The post How to Buy Worldcoin by Ryan McNamara appeared first on Benzinga. Visit Benzinga to get more great content like this.
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After years of anticipation, CEO of OpenAI Sam Altman recently announced that Worldcoin is publicly available. On the opening day of trading, the token’s fully diluted market cap surpassed $25 billion, reaching similar levels to Altman’s OpenAI.
Its valuation is in part due to the team’s lofty goals, articulated in the Worldcoin co-founder’s letter: “Worldcoin is an attempt at global scale alignment; the journey will be challenging and the outcome is uncertain. But finding new ways to broadly share the coming technological prosperity is a critical challenge of our time.”
Worldcoin is among the most hyped cryptocurrency launches in 2023. You may wonder if the token is worth buying or claiming for free after verifying your humanity. Let’s dive into what Worldcoin is and how to buy it on top exchanges today.
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Table of contents
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What is Worldcoin?
Worldcoin is a proof-of-humanity protocol that uses the Optimism Stack to secure its network. It can be difficult to tell who or what owns which crypto wallets — a bot or an individual who controls multiple wallets. Worldcoin seeks to solve this problem by assigning one ID, dubbed World ID, to each user. Worldcoin verifies users’ identities by scanning their retinas and issuing them a World ID.
That’s right, users can’t get a World ID without first scanning their retinas. People are incentivized to do so for WLD tokens, which they receive for “simply being human.” A specific device, called an Orb, is required to scan your retina, so you’ll need to find one near you to participate. In the meantime, you can download the World App and reserve your share of tokens ahead of your scan.
Worldcoin acknowledges the potential use cases for Worldcoin to discredit AI-generated content, power universal basic income (UBI), and enable global democratic processes.
Brief History of Worldcoin
Worldcoin was co-founded in 2020 by Sam Altman. Altman serves as the CEO of OpenAI, the company that created ChatGPT. Altman also served as president of Y Combinator, an early-stage venture incubator that has helped grow Coinbase, DoorDash, DropBox and dozens of other large tech companies.
Worldcoin officially launched its token on July 24, 2023. After much anticipation, Worldcoin began trading at a $23 billion market cap, making it valued similarly to OpenAI.
How to Buy Worldcoin
With large amounts of trading volume and a credible team, Worldcoin is already available on numerous cryptocurrency exchanges. You can buy Worldcoin using a decentralized exchange (DEX) like Uniswap or on centralized exchanges like Binance, Houbi and Bybit.
Step 1: Open an Online Account
If you don’t already have a crypto exchange account that offers support for Worldcoin, you’ll need to make a new account. Signing up for these trading platforms requires KYC verification, meaning you’ll need to verify your identity (without scanning your retina) before you can begin trading.
You can also send ETH from an existing exchange to a wallet. Once in your crypto wallet, you can connect to Uniswap and trade ETH for WLD tokens.
get started
securely through Binance’s
website
Binance is the largest cryptocurrency exchange in the world by trading volume. In fact, it tops the ranks of cryptocurrency exchanges maintained by CoinMarketCap, which are ranked based on 24-hour trading volumes, exchange score and average liquidity. Binance triumphs over exchanges like Huobi Global and Coinbase, which follow closely in 2nd and 3rd places, respectively.
Previously based in Malta, the Binance Group is now based in the Cayman Islands. Binance has several locations and entities registered across the globe. In the United States, it’s known as Binance.US. The exchange in the U.S. uses the same cutting-edge technology and trading services as its global counterparts with the difference being U.S. regulatory compliance. It is operated by San Francisco-based BAM Trading Services.
Binance.US ranks 9th on CoinMarketCap’s list of the top 10 exchanges based on metrics like 24-hour trading volume, exchange score and average liquidity. Binance could be a good platform for you to invest in cryptocurrencies if you are a U.S.-based trader who trades frequently, doesn’t intend to pay high trading fees and needs access to a large number of cryptocurrencies.
