www.banklesstimes.com

Invest in Harmony in 2022

Last updated 22nd Sep 2022
Disclosure

If you’re looking for a way to invest in Harmony (ONE), you’re on the right page. In this article, we’ll explore some of the most popular exchanges and brokers that support the token along with some important considerations to keep in mind before investing.

Read on to find out everything there is to know.

Best Way to Invest in Harmony in 2022

There are plenty of platforms to choose from when it comes to buying Harmony. To save you time and effort, we’ve outlined the top platforms below for both skilled and inexperienced traders.

1
eToro
Minimum Deposit
$10
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

What Is Harmony?

The name Harmony is used for two things — the Harmony platform (which we’ll discuss in the section below), and the Harmony coin, the cryptocurrency used to power the ecosystem built around the platform.

Stephen Tse, Ph.D. from the University of Pennsylvania and a former Microsoft intern founded the platform. Tse specialized in type theory and cryptographic protocols, which helped him develop the concept of Harmony. After his internship at Microsoft, he spent four years working as a senior engineer at Google and worked as a principal engineer at Apple as well. In other words, Tse is a very talented engineer with plenty of experience behind him so the right person is leading the project.

The maximum supply of Harmony ONE tokens is capped at 13,156,044,839 and the token has been actively traded since 2019. Notably, ONE started gaining significant traction in 2021 for the first time.

Harmony is a platform that other projects can build upon. Indeed, Harmony has incorporated many other brands into its ecosystem, including Atari, Chainlink, Metamask, Binance, and many others.

At the time of writing, its subreddit has more than 39,000 members, and the official Twitter account has 262,000+ followers.

How Does Harmony Work

Harmony is more than just a cryptocurrency. It’s actually a blockchain platform that enables cross-chain interoperability. For example, thanks to the innovative architecture, Harmony can bridge a Proof of Work blockchain with a Proof of Stake counterpart which is a big deal in the blockchain world.

The technology underlying Harmony is pretty innovative itself. For instance, it uses the Practical Byzantine Fault Tolerance (PBFT) for fast block transaction consensus which results in fast transactions.

Ways to Buy Harmony

The Harmony token is available on a variety of different platforms and these have been outlined below:

Brokers:

  • A crypto broker is a company that acts as an intermediary between the crypto market and the party interested in buying Harmony (or whichever other cryptocurrency you’re interested in). The broker is usually the one to set the price and facilitates the entire process. As such, it charges a fee on top of the market price for this service.

Cryptocurrency Exchanges:

  • A cryptocurrency exchange provides a more direct approach to the trading process, matching the buyers and sellers through sophisticated algorithms. Professional crypto exchanges use a range of trading tools and systems. Some of them are more beginner-friendly, while others are oriented towards professional traders.

P2P Marketplaces:

  • A peer-to-peer marketplace (also called P2P exchange or P2P marketplace) is a platform where traders are connected directly and can engage in trading cryptos with each other. Here, you can buy or sell directly to another user and the platform serves as an escrow.

In-person Buying:

  • Finally, you can buy Harmony directly from another person in real life. This process can naturally be quite risky so consider doing so in a busy, public place.

Most reputable platforms will require you to complete a know-your-customer (KYC) check when signing up. Typically, this involves providing proof of identity and proof of address as well.

Sometimes, you can trade without verification, but your limits will be significantly capped.

Of course, verification is there to help platforms minimize potential scams or any kind of illegal activity on the platform.

How to Invest in Harmony

The process of investing in Harmony is rather simple on most platforms. We have provided a brief overview below:

Harmony Brokers:

  • Brokers allow you to invest in ONE and speculate on the price of the tokens without owning the underlying asset. This can help to eliminate some of the hassles associated with storing cryptocurrencies. All you need to do is sign up and verify your details. Then locate the ONE markets and buy your desired amount of coins.

Harmony Exchanges:

  • Using exchanges is similar to using brokers, as you’ll have to open an account and place an order. The exchange will match your order with a seller and the ONE tokens should appear in your account balance shortly.

Harmony Wallets:

  • Many multi-crypto wallets that accept Harmony will let you swap other cryptocurrencies for ONE, meaning you can buy Harmony quickly from the comfort of your phone or PC.

Is It Safe to Invest in Harmony Right Now?

The cryptocurrency market is highly volatile and ONE is no exception. The question is: is ONE worth it? Should you invest in it?

One is a very popular blockchain platform that has partnered with some huge names including Atari. Its innovative technology enables cheap and fast transactions which can be highly desirable for many users. If the platform continues to gain adoption, this should reflect positively on the price of the ONE token.

However, profits are not guaranteed and so you should only invest with money you can afford to lose.

Amala Pillai

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.