This tutorial will look at how to buy NANO’s native cryptocurrency – XNO. In particular, we will introduce the NANO platform, consider some of its features and outline why most investors are attracted to the digital asset. Then we will provide a detailed step-by-step process of buying XNO tokens using a regulated platform.
What is NANO (XNO)?
Previously referred to as Raiblocks, Nano rebranded in 2018 as an effort to better communicate to the masses what the project represented – simplicity and speed. Despite its rebrand, NANO remains the same project that was launched in 2015 by software engineer Colin LeMahieu.
At its core, Nano is a digital payment protocol designed to have low latency, high scalability, zero fees, and eco-friendly features. The project developers aim to improve on what Bitcoin and most other first and second-gen blockchains have to offer.
The biggest drawbacks experienced by other more prominent digital payment projects such as Bitcoin include:
- Poor scalability – scalability is the potential for a network to handle ever-increasing transactions, and most blockchains are unable to scale without sacrificing either security or decentralization;
- High energy consumption – Proof of Work (PoW) mining, a favorite mechanism of achieving consensus amongst blockchains nodes, including those on the Bitcoin network, has been criticized for being energy inefficient;
- High latency – latency is the time delay between an action and its intended results. In the blockchain space, that would be the time delay between signing a transaction and its confirmation on the blockchain. With Bitcoin, for instance, confirmation times range between 10 and 300 minutes depending on the amount of miner fees appended to each transaction.
When all these factors exist within a decentralized network, such as they do in Bitcoin, they impede its usage as digital money. Nano has been designed from the outset to circumvent all these challenges uniquely.
The Nano network employs a blockchain structure called a block-lattice which is based on the directed acyclic graph (DAG) algorithm. The block-lattice structure enables each account on Nano to have its own blockchain instead of, say, Bitcoin, where the whole network is a single blockchain. Transactions on the Nano network are thus confirmed asynchronously, which contributes to its low latency and high throughput.
To achieve consensus, Nano has adopted a novel concept referred to as Open Representative Voting (ORV), a close variation of the Delegated Proof of Stake (DPoS) model. Each account on Nano has a chosen representative (delegate) who is tasked with validating their signed transactions.
Combined, the use of the block-lattice blockchain structure and OPV consensus has given Nano its inherent advantages over other blockchains – being fast and lightweight. So far, the network is able to process close to 160 TPS with average block confirmation times of 0.2 seconds. Its unpruned ledger size is only 68GB comprising more than 118 million transactions so far.
Powering the Nano blockchain is the XNO token, a native cryptocurrency that can be used for value transfer. XNO also underwent a name change following the rebranding from XRB. Nano announced the revised currency symbol in November 2021.
Why invest in NANO?
Most investors are attracted to NANO as an alternative to Bitcoin due to the following reasons:
- Zero fees – transactions on the Nano network are free;
- Fast confirmation – Nano is relatively fast, with transactions being confirmed after 0.2 seconds;
- Eco-friendliness – Nano uses Open Representative Voting (OPV) as a consensus mechanism instead of mining. OPV is a much more energy-efficient process.
Specifically, for someone considering investing in the XNO cryptocurrency, here are a few ways to use it:
- Making payments – XNO can be used as digital money to pay for various goods and services. In fact, this is the original intention for the creation of Raiblocks;
- Speculation – most cryptocurrencies are highly volatile assets, and investors have an opportunity to benefit from the price variations of these assets. XRB experienced a considerable price increase during the late-2017/early-2018 bull season, attracting a lot of attention from the wider crypto community;
- Store of value – anyone can convert their assets into XNO and hold the asset within a cryptocurrency wallet as they would Gold within a safety deposit box.
Where to buy NANO (XNO)
Nano’s XNO coin is a popular cryptocurrency available in a majority of the large digital currency exchanges. You can even buy it off some of the lesser-known platforms, but there are precautions to take when choosing a preferable platform.
