In this guide on how to buy Factom, we will walk you through the different steps you need to take for buying the cryptocurrency Factom (FCT). We will talk about the different options that are available so that you can easily make a decision which suits you the best. We will also briefly explain what Factom is, how it works and why it might be worth investing in.
The steps for buying Factom are not that hard and with this guide, we will make it even easier for you to buy it. We will go through all the steps, the payment methods and where you can easily buy Factom in no-time.
How to buy Factom options
- Buying FCT On Poloniex and Bit-Z
- Buying FCT with a Credit Card or Debit Card
- Buying FCT with Bank Transfer or Wire Transfer
- Buying FCT with PayPal
- Buying FCT with Skrill and Neteller
What you need to be aware of is that Factom is the first usable Blockchain innovation to resolve real-time business issues.
It does this by offering a record-keeping system that can never be altered by developing a data layer at the top of the Bitcoin Blockchain.
What Is Factom
The technology of Factom is one that decentralizes all record-keeping through making sure that the integrity of data being kept stays intact. It offers total transparency and at the same time, maintains user privacy in a virtual world.
Furthermore, Factom is a distributed and decentralized protocol that runs on top of Bitcoin crypto. What this means is that nobody has the power to control it, and the software is operated by people all around the globe for the protocol to work.
Also, the software is actually open-source, and everyone is free to make use of it for just about any purpose. Factom is known to give developers the equipment to develop a new generation of applications that make use of Blockchain
Moreover, Factom is the best platform for a vast range of applications, which includes:
- Monetary systems
- Medical records
- Voting systems
- Legal applications
- Supply Chain Management, and so much more.
The underlying token of Factom is known as Factoid, and its ticket is FCT. FCTs are utilized as anti-spam techniques. This means that, when you buy entry credits with the tokens, it allows you to perform actions on the network.
Where To Buy FCT
There are various crypto exchanges you can purchase FCT from. So, you do not need to keep on wondering where to buy the coin. Also, you don’t have to bother yourself on how to buy it?
How to Buy Factom From Bit-Z & Poloniex
- If you already have some cryptocurrencies like Bitcoin then you can proceed directly Bit-Z or Poloniex. Both of them trade Factom.
- But if you don’t have any cryptocurrencies, then you first need to buy them from a Fiat accepting exchange (meaning a crypto exchange that you can use USD, GBP, EUR, etc). We recommend CoinBase for beginners.
To buy Factom from Bit-Z or Poloniex you will have to make deposits by using a popular virtual currency Bitcoin. You can easily move to the next step now.
To fund your account at for example Bit-Z, you will start at Coinbase.
- First, you register an account at www.coinbase.com (use our guide to registering here)
- Buy some BTC either with a credit card, debit card or wire transfer
- SendBTC to Bit-Z or Poloniex and buy some Factom (FCT) there.
The full guide to Buying Factom at Bit-Z:
- Login to www.bit-z.com
- Click on ‘Exchange A/C’
- Search for BTC / or scroll down to it
- Click on deposit
- There will be a note about only sending BTC to a BTC address, etc – click on ‘View’
- Copy the address
- Paste the address in at www.coinbase.com and then send your BTCs from Coinbase to Bit-Z
- Click on ‘Exchange’ and then find the BTC/FCT trading pairs
- Easiest to buy FCT instantly is to market buy it. Find the lowest selling order and put that as your bidding price and buy FCT
How To Buy Factom With Credit Card and Debit Card
It is quite easy to buy FCT, so long as you are purchasing either Ethereum or Bitcoin first with your credit or debit card. After the purchase, you can convert it to FCT. The steps that will guide you include:
- Purchase ETH or BTC at any exchange you like such as CoinBase
- Transfer the crypto to any of the exchanges that support FCT like Bit-Z
- Exchange BTC or ETH to FCT on that same exchange.
Making use of CoinBase is quite easy as it simply involves creating an account, verifying it, executing your purchase. And, transferring it to an exchange like Binance in a bid to exchange the crypto for FCT.
In transferring ETH from CoinBase to the exchange of your choice, you will get to find your ETH wallet address after opening the account at the exchange of your choice.
You should ensure that you receive both your receiver and deposit address. You can choose to copy or write down this ETH address. This is because you will be transferring Ethereum from CoinBase to an account like Bit-Z
It will take some minutes for Ethereum to show up at the new exchange account. When it finally appears, you will discover the FCT/ETH trading pair and quickly click on the place an order sign to purchase FCT.
How To Buy Factom With Bank Transfer Or Wire Transfer
Even if you find the ATMs that actively back up FCT, they are actually less than one percent of all crypto ATMs.
Nonetheless, if you are fully interested in purchasing FCT with bank transfer or wireless transfer, you will still have to purchase BTC first. From there, you can exchange it for FCT with Binance.
How To Buy Factom With PayPal
FCT cannot be directly bought with PayPal for the main time. Buy, if you want to make use of PayPal, you will need to purchase BTC first and exchange it for FCT. This exchange can be done on Binance.
How To Buy Factom With Skrill And Neteller
To do this, the Europeans are allowed to make use of BitPanda to buy either ETH or BTC first. It is then converted into FCT on Binance.
Wrapping It Up
The distributed ledger Technology of Factom is capable of securing thousands, if not millions of real-time records in the Blockchain. This is done with a distinct hash through the aid of cryptographic isolation.
Meanwhile, both businesses and governments can utilize the technology of Factom to record their information so that it can never be modified, backs, or even erased.
Find other guides on buying cryptocurrencies
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier