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How To Buy NoFiatCoin
Wait, What Is This NoFiatCoin Anyway?
NoFiatCoin is a new digital currency, like Bitcoin. Unlike Bitcoin, however, it is backed by precious metals. This means that you can redeem your coins for real gold and silver from one of several vaults (currently) in America and Europe. Also unlike Bitcoin it is not distributed using 'mining' by specialised computers (which has led to massive wealth inequality in the Bitcoin world); instead, people buy NoFiatCoin, or XNF, with cash, and this money is then used to buy the gold and silver which backs the value of the coin. It is meant as an alternative to Bitcoin, a status which is sometimes designated with the epithet 'alt coin', and is traded using the Ripple protocol.
Step by Step Instructions for How To Buy NoFiatCoin
If you are new to digital currency, or only have limited experience with Bitcoin, then getting your hands on NoFiatCoin may seem like a difficult task. In fact, this is one of the main concerns that I hear from people. But fortunately it really isn't that difficult when you know how, and that is what I am going to help you with here. I hope these instructions will be simple enough for anyone to follow:
- Because NoFiatCoin is traded through the Ripple system, you will need to get yourself a Ripple wallet. This is quite similar to a Bitcoin wallet, if you have ever had one of those, and is where you will store your coins. All you need to do is go to Ripple.com and click to sign up. You wallet is stored online so you don't need to worry about losing it if your computer breaks, or having hackers target your computer to steal your coins. You can also access it from any device this way.
- Next you will need an account with a gateway. This is where you deposit the money in either regular currency like USD, or in Bitcoins, that you want to use for trading within Ripple. There are a few gateways out there, but I'm going to walk you through how to do it with the gateway which I use, which is Justcoin.
- When you have created your gateway account and made a deposit you need to transfer your funds into your Ripple wallet. Don't worry, there is no charge for doing this when using Justcoin. All you need to do is click the 'withdraw' tab in the navigation bar across the top of the page, then choose ripple in the menu on the left. You can then put your public Ripple wallet address into the box provided and choose how much you want to withdraw to your wallet - don't forget to select the currency you want to withdraw from the dropdown box too! The gateway will then send you to your wallet with all the necessary fields filled in for you so you can just log-in and click to authorize the transfer. You are now ready to use Ripple
- You now need to set a trust line. This signifies that you are willing to engage in transactions with another party up to a certain amount. You can do this by clicking the advanced tab, and then 'add trust'. You need to extend trust to the NoFiatCoin issuing address up to the amount of XNF you want to buy. This is the public address for NoFiatCoin - rPKSvQ1qFAksr7hzk2wC2xtqSqFbxP3wvg - put this into the 'contact name or address' field. If, for example, you want to buy 100 NoFiatCoins you then just need to put '100' into the amount field and then type 'XNF' into the currency field. You can ignore the 'allow rippling' option - this is for more advanced users, so if you don't know what it is then it is best to leave it un-ticked.
- You can buy coins directly from the NoFiatCoin issuer. To do this you just need to go go to the trade screen and type XNF/XRP as your currency pair (assuming you are buying with XRP - change this accordingly if you want to buy with another currency) and make sure that XNF NoFiatCoin Central is selected as your base currency issuer. You can then select how much you want to buy!
- You can also buy XNF from any other Rippler on the market, no matter where they are in the world or what currency they want to receive in return for their coins! If you want you can just click to convert your currency from whatever you deposited into XNF and it will happen instantly at the best price available on the market at that moment. To try to get a better price, you can click the 'trade' tab. This will let you specify exactly how much you want to pay, and put your offer onto the market for all other Ripplers to see and perhaps take you up on.
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