In this article, we’ll be going through all the steps to buying GRT on Bitbns. GRT has seen substantial growth in the recent past, and hence we’ll also look at why GRT can prove to be a substantial market opportunity.
Table of contents
Summary (TL;DR)
- To develop more efficient Dapps, the Graph protocol focuses on decentralizing the query and API layer.
- GRT is an ERC-20-based native token that may be used as a means of trade and a reward for community members who serve as Indexers, Curators, and Delegators.
- Bitbns is one of the leading crypto exchanges in India and provides features such as leverage trading, FIP, etc.
- You can follow the steps further in the article to buy GRT at Bitbns. However, the platform has very high trading fees, so you should also consider its market alternatives.
- GRTs value organically rises over time since it has no market competition and is difficult to duplicate.
What is the Graph protocol?
The Graph or the “Google of blockchain” is an indexing protocol for querying blockchain data that enables entirely decentralized applications. Furthermore, it focuses on decentralizing the query and API layer to create more efficient Dapps. It allows querying different networks such as Ethereum or IFPS using a querying language called GraphQL.
What is the need for the Graph Protocol?
Querying data from a blockchain has two ways. First, you can do it manually, i.e., block by block. And second, sort the data and index it, so you don’t have to search through the entire blockchain every time you need a particular data. The Graph Protocol provides an explorer that makes it easy to find subgraphs of the most popular protocols such as Uniswap, Balancer, etc.
What is GRT used for?
The Graph Token, or GRT, is its native ERC-20-based token that can be used as a medium of exchange and a reward for community members who serve as Indexers, Curators, and Delegators. The indexers compete among themselves and stake the GRT tokens to run a graph node. Furthermore, delegates stake their GRT on behalf of the indexers for a portion of their rewards.
Also, read Guide to Invest in Cryptocurrency from India [2021]
What is Bitbns?
Bitbns is a cryptocurrency exchange platform based in India. Furthermore, Bitbns provides cutting-edge technology architecture and grade-A security features that ensure the security of all your data and crypto-assets. In addition, the platform provides many other features such as leverage, testnet, FIP, etc. To learn more, read Bitbns review.
How to buy GRT on Bitbns?
Steps to create an account and deposit funds on Bitbns
- Firstly, visit the official website of Bitbns and click the Sign-Up button.
- Enter your email, phone number, chosen password, and hit the confirm button.
- Next, enter the OTP received in your email.
- Click next to be taken to the dashboard, where you can begin trading.
- You will be able to add funds to your INR wallet from your trading dashboard once you have completed the KYC process.
- Once done with KYC, head over to the wallet section.
- Click the “Add Money to Wallet” button on the account page.
- Now, you can deposit using P2P or UPI, NEFT, IMPS, or RTGS.
Also, read How to buy bitcoin in India 2021? [Read This First]
Steps to buy GRT at Bitbns
- Once you have completed the steps above now, you can proceed to buy GRT coins.
- On the home screen, click the start trading button, and then on the next screen, click the view all button (above all the trading pairs).
- Now among the trading pairs, search for GRT.
- Then enter the amount of GRT you wish to purchase and then click on the buy button.
Why should you invest in the Graph Protocol?
Graph Protocol is the only indexing protocol of its kind. And since it has no market competition and is hard to be replicated, its value naturally tends to rise over time. However, the current market supply of GRT is 10 billion tokens, with a new token issuance at 3% annually. This can adversely affect the rising value of GRT.
Buy GRT on Bitbns: Pros and Cons
| Pros | Cons |
|---|---|
| Bitbns provides a ton of features such as FIP, SSP, lending, etc. | The verification process is slow. |
| Bitbns provides margin trading. | The platform offers leverage of only 4x. |
| It is the only way to efficiently query data from the blockchain. | The trading fees at Bitbns is among the highest in the market. |
| So Graph Protocol comes out as the google of blockchain. | |
| The Graph is backed by famous ventures such as Coinbase. |
Buy GRT on Bitbns: Conclusion
Bitbns is one of the best crypto exchanges in India, and it comes with a bag full of products. However, the platform has a very high trading fee of 0.25%. The Graph Protocol is a blockchain data querying and indexing platform. Furthermore, GRT is the platform’s native utility token that has seen substantial growth in the past few months. Hence, this article covered all the steps you need to follow to buy GRT at Bitbns. Moreover, also the reason why GRT’s value tends to rise over time.
Frequently Asked Questions
Is Bitbns legal in India?
Yes, Bitbns is entirely legal in India as the Indian government is still formulating regulations as of July 2021; hence the entire crypto industry is legal in India after the order from the supreme court to unban crypto assets in 2020 came into existence.
Is Bitbns legit and safe?
Yes, Bitbns is one of the biggest crypto exchanges in India and hence is safe to use.
What is the limit for cryptocurrency deposits and withdrawals on Bitbns?
There are no limits on deposits or withdrawals when it comes to crypto assets. However, the platform does have some limitations for INR deposits or withdrawals. To learn more, read the Bitbns review.
How long would it take to withdraw cryptocurrencies from Bitbns?
The length of time it takes to withdraw money is determined by the amount of traffic on the network and the confirmation of blockchain blocks. Therefore, it varies depending on the coin. For Bitcoin, for example, four-block confirmations are necessary.
