How to Buy Internet Computer Coin (ICP)

Since numerous crypto coins are available on the market, it can be challenging to decide which to acquire (such as whether to buy buy Ethereum or buy Dogecoin) and which may not be the best choice. The ever-growing crypto industry is brimming with countless choices, making it tricky to find crypto assets that might interest the specific needs of specific users.

Enter the Internet Computer blockchain — and its native token, ICP — which borrows a page from the internet itself, aiming to become an infinite and borderless blockchain. However, before we go deeper into how to buy Internet Computer coin using the CEX.IO platform, let’s learn more about its history and what makes it so unique.

What is Internet Computer Coin (ICP)?

ICP, or the Internet Computer Coin, is the Internet Computer blockchain’s native utility token. The DFINITY Foundation (a nonprofit organization) is behind this blockchain and describes it as “the world’s first web-speed, internet-scale public blockchain.”

You can think of the Internet Computer blockchain as a globally decentralized computer that uses a public source code. The core of this blockchain consists of thousands of independent hardware data centers, making it unique among countless other blockchains. Consequently, this blockchain permits running services and software directly on the open internet.

More specifically, the goal of this blockchain’s native token — ICP — is to help with the operation of a web infrastructure’s decentralized layer. Like numerous other crypto coins, ICP’s value depends on the open market and overall cryptocurrency prices, but this coin is available for crypto transactions at CEX.IO.

Those looking to receive ICP tokens may do so through the DFINITY Foundation or the ICA (Internet Computer Association). Alternatively, providing computing capacity as a data center or node provider also gets you ICP tokens as remuneration.

Simultaneously, developers can use these tokens to pay for the resource consumption and computation on the IC blockchain by converting them into cycles. If you already hold ICP, you can also lock them up in the NNS (Network Nervous System) “neurons,” allowing you to participate in network governance.

How does the Internet Computer Coin work & why is it so Special?

The idea behind the DFINITY Foundation’s Internet Computer blockchain is to ultimately create a decentralized internet. In other words, compared to older-generation blockchains and the scalability issues they typically suffer from, the IC blockchain aims to enable developers to build and use problem-free dApps.

Thanks to the Internet Computer blockchain, it is possible to create various infinitely scalable platforms unplagued by downtime. It used to be all but impossible to use a blockchain to build a social media platform, which was one of the technology’s most significant drawbacks. Consequently, this blockchain enables all transactions and smart contracts to run at web speed, eliminating the need for users to wait for transaction processing or block creation.

Moreover, this unique technology makes it possible for developers to reconsider their extensive software frameworks. Since the products they build on top of the IC blockchain will not rely on big tech companies and hosting providers to operate, they will inherently remain decentralized in nature. Some of these products include:

• Traditional enterprise systems
• Pan-industry platforms
• Decentralized financial systems
• DApps
• Websites
• Tokenized internet services

How to Buy the Internet Computer (ICP) Coin with a Credit Card

If you’re a latecomer to the crypto world, you may believe that the process of buying this coin is tricky. While it can appear so at first glance, this procedure is actually straightforward. Below, we’ll go through the basics of crypto markets and exchanges, with a particular focus on how CEX.IO can help you acquire this unique crypto coin. On the other hand, if you’re a crypto connoisseur, you can disregard this section and jump further down to the step-by-step guide.

Why are traders buying ICP?

ICP is a crypto coin, meaning it’s classified as a digital asset. As such, you can only acquire/sell it on crypto markets. On a traditional stock market, purchasing a security means you become the owner of a part of a corporation’s equity. However, buying a digital asset or coin on a crypto market means your crypto wallet will contain your newly obtained assets. You can use these assets from there to perform crypto transactions (such as buying concert tickets, paying for online classes, etc.).

Additionally, you can quickly exchange your crypto holdings for hard cash (such as BTC to USD, for example), which, coupled with the ICP coin’s underlying purpose, makes it a popular choice. Regardless, your decision of whether or not to acquire this coin should be based on and preceded by thorough research.

How do I buy crypto assets?

