BlackCoin was the first cryptocurrency coin that went from a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus algorithm to simply using PoS.
PoS algorithms enable users to generate more coins by staking their coins in a wallet for a period of time. This is a beneficial system to have as users are incentivized to hold onto their tokens for the long term. As such, selling pressure is reduced.
Let’s take a deep dive into the world of the BlockCoin (BLK) and discover exactly how you can buy it with ease.
Best Brokers to Buy BlackCoin in 2023
There are many ways to buy BlackCoin, and as such, we have created a list of the best brokers so you can get up and running in no time.
What Is the Difference Between Buying and Trading BlackCoin?
The difference between buying and trading BlackCoin is as follows. Firstly, when you buy BLK, you are typically doing so with the intention of holding for a long period of time. In that sense, buying is a longer-term investment strategy.
However, trading BlackCoin generally involves buying the coin with the intention of selling when the price goes up, ideally in a short period of time.
Notably, some exchanges will enable you to speculate on the volatility of the market and as such, you can profit whether the price goes up or down.
This process usually involves leverage which comes with an added level of risk.
Ensure you know what you are doing before you put your money on the line.
How to Buy BlackCoin Online?
In this section, we are going to show you a step-by-step guide on how you can buy BlackCoin online.
If you have no prior knowledge then fear not as you are in the right place.
We’ll walk you through everything you need to know.
Step 1: Find an Exchange
Step 2: Sign up and Fund Your Account
Step 3: Make a Purchase
How to Trade BlackCoin?
Instead of holding the BLK token as a long-term investment, you can also trade the token to capitalise on short-term price movements.
The process to do this is very straightforward, so let’s get right into it.
Step 1: Find a Broker
Step 2: Deposit Money
Step 3: Decide How to Trade
What Are the Different Ways to Pay For BlackCoin?
You can pay for the BlackCoin (BLK) cryptocurrency in a number of different ways. These options will depend on the cryptocurrency brokerage or exchange that you choose. However, most of these steps will be similar across all platforms so let’s dive right in.
Credit Card: One of the most convenient ways to pay for BlackCoin is using a credit card to deposit funds on an exchange. You can then use those funds to exchange into the BLK token.
Debit Card: You are not limited to just one type of card, and most exchanges will allow you to use a debit card as well.
Cash: There are even cryptocurrency ATMs where you can make your deposit just by putting in some real cash into the ATM machine, after which you can connect the cryptocurrency wallet to the exchange or brokerage and just convert your pre-bought crypto into BLK.
PayPal: Many exchanges out there will support PayPal as a deposit method when it comes to depositing fiat currencies. Check with your chosen platform to see if that is an option that is available.
Cryptocurrency Wallet: If you already have a cryptocurrency wallet with funds, you can deposit that onto the exchange and convert it to BLK.
What to Consider When Buying BlackCoin?
When buying BLK, there are some considerations to make. Always make sure that you go over each of these aspects before making your purchase.
Deposit Fees: Fees can eat into your profits so make sure you do your research to find a platform that best suits your needs.
Trading Fees: Exchanges make money from trading fees when users buy or sell. It’s worth looking into this as different platforms offer different fee structures. In addition to this, if you transfer funds from one wallet to another, you will have to pay transaction fees related to the underlying blockchain. This can be a costly process if you’re constantly moving funds around.
Volatility: Cryptocurrencies are known for being quite volatile assets, as such, price swings are possible in either direction. Make sure you are watching the markets closely before making a purchase.
Regulations: There are cryptocurrency exchanges or brokerages that follow strict regulations, and as such, have to adhere to specific rules, and these will depend from country to country.
Long-term Holding (HODL): HODLing refers to buying a coin and holding it for a long period of time. If this is your intention, it’s worth storing your tokens in a cold wallet rather than an exchange wallet.
Short-term Holding: This is a type of investment where you buy BLK and sell it when the price goes up for some quick returns. This is a shorter-term investment strategy.
Is It Safe to Buy BlackCoin Online?
If you are curious as to what makes a cryptocurrency brokerage or exchange safe, look for platforms that offer SSL encryption, Two-Factor-Authentication (2FA), and the ability for you to withdraw to your own private wallet. Cold wallets are best if you are implementing the long-term holding (HODL) strategy, while hot wallets are better for short-term holding or regular trading.
How to Store BlackCoin?
If you want to store the blockchain (BLK) cryptocurrency, you will need to find a cryptocurrency wallet that supports the token. That said, there are many types of cryptocurrency wallets out there, ranging from hot wallets, which is any wallet with a direct internet connection, to cold storage devices or cold wallets, which are a much more secure option.
How to Sell BlackCoin?
There are many ways through which you can sell BlackCoin (BLK) tokens online.
Cryptocurrency Brokerage: One of the most popular options you have is using a cryptocurrency brokerage. This is the simplest way; however, keep in mind that brokerages buy under the market price.
Cryptocurrency Exchange: Cryptocurrency exchanges are meant for more advanced users, and here, you can typically sell the token for a value that is set by the market. You also get access to its historical value as well as charting tools.
Peer-to-Peer (P2P) Trading: There are websites and services which facilitate Peer-to-Peer (P2P) trading. In order to use them, all you have to do is go to the platform in question and select the Sell option. Open a trade, and once a buyer is ready, you can confirm the exchange.
Is it Worth Buying BlackCoin Right Now?
At the time of writing, BlackCoin’s market cap is at around $3,500,000 which is on the lower end for most cryptocurrencies today. BlackCoin is an older project and as such doesn’t have the community or support of newer, more advanced projects that have come out more recently.
Also notably, its current price is around 95% down from its peak in 2018, so in some respects, it has lost a lot of its popularity.
That said, cryptocurrencies are very unpredictable so they may have some potential going forward.
Only invest with money you can afford to lose and follow the recommended security procedures at all times.
BlackCoin is a P2P (Peer-to-Peer) digital currency that operates on a distributed public ledger. BlackCoin's network offers everyone the ability to authenticate it. The blockchain might show individual transactions. However, it does not publish any public names or locations or any other information about any party involved in conducting a transaction. This makes it a safe and secure blockchain network.
Given that BlackCoin is listed on a number of cryptocurrency exchanges, you should have an easy time finding and buying the token.