HOW TO BUY XRB RAIBLOCK

While bitcoin might be the digital currency you've heard of the most, RaiBlocks is one of the fastest growing altcoins.

The price of RaiBlocks (XRB) has grown over 5,500% in the last month as buyers look for a faster crypto alternative to bitcoin for digital transactions. As Raiblocks is still much smaller than the likes of bitcoin and Ethereum, there are no major brokers like Coinbase selling RaiBlocks. So to buy RaiBlocks at the moment, you'll need to trade on an exchange.

How to buy RaiBlocks in Australia

Step 1. Create an account at either Kucoin or Mercatox

There are only two exchanges where you can currently buy RaiBlocks, so you'll need to use either of them to purchase your XRB. Don't forget to add two-factor security to make sure your coins are protected.

Step 2. Deposit funds into your account

Neither Kucoin or Mercatox supports direct deposit of fiat currency, or your normal AUD/USD, so you'll need to make your deposit in bitcoin (BTC) or Ethereum (ETH). If you currently don't have any BTC or ETH, you can follow our guide here, on how to purchase. The deposit can be easily made by going into your wallet tab in Kucoin or Mercatox in the top tabs. After that, find the ETH or BTC wallet, depending on which you're sending.

InKucoin, click "Get wallet address" to generate your address. The address will look like a long string of numbers and letters, about 15 digits long. Once you have your wallet address, copy and paste that into the exchange or wallet you're transferring from and send your BTC or ETH to it.

Step 3. Buying XRB

Unlike BTC and ETH, there are no easy brokers to use, so the only way you can buy XRB is by trading on kucoin or Mercatox. Jump into the markets section of either of these, taking the usual precautions. KUCOIN is the largest, so you're more likely to get a better deal buying there.

On the left hand side, pick which currency you're going to be selling for XRB. In the boxes where you fill in how much you want to trade, kucoin will give you a price it recommends to sell for. However if you look at the most recent transactions below that you'll see the prices in real time of what's been selling, so feel free to change your price based on what you see, if you're after the best value sale. XRB is fairly liquid at the time of writing in January 2018, so unless you're really trying to low ball in the exchange, your trade should be fairly instant.

Step 4. Set up an XRB wallet (optional)

If you don't want to store your XRB on the exchange, you'll need to get yourself a separate wallet. There aren't as many options to choose from at this stage as BTC or ETH, with most investors storing XRB in RaiWallet. First, you'll need to create a RaiWallet account. Make sure you store the seed somewhere safe on your computer or phone, as you'll need it if you forget your password.

Step 5. Sending XRB to your XRB wallet (optional)

Once you've set up your RaiWallet, to receive XRB press the "receive" button. Type in the exact amount of XRB you'll be sending from Kucoin or Mercatox. You'll see your wallet address in there, which will look similar to the one you used when sending your BTC or ETH earlier. Copy this address. Head back to Kucoinor Mercatox and go to wallet. Once in wallet, hit withdraw and paste your RaiWallet address in there and send. The process is much quicker than bitcoin, but can still take up to 15 minutes in some circumstances.

What are RaiBlocks and how do they work?

Bitcoin's biggest problem is that it can't keep up with the sheer volume of transactions, as it's limited by how many it can process at a time. This results in transaction times that can take hours and have fees of up to $15. As a result, many traders believe that bitcoin is becoming a non-viable currency for making purchases.

RaiBlocks has near instant transactions and zero fees. It does this by being a kind of anti-bitcoin, with individual blockchains rather than one large blockchain based network. In RaiBlocks, each account has its own blockchain, and each block that is sent through has just the one transaction. When you send XRB, two transactions are required –a send transaction that deducts the balance from the sender and a receive confirmation by the recipient. Think of it like the two ticks you see when you send a WhatsApp – one tick when you have sent a message, and a second tick when your recipient confirms it has been received.

To avoid needing to use a wider blockchain network to verify transactions, RaiBlocks "sends" need to reference the previous transaction of the owner's block. Interestingly, when you could still mine XRB, this wasn't done by powerful computers, but instead it was given as a reward for people solving CAPTCHA security puzzles.

SOURCE LINK: ALTCOIN EXCHANGE LOWER FEE 0.05%