Invest in Harmony in 2022
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.
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.
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:
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.
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.
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.
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:
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.
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.
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?
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.