A decentralized, open source cryptocurrency in nature, Tron is largely used in day trading, and is one of the top 15 cryptocurrencies with respect to market capitalization. The Tron ecosystem aims at being a digital content distribution platform for the entertainment industry. Its cryptocurrency, Tron (TRX), is used by content users and consumers to pay for access to the content available on the network. Creators have the power create content for free, store it and own it on the Tron blockchain.
These tokens find their way to the accounts of the content producers as when a consumer pays for access to their content. Content producers can then exchange these tokens for other cryptocurrencies and cash out via an exchange, or use the tokens to pay for blockchain services. The ecosystem eliminates the middleman in the entertainment industry, allowing consumers to interact with creators.
How to buy Tron
When it comes to buying Tron, an individual has two options. You can buy Tron an a popular exchange like Binance, hoard your tokens for a substantial amount of time and sell when you feel the price of the coin has risen significantly. You can then proceed to sell your acquired coins on an exchange. The second option is with respect to trading a contract for difference on a particular cryptocurrency, and speculate on the difference in price. CFD trading is, however, very risky, especially for traders with little or no knowledge with this investment type. That being said, there are various crypto trading software and other tools, which can be of good help when trading cryptocurrencies such as Tron with contracts for difference.
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The cryptocurrency was first launched in 2017, and has been a massive hit ever since. It was listed on CoinMarketCap on the 13th of September, 2017 at $0.002, its trading volume being $48,512 on the day. The highest price recorded by the token was during trade on the 5th of January, 2018, reaching $0.30. It received its largest trading volume a day before that, at $4,089,410,000. Due to the circulation of its token and decentralized issuance, Tron is widely traded and is the best cryptocurrency suited to day trading.
Why trade in Tron?
Among the many liberal and non-liberal reviews published by cryptocurrency journals, Tron finds itself in good light with respect its project vision and its plethora of features. Here is why you should invest in the coin today, and what makes it best suited for cryptocurrency day trading –
- Purchasing Tron is simple and straightforward. You purchase tokens on Binance and trade your tokens immediately, or as per how you wish to.
- Tron has seen massive rises in value, with some weeks having charted a 2000% appreciation on its value.
- Unlike other cryptocurrencies, the ecosystem wants consumers and users to initiate their own coin offerings by individually dispensing digital assets.
- Tron allows content creators to own the content they create with respect to the entertainment industry. There is no middleman involved, and consumers can interact with producers, the consumers of which pay in the Tron token to access content they wish to see. These tokens are then transferred to the content creators, who can choose to trade these tokens for other cryptocurrencies and either cash out, or hold on keeping in mind a long term investment.
- The core team behind the project is solid, with a set of ideals and principles they swear by. Forbes has published an article in awe of their CEO, Justin Sun, terming him to be the “Next Jack Ma”.
- The roadmap of Tron’s vision outlines two future phases, with respect to the gaming industry and market forecasting. Investors may buy in to this as and when it is released, generating significant profits from the same and forecasting future market scenarios. These two phases could have a substantial impact on the growth and value of the token, making it ideal for day trading.
The safest bet to storing a cryptocurrency is a hardware wallet. There is no point buying a cryptocurrency if you do not secure it securely. The last thing anyone would want is their earnings being stolen, or their wallet hacked into. The Tron ecosystem being built on the Ethereum blockchain, the best offline wallet for storing Tron is the MyEtherWallet (MEW). The best hardware wallets for the same are Ledger Nano S and Trezor.
Conclusion on why Tron is the best crypto to day trade
The Tron ecosystem is taking a fantastic approach with respect to the entertainment industry, eliminating the middleman between consumers and producers and allowing for financial empowerment. The have a clear vision, a significant financial backing and a highly qualified team, add to which a fantastic environment for day trading.
As is the case with all cryptocurrencies, Tron too is volatile and investing in the coin comes with its own set of risks. Be brave, invest keeping a long term vision in mind and wait for its future updates, as mentioned in its roadmap! Tron is set to be a top 10 cryptocurrency in the near future.