If you keep up to date with cryptocurrencies, you might have heard of ID coins.
This new cryptocurrency is designed to keep your blockchain information safe and secure through unique identification codes given to its owners, and is a game-changer when it comes to protecting your cryptocurrency against cybersecurity threats.
But what exactly is an ID coin, and how can you buy it for yourself? Don’t worry, because we’ve got all the answers right here!
In this handy guide, we’ll take you through all there is to know about ID coin – from what it is to how to buy it. So read on, and get ready to learn all about this revolutionary new cryptocurrency!
What Is ID Coin?
Before we get started, it’s important to understand what ID coin actually is.
ID coin is a cryptocurrency designed to ‘tag’ or ‘wrap’ blockchain information about the cryptocurrency through a unique identifying code. This is intended to reduce the risk of theft or loss.
ID coin (also known as My Identity Coin, or simply MYID on the crypto market) uses a cybersecurity technology to protect the cryptographic blocks that it’s stored on, as its unique coding is used to verify its owner’s identity to prevent any unwanted access to the blockchain and limit the possibility of threats such as loss, theft, hacking, or unlawful confiscation.
As blockchain technology is becoming more advanced and mainstream, so are ways to breach its security and access the information inside.
MYID coin is designed to prevent this and is effective at eliminating all major threats to a cryptographic block’s security.
Despite its status as a cryptocurrency, MYID coin isn’t actually used as a form of tender.
Instead, it’s what’s known as a ‘utility token’; these are a form of cryptocurrency used to provide or allow access to various services.
These services can include allowing access to a blockchain, driving interest in a crypto project, or (in the case of MYID coin) providing cybersecurity measures to protect a blockchain’s assets.
Utility coins are different to most cryptocurrencies in that they are a non-cash asset. As a result, you can’t invest in ID coins as a store of value. Instead, you buy ID coin to protect your other blockchain assets.
But enough about what MYID coin is – let’s take a look at how to buy them!
How To Buy ID Coin: A Step-By-Step Guide
Step One) Set Up A Coinbase Wallet
You can’t buy MYID coin with cash, and you’ll need to use Ethereum to buy it as MYID is an ERC20 token, meaning it is created for the Ethereum ecosystem. To do this, you first need to have a crypto wallet for your Ethereum (which we’ll refer to as ETH from now on).
As one of the biggest and most secure crypto platforms, Coinbase is a great choice for your crypto wallet.
Download the Coinbase Wallet app and create an account. This only takes a few minutes to do. You’ll need to provide a valid form of ID and may also need proof of address to do this.
You’ll also have to add a payment method for actually buying cryptocurrencies; this requires verification from your bank, and may take a couple of days to fully complete.
Step Two) Buy Ethereum (ETH)
Once your Coinbase wallet is set up and ready to go, you can start buying ETH to exchange for your MYID coins.
Click on the ‘Trade’ option, which looks like two overlapping arrows pointing away from each other, and select ‘Buy’ from the list of options that pops up.
A search bar will show up; type in ‘Ethereum’, and select it from the list of results. This will bring up the Purchase screen.
Now, all you need to do is enter how much you want to buy in USD. This will automatically be converted into its equivalent value in ETH. Confirm your purchase, and your ETH will be added to your Coinbase wallet!
Step Three) Find MYID Coin In The Trade Tab
Now that you have some ETH in your Coinbase wallet, you can use it to buy your MYID coin. Before you do this, however, it’s a good idea to check the current value of MYID coin to make sure that you have enough ETH to exchange for it.
You should also look into Ethereum’s network fees – these can vary depending on the amount of your purchase and how fast you want the transaction to be completed (among other things), so it’s always a good move to check this beforehand.
With that sorted, go onto your Coinbase home page and find the Trade tab. First, select the icon that looks like a blue square with a white circle inside that has another, smaller blue square in the middle.
This will bring up a list of options, including the Trade tab.
Tap on this, and then select the ‘Choose Coin’ option. This will bring up a list of the tokens you can exchange your ETH for. Find or search for My Identity Coin.
Step Four) Use Your ETH To Buy Your MYID Coin
After you’ve found MYID coin on the list, select it to open up the trading menu. Input how much ETH you want to exchange for the MYID tokens – don’t forget to account for the Ethereum transaction fees while you’re doing this.
Once you’ve done this, click ‘Confirm’ to finish up your purchase. You’ll have to follow some on-screen instructions to finalize the transaction, but these only take a moment to do.
When you’ve finished the transaction, congratulations – you’re now the proud owner of MYID coin!
While it might not be the typical definition of a cryptocurrency, the security that MYID coin provides is just as valuable.
By securing your blockchain information with ID coin’s unique identifying code, you can rest easy and safe in the knowledge that your cryptocurrencies are protected against cybersecurity threats like hackers and fraudsters.
With how quick and simple it is to buy MYID coin, there’s no reason not to protect your investments against loss and theft.
Just follow this handy step-by-step guide for buying ID coin, and you’ll be more financially secure in no time!
Paul Martinez is the founder of BendingDestiny.com. He is an expert in the areas of finance, real estate, and eCommerce.
Join him on BendingDestiny.com to learn how to improve your financial life and excel in these areas. Before starting this blog, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.