Update December 18th, 2017:
Bittrex is currently closed to new users while they upgrade their systems. In the interim, you can buy Golem from Changelly with Credit/Debit or Bitcoin. I’ll let everyone know when Bittrex is back up for new registration. Happy trading!
Looking to buy Golem? You’re in the right place, friend. Buying & trading cryptocurrency can be overwhelming as a beginner, but this step-by-step guide will give you the tools to buy/trade any altcoin on the marketplace.
Isn’t Golem a Pokemon?
Yes, but now we’re talking about Golem the coin. Specifically, GNT is a token from the Golem “decentralized supercomputer network.” What that means is that the Golem team is working on a decentralized network of computers that will function as a new internet. You can learn a bit more from the horse’s mouth by watching this video.
Things I like about the Golem Project:
- Distributed Computing Power
- This is big for researchers, students, or anyone that uses a computer to run tasks. Compiling an application or rendering high quality graphics can utilize the power of the network to unburden the user.
- Payouts for Renting Computer Power
- By the same token, those who simply wish to lend out space/memory on their computer that they aren’t using can make a passive income in terms of Golem coins.
The presentation of this platform is really stunning, and the product definitely lives up to the hype. Now, let’s figure out how to buy Golem, trade it, and store it safely.
I. Create A Coinbase Account to Exchange Local Currency for BTC/ETH
Head to the Coinbase Signup Page. Here, we will be depositing local currency to buy Bitcoin or Ethereum. These are the coins with which most altcoin networks operate.
Can I buy Golem with USD or my local currency directly?
Unfortunately, there is currently no way to buy Golem directly with local currency. For the time being, you will need to complete this first step in order to acquire Bitcoin or Ethereum to then trade for GNT.
Getting started on Coinbase:
- Connect a bank account
- Coinbase will post two test transactions to your account with values between $0.01-0.10. Simply check your bank statement online and enter these values on Coinbase. They will not be officially posted to your bank account, so do not worry.
- Transaction times
- Direct bank transfers can take up to 5-7 days (not recommended)
- Using a credit or debit card is an instant buy (recommended)
II. Create A Bittrex Account for Trading GNT
Bittrex is the marketplace upon which you will bid for Golem (or any other listed altcoin). Make an account here: Bittrex registration page. Note: Ensure that you are on the correct URL. I have seen issue of some phishing scams due to those entering the incorrect URL.
III. Buy Some Bitcoin or Ethereum on Coinbase
I recommend using Coinbase because it has the most simple interface for beginner users. Other platforms tend to be overwhelming and generally confusing to get started with — so I would recommend starting here & then exploring other alternatives as you go. Once you’ve gotten your account set up, go to the Buy/Sell Tab.
IV. Transfer Bitcoin or Ethereum to Bittrex
Once your Bittrex account has been created, you’re going to send the Bitcoin or Ethereum you purchased on Coinbase to a Bittrex Wallet. Click on these screenshots below for visual aid.
- On Bittrex, find the Wallets tab. There is a search box where you can narrow down for the BTC or ETH wallet. Click the + sign on the left hand side of the row & generate a wallet address. Note: This demo uses Bitcoin as the example, but this is done the same way using Ethereum. Do not send BTC to an ETH wallet and vice versa, you will lose your coins.
- Now, go to the Coinbase Accounts page. Choose the wallet from which you want to send coins to Bittrex. Click the “Send” button, and enter the Bittrex wallet address you generated in step 1.
The transfer usually takes around one hour to complete. Within 5-10 minutes, you should see the amount in the “pending” column on your Bittrex wallets page.
That’s all for the hard part! Now lets get some Golem.
V. Bid On Some Golem in the ETH or BTC Market
Depending on if you chose to use ETH or BTC, find your market below on the Bittrex Market page:
Now, once you’ve selected your market. Look to the bottom left side of the page for the “Buy Golem” module:
Once you’re happy with the current price of Golem, you’re ready to buy. There are a few things to configure on the buy module:
- Click “Max” to buy the maximum amount available given your amount of BTC or ETH.
- Or, enter a total manually
- You cannot buy until you set a price
- Last: The last value of an exchange on the market
- Ask: The next asked value of someone trying to sell Golem (Usually instant)
- Bid: Mirrors the current bid value on the next transaction
- Buy type
- Good ’til cancelled: Trade will remain open until it is filled or cancelled
- Immediate or Cancel: Trade will be cancelled if it is not readily available to be filled instantly
Congrats on buying your first Golem!
VI. Evaluate & Store Golem in a Wallet
Now that you own some coins & know how to buy Golem, you can do as you wish. You can hold long term, or use them to trade even further. The process for exchanging them is just the same as purchasing them for the first time. I really like the Bittrex marketplace as it’s very easy to use.
You’re more than welcome to keep your Golem stored in Bittrex, but for those who like to be in control of their own security:
Recommended Golem (GNT) Wallet:
Download: Exodus Wallet
Exodus supports many coins, and even integrates with ShapeShift for in-wallet coin trades.
Good luck & BasedGodspeed.