Best For
- US Citizens
- Frequent day traders
- Users interested in Binance Smart Chain (BSC) and Binance Coin (BNB)
- Low trading fees
- Easy-to-use platform
- Wide selection of altcoins — it offers 51 cryptocurrencies apart from Bitcoin (BTC)
- Good customer service
- High liquidity because of large trading volumes
- Only residents of 43 states in the U.S. can trade on Binance.US. You cannot trade on this platform in New York, Connecticut, Hawaii, Texas, Vermont, Idaho and Louisiana
- Despite the wide selection of altcoins, the number of tokens offered on the U.S. platform is not comparable to the hundreds of choices available on the Binance global platform
- There is no option for telephonic customer support
get started
securely through ByBit’s
website
Founded in 2018, Bybit is a Singapore-based cryptocurrency exchange offering derivatives in 17 different trading pairs. Available to clients around the world, Bybit has over 2 million users trading traditional futures contracts and perpetual contracts with no expiration. Spot trading is available on the platform, which features a compatible mobile app for download on both iOS and Android devices. Bybit has reliable customer service, sophisticated trading tools, and a wealth of knowledge in its education libraries. However, US residents are shut out from its services.
Best For
- Cryptocurrency traders of all levels
- Affordable trading fees
- API trading
- Multiple order types
- Fast server with no downtime
- Accessible customer support
- Can make deposits with more than 50 different currencies
- Intuitive platform with mobile functionality
- Not available to residents of the US, Quebec, Singapore, or China
- Spot trading only available to whitelist clients
Step 2: Buy a Wallet (Optional)
While using a wallet is only required if you plan on buying Worldcoin via a DEX, it’s recommended that you use a hardware wallet to store your crypto assets. Unlike holding your tokens on an exchange, using a cryptocurrency wallet allows you to hold custody over your funds, and it reduces the risk of your funds being stolen.
Best Hardware Wallet: Ledger Nano S
buy now
securely through Ledger Hardware Wallet’s
website
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
Best For
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Portable
- Long-lasting battery
- Bluetooth connectivity features
- Can be quite pricey
Ledger stands out as the best hardware wallet for several reasons. It’s one of the longest-lasting wallet manufacturers, selling millions of units since its inception in 2014. Ledger hardware wallets support thousands of tokens, so you won’t need to have separate wallets for different types of digital assets.
The Ledger Nano S stores your crypto completely offline, out of reach from hackers. It also comes in at an affordable price, selling for $59 on Ledger’s website and Amazon.
Best Software Wallet: Coinbase Wallet
earn free crypto
securely through Coinbase’s
website
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Best For
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
- Higher fees than competitors
If you’re not ready to shell out cash for a hardware wallet, software wallets are good alternatives. Software wallets are free applications that allow users to self-custody their assets, such as MetaMask and Coinbase Wallet. Coinbase wallet stands out for its DeFi integrations and support for layer 2s, allowing you to interact with DeFi without needing to pay high gas fees.
Step 3: Make Your Purchase
Once you’ve set up a wallet or created a cryptocurrency exchange account, you’re ready to make your purchase. Search for Worldcoin or its ticker, WLD, and select the trading pair you’d like to trade on. Typically, this will be either BTC or stablecoins, meaning you’ll need to hold one of these assets in your account to purchase WLD.
Once funded, set a limit or market order to buy your Worldcoin. Once executed, the assets will appear in your account balance. Then, it’s recommended to transfer your tokens to a crypto wallet to have full control over your funds.
Bonus
Ethereum’s co-founder Vitalik Buterin recently released an article about proof-of-humanity protocols and the problems associated with them. Check out his article to see what needs to be addressed for protocols like WorldCoin to succeed.
Trade, Sell or Convert your Worldcoin
When you’re ready to sell or convert your WLD tokens, you can do so using the same exchange you used to make your purchase. If you seek to convert your WLD using a centralized exchange, you may need to transfer your tokens back to the exchange from your wallet. Once funded, you can choose to sell your Worldcoin for stablecoins or Bitcoin on most exchanges.
Current Crypto Prices
The cryptocurrency markets have been in a bear market for the better part of two years, with few projects making as much noise as Worldcoin. Most altcoins are down over 80% from their peaks, while Bitcoin and Ethereum are still down over 50%. While many investors are certainly feeling the burn, others see this as a prime opportunity to accumulate more digital assets.
Is Worldcoin a Good Investment?
The fully-diluted valuation of Worldcoin is tens of billions of dollars, but it’s hard to justify this value based on fundamentals. It’s difficult to predict how the market price of WLD will react to its token distribution, as everyone who scans their retinas will receive tokens in return. While the protocol would be invaluable if it achieves its goals, it’s important to consider what Worldcoin must overcome to bring its ambitions to life.
Frequently Asked Questions
Why people are buying Worldcoin?
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Where can I buy Worldcoin cryptocurrency?
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How to make money with Worldcoin?
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The post How to Buy Worldcoin by Ryan McNamara appeared first on Benzinga. Visit Benzinga to get more great content like this.