REN is a token used on the RenVM network, facilitating inter-blockchain transfers. REN is different from many other cryptocurrencies because it’s not designed to be used as a financial asset or store of value. It’s designed to power a decentralized finance platform that runs entirely on smart contracts.
Unlike Bitcoin (BTC) or Ethereum (ETH), REN tokens aren’t mined using computer processing power (hashrate). Instead, they’re generated when users lock up their BTC or ETH in the RenVM protocol and start trading on decentralized exchanges like Uniswap. The RenVM network is built to enable interoperability between various blockchains. On RenVM, value can be transferred between blockchains without the need for deposits or withdrawals.
The primary use of REN is to provide liquidity to the RenVM network through staking. You can generate rewards in RenBTC, wBTC, and others by staking REN tokens. You can also earn interest by depositing your REN into a vault in the Ren ecosystem, or you can use it to participate in governance decisions for the network.
How to store
Once you have some REN crypto, you’ll need to save it in a safe place. This is known as a wallet. This crypto wallet allows you to receive, store, and spend. It’s a bit like a bank account that lets you hold your cryptocurrency. Your wallet is anonymous and encrypted, but it isn’t stored in one place like a bank account. Instead, it’s held across the whole network of computers running the blockchain software – this is called decentralized storage.
First, decide how you want to store your REN crypto. Your options are:
- Store your crypto on an exchange (i.e., Kraken, Binance, Gemini)
- Store your crypto in a hardware wallet (i.e., Ledger Nano S, Ledger Nano X)
- Store your crypto in a software wallet (i.e., MetaMask, Coinbase Wallet, Exodus)
- Store your crypto in a custodial wallet (i.e., Coinbase Wallet, Square Cash App)
Also, the easiest way to store REN is in your web browser. Just go to renproject.io, click on “Wallet” in the top menu and click on “Create a Wallet.”
The site will ask you for a secret phrase. Write it down (or save it) somewhere safe, and don’t share it with anyone. This phrase is needed to recover your wallet, so make sure you won’t lose it.
How to buy Ren
You can buy REN tokens on a number of major cryptocurrency exchanges, including Binance, Gate.io, and Upbit. You can also buy them with fiat currencies like US dollars or euros on Bitfinex, though this exchange has recently suspended new user registrations.
REN tokens are paired with Bitcoin on most exchanges, so you must acquire Bitcoin before you trade it for REN tokens. You can buy Bitcoin from an exchange like Coinbase using your local currency or from a peer-to-peer marketplace like Paxful using more than 300 different payment methods. Below is the process for buying;
Sign up for Kraken account
Once you have created your wallet address and have access to your private key(s), you can sign up for an account on any major cryptocurrency exchange. The best place to buy REN is Kraken because it has the most trading pairs and offers the most significant liquidity for REN. It offers an excellent interface and reliable security measures, but there are plenty of other exchanges out there too.
Verification
Some exchanges will require you to verify your account before buying or selling REN. To make the most of your crypto experience, you’ll need to verify your account. This can include uploading an image of your ID and potentially also sending a live image of your face using a webcam.
The steps will likely be in your account dashboard if verification is needed. If you have any questions about this process, contact the exchange you’re using.
There are a few reasons why you should verify:
- To comply with anti-money laundering regulations in order to keep providing you with these amazing products and services.
- Have access to higher withdrawal limits and other account features once you’re verified.
- Verification also helps protect you from fraud and identity theft by ensuring that no one else is accessing your account.
Add funds or the payment method
After verifying your identity, connect a payment method to your account. Note that buying crypto using a bank account usually takes several business days to process.
- Go to your Portfolio
- Under “Add funds,” select the wallet you want to add money to and choose Buy.
- Enter the amount of your purchase. You can select the amount in fiat or cryptocurrency.
- Select Continue, then Review & Submit your order.
- To update your payment method:
- Under Payment methods, select Manage payment methods.
- Select Add payment method and follow the instructions on the screen.
Buying REN
Once you have funds in your account, you can use them to buy REN from one of many available trading pairs: ETH/REN or USDT/REN.
While storing REN is easy, trading it also seems pretty straightforward. Many online exchanges make it easy to move these currencies around and trade them against one another. That’s why it’s so important to keep an eye on the people who handle your accounts for you, as those people have many opportunities to either lose or steal the information required for you to access your accounts.
While the real value of REN will only be derived from the community’s belief and its willingness to trade the token for future profits, it still could be an exciting addition to your diversification if the trend in the crypto space continues. Remember that any investment should be treated as a long-term play. There will likely be moments of extreme volatility because of FOMO or FUD in both directions, but don’t let these ups and downs influence your decision regarding how you want to manage your portfolio.
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