Traveling abroad requires exchanging your country’s currency for the currency of your destination country. For instance, travelers from the U.S. must exchange their dollars for Euros when traveling to France and use them to pay for hotel accommodations, food, and other expenses during their travels. They typically do so by observing the exchange rate, submitting their dollars at a bank or different exchange location, and receiving an approximately equal value in foreign banknotes (Euros, in the previously mentioned example).

Those looking to buy & sell crypto can benefit from a similarly straightforward process, with the exception that it mostly takes place online. Therefore, the necessary steps include:

• Choosing a reputable exchange platform (like CEX.IO)
• Registering a new account
• Linking your payment card
• Placing buy orders

Alternatively, you can also use a crypto ATM, but this method is generally not recommended if you’re new to cryptocurrencies.

How do I choose the most suitable crypto exchange?

Needless to say, safety and security are top priorities for all things internet-related and especially for any type of financial transaction. Since crypto transactions fall into this category, these criteria also apply.

However, when selecting a crypto exchange, experienced crypto enthusiasts also observe several additional factors in their decision. For example, some base their selection on whether a platform provides familiar payment options and an intuitive interface. In contrast, others prefer API solutions for automated trading and extended price charts with multiple analytical instruments.

Regardless, if you’re inexperienced in the crypto world, focusing on a platform’s security aspects and whether it follows relevant regulations is critical. For example, crypto exchanges that provide services to Great Britain or the United States must operate under special legal permissions and licenses (CEX.IO is both present in and fully compliant with both of these markets’ crypto regulations). Therefore, not only is our platform ideal if you’re looking to buy Bitcoin instantly in both regions, but it also represents the best way to buy ICP online in the USA.

Where to Buy ICP

Because of the previously mentioned reasons, our platform is in a class of its own when it comes to ensuring customer account and fund safety. CEX.IO serves more than five million users globally and boasts bank-class security features, some of which include:

• Cold storing clients’ funds complete with multi-signature confirmation
• Crypto address whitelisting
• Fraud prevention through identity verification and two-factor authentication of every customer
• SSL encryption

Additionally, our platform features MTLs (Money Transmitter Licenses) in 32 U.S. states and is registered as the FinCEN as one of numerous MSBs (Money Services Businesses). Besides the U.S., the full suite of CEX.IO services is available in 193 countries globally, making it the perfect choice for individuals looking to sell Bitcoin or perform numerous other crypto transactions.

Step-by-step guide on how to buy ICP on CEX.IO using your credit card

1. Visit the CEX.IO website (or log into your account via the mobile app) and access the Buy/Sell page
2. Select how many ICP coins you would like to acquire (the dropdown list above the price/amount boxes also enables you to switch to other cryptocurrencies)
3. Input your card information (number and expiry date), which will connect your credit card to your CEX.IO account. This step will make it possible to use this card for other transactions (such as fiat withdrawals or trading)
4. Your request will be processed within seconds after you confirm the transaction and the coins will appear in your account balance shortly

How to Buy Internet Computer Coins with a Debit Card

When it comes to how to buy Internet Computer coins, another convenient feature of the CEX.IO ecosystem is that it accepts both credit and debit cards running on MasterCard or VISA. Therefore, you can also use your personal debit card to perform crypto transactions or fiat deposits.

The steps for these transactions are identical to those listed in the previous section regarding credit card purchases on our platform. Additionally, the CEX.IO suite of services provides numerous other convenient solutions to crypto enthusiasts (such as a straightforward Bitcoin calculator).

How to Store ICP

For the most part, storing your crypto assets comes down to choosing the safest possible place (platform/exchange) to hold them. Case in point, your CEX.IO account is the perfect place to keep your ICP tokens, especially if you prioritize the safety and security of your crypto assets.

As mentioned above, different independent regulatory agencies continuously monitor and test the protection of customers’ accounts on our platform. CEX.IO uses cold storage to ensure nefarious actors cannot access customers’ crypto holdings.

Additionally, only you can access and manage your funds in your CEX.IO account, thanks to two-factor authentication protection. The possibility of staking crypto is another advantage of using our platform for your crypto operations, including storing your ICP tokens or other crypto assets.