Prometeus Coin is a data-driven DeFi project. The Prometeus Network (PROM) is a completely decentralized project that aims to solve real-world problems in data brokerage.
PROM is Prometeus’ native utility token.
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Read on to learn everything you need to know about the Prometeus Network, the Prometeus Coin (PROM), and how to buy Prometeus Coin.
Let’s get right to it!
What to Know About Prometeus
The Prometeus Network is the brainchild of Prometeus Labs. Prometeus Labs comprises a team of highly skilled data scientists and entrepreneurs with an extensive background in blockchain & cryptography, artificial intelligence (AI), adtech, big data, and data brokerage.
The Prometeus Network describes itself as a secure and decentralized ecosystem that aims to solve real-world problems in data brokerage. Specifically, the network was designed as a decentralized and censorship-resistant framework for the Influencer Marketing, Medical, and Insurance data market industries.
The Prometeus ecosystem helps bridge the gap between privacy, social interaction, and data exchange.
Prometeus aims to connect data providers to data consumers, letting them share data across borders and limitations using public blockchain technologies. It applies a peer-to-peer approach and a blockchain-based infrastructure that communicates worldwide without censorship.
Not only is this data trading solution open-source, but it’s also public. The network boosts people-owned data markets, including Influencer Marketing and Insurance data market industries.
Prometeus has several products geared toward data brokerage and designed to protect the right to private data exchange.
One of the products is Stoa—a data exchange platform that allows people to get rewards for selling their services or personal data.
Another product is Ignite, a decentralized and censorship-free microblogging service.
The Prometeus Network uses Smart Contracts to distribute value across the ecosystem transparently and sustainably. The network stores information from transactions on a public blockchain or distributed data storage.
PROM, Prometeus’ crypto coin, was first tradable on July 17, 2019. As of writing this article, it’s ranked the 296th crypto coin in the world by market cap, and the Prometeus price is $12.03. Currently, PROM has a total supply of 19,675,172, a market capitalization of $231,595,782.59, and a circulating supply of 16,449,996.
Please note that you cannot purchase Prometeus (PROM) directly with fiat money. You’ll need first to buy Bitcoin from a fiat-to-crypto exchange and then transfer to an exchange that offers market access to PROM. After that, you can sell bitcoins to buy PROM and start trading.
What to Consider Before Buying Prometeus
However, keep in mind that cryptocurrencies aren’t regulated and are highly volatile. The majority of cryptocurrency exchanges have faced multiple cyber-attacks and hacks in the past, so it’s essential to do your research and consider the risks before you buy PROM or any other tokens.
Whenever investing in cryptocurrency tokens, including PROM, it’s important always to invest what one can afford to lose.
Below, we’ll discuss some important factors you should consider before buying Prometheus:
Don’t Buy Prometeus (PROM) Coins Without Adequate Research
You’ve ever heard of FOMO? It simply means the fear of missing out and is the easiest way to lose your money.
If you find the coin’s price spiking suddenly, you shouldn’t rush into buying it out of the fear of missing out. Instead, find out the reason for the spike and determine if investing in the coin is smart.
Always spend time doing your own research on the coin before investing.
Use Popular Exchanges
Exchanges For Prometeus
There’s always the risk of getting scammed in cryptocurrency trading. Therefore, we advise that you stick with well-known crypto exchanges to eliminate the risk of losing your money to fraudsters.
Specifically, you should trade PROM on reputable and secure cryptocurrency exchanges.
How to Buy Prometeus
Follow our step-by-step guide to buying Prometeus:
Step #1: Register on Fiat-to-Crypto Exchange
The first step you have to make to buy Prometeus (PROM) is to choose a Fiat-to-Crypto exchange that accepts credit, debit, or bank transfer and register on it.
Consider our advice to go for the most popular exchanges, which also have competitive trading fees.
Binance and Coinbase are the two most commonly-used exchanges for fiat deposits with competitive trading fees.
Now, let’s discuss the two exchanges and help you select the one that suits your needs.
