How To Buy Terra (Luna) – Forbes Advisor UK
May 30, 2022 update: Luna 2.0 sales crash prices
luna, the cryptocurrency that brought down the terra blockchain, lost value after its relaunch last week (see original story below).
Investors in the original project were given “luna 2.0” tokens on Friday, May 27 to offset their losses following the collapse of the original terra.
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However, widespread sell-offs of those airdropped tokens on Friday saw the asset drop from around $19.50 to around $6 this morning, a drop of almost 70%.
Investors who owned more than $10,000 on the moon before the crash received a 30% token refund last week, with the remaining 70% due over the next two years in a bid to reduce the impact of widespread sales that could sink the value of luna.
After a brief hiatus after her involvement in the terra blockchain crash, Luna is back on a new blockchain and once again available for purchase.
not to be confused with terra classic and luna classic, the chain from which the new terra blockchain was forked and its native currency, new moon is no longer associated with the terra us (ust) stablecoin.
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When the original terra started emitting more moon to support us, the token lost almost all its value. It is this kind of volatility in cryptocurrencies that has led to repeated warnings from the UK financial watchdog.
The Financial Conduct Authority (FCA) says that anyone who invests in cryptocurrencies should be prepared to lose their entire investment.
if you know the risks but are still interested in buying the new luna token, here’s how you can do it.
choose an exchange
you will need to use a cryptocurrency exchange to exchange your fiat currency (sterling pounds) for moon.
As luna is relaunching after being pulled from exchanges earlier this month, the token has yet to return to all exchanges.
at the time of this writing, luna was available on binance, kucoin, etoro, and a handful of other exchanges.
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When choosing an exchange, there are a few important things to consider, such as:
- Payment methods: Most exchanges accept bank transfers, credit and debit cards. bank transfers are the most profitable and most accepted payment method. some exchanges charge fees for card payments. paypal is not widely accepted.
- wallets: most exchanges offer built-in wallets in which to store your moon. if you prefer to store your crypto in a third party hot or cold wallet, check if the exchange allows transfers and if there are any fees to pay.
choose a payment method
Exchanges generally do not charge fees for direct bank transfers, making them the cheapest and easiest way to pay. Charges for credit and debit card payments are common, and not all card issuers allow you to pay by credit card.
for example, tsb, virgin money and tesco bank block transactions with crypto exchanges. this is how some of the other card issuers handle crypto transactions.
place an order
once you have chosen a payment method, navigate to the luna page on your chosen exchange (be careful not to choose luna classic) and tap on the amount you wish to invest.
choosing a storage method
many exchanges offer a built-in wallet to store your moon, but you may want to store your crypto in a third-party wallet or offline in a cold wallet.
“hot” online wallets are a target for hackers. the tokens stored on them can and have been stolen, but the upshot is that if you were to lose your wallet credentials and were unable to access your tokens, the exchange might be able to help you get them back.
Offline, “cold” wallets are more difficult for hackers to access due to the “air gap” between the hardware and your internet connection. however, if you have lost access to your wallet (for example, lost your credentials), you may not be able to access your own wallet without someone to help you.
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