Tron or TRX as it is known on exchanges has had an explosive couple of days, at the time writing (05 January 2018). If an investment were made of UK£1000 in TRX only a week ago would have netted a total UK£4910. That’s an increase of over 490%.
There is currently no way to buy TRX directly. So the only way to buy TRX is to purchase BTC to use on an exchange, and then switch it to TRX.
Step 1: Choose Your Trading Platform
Firstly you will need to decide on your cryptocurrency trading platform and create an account there. The choice of platform isn’t very important as a beginner, what really matters is a trading platform that you are comfortable using..
Choose one of these platforms and complete the follow steps to get started:
Go to Binance and create a new account if you do not already have one.
Once your account has been confirmed, log in to your Binance account and click on funds at the top right, then “Deposits Withdrawal”.
Look in the “Bitcoin” list and click the Bitcoin deposit button. Then a series of numbers appears in the “BTC Deposit Address:” field. You must copy this series for the next step. This is your bitcoin wallet address.
STEP 2: BUY BTC
The second step is to get your Bitcoin, you can do that at a broker such as BTCdirect .
If you’re buying BTC for the first time from these brokers, you will be asked to confirm your bank account.
Upon payment you will be asked to enter a bitcoin address. You must fill in the address that you have copied at Binance.
STEP 3: WAIT UNTIL YOUR BTC HAS ARRIVED
Once you have purchased Bitcoin and entered the correct BTC deposit address with the payment, you have to wait until the BTC arrives in your wallet.
This process can take up to ½ hour, so don’t worry if it’s not immediately visible on the exchange.
STEP 4: BUY TRX
Once your Bitcoin has arrived at your trading platform, it’s time to buy some TRX.
Go to the Binance trading exchange (click the top left on exchange and choose Basic) and use the search function within BTC Markets to find the TRX/BTC trade.
Once on the TRX/BTC trade page you can look in the left box marked with Buy TRX. Here you can decide how much TRX you want to buy using your Bitcoin.
If you then press Buy TRX your order will be placed. When the order is filled you will see your number of TRX on the right-hand box or on your balance page.
Congratulations you’re now the proud owner of TRX.
How Tron Works
Tron has increased nearly 500% in one week, but this is just the beginning.
Although having climbed nearly 500% in one week there are strong fundamentals that show Tron will be a long-term performer on global cryptocurrency markets.
Understandably, there has been loads of attention for this cryptocurrency. Also, it seems as though Tron is set to remain in the limelight. Tron’s founder and CEO Justin Sun styles himself the protege of Jack Ma who is the founder of Alibaba. Alibaba, operating mainly in Asia, is the world’s largest and most profitable payments system sort of like Amazon but bigger.
This is important because there have been some very big announcements of key staff moving from Alibaba to join Tron as it continues to develop its product revolutionising the entertainment industry as it goes.
The technology that Tron is built is more critical than the actual price of TRX. That technology is what drives the price of TRX to increase. Tron is based on a technological development called the blockchain. What this technology does is it places the information and products associated with internet use in the hands of the people.
Redefining The Entertainment Industry
This means that rather than accessing youtube or FaceBook and being subjected to their content and agenda. The technology Tron uses allows instant transfer of entertainment industry products at a very low cost. Considering the world’s entertainment industry is valued at over US$2 trillion, there seems like quite a slice of the world pie for Tron to take a bite of.
Skepticism over Tron’s ability to compete with the likes of Hollywood and ever increasingly other entertainment hubs around the world, Bollywood for example, is a reasonable stand to make. What Tron does is not compete with these entertainment hubs for market share of industry revenue. What tron does is change the way the entertainment hubs distribute their products.
What this means is that Tron’s blockchain technology allows the secure transfer of entertainment industry products direct to consumers. This means no more DVD’s, no more VHS, no more tape and reel in the cinema. This will completely revolutionise the distribution system of the global entertainment system of production placing the power in the hands of consumers. Which gives the people more power to decide what it is they want to watch.
From an artists perspective, any creation uploaded onto the Tron blockchain is digital proof of their intellectual property. What this means is that small entertainment producers such as musicians, short film producers, documentary producers, will all have greater access to an even larger worldwide audience. That is the real power of Tron as this factor more than any, allows smaller artists to claim a larger market share and greater autonomy over how their art is distributed and enjoyed.
The Utility of the Tron Blockchain
This is a truly revolutionary technology and its long-term prospects for growth are strong. The Tron white paper states that full implementation of Tron will still be around nine years. Tron is a long-term investment. It must be said that Tron is still in its developmental stages but even in light of that there have been some significant announcements concerning the utilisation of Tron.
In Singapore there is a bike-sharing company, oBike, that will be using the blockchain technology of Tron and this use-case scenario is something of a proving ground for Tron. What is interesting about this is that oBike allows users to accrue tokens to their wallet. Not to get the hopes up, these will not be TRX but the practice is interesting. This is because as an artist uploading content on the Tron blockchain, there may be a reward in TRX for the content produced.
That goes to show how versatile the blockchain technology of Tron is and its potential uses. This is important because for cryptocurrencies to be competitive, and particularly looking past 2018, the utility of any given cryptocurrency is going to be what drives the price of any given Cryptocurrency. That means the use that that cryptocurrency has in society to solve a problem or enrich the lives of others will be what determines how valuable a cryptocurrency is. What Tron is demonstrating is a utility that its blockchain technology provides to the world.
This can be seen in the confidence that the Tron founder has in its potential. The Chinese messaging app PeiWo which was developed by Tron founder Justin Sun, will be utilising the Tron blockchain. Operating in a very similar way to how FaceBook distributes video content on social media feeds, PeiWo will be distributing that same kind of content for a Chinese audience of over 10 million registered users. The difference is that without centralised servers like FaceBook, there is greater power for the artist and the viewer to choose what they want to watch, completely free of any potential censorship or influence.
The Future of Tron
In addition to that important development, Justin Sun announced via Twitter, that Tron would soon be announcing partnerships with NASDAQ listed companies. In short, this is huge. First, from an investors point of view, what this means is that price gains from Tron could be just the beginning. Second, major global companies partnering with Tron spreads the utility of TRX and its applications in everyday life. This will mean that Tron and its cryptocurrency TRX are going to be a long term players on on the world stage.
What all this means for the price of Tron is that there can be a lot of confidence in this cryptocurrency to perform strongly throughout 2018. The year 2017 saw the value of the global cryptocurrency market increase from UK£15 billion to UK£550 billion. If a similar increase, or as most analysts believe, a larger increase occurs then undoubtedly the price of TRX will be one to watch closely.