Firstly, let’s talk about registering on Binance—a very popular cryptocurrency exchange that has only been around since 2017 but has quickly become a household name in the crypto world. Moreover, Binance is the top cryptocurrency exchange (globally) by trading volumes.
Let’s discuss the processes of registering on Binance below:
Visit Binance’s Website
First, visit Binance’s website. Tip: Ensure that you’re on the original website by looking for the ‘Secure’ certificate on your address bar. Bookmark it for future use.
Fill In Your Personal Information
Find the “Register Now” tab on the website’s homepage and fill in your details, such as your mobile number or email address. Ensure that your information is valid, easily accessible, and secure.
Also, you’ll need to choose a strong password for your new account. The cryptocurrency exchange requires that your password includes at least 8 characters, 1 number, and 1 uppercase.
After registering, you’ll receive a 6-digit verification code via your email or mobile number. Additionally, you’ll need to provide a valid ID to complete the registration process.
Set Up 2-Factor Authentication (Optional)
Binance typically recommends using two-factor authentication (2FA) after your first login. While this step is optional, we recommend it for keeping your account more secure from attacks.
Coinbase, which has been around since 2012, is the second-largest crypto exchange globally by volume and the perfect choice for beginners, thanks to its user-friendly website.
Below, we’ll walk you through the process of registering on Coinbase:
Visit Coinbase’s Website
First, visit Coinbase’s website and make necessary checks to confirm you’re on the original site.
Enter Personal Information
You’ll find a tab that requests your email address on the homepage. Enter your address and click on the ‘Get Started’ tab. The website will then ask for your first name, last name, email address, and password. Ensure that you choose a strong password that promises robust protection.
After clicking on the ‘Create Account’ tab, you’ll receive a confirmation email. Click on the link within the confirmation email to confirm your new account.
Then, Coinbase will require you to set up 2FA with a valid mobile number for an extra layer of security. Furthermore, the crypto exchange requires you to verify your identity.
Once you complete this process, your new account is up and running.
Step #2: Buying Your First Bitcoin (BTC)
After a valid registration on a fiat-to-crypto exchange, you can now buy Bitcoins. While buying Bitcoin varies from exchange to exchange, they are mostly similar.
For example, Binance allows you to transfer money to your crypto wallet directly via your bank account using SWIFT money transfer. Alternatively, you can fund your account using your credit or debit card as a payment method, thanks to Simplex.
Buying Bitcoin on Binance is quite straightforward. Click on the ‘Buy Crypto Tab’ and choose the fiat currency, say US dollars. If you’re buying with credit or debit cards, click on the ‘Credit/Debit card’ tab, and you’ll be taken to the next page. Select BTC and the amount you want to buy, and then click on the ‘Buy BTC.’
Once you complete the verification process, your Binance account will be credited with the purchased BTC.
Step #3: Choose an Altcoin Exchange
Since Prometeus (PROM) is an altcoin (a coin that’s not Bitcoin), you’ll need to transfer the purchased BTC to other exchanges that allow trading PROM.
Not many crypto exchanges trade in Prometeus coin, but Binance listed PROM in November 2020.
So, if you bought BTC on Binance, you don’t need an altcoin exchange. However, if you bought it on Coinbase, you’ll need an altcoin exchange because it does not provide market access to PROM. Thankfully, many alternative platforms support PROM.
If you bought your BTC on Coinbase, you could opt for Binance as your altcoin exchange.
Other top alternative platforms include:
Gate.io is a well-established company founded in 2007. It’s one of the most popular crypto exchanges to trade altcoins and boasts a vast number of trading pairs.
Gate.io is an American crypto exchange and a friendly choice for US-based investors interested in Prometeus (PROM). So, if you’re in the US and want an exchange that offers several trading pairs, Gate.io might be a perfect choice.
KuCoin is a Singapore-based crypto exchange launched in Hong Kong in 2017. With a huge user base that has grown over 8 million in only 4 years, this exchange has gained the trust of several traders. So, KuCoin seems like a worthy choice if you need an altcoin exchange to buy Prometeus (PROM).
