1inch enjoyed a successful 2021 overall, reaching all-time highs. Its price declined significantly after that, but it has shown signs of recovery in 2022. Thanks to this slight rise, many crypto enthusiasts have started keeping their eyes on it – looking for potential short and long-term profit opportunities.
Before you invest in 1inch, doing prior research is essential. This guide will show you how to buy 1Inch and also how to sell the coin, along with providing an overview and top payment methods to use when buying cryptocurrency.
Best Way to Invest in 1inch in 2023
1INCH isn’t as widely available as some other cryptocurrencies. However, you’ll find a few places to purchase it. We’ve listed the best providers below.
What Is 1inch - Quick Overview
Name and ticker 1inch (1INCH)
Date launched December 2020
Circulating supply | max supply: 468,081,103 | 1,500,000,000
Blockchain network Ethereum blockchain
Creators Sergej Kunz and Anton Bukov
Use-cases Exchanging cryptocurrencies, Lowering cryptocurrency exchange rates
What is 1inch - Explained
1inch is the native cryptocurrency for the namesake decentralized cryptocurrency exchange aggregator. It was developed using the Ethereum blockchain and launched in December 2020.
In terms of the platform itself, 1inch goes through online decentralized cryptocurrency exchanges— with the final aim of identifying the best rate for those looking to buy digital money.
At the time of writing in January 2022, 1inch is the 91st largest cryptocurrency in the world. Its market cap is just over $739.1 million, and it has 0.05% of the total market share.
Creators
1inch was created by Serej Kunz and Anton Bukov, two developers from Russia. The aim was to create a place where people could get the best value for money with their cryptocurrency investments.
Since then, the 1inch aggregator has grown to a network with well over one million users. More than 11 million trades have been made using the platform, totalling more than $134 billion in volume.
Why Was the 1inch Cryptocurrency Introduced?
The 1inch cryptocurrency was introduced to facilitate better swapping between cryptocurrencies for users. In particular, the currency and exchange focus on decentralized platforms.
Are There Any Famous 1inch Backers?
Many cryptocurrencies have their fair share of famous backers. Elon Musk has been particularly vocal in his support for Dogecoin, for example – while YouTube star Logan Paul announced in 2021 that he’s starting a cryptocurrency project of his own.
Other celebrities have facilitated transactions via cryptocurrencies, with others holding some of the larger tokens.
As an aggregator platform, 1inch achieved $175 million in Series B funding in late 2021. In terms of the highest-profile celebrities, the currency hasn’t yet received the same level of endorsements as the likes of Bitcoin.
Is 1inch Popular on Social Media?
One of the first things you’ll notice about many altcoins is that they have a loyal following on social media. In this instance, 1inch is no different.
On Twitter, 1inch has over 899,000 followers at the time of writing in January 2022. The 1inch Network subreddit is a lot smaller, with 7,700 followers.
How To Buy 1inch
A primary differentiator between smaller altcoins and their bigger crypto counterparts is how available they are. While you can invest in the likes of Bitcoin and Ethereum in several ways, things aren’t so straightforward with 1inch.
Having said that, you can still buy 1inch in a selection of places. One of the most prominent places to purchase this altcoin is Coinbase, which is one of the world’s most famous cryptocurrency exchanges.
On Coinbase, you can keep track of your investments across both desktop and mobile devices – along with accessing a selection of tools to help you make better decisions.
You can also purchase your 1inch tokens on Paybis. The steps for this are listed below and don’t differ greatly from other platforms:
Step 1: Choose the currency you want to buy, along with how much you’d like.
Step 2: Complete the necessary know your customer (KYC) checks. You’ll need to submit a form of photo identification (i.e. your driving license/passport) for your first purchase, and you’ll have to take a photo of yourself with it to show that it’s you.
Step 3: Enter your cryptocurrency wallet address.
Step 4: Check your cryptocurrency wallet to see if you’ve received your coins.
In addition to owning the tokens outright, you can choose to buy derivatives. Doing this is arguably easier if you’re a beginner since you don’t have to deal with the ins and outs of using a cryptocurrency wallet.
If you’d like to purchase 1inch derivatives, your options are somewhat limited. Nonetheless, eToro allows you to buy these with minimal effort. Like crypto exchanges, you’ll need to pass a KYC check.
How To Sell 1inch
When you’re ready to sell 1inch, the selling method will depend on whether you purchased coins or derivatives. If you bought the latter, you can sell them with ease on eToro.
As for tokens, it’s possible to exchange these for other cryptocurrencies through your wallet. Alternatively, a selection of crypto exchanges allow this.
Alternative Ways to Invest in 1inch
The most conventional ways for people to invest in cryptocurrencies is by either using an exchange or broker. However, these aren’t your only options. For some of the larger cryptocurrencies, such as Bitcoin, you can find mutual and index funds – like if you were to invest in company stocks.
At the time of writing in January 2022, neither of these options are available for 1inch. Having said that, you have a couple of alternatives to invest in the coin if you’re not overly interested in using a crypto exchange; we’ve listed these below.
Cryptocurrency wallets with swap functionalities. You don’t need to use a cryptocurrency exchange to buy and sell 1inch; some wallets and apps have a built-in feature that allows you to swap for something else with ease. Using this, you can reduce a lot of the fees that would otherwise be involved if you bought 1inch with fiat money.
Buying your coins from a friend. Another possibility is to invest in 1inch by purchasing coins from your friend. You’ll need to ensure that you know someone who owns tokens and is willing to sell or swap them and give them your wallet details for them to complete the transfer.
Staking. Staking is a unique form of cryptocurrency investing that can help you earn money passively. If you stake your 1inch coins, you’ll be able to participate in voting and more.
Is It Safe to Invest in 1inch Right Now?
Before we continue, you must remember that cryptocurrency markets are volatile. Buying any coin carries risks, and if you’re not careful, you could lose significant amounts of money.
No coin or exchange is 100% safe. However, 1inch places a strong emphasis on security. So far, its platform hasn’t had any significant hacks or other security violations.
If you invest in 1inch from a reputable source, you should be able to keep yourself protected. You can increase your levels of protection by following the steps we’ve listed below.
Only pass the necessary KYC information when you sign up for an account online.
Enable two-factor authentication (2FA) on your exchange and wallet accounts.
Store your tokens in a secure wallet; if you’re investing long-term, it’s worth considering a cold wallet.
Only ask for help on an official website or forum, and remember that not every online user will have your best intentions at heart.
Don’t click on links that seem suspicious.
Never share your account details with anyone, and change them if you suspect that someone else knows them.