These factors include:
- Accessibility – check to see whether the platform under consideration is available in your jurisdiction and whether the XNO coin is available to you;
- Regulations – closely related to accessibility, regulations affect the service offering of any registered platform. Check to ensure that the exchange adheres to all of its relevant laws;
- Features – other than purchasing XNO, you can also consider what else the platform offers, such as trading, staking, mining, account wallet for storing your assets, etc.;
- Security – choose a platform that is secure to use in order to protect your assets;
- Ease of use – a highly intuitive interface is much more appealing than one that is hard to use.
Note: In the upcoming section, we will highlight how to buy NANO (XNO) using a cryptocurrency exchange. For illustration purposes, we will be using Uphold, a highly secure and fully-regulated multi-asset exchange with support for US-based equities, precious metals, national currencies, and more than 80 cryptocurrencies, including NANO.
How to buy NANO (XNO) on Uphold Exchange (step-by-step)
Create an account.
To use the Uphold exchange, you will need a fully-verified account. Uphold adheres to KYC (know your customer) and AML (anti-money laundering) regulations. During the signup process, you be required to provide the following details:
- Email address
- Phone number
- Employment details
You will also undergo document verification to ascertain your identity (read our Uphold KYC guide here).
Visit Uphold.com and click on the [Sign up] button to create an account.
We have a detailed step-by-step guide on how to create an Uphold account. Check it out for further details.
Log in to Uphold.
Access your newly created account by logging in using the email address and password combination you used while signing up.
Once you log in, you will notice three columns that make up the Uphold user interface – offering a simple and intuitive user experience.
The first column from the left provides information on the transaction history and a watchlist, while the middle shows a snapshot of your portfolio – a list of all assets in your account. Here you will see how the portfolio has fared in the last hour, day, week, month, and year.
The last column, the only one with a label – Anything to Anything – is the transaction column. This is the section where you will set up your trades, sales, or purchases. To aid in that, Uphold has three tabs, which are:
- Transact – use this to execute a normal spot transaction;
- Repeat – ideal for setting up recurring transactions;
- Limit – is used to execute a limit order where the user has complete control over the price at which they make a sale or purchase.
Let’s look further into how to buy NANO using the three tabs as provided by Uphold.
1. How to Instantly buy NANO (XNO) on Uphold
Step 1 – Select the [Transact] tab.
Click on the first tab with the [Transact] label.
This is the simplest transaction you can execute. Use the three form fields provided to select a payment method, specify the fiat value and select a receiving asset.
Step 2 – Add payment method.
To add a payment method to your account or choose one from an already added option, click on the [From] field. Tap on the [Banks] filter to automatically scroll down to the portion on banks and debit cards.
Notice the two [+] symbols corresponding to either banks or debit cards, whichever you wish to add to your account. You can add both for convenience.
Starting off with the debit card payment method, once you tap on the plus symbol, you will be presented with a one-stage form for filling in your card details.
Click on the [Add card] button after providing the details above. This action will revert you to the initial screen, where you can then proceed also to add a bank account.
The first step to adding a bank account is to specify which deposit method you prefer between linking your bank account or making a wire transfer.
Each option has its benefits: linking a bank account provides for instant transactions akin to using a debit card, while wire transfers allow for high-value transactions (above $5K).
Next, select the default currency associated with your bank account. There are only three options: USD, GBP, and EUR currencies.
Each currency has different corresponding recipient bank account details. Once you select the currency, you will be provided with this information. Use the details to make the funds transfer.
Click [Done] after copying the details above to revert to the initial screen.
Step 3 – Choose a receiving asset.
Now that you have your payment method set up, the next step is to select NANO’s XNO as the asset you want to purchase. To do that, click on the [To] field to open the list of all Uphold-supported assets.
Use the search feature to locate NANO (XNO) or tap on the [Cryptocurrencies] filter as shown above, then scroll down until you find it.
Next, provide the trade value for your transaction. You can either use the middle field, which lists the fiat value or fill in the amount of XNO you want to purchase. Once you do, you have completed the setup stage and can now proceed to the next step.
Step 4 – Confirm the transaction.
Click on the [Preview] button at the bottom to load up the confirmation page. Check to ensure that the details are correct, including the payment method, transaction amount, and receiving asset. Once done, confirm the trade.
