What is BEAM?
How to Buy BEAM?
There have been several anonymous digital currencies for some years now. However, the anonymous digital currencies have a significant disadvantage, which is blockchain heavyweight. Also, they don’t respect confidentiality since the blockchains have details of other people’s transactions. BEAM emerged in 2019 as a digital currency that shows anonymity rules differently. BEAM aims to offer a financially independent platform using the MimbleWimble protocol. The people who designed it believe that it will be sufficient for daily use.
Buying BEAM in most crypto exchange platforms requires having Bitcoin or Ethereum. You can buy any of these cryptocurrencies at Coinbase using a Credit Card. There are also other places where Bitcoin and Ethereum can be purchased on the web, but Coinbase is the easiest one to choose if you are a new investor.
1. Create a Coinbase account
Creating an account requires users to provide a valid email address. Users are also supposed to specify if they are a Business or an Individual. Coinbase then sends users a verification email. The site also allows 2-factor authentication to make users’ accounts safer.
Once your account is ready, you should set up funding sources; this is where you buy your Bitcoin or Ethereum. The payment options can be a Bank Account or Credit Card.
2. Buy Ethereum or Bitcoin
Select the amount you want to buy and click on the funding source, either Credit Card or Bank Account. After selecting, click on Buy. You will incur a fee of 3.99 percent when making your purchase.
3. Use your Ethereum or Bitcoin to buy BEAM
Coinbase only allows the purchase of Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. For this reason, you must transfer your Bitcoin or Ethereum to another crypto exchange. There are various exchanges, and each of them has a unique way of creating a trading account. However, most of the account creation processes are just like that of Coinbase. Moreover, since you have already bought Ethereum or Bitcoin, the account creation process will not take long.
After getting a trading account, transfer Ethereum or Bitcoin to it through the wallet system.
At that exchange where you will be buying BEAM, you will get your Ethereum or Bitcoin ID. The majority of the platforms have a Deposit button, which, when clicked, shows the wallet ID.
When you get your wallet ID, return to Coinbase. You then have to wait for some time for the transfer to go through the crypto ecosystem and be confirmed several times. You may wait for a few minutes or even a few hours. Coinbase offers people a link to monitor their transfer. When the process is completed, a confirmation will appear.
Now you are ready to buy BEAM crypto. If you bought Ethereum, go to the BEAM/ETH section and buy BEAM. If you bought Bitcoin, go to the BEAM/BTC section and by BEAM.
BEAM value and price
BEAM sales started at sixty cents and later went up to three dollars. Within a few months, the cost of the BEAM coin went back to its original value.
People can trade a coin on Korean Huobi, Gate.io, and many other smaller exchanges such as Bitforex. Until now, the BEAM token has never visited any leading exchange platforms. Developers, miners, and BEAM holders have various wallets; among them are mobile, and CLI wallet, with command controls.
BEAM advantages and disadvantages
Advantages
- BEAM platform is anonymous, scalable, and efficient.
- BEAM is a multi-tasking platform that can operate in several places.
- The platform has the best decentralization, which offers a big set of gadgets for mining.
- BEAM works in an Opt-in Audibility platform that entails auditing and atomic swaps.
- The platform has simplification and confidentiality features for blockchain code. For instance, users can make transactions online or offline. All operations performed on this platform are anonymous.
- BEAM utilizes the Equihash encryption technique that Zcash also uses. Furthermore, like Grim, BEAM doesn’t have concepts like transaction hash or wallet address.
- BEAM network does not keep the sender and recipient details. The Dandelion system gets used to providing anonymity. The code for blockchain can get lowered by eliminating every intermediate data after every transaction.
Disadvantages
1. Low network speed.
2. Wallet vulnerability.
Best BEAM wallet – how to choose
There exist several kinds of e-wallets for holding BEAM. Before choosing one, determine why you require it. If you are just looking to hold crypto, do not bother, just get a hardware gadget for this in the form of a flash drive, or you may store BEAM on your PC. If you are using cryptocurrency as the primary method of paying for services and products, consider getting an iPhone electronic wallet.
The iPhone cryptocurrency wallet lets people keep their currency and use it in paying bills and buying items. It is merely an app that is used to store private keys to your crypto. The app operates in a simple verification manner; users will not have to download the complete version of the blockchain. That is effective because chains like those can consume too many gigabytes.
The best thing about iPhone wallets is their mobility and utilization simplicity. With the wallets, users may pay for services and items using the NFC technique or the QR code on a smartphone. They may also get used for withdrawing money to wallets created in Webmoney, Qiwi and Yandex payments systems.
To get the perfect BEAM wallet, users must take into consideration things like their preferences, functionality, security, language support, and how good the interface looks.
Moreover, whenever you’re using iPhone wallets, bear in mind that not all of them offer the best security. So, ensure to choose one that is secure.
Below are some of the leading BEAM wallets:
Blockchain. This wallet is for iOS users. It offers complete control over the accessing code. The interface for this wallet is convenient, and it enables users to manage several currencies; among them is the Russian ruble.
Breadwallet. This is a primary type of electronic crypto wallet. It has a codeword access feature, and it can back up.
MyCelium. This wallet has excellent roles. It offers the best security and extra safety for crypto. Some people might have challenges using it because of its powerful functions.
Jaxx. This wallet has an excellent interface. It allows people to keep and exchange several coins. It can get synchronized without any issues on several gadgets.
Copay. This app accepts 2-factor authentication, and it functions on both Android and iOS devices. The most outstanding feature on this app is the excellent working speed whenever transactions get processed.
Open source Airbitz. This app has an interface similar to that of Breadwallet. Several features supplement the operation of this app, making it ideal for inexperienced people.
Conclusion
BEAM falls under the first Mimblewimble implementations. If it gets carried off successfully, it can bring significant enhancements in efficiency and privacy. The upcoming plans for the BEAM project encompass more innovations to enhance privacy in the crypto field. BEAM is likely to get more users as it keeps growing.