczak , Lead Software Engineer and Co-Founder, Golem (LinkedIn)
  • Alex Leverington , P2P Network and Adviser, Golem (LinkedIn)
  • Paweł ‘chfast’ Bylica , Lead Ethereum Engineer, Golem (LinkedIn)

Overall

Golem is a decentralized marketplace for computing power. It has a global network of unused computing power from a single PC to entire data centers. These unused computing power can be rented by a person/s who wants to perform a demanding computing task. It uses Golem Network Tokens (GNT) for payments.

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