Note: It is worth noting that if you opted to pay through the wire transfer payment method, your transaction would not be executed immediately. A trade can only be processed once the funds are received, which can take a few business days.
2. How to Create a Recurring Purchase for NANO (XNO) on Uphold
Assuming that you want to average into a NANO position, Uphold provides the Repeat feature through which you can set up a recurring purchase that executes at regular intervals. Here is how to set that up and forget it.
Step 1 – Select the [Repeat] tab.
Click on the middle tab labeled [Repeat].
To activate the recurring feature, click on the [Repeats] link below the transaction form, revealing a pop-up box with a list of three choices. You can opt to have your trade repeated daily, weekly or monthly at a regular date and time.
Choosing [Never] deactivates it.
Step 2 – Select when to start and end the repeat cycle.
Click on the [Starts] link to open up a calendar view from which you can select a start date. By default, Uphold assumes that the first transaction will be processed immediately, but you can always reschedule it to a later date and time.
For the end date, click on the [Ends] link to also open a calendar view. Choose the date you want the final trade to be executed.
Alternatively, you can choose the number of repeat occurrences for your NANO purchase by switching to the [Occurrences] tab, as shown below.
Use the [+] and [–] buttons to change the figure, and once done, click on the [Set] button to close the popup box.
You can also create a custom label for the trade, making it easier to identify within the automated trades history.
Finally, fill in the transaction form like you would when setting up a normal spot trade from the previous section above, then click on the [Preview] button below to check the details. Once done, hit [Confirm repeat trade] to confirm.
Note: The Repeat feature can only be used in conjunction with either the debit card or bank deposit payment methods.
3. How to Use the Limit Order Feature to Buy NANO (XNO) on Uphold
The limit order feature allows you to set a buying price for NANO as opposed to accepting the going market rate used by the exchange at the time of the purchase. To set it up, follow these steps:
Step 1 – Select the [Limit] tab.
Click on the last tab labeled [Limit].
There are a few differences in this transaction form compared to the other two forms discussed earlier. Among them is the change in the double ellipsis symbol in the center form field to a green chain link.
To set up a buy limit order, click and drag this chain symbol down toward the [To] field. Once you do, it will change from the color green to a gray shade, and the symbol will also change to a ‘less than equal sign,’ which signifies that the trade will only be executed at or below the price you specify.
Next, select the payment method and the receiving asset as we have in the previous sections.
Step 2 – Select order validity.
The order validity setting is significant because of the uncertainty of the market price. Maybe the price will fall as you anticipate enabling you to purchase NANO cheaply. However, if it does not work out as anticipated or expected, you can opt to cancel the pending order either manually or automatically.
Click on the gray board labeled [Duration] and choose the option you prefer.
The manual option is preselected by default, but you can change it to automatically cancel at the end of the day or on a predetermined date. Once done, click on [Preview] to confirm the limit order.
Note: You can set up a maximum of 50 limit orders running concurrently at any given time.
Buying NANO (XNO) can be simple. Not all platforms have an intuitive user interface as Uphold does, and as we advised earlier, take the time to research and find an appropriate brokerage or exchange to buy your assets.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative and digital assets are highly volatile. When investing, your capital is at risk, so only invest what you are willing to lose.
Frequently Asked Questions on Buying NANO (XNO)
What is NANO (XNO)?
NANO is a high-performance digital payments decentralized protocol launched in 2015 as Raiblocks. The network hosts a native cryptocurrency dubbed XNO that can be used for value transfer.
Why invest in NANO?
There are three main reasons for any investor to consider investing in NANO:
- Transactions on the network are free;
- NANO network is energy-efficient and eco-friendly;
- Transaction processing is fast on the network with a sub-0.2-second confirmation time.
Where can I buy NANO tokens?
NANO’s XNO digital asset is relatively widely adopted and thus can be bought on most of the leading cryptocurrency exchanges, including Uphold, a fully-regulated and highly secure brokerage platform.
Is NANO a good investment?
NANO could be a good investment depending on several factors, chief among them being an investor’s goals, strategy, and timing.