Founded in 2017 by Silvio Micali, a professor and computer scientist from MIT, Algorand has been driven by innovations from the Algorand Foundation. It officially launched in 2019. Algorand refers to the blockchain network, while Algo is the native cryptocurrency used within this network. Algo allows users to send money globally in just 4.5 seconds, bypassing traditional banks, wire transfers, and exchanges. Known for its remarkable speed, security, and scalability, Algorand is paving the way for a digital, open, and borderless economy that is accessible to everyone. If you're looking to buy ALGO in Canada, consider Netcoins—a publicly-owned, fully regulated crypto trading platform. We offer 0% funding fees, free cash withdrawals via e-transfer, and live customer support seven days a week, making it easy for Canadians to purchase ALGO and other cryptocurrencies.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Things To Consider Before Investing In Algorand
Algorand was launched in 2019 as a platform to create decentralized applications (known as DApps). The Algorand blockchain is attempting to solve what is known as the “blockchain trilemma;” achieving a balance of security, scalability and decentralization all at once. Most blockchains will sacrifice at least one of these factors but Algorand is trying to solve for all three.
What makes Algorand special is that it processes transactions pretty quickly. It can support around 1,000 transactions per second. To put it into context, Ethereum processes around 15-30 transactions per second and Bitcoin around five. However, Ethereum 2.0 is looking to increase its numbers to around 1,000 – 2,000 transactions per second when it launches. What’s more, the Algorand network is carbon-negative, meaning it doesn’t add to global carbon output. That’s because carbon emissions created by Proof-of-Stake protocols tend to be low. Plus, Algorand Inc. is donating money to Climate Trade, a company that is searching for solutions to offset carbon emissions. Having said that, investing in Algorand is still considered a risky investment. Although Algorand has made overnight millionaires, it has also made people lose all their savings. After all, volatility works in both directions. High volatility assets can work in your favour and yield great potential for return, but they can also work against you by causing you to take on big losses. That is why it’s important to heed the age-old advice: never invest more than you’re ready or willing to lose. It’s ultimately up to you to decide how much you wish to invest in Algo. If you decide to buy ALGO but are not sure how much to buy, you can start by practicing any one of these strategies: Investing a percentage of your wealth into Algo (like 1% or 10%) Dollar-cost-averaging (buying a set amount of Algo every day, week or month) Buying the dip (buying when Algo prices decrease) Starting as small as $10 to test it out yourself. It’s important to zoom out. When zooming out, you’ll notice cryptocurrencies generally trends upward despite taking small dips along the way.
How Much ALGO Can I Buy?
You don’t need to buy a lot of ALGO to get started! Our minimum purchase amount is 6 ALGO. Enabling anyone to gain exposure no matter how many dollars they have to invest.
Why Buy ALGO?
Like many other blockchains, Algorand is trying to create efficient and smooth transactions. However, there are other unique features that make the Algorand network quite special. First of all, the network is interoperable, meaning it can work across various blockchains. It also uses smart contracts to allow for transactions to be sent without centralization. And the maximum supply of Algo will be 10 billion Algo. Scarcity can play a key role in providing value to an asset, which is one of the many reasons why people buy Algo in Canada. Since it’s launch, Algorand has been a fast-growing network. Here are a few other reasons why people buy Algo: Algo is trustworthy. The Algorand network was built so it cannot fork (or diverge into a new network). This is why you can trust that your Algo are always where they are supposed to be. Algorand has quick transaction speed. An Algo can be sent to anyone in 4.5 seconds. That means there is no questioning whether a payment was successful since you have almost instant confirmation. Secured by advanced encryption. Although Algorand is a transparent network, it uses advanced cryptography (which makes its information unbreakable) to protect information about Algo payments. Transparent network. All of Algo’s supply (10 billion) was created when Algorand was launched back in 2019. That means anyone can go ahead and check the network to see how many Algos are currently in use.
If you want to learn more about Blockchains, Bitcoin or Ethereum, follow our educational blog!
How Do I Store My ALGO?
You can buy Algo from crypto trading platforms, like Netcoins, and leave your Algo inside the platform. However, there are much safer options to storing your Algo as leaving them in exchanges can expose them to certain risks like hacking and theft.
The safest option to keeping your Algo secure is to transfer them into a crypto wallet. A crypto wallet is a type of digital wallet that is used to send and receive Algo, similar to a Google wallet or a physical wallet.
Algorand's Future
Algorand continues to stand at the forefront of blockchain innovation, effectively addressing the blockchain trilemma through its Pure Proof of Stake (PPoS) protocol. This approach not only enhances security but also scales transactions efficiently, positioning Algorand to potentially rival major payment networks like Visa and Mastercard in terms of processing capabilities and global adoption. The network is consistently evolving, with ongoing upgrades and the introduction of new features. Silvio Micali, the founder, recently highlighted the network's growth, stating, Algorand is on an upward trajectory. We're now handling over a million transactions daily. With over 1,000 enterprises building on Algorand, leveraging our advanced Layer-1 smart contracts and other innovative functionalities, we anticipate a significant increase in transaction volume. As we continue to enhance our features, our focus remains on boosting performance without compromising on decentralization. With a robust leadership team and a vast ecosystem of partners, Algorand is well-equipped to support a wide array of use cases, pointing towards a promising future. Considering its performance and potential for growth, investing in Algo could be a strategic move. Algorand has demonstrated remarkable progress since its peak and looks set to maintain this momentum. Interested in buying and selling ALGO? Netcoins, a publicly owned and fully regulated crypto trading platform in Canada, makes it easy. Just create an account, fund it via e-transfer (among other funding options), and you can start trading ALGO right away.
FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy ALGO in Canada.