EOS is a cryptocurrency project and software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications.
The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
Binance is limited to cryptocurrency so we can’t directly purchase EOS with US dollars or euros. We must first purchase Bitcoin or Ethereum on a fiat exchange like Coinbase, CEX.io, or Coinmama.
Changelly supports direct fiat purchases but has much higher fees when fiat currency is used.
For more information on purchasing Bitcoin or Ethereum, check out our guides on purchasing Bitcoin and Ethereum. If you already own these currencies or know the process, keep reading to learn how to buy EOS!
Binance (review) is one of the most popular cryptocurrency exchanges and has extremely low fees at .05%. They have never been hacked, and hold all sorts of contests for its users to participate in. To get started buying EOS on Binance, you will need to create an account.
Once you have made your Binance account, mouse over the funds area on the navigation bar and click Deposits. This page gives you access to every single cryptocurrency on Binance deposit address.
Deposit addresses are what we use to send transactions in cryptocurrency. If you are unfamiliar with this, keep reading and we will teach you how to send a transaction!
You will see a search bar, type BTC or ETH, depending on which cryptocurrency you are sending to Binance.
Below are MY deposit addresses for Bitcoin and Ethereum on Binance. Find your deposit address for the currency you initially purchased, and copy the address as we will need it for the next step.
In order to send Bitcoin or Ethereum from Coinbase, you will need to go to the accounts tab and click send. In this example, I am transferring Bitcoin to my Binance address, but the process is the exact same for Ethereum.
After, click continue and then confirm and wait for your cryptocurrency to arrive to Binance!
After your Bitcoin or Ethereum arrives to Binance, you will need to go to the trading pair of the currency we sent.
If we sent Bitcoin, then we want to go to the BTC/EOS trading pair. If we sent Ethereum, then we go to the ETH/EOS trading pair.
Once on the correct page, you will see something like this. Please note that the prices will be different than what you see in the picture.
Enter your order in the bottom middle section. You have two options here, a market order or limit order.
In a market order, you select an amount of a cryptocurrency you want to buy, and it will automatically be processed at the going rate. To access a market order, hit the tab between Limit and Stop-Limit.
In a limit order, you select a price and rate. The order will execute when the chosen price is sold into.
Once your order is filled, you have successfully purchased EOS! Hold onto it as its value should only go up in the future.
Changelly (review) is one of the simplest methods of purchasing EOS. It is recommended that you own other cryptocurrencies such as Bitcoin or Ethereum before using Changelly, but it is possible to convert your dollars or Euro’s to EOS on Changelly. Your conversion rate will not be as good, however.
Changelly operates differently than most exchanges because it never actually holds your coins. You send coins to an address, and the coin of your choosing is sent to an address that you designate, at the going rate. It is completely safe and used by millions of people.
To get started, create an account on Changelly. They have an extremely easy signup process. Go to the main page of the site and select an input and output currency.
The input currency is the cryptocurrency you are sending to the address, and the output currency is the currency you want to receive. In the example below I am sending BTC and receiving EOS.
Because Changelly never holds your coins, you will need a valid EOS wallet address. I would recommend the Ledger Nano S (review), or myEtherWallet.
Once you have your EOS address, enter it into the field.
After hitting next, you will be asked to send the Bitcoin or whatever input currency you selected to an address. Changelly is a completely trustworthy exchange and will deliver your EOS quickly.
EOS is limited to crypto to crypto exchanges, so that means to purchase EOS via credit card we must first purchase Bitcoin or Ethereum on a fiat exchange, and then send it to a secondary exchange where EOS is sold on Bitcoin and Ethereum pairs. Read the above tutorial to learn how to buy EOS on Binance and Changelly.
EOS is only available on crypto to crypto exchanges. So to buy EOS via debit card, we need to first buy Bitcoin or Ethereum using a fiat exchange like Coinbase using our debit card and then send the purchased cryptocurrency to an exchange like Binance where EOS is sold on Bitcoin and Ethereum pairs.
To get EOS by using a bank transfer or wire, we need to buy Bitcoin or Ethereum on a fiat exchange such as Coinbase, and then send it to a cryptocurrency exchange such as Binance or Changelly.
The best to get EOS with Skrill is to get Bitcoin or Ethereum on Bitpanda. After purchasing Bitcoin or Ethereum on Bitpanda, you can send it to any exchange listed above like Binance. Bitpanda is only available to European countries so make sure your country is supported.
To get EOS with Paypal, we must first purchase Bitcoin on Virwox. Virwox is an exchange that allows you to convert Paypal balance into Bitcoin. After we have Bitcoin we can send it to Binance and purchase EOS like the above tutorial!
For a guide to purchasing Bitcoin on Virwox, check out this guide.
If you know of someone selling EOS for cash then great! Just send them EOS in person. If you don’t know of anyone, you would need to use a service like LocalBitcoins to buy Bitcoin. After, you can send the purchased Bitcoin to Binance and buy EOS like the above tutorial.
The EOS team is leaving it to the community to determine the exact meaning. The name Eos has links to Greek Mythology and is the Titan goddess of dawn. Considering one of their updates was called Dawn, this is the most likely what its named after.
Where can I read the EOS Whitepaper?
The official EOS whitepaper can be found on the official EOS GitHub. It is on version 2 and has been updated several times.
Who is EOS created by?
EOS is created by block.one. Block.one is a research team who has an interest in cryptocurrency and how it can impact the world. Members of block.one includes Brandon Blumer, Dan Larimer and Brock Pierce. Block.one plans to decentralize as many things as they can.
Larimer is the brains behind EOS, Steemit, and Bitshares, which are all cryptocurrencies in the top 100 of market capitalization.
Brock Pierce is known for being one of the wealthiest people in cryptocurrency and starting Blockchain capital, an investment group for cryptocurrency.
EOS was distributed through a year-long ICO where 90% of the supply was distributed. 10% of the funds were given to block.one to hold, to ensure the development teams interests were aligned with the rest of the holders.
EOS is unable to be mined and is only created through inflation. Block producers are users who validate blocks on EOS and are rewarded for their efforts. Non-block producers can vote for block producers who pass down some of the rewards.
Where can I store EOS?
EOS can be stored on the official command line wallet. The mainnet swap occurred recently so expect community created wallets to pop up soon!
How does EOS Eliminate Transaction Fees?
Through the yearly inflation given to block producers, users can send transactions for free. These transactions are then “covered” by the inflation. This is an interesting method of eliminating transaction fees but is a controversial approach compared to Bitcoin’s deflation.
EOS is a very ambitious project that has potential to completely change the way we look at cryptocurrencies. The EOS mainnet is launching at the beginning of June so keep an eye out for the project.
For more information, please read the EOS.IO Technical White Paper.