ZT is mainly a crypto-to-crypto exchange that supports a wide range of altcoins, including PROM. The exchange is secure and regulated, so you can easily transfer your BTC to ZT to buy PROM.
Step #4: Deposit BTC to Exchange
After selecting an altcoin exchange that trades PROM, you’ll have to deposit BTC to that exchange. As we mentioned before, if you bought your BTC from Binance, there’s no need for an altcoin exchange. Binance supports PROM, so you can proceed to buy the coin through the exchange.
However, if you bought your BTC on an exchange that doesn’t support Prometeus (PROM), you’ll have to deposit BTC to an altcoin exchange. Respective altcoin exchanges have different Know Your Customer (KYC) processes, and your chosen exchange will very likely request you to verify your identity.
Once you’re done with the identity verification, you’ll gain complete access to your exchange wallet. You’ll usually find a box with a string of random numbers in your wallet. These numbers indicate your BTC deposit address—your wallet’s public address.
If you’re depositing BTC from Coinbase, copy your address in full. Then, go to the exchange’s Portfolio page, click on BTC on the asset list, and click on ‘Send’ on the right side of your screen. Your BTC will be in your altcoin exchange in no time, and you’ll be ready to buy Prometeus (PROM).
Step #5: Buy Prometeus (PROM)
Now, you’re all set to buy Prometeus (PROM) with the Bitcoin you sent to your altcoin exchange wallet. Once you have the Bitcoin in your wallet, select a “BTC” pair and enter “PROM” in the search bar.
Find the coin, click on it, and you’ll find a price table of PROM/BTC. Go to the “Market” section, which is the most straightforward type among buying orders, and choose the portion of your BTC you want to spend on buying Prometeus (PROM). Finally, click on the “Buy PROM,” and you have purchased your Prometeus coin!
Note that while in Europe, you have the advantage of buying cryptos easily and quickly. Europe has even online banks that help buyers open an account and transfer money to crypto exchanges.
Step #6: Buy a Wallet (Optional)
You should securely store PROM in a wallet if you plan on holding it for extended periods.
Some crypto exchanges offer their own crypto wallets, but there have been many hacking incidents in the past few years, and funds were lost, making a software or hardware wallet a better option for many.
There are plenty of software wallets downloadable for free from the App Store or Google Play. Software wallets save your public and private address online and protect it against hackers. Although these wallets offer robust protection, they’re still vulnerable because they store information online.
However, if you prefer a safer alternative, you need to purchase a cold wallet, also known as a hardware wallet. Hardware wallets store your private keys offline, thereby excluding the chances of a hack.
Consider also the paper wallet, a type of free cold wallet to store PROM.
Why You Need to Buy Prometeus (PROM)
To use the secure and decentralized ecosystem of Prometeus and benefit from its services, you’ll need PROM, Prometeus’ native utility token. PROM serves as a means of payment for services in Prometeus-based applications such as Stoa and Ignite. You can also trade Prometeus (PROM) and stake the PROM to participate in the Proof of Staked Authority (PoSA) network consensus and receive PROM rewards in return.
However, investing in cryptocurrencies involves significant risks due to their volatility. Consider your own circumstances and obtain your own advice before relying on this information. You should also carry out your own research, including the legal status and relevant regulatory requirements, and consult the relevant regulators’ websites before making any decision.
This content is for informational purposes only and does not provide financial advice, investment advice, or any other kind of advice.
To sum up, you’ll have to buy BTC first before buying PROM. And, if your exchange doesn’t support PROM, you’ll have to transfer the BTC to an altcoin exchange that offers market access to the coin.
Once you’ve decided to buy PROM, you can follow the steps described above for a seamless experience.
We hope this article has helped you learn how, where, and why you need to buy Prometeus.
You can also learn more about blockchain and cryptocurrencies, including “How to Buy Pirate Chain,” etc., on our website!