Nano, formerly known as RaiBlocks, is an exciting new cryptocurrency that has exploded in popularity over the past few months. It’s been steadily climbing up the charts in terms of overall market cap, but thankfully there is still plenty of room for it to grow.
What is Nano?
Nano is a cryptocurrency that offers instant transactions with zero fees. One of the biggest drawbacks of bitcoin is the time it takes for transactions to process. Millions of dollars are being spent by developers to try and solve this problem with things such as Lightning. Nano on the other hand was built to support near instant transactions. This is because it uses a clever mesh like system.
Transactions on Nano are also free. When the popularity of bitcoin surges, so do it’s fees. Again Nano was built from the ground up to have fee free transactions.
Why is Nano useful?
As a currency Nano will be extremely useful. Being able to move currency from exchange to exchange, wallet to wallet and market to market – all instantly and with no fees is huge! This will make markets more efficient by allowing high speed trading. Nano could also be what we use to pay for things in the future.
Nano could even be used to perfectly compliment other coins such as bitcoin. A scenario might look like:
- User holds bitcoin and wishes to buy a coffee using this bitcoin. Doing so is slow and expensive.
- So the user exchanges the bitcoin into nano, pays instantly
- The merchant receives the nano and instantly changes it back into bitcoin
This process would be fast, efficient and could be automated using an app. There are countless other situations where Nano could work as well.
How to buy Nano
The easiest way to buy Nano is through CoinSpot. It fully supports Australian customers (it’s an Australian company).
One of the best things about using CoinSpot is you don’t need to buy bitcoin first, transfer it to an exchange and then buy Nano. You can buy Nano directly with your bank account.
Here’s how it works:
- Grab a CoinSpot account. It’s free
- Go through verification. This is to prevent fraud and is usually very quick
- Make a deposit using PoLi or wire transfer. PoLi is an online payment method which allows you to pay for things using your bank account. It’s instant. PoLi is run by Australia Post.
- Buy Nano
When is it a good time to buy Nano?
In my personal opinion, I believe Nano is still undervalued. It’s not even in the top 10 cryptocurrencies. It has amazing tech, a really talented team and is going to be extremely useful. So if you’re like me and believe that the value will increase in time, there is no “best” time to buy.
You can find out more about Nano on CoinSpot