Note: This is not financial advice. This is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class; only invest what you can afford to lose.
"How to buy Internet Computer Coin" is a new Google search query that's blowing up as crypto investors scramble to get their hands on a new, promising cryptocurrency that's on an upward trajectory.
Fortunately, ICP (the ticker symbol for Internet Computer) is easier to buy than other popular cryptocurrencies like SafeMoon and Shiba Inu, thanks to its new listing on a trusted exchange. On May 10, Coinbase Pro announced that Internet Computer is a new addition to its cryptocurrency suite, boosting investors' confidence in ICP.
ICP is launching on Coinbase Pro on Monday May 10th. Transfer ICP into your Coinbase Pro account ahead of trading. Trading will begin on or after 9am PT once liquidity conditions are met. https://t.co/4leAIn9KtNMay 9, 2021
Interestingly, although Internet Computer debuted on Monday, it skyrocketed to a shocking all-time high of $731 on the same day. As of this writing, it's trading at about $309. It's a bit pricey, but many cryptocurrency pundits believe ICP has the potential to become a major disruptor in the tech world. That being said, investors are anxious to buy Internet Computer.
Before I can dive into the easy, step-by-step instructions on how to buy Internet Computer, here is an explanation of what ICP is all about.
What is Internet Computer (ICP) coin?
Internet Computer, founded by the Switzerland-based DFinity Foundation, is a project that's been in the works for the past five years.
One of Internet Computer's missions is to offer smart contracts that run at internet speed. A smart contract is a blockchain-based software that auto-executes commands once certain terms and conditions have been met. For example, an online shop can implement smart-contract technology to auto-send a digital book to a buyer after payment is received.
Smart contracts on blockchains ensure a seamless exchange of funds without the need for centralized entities (e.g. banks).
However, Internet Computer doesn't only offer smart contracts. It's a multifaceted virtual ecosystem that includes a decentralized marketplace, a professional social network, a decentralized web, a business platform for the luxury goods industry, and more. Decentralization, as you can probably tell, is one of Internet Computer's biggest selling points; ICP is determined to take down companies who monopolize the internet space.
“In 10 years, the wider tech community will realize that the Internet Computer is on a trajectory to one day become humanity’s primary compute platform for building software, and the 'Open Internet' will predominate over Big Tech’s closed proprietary system,” said Dominic Williams, founder and chief scientist for DFinity.
According to The Block, the ICP network is currently supported by 48 data centers. By the end of the year, DFinity expects to add an additional 75 data centers. ICP ain't no SafeMoon or Shiba Inu; it certainly deserves a spot on our best cryptocurrencies with the most utility list.
How to buy Internet Computer Coin
Buying Internet Computer Coin is super easy and the process isn't as convoluted as other coins (ahem, SafeMoon). Sign up for Coinbase and follow these steps:
1. On the Coinbase home page, scroll down to "Discover more assets."
2. Find "Internet Computer" and click on "Buy."
3. You can either select a pre-determined amount (i.e. $10, $50, $100, $500, $100) or click "Custom," and input your desired amount.
4. Review the Order Preview to make sure you're satisfied with the fees (Coinbase's fees are cutthroat).
5. Tap "Buy Now," and there you have it. You now have Internet Computer Coin.
Although Internet Computer is a promising project, the cryptocurrency market is extremely volatile. Make sure to practice proper risk management before investing in virtual currencies.
Stay in the know with Laptop Mag
Get our in-depth reviews, helpful tips, great deals, and the biggest news stories delivered to your inbox.
Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!