Founded in Singapore, Tron is a cryptocurrency (TRX – Tronix), whose main goal is to remove middlemen and trade directly with clients. Middlemen such as Amazon and Google control online traffic and all data of internet users. Tron wants to counter this by putting the users in charge of their own data. Tron is a blockchain cryptocurrency and is used in the entertainment protocol field.

You can only invest in Tron if you have long-term investment plans. You can lock your Tron trading currency (Tronix), something that is said to increase its value. Locking it up does earn you rewards and a higher status, which allows you to do things like vote.

About Tron Tokens

Tron has billions in circulation, but it cannot be mined. Released in late 2017, Tron is a new cryptocurrency. Despite this, it has seen rapid increases in its price. Its starting price was .002 cents in September. By December its price had gone up to .045. You can buy Tron on several exchanges. These include Binance and Coinbase. You can trade Tron coins for Ethereum or Bitcoin on these exchanges and put them in your wallet. Many users go with Binance because of its low fees.

Since Tron coins are classified as ERC-20, you can keep them in wallets that support the Ethereum blockchain tokens. Examples of such wallets include Ledger Nano S, which is most widely used and recommended. Another good wallet to use is MyEtherWallet.

 

MyEtherWallet

This is a wallet that works with ERC-20 tokens. It is quickly becoming one of the best wallets for storing digital currencies. MyEtherWallet’s interface is hosted on its own server, and you are the only one who can access your wallet with your keys. You also have complete ownership of your coins.

MyEtherWallet is free and does not require third-parties. It comes with a program that lets you exchange Bitcoin for Ethereum. You can use it for making investments online, like Mining. You can also link other wallets you use in your MyEtherWallet.

How To Create A MyEtherWallet Account

There are several steps to follow to create an account, but they are easy to follow.

  1. Go to the MyEtherWallet website
  2. Verify that it is the original website by checking the site’s URL
  3. Sign up, enter your password, and click ‘create new wallet’
  4. A prompt will appear, saying ‘download Keystore File (UTC/JSON)’. Make sure you read the instructions given, then click ‘I understand’
  5. Download and save the Keystore file
  6. Another page will open, telling you to ‘save your private key’. Read the instructions, and click ‘save your address’
  7. Now you need to unlock your wallet to see your address. Copy the Private Key and paste in the field given. Click ‘unlock’
  8. You have successfully created your MyEtherWallet account. You will find the following details on your page: your Ethereum Wallet address; your unencrypted Private Key; your Private Paper Wallet; QR Code; and Private Key.
  9. When you want to log in to your account, click ‘send ether and tokens’. This should be at the top of the page. Copy and paste your Private Key in the provided space. Click ‘unlock’. Now you are logged in.

Make sure you choose a password that is difficult enough to crack and easy for you to remember. Also, don’t forget to back-up the Keystore File somewhere other than your laptop. Save your Private Key by printing it, and then delete it from your device. This will prevent any viruses or malicious codes from getting to it.

How To Buy Tron

The process outlined here is from the very beginning of buying the cryptocurrency. If you already have some, skip to the part of exchanging them for Tron.

  1. Using Coinbase, you can exchange fiat currency for the cryptocurrency, such as Litecoin. There are other exchanges you can use. These include CEX.IO and LocalBitcoins. Coinbase is beginner-friendly, however, so you could use that if you are new to trading cryptocurrency.
  2. Once you have your Litecoin, you have to find a place to trade it for Tron. You can do this on Binance, Liqui, CoolCoin, or Token Store, amongst others. Binance trades at a flat rate of 0.10%, making it cheaper than many other platforms. Register with the one of your choice.
  3. Now you need to add the Litecoin you have purchased to your MyEtherWallet. If you haven’t added Litecoin to your wallet before, you will have to open ‘view wallet info’ on the menu. Click the Tokens, which will take you to a website. There, find the coin you want to add to your wallet. Copy the address, and paste it into the address box in MyEtherWallet website. Also put in the short name of the Litecoin (LTC), and the decimal places it uses (you will see this where you copied the address). Click ‘save’. You can then send the Litecoin to your MyEtherWallet.
  4. When registering with Binance or Liqui, you had to link your wallet with the account. There are trading pairs on the exchange. Search for TRX/LTC – that means Tron for Litecoin – and buy the Tron coins you need. Or you could place an order to buy Tron with Litecoin, and you will get your Tron.

Conclusion

That is how you use MyEtherWallet and how you buy Tron. The criticism MyEtherWallet gets is that you have to enter your password for every page you go to. This is meant to ensure that your wallet is secure, so it shouldn’t be too frustrating. Also, investing in a hardware wallet is not a bad idea. You can link it with your MyEtherWallet to ensure the safety of your passwords, private keys, and tokens.

Before you buy Tron, you should do your research. The cryptocurrency market is volatile. Tron’s future actually looks good and has a lot of potentials. That doesn’t mean you should rush in headlong and start trading. Find out all you need to know before you purchase it for trading. Read more about cryptocurrencies investment on our website as we share the tips and tricks of the trade.