What was “Raiblocks” became NANO on January 2018 due to pronunciation difficulty. Apparently, there was confusion as to how the crypto company is pronounced correctly.
Table of Contents
- 1 NANO
- 2 Value Activity
- 3 How to buy NANO in the Philippines
- 4 Step by Step Guide to Buy NANO from the Philippines Using Binance
- 5 Recommended NANO / XRB Wallets
- 6 Can I send my NANO back to Coins.ph or Bitbit?
- 7 Overall
Think of NANO as bitcoin 2.0. It wants to solve three most common challenges bitcoin is facing – fees, transaction time, and high energy consumption (miners). With NANO, you have fast transactions at zero fees. This is because NANO is using block-lattice structure. This structure has its own blockchain for every account.
A good example of this block-lattice structure is when Person A wants to send Person B an amount of 1 XRB. Person A needs to set up his account to send. Person B has to set up his account to receive. By doing this process, NANO is minimizing the use of “mining”. This, in turn, removes the fees and making transactions instantaneous.
The price of XRB on December 1, 2017, is around $0.20 but it shoots up to $34.43 (and its highest) on January 2, 2018. At the time we write this, the value of XRB is around $11.78.
How to buy NANO in the Philippines
You can only have NANO by exchanging your Philippine Peso to bitcoin and using BTC in crypto exchanges to trade XRB. Although it may take time to do the transaction, the following the steps below will make it easier for you.
We will use Binance as a cryptocurrency exchange in this article as Bittrex doesn’t have XRB in its listing.
- How to transfer BTC from Coins.ph to Bittrex (the process is almost the same if you’re to transfer to Binance).
- How to trade bitcoins for altcoins using Binance
What if the exchange does not accept new users?
With the increase of cryptocurrency traders, some virtual exchanges sites are turning off registrations. If this is the case, you can use other exchanges that you trust. The interface may be different but the process of buying, trading, and selling coins are almost the same.
Step by Step Guide to Buy NANO from the Philippines Using Binance
- Send bitcoins from Coins.ph to your BTC wallet in Binance.
- Go to Binance’s NANO page.*
- Buy NANO using instructions in this article.
- Once you are done, transfer your coins from Binance to your NANO wallet.
*Note: Some cryptocurrency exchanges uses XRB or NANO
Recommended NANO / XRB Wallets
Can I send my NANO back to Coins.ph or Bitbit?
No, as of this writing Bitbit only supports BTC and Coins.ph supports BTC and *ETH. *Select Coins.ph users
NANO is the first and only cryptocurrency that uses the block-lattice structure. With a blockchain unlike that of the others, a lot of crypto enthusiasts are taking and considering this new coin for usage and as a store of value.
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Notes and Disclaimer:
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- Invest in bitcoins (or in any altcoins) only the amount you can afford to lose!
- Don’t put all your eggs in one basket. Spread your bitcoin and cryptocurrency investment.
- Before investing in any cryptocurrency, check the people behind it, its mission, and other details to ensure that they are worth investing for. Don’t invest in something you don’t know.
- This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research.