How to Buy Nano (XRB) – July 2018

About Nano

Nano is designed to achieve instant, cheap payments and has been working for a full year. This is a solution to many of the issues Bitcoin originally sought to address, and it has been successfully developed well before it has been hyped. The creator/main developer, Colin LeMahieu, is a talented, down to Earth guy in Austin, TX with a focused goal. He kept his head down and labored to make XRB a working product, and just in the last few months, others in the space realized the huge potential it has, and teamed with him to begin pushing the price action we are -starting- to see.

Nano is a trustless, low-latency cryptocurrency that utilizes a novel block-lattice architecture,
where each account has its own blockchain and achieves consensus via delegated Proof of
Stake voting.

Offers feeless, instantaneous transactions, as well as unlimited scalability, making Nano
ideal for peer-to-peer transactions.

The network requires minimal resources, no high-power mining hardware, and can process high
transaction throughput.

Zero Fees
Because the protocol is incredibly lightweight and running a node costs next to nothing,
Nano transactions are processed with no fees. One transaction fits within a single UDP
packet, and transactions are handled independently, eliminating any block size issue.

Instantaneous Transaction Speed
Wallets pre-cache the anti-spam Proof of Work for the next transaction once a transaction is sent,
making transactions instantaneous, as both sides have the proof of work ready to go. For ongoing
transactions there may be delays, but this is intentional to prevent transaction spam.

Scalability
Transaction lookups scale with the logarithm of the data set size logNO with a tree-like structure
or O1 if they are based on a hash table. To get an idea of how this scales, if it was a simple binary
tree with 1,000 entries it would take 10 lookups. With 1,000,000 entries it takes 20 and 1 billion
would take 30. Pruned nodes only need to keep the latest block of each account-chain, even
further reducing lookup time and system resources.

For a more in-depth look at Nano, please read the whitepaper.

Where to Buy Nano XRB Right Now

This is the too long didn’t read [tldr] version. Read on below for my findings on buying XRB on the different exchanges.

  1. Open an account on Coinbase.
  2. Open an account on KuCoin.
  3. Buy BTC, ETH, or LTC on Coinbase. I personally chose ETH.
  4. Fund your KuCoin account with whichever currency you purchased.
  5. Open the Markets page on KuCoin, Select ETH/XRB and trade as you will.

Estimated Fees for buying $500 of Nano with Coinbase and KuCoin: $14 USD

Exchanges to Buy Nano XRB On (Alphabetical)

BitFlip

bitflip exchange homepage

Exchange launched in June 2017, locations include Russian Federation and Thailand. Supports many smaller cryptocurrencies.

Fees:

  • Trading: 0.10% Maker, 0.18% Taker.
  • XRB to XRB Wallet Transfers: 0% Deposit to BitFlip, 1 XRB Withdrawal
  • USD FIAT to USD BitFlip: 1.5% to 4.9% depending on service. Available services include Capitalist, WebMoney, Visa Qiwi, PerfectMoney, Payeer, Payoneer, InterKassa. Register and view account specific instructions for each service.
  • BTC: 0% deposit, 0.003 BTC withdrawal
  • LTC: 0% deposit, 0.002 LTC withdrawal
  • ETH: 0% deposit, 0.008 withdrawal

Cheapest possible scenario with a $500 investment into Nano:

From USD: Payoneer charges 3% ($15) to deposit money via credit card or 1% via check. Send to BitFlip for another 4.9% fee ($23.77), then trade for the remaining amount of 461.23 for XRB.

At 19.85 per coin, that would bring you to 23.24 XRB. After withdrawing to your own personal wallet or another Exchange, you will be left with 22.24 XRB.

Total estimated fees per $500: $58.62

Estimated Time: Several days to several weeks.

Why Payoneer? It appeared to be the most reputable of listed companies despite the higher fee. The website also was entirely in English. Some services registered outside of the US will trigger an additional foreign transaction fee with your credit card or bank.

From ETH: Transfer ETH (0.40) to BitFlip for 0%. Trade for XRB at 0.18. 62.73 RAI (1.13 RAI). Withdraw to your own wallet or another Exchange for 1 XRB, leaving you with 60.6 XRB.

Total estimated fees: 4 XRB / $79.4 USD

Estimated Time: Hours to deposit, 1-3 days to withdraw.

Bitflip has plenty of warnings on the cryptocurrency community that support chat is often required for transactions.

BitGrail – We no longer recommend this platform due to hacking and potential scamming.

bitgrail exchange homepage

Registration currently closed. Dedicated to only trading Nano.

Fees:

Deposit BTC: 0

Trade BTC for Nano: 0.20% to buy or sell. Minimum 1 XRB to trade.

Withdraw XRB: Free

Withdraw BTC: 0.001 ($13.USD)

Estimated total fees to trade $500 Nano XRB: $14 or 0.001081 BTC.

Estimated time: several hours per trade.

Bit-Z

bit-z exchange homepage

Founded in 2016, Bit-Z is based out of Hong Kong, with offices in Beijing, and Singapore.

Fees:

Deposit: Free

Withdraw: 0.5%

Trading XRB/BTC: 0.2%

Estimated fees for a $500 investment into XRB: $4.5

Notes: Was unable to register at the time of researching and writing this post.

CoinFalcon

coinfalcon exchange homepage

Launched in 2017 and based out of the UK, CoinFalcon offers the unique ability to try and recover cryptocurrency sent to the wrong address.

Fees:

Deposits: Free

Withdrawals: Nano, free. BTC, 0.0007. ETH, 0.01. ($1)

Trades: 0.25%

Estimated fee total for a $500 investment of XRB: $3.50

KuCoin

kucoin exchange homepage

KuCoin launched in August 2017 and as its own coin, Kucoin KCS. This exchange features excellent 2FA security above others reviewed.

Fees:

Deposit: Free

Trading: 0.1% of asset bought.

Withdrawal:  Trade back to BTC and withdraw. 0.0005 BTC ($6.50 USD).

Estimated total fees: $7

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