Ontology (ONT) is a NEO-based token that has grown in popularity since it was first airdropped. The platform works as a fully customizable blockchain system that utilizes smart contracts and distributed ledgers. There are several advantages to ONT. It is easy to use, requiring no permissions to join. Additionally, the blockchain is open-source, allowing users to modify it as they see fit. ONT is an excellent investment opportunity because of its scalability and usability, especially if trading ONT to MCO.
A Step-by-Step Guide to Buying Ontology
It is necessary to register on an exchange to buy ONT. Generally, new users have to do the following to create an account:
- Search for an exchange. There are several platforms where ONT can be traded. When choosing an exchange, make sure it has high liquidity, enhanced security, and gives the user full control over their investment. An exchange with high liquidity means that coins can be bought and sold quickly without a significant change in the coin’s price. As for security and controlling the money, the exchange should have two-step authentication, and no third-party should have access to or control over the account.
- Create an account. The next thing to do is create an account. This will require an email address, mobile phone number, or both to be submitted.
- Complete identity verification. Verifying identity is a must in most cases. A common way of doing this is by submitting a copy of an ID photo. This could be a passport or a driver’s license.
- Choose a payment method. Several payment methods can be used when buying ONT. Paypal, credit cards, and debit cards can be used to purchase ONT.
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How to Buy ONT
There are several exchanges where ONT is traded. Of all the trading platforms available, these are the easiest to use and most reputable:
- Godex. Godex is an anonymous exchange service that allows users to buy and sell a variety of cryptocurrencies and tokens, including ONT. No registration is required to join. There are no trading limits or volume ceilings. The exchange rate is fixed to protect traders from wild price swings.
- Coinbase. Coinbase is one of the most reputable trading platforms. It is highly secure because the vast majority of digital assets are stored offline. Secondly, all cryptocurrencies stored on Coinbase servers are insured against theft. Signing up and linking a bank account to it is simple. A new user can get started in minutes.
- Binance. Binance is a platform for those who want an exchange with many trading options. Among their best resources is their blockchain and cryptocurrency academy, which covers a variety of topics all traders need to know. They also have 24/7 customer support, an easy-to-navigate website, and mobile compatibility.
Where to Exchange ONT to MCO
Monaco (MCO) is a blockchain payment system that has been rebranded as Crypto.com. The main idea behind this system is to normalize crypto by creating mobile wallet apps and debit cards supported by blockchain. There have been problems with this company before. Customers have been complaining about a lack of transparency and poor customer service. However, they have addressed many of these customer complaints, and they are regaining the trust of new users.
There are several places to exchange ONT to MCO, but Godex is the best. The reason why Godex is preferable to other exchanges is that it has fixed rates, no trading limits, and high volume.
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What to Consider When Buying Ontology
There are many things to take into consideration when buying ONT. The first thing one should think about is what the local law says regarding holding it. Every day, legislative and regulatory bodies issue new laws and regulations that target cryptocurrency, usually for tax purposes. So, stay apprised of changes in the law.
The second thing to worry about is whether it is time to buy. In May 2018, ONT was traded at over ten dollars. Since then, the price has fallen to $0.59 as of October 6, 2020. This is a significant decrease. The bear seems to have ONT by the throat, judging from its two-year performance. One has to consider if buying this token is worth the risk when the price is consistently decreasing.
Closing Thoughts on Ontology
ONT presents users with an excellent opportunity to build software applications on a decentralized blockchain. In the long run, this could make ONT a good investment opportunity. Additionally, there are a lot of exchanges that support it, and it has a $450 million market cap. However, the overall performance of this coin has not been good since the spring of 2018. But, investors should be patient with this token. It has experienced some ups between now and 2018. And right now, the time is right for some bullish movement on the charts.