If you’re a fan of crypto, chances are that you’ve heard of Tron. And if you’re looking to buy Tron in India, this is just the pace to be – you’ll find everything in this comprehensive guide. Founded by Justin Sun in 2017, the Tron network, which works on decentralized technology, has surged in popularity in recent years and ranks 24th among crypto assets by market capitalization as of publishing time. Tron is special because it positions itself as a decentralized platform for content distribution (like Ethereum) while supporting one of the largest peer-to-peer networks.
Cryptocurrency gurus often note that Tron closely resembles Ethereum. In fact, Tron was an Ethereum-based ERC-20 token before it launched its blockchain network. For developers, the Tron platform is useful for creating decentralized apps (dApps). To creators, Tron is a safe platform to maintain control of the data they create and a means to make money by direct selling to consumers.
The Tron network is designed to revolutionize digital content sharing and entertainment. With its professed goal of decentralizing the Web, Tron is set to compete with other web giants such as Amazon and Netflix.
On the Tron network, the currency used is Tronix or TRX. Users on the Tron network use TRX to pay content creators or to get access to their apps.
How to Buy Tron Coin?
Where to buy Tron?
Investors with varying levels of experience follow different approaches while buying Tron. A safe way is to make use of crypto exchanges such as CoinSwitch.
How to buy Tron on CoinSwitch?
As a crypto exchange platform, CoinSwitch comes with a smooth interface to make transactions easy for buyers and sellers. You can purchase Tron on CoinSwitch using any of your electronic devices. You’ll get the corresponding Tron in your wallet – this is, of course, according to the Tron coin price in India at that time. You can find the current Tron coin price in INR here
Step 1: Log on to CoinSwitch
Access the site from a device of your choice. You may use the CoinSwitch website or the Android and OS apps which will give you instant access.
Step 2: Open an account
To begin with, you need to create an account with CoinSwitch. To do this, you must verify your identity by using a mobile phone number, from where you will receive a secure code. You’ll also be expected to add a secure pin that you’ll use to access your account.
Step 3: Complete the KYC process
After opening an account, you will get access to a number of features on the CoinSwitch platform. But you have to complete the mandatory Know Your Customer (KYC) process if you wish to invest.
To complete the KYC, go to the ‘Profile > User Verification’ section, and add your name, PAN number, DOB, email, and a photo of your ID card. This process is straightforward, and the verification takes a few minutes.
Step 4: Update bank details
To purchase Tron, you need to add funds to your account. To do this, you need to add your bank details to link your account with the app. The process of transferring funds from your bank to your CoinSwitch account can take some hours to a few days, depending on your bank.
Step 5: Buy Tron
Click the ‘Market’ button and search for TRON among the options hosted on the platform. Once you locate TRON, you can purchase it by clicking the ‘Buy’ button. Key in the amount you want to purchase, and if you have funds in your wallet, the transaction will be completed automatically. You can check your Tron assets in the portfolio section, where you can see the details.
How to store Tron
Storing your crypto is one of the most important aspects of your investment journey. Buying crypto requires you to have keys that will enable you to access them when you need to liquidate or resell. So, finding a secure way to save the keys is critical.
The best way to store Tron and other cryptos is a cold wallet. Cold wallets—also known as offline wallets or hardware wallets—are physical devices that are not connected to the internet. They are considered the safest ways to store keys, but they are inconvenient. A disadvantage is that to use a cold wallet, you need to manually connect it to your computer whenever you need to access your crypto coins. The lack of anywhere accessibility is a major handicap.
Hot wallets—also known as software wallets—are software programs installed on devices connected to the internet. These wallets are convenient since they can be accessed from anywhere. But since they are always connected to the internet, they can be risky in the event of hacks.
The list below shows some of the popular options to store your Tron assets.
- Ledger Nano X Wallet: This hardware wallet is compatible with most OS systems. It has support software that can communicate with your CoinSwitch wallet directly.
- CoolWallet Pro: The hardware wallet comes in the shape of a credit card, which makes it portable.
- TRONLink: This software wallet is available as a Chrome extension and mobile app.
- imToken: The software wallet has a mobile app and supports multi-chain asset management.
- Trezor Model T Wallet: The hardware wallet is an open-source and secure option for TRON coins.
Advantages and disadvantages of buying Tron
With advantages comes price increase. When you ask about the Tron coin price prediction, they completely depend on the development of the company and the updates/products they come-up with. Here area few advantages of buying Tron Coin
Pros of buying Tron
- Tron has a wide appeal, thanks to the blockchain’s focus on entertainment content. Due to this aspect, there is a high probability that Tron could emerge as one of the most valuable coins.
- Tron is affordable. Currently, Tron is trading low compared to other cryptos. Investing and holding Tron now might pay off as the coin grows in value.
- Tron is rivaling Ethereum. Tron shares close similarities with Ethereum. More recently, Tron has become the better option of the two for users searching for greater speed and lower transaction fees.
- Tron has mainstream partnerships. Unlike most crypto, Tron has big mainstream partners such as Samsung, BitTorrent (owned by Tron), and Opera web browser. These partnerships signal confidence in its future potential.
- Tron’s dApps (decentralized applications) might drive prices higher. dApps—distributed open-source application software applications that run on P2P networks—made Ethereum’s native token Ether the second most popular coin. The same success might be replicated with Tron, which hosts an extensive dApp platform.
Cons of buying Tron
- Tron is playing catchup to Ethereum. Both Ethereum and Tron provide developers with a platform for building dApps. But, since Ethereum commands higher user numbers, it might maintain its lead, hurting the future value of Tron coins.
- Centralization. Tron is generally understood to be open-source, but at least 50% of TRX tokens are stored in 10 addresses. Skeptics argue that the owners of these addresses can influence the market trends of the crypto in question.
- The Tron network is still under development, unlike Ethereum and other platforms. Ethereum’s white paper, for instance, is extensive, which means the project is not yet fully actualized.