Toncoin has attracted investor interest since the start of 2024 after recording significant gains. If you wish to know more about the token and how to buy it, we recommend reading this guide.
Exploring The Open Network (TON)
Toncoin is the native cryptocurrency of TON (The Open Network), a popular layer-1 blockchain that processes transactions quickly. TON was originally built by developers at Telegram, but the TON Foundation now oversees its development.
The developers who developed TON are Nickolai Durov and Pavel Durov. The reason for building the blockchain was to support Telegram’s huge user base. However, following regulatory issues raised by the US Securities and Exchange Commission, which deemed Toncoin a security, the Durov brothers and Telegram decided to abandon the TON blockchain in 2020.
The project was later taken over by the TON community. Since then, TON has expanded significantly, offering a wide range of services, from TON DNS to TON proxy, TON Space, TON storage, and TON payments.
Toncoin’s Use Cases
Toncoins has several use cases within the TON ecosystem, including:
Payment Method
Toncoin facilitates P2P transactions, allowing crypto users to transact with each other without involving intermediaries like conventional banks.
Fuel Transactions on TON
Like any other blockchain, TON requires users to pay gas fees to process transactions. These charges are paid in Toncoin and given to transaction validators.
If you want to take part in securing the TON ecosystem, you can stake your Toncoin in exchange for yield.
Powering Decentralized Apps
Toncoin is used as a utility token by many decentralized apps created on TON. For example, it’s used as an in-app currency, allowing users to purchase various products or services.
Governance
If you are a Toncoin holder, you earn the right to shape the future of the TON ecosystem by participating in the voting process. You can also raise proposals.
Incentives
Developers who contribute to the development of the TON blockchain are rewarded in Toncoin.
How to Buy Toncoin: A Step-by-Step Guide
Using a Centralized Exchange (CEX)
As of August 2024, Toncoin has not been listed on prominent exchanges like Kraken, Binance, or Coinbase. However, it is available on trusted CEXs such as BingX and Bybit. Here is how you can purchase Toncoin on Bybit.
1. Download the Bybit Mobile App
You can get the Bybit app from the App Store or Play Store. To avoid scams, ensure you download the official mobile application.
2. Create and Verify a Bybit Account
Register an exchange account with Bybit. To do this, provide your email address and create a unique password. Once you access your Bybit account, you’ll be required to complete identity verification by uploading a photo of your government-issued ID card.
3. Fund Your Bybit Account
After Bybit’s team confirms your identity verification details, you’ll be able to access the supported payment methods. Choose any to fund your exchange account.
4. Buy Toncoin
After depositing fiat into your Bybit account, exchange it for USDT and head to the spot market. Next, search for the TON/USDT trading pair and place a buy order by specifying the amount of TON you wish to purchase. Click “Buy” to receive Toncoin in your account.
5. Tranfer Toncoin to Non-Custodial Wallet
While exchange accounts offer a convenient way to store cryptocurrencies, especially for beginners, they are not the safest option. Therefore, transferring your Toncoin to a non-custodial wallet that gives you complete control over your tokens is advisable.
Using a Decentralized Exchange (DEX)
Toncoin is a multichain crypto asset, meaning it runs on various blockchains. In this article, we will demonstrate how to buy the BSC-based Toncoin.
1. Download the Trust Wallet app and fund it with BNB.
2. Go to PancakeSwap.finance and click the “Connect Wallet” button.
3. Select Trust Wallet as your preferred crypto wallet and approve the connection.
4. Swap your BNB tokens for Toncoin.
5. Add Toncoin’s smart contract to your Trust Wallet to view your newly purchased tokens.
