Algorand differentiates its technology through design choices that make it easier for users to help operate the network and be awarded the new ALGO cryptocurrency it creates.
In fact, new ALGO cryptocurrency generated by the software is awarded to every user who maintains a balance of at least 1 ALGO in a wallet they control with each block.
By not requiring users to expend computing power or real-world electricity costs to acquire new cryptocurrency, Algorand’s developers assert its blockchain can validate transactions more quickly, while avoiding technical issues that lengthen confirmation times in other designs.
Why Should I Buy Algorand (ALGO)?
Algorand users must maintain a balance of at least 1 ALGO to earn a share of the new cryptocurrency the software creates every time a block is added to the blockchain.
This is notable, as over time, nearly 20% (1.75 billion) of the 10 billion ALGO ever to be created are to be awarded to those who help operate the network.
Where Do I Store My Algorand (ALGO)?
Once you get a hold of Algorand you want to store it securely. Most reputable exchanges today host a wallet for you and most of the time you won’t have a problem. If you are going to go this route be informed about whether you have access to your private keys or not. While this does not happen very often, some exchanges could hold your funds hostage in case of some account issue and getting a response can take several months. This does not happen often but there are reports of it happening.
Depending on the amount of ALGO you are trying to store, you have several other methods of storing it. Smaller amounts are probably okay to be in mobile or even web-based wallets. These option are flexible if you will be transacting with ALGO more frequently and typically you’ll want smaller amounts stored in these wallets.
For anything larger that you don’t want to risk even a tiny but then consider using a hardware/cold wallet like Ledger or Trezor. These support ALGO and the benefit is that they will offline which is safe from hacks.
Where Do I Buy Algorand (ALGO)?
There are a number of ways to buy ALGO. As with any cryptocurrency, you can purchase it directly from another person or over the internet. Or you can try to find an exchange that offers ALGO.
Most popular exchanges have ALGO available for sale but it is not always straightforward to get it. In some exchanges you might need to buy USDC or USDT first and then convert that into ALGO. This works, but you might end up paying fees in each round of purchasing.