Tron (TRX) has been making a splash in the news headlines lately, as it has climbed to the 9th largest cryptocurrency by market cap which is currently sitting at $12.8 Billion.
At press-time, the digital currency is selling at $0.19 a coin, up 125% for the day. What figures are even more staggering are TRX’s monthly gains, back on December 24th, 2017 the coin was selling for $.0021, that’s an 8947% increase in just thirty days.
Source: coinmarketcap
As most are probably wondering, what’s with the sudden increase? I think it’s important to understand the technology behind a cryptocurrency before first investing in it, so here we go. Unlike a large majority of new coins made available to the public, Tron is a real project with a strong group of developers behind it. Tron is the blockchain’s entertainment system of free content. Its native economic system allows one-on-one interactions between providers of digital entertainment content and ordinary users, thus eliminating the need for content providers to pay astronomical fees to platforms such as Apple’s (NASDAQ:AAPL) App Store and the Google (NASDAQ:GOOGL) Play Store. Unlike Ripple, which is a centralized cryptocurrency, TRX aims to be a completely decentralized cryptocurrency so that a single institution isn’t running the show. However, you do need to have a group develop and start the project initially. Tron’s blockchain supports various popular blockchain networks and also has smart contracts, similar to Ethereum. The team behind Tron gives rewards to its users for uploading data into the system, opposite to charging them large fees like the major corporations to have their content put on the platform. What is the most impressive about this entire coin, is the founder behind it.
JUSTIN SUN
Founder and CEO of Tron is Justin Sun, who is said to be the next Jack Ma, who is the founder of Alibaba. Sun was named 2015 Forbes China 30 under 30 and 2017 Forbes Asia 30 under 30, at just 27 years old. He is also the founder of Peiwo APP which is China’s version of SnapChat.
The reason for the most recent spike in Tron all stems from Sun’s recent updates via Twitter on new partnerships within his company. In late December, Tron announced it had signed a deal with Singapore’s major bike-sharing company oBike, that currently holds over 10 million members across Asia, Australia and Europe. Sun also tweeted that in the near future, it would be teaming up with various NASDAQ giants, which have yet to be announced.
It’s most recent partnership with Game.Com has created a frenzy in China, as we reported yesterday. An alternative to the Ethereum cryptokitties crazy, Tron is set to make a huge splash with TRX dogs as the Chinese New Year of the Dog is just around the corner. Cryptokitties made hundreds of millions of dollars, in its first few weeks and I anticipate the Tron Dogs to exceed the kitties game exponentially.
HOW DO I BUY?
Alright, so you have all your info on the coin, and you are ready to invest, here comes the tough part.
You aren’t able to purchase TRX coins directly from any major exchanges, currently.
If you are already set up with Binance, you can trade your ETH or BTC for TRX on that exchange. Currently, Binance isn’t able to keep up with the influx of new users on its site so it is currently suspending new users at the current moment. However, if you are new you can still use Liqui to exchange for either.
First though, you must purchase either ETH or BTC and deposit them in their respected wallets.
Coinbase is the most user-friendly and worldwide exchange used to purchase ETH and BTC but they’ve also been running into new user issues with not having enough employees to keep up with the demand.
Bitstamp is my recommendation currently for buying either Bitcoin or Ether. Once purchased, move them to their respective wallets and transfer your funds to Liqui. From there, you will be able to trade your crypto for TRX.
I always recommend keeping your cryptocurrency off online exchanges, due to security reasons. If you are using the MyEtherWallet, it is a good place to store your TRX.