What is Gnosis and How to Buy GNO Crypto Coin
Gnosis Coin Introduction
Gnosis can be described as a decentralized cryptocurrency built on the Ethereum protocol. It is one that focuses mainly on the trading aspect of forecasting markets.
The developing team behind the Gnosis Coin created an online platform where a constant stream of information could be disseminated concerning the results of any type of unforeseen circumstances.
Gnosis Coin – The Cryptocurrency
Gnosis Coin as a cryptocurrency is one that is fixated exclusively on forecasting open markets.
A forecasting market can be described as a virtual market that delivers information about ambiguous happenings. This can be very useful for individuals that trade in virtual securities.
When the flow of information is better, the chances of making good business decisions increase as well.
The team behind Gnosis had developed a couple programs like Financial Markets, The Hunch Game, Futarchy, Price discovery and Insurance; that aim to provide its users with this very information.
The Hunch Game is a Prominews informing platform. However, it is not essentially linked to virtual securities trading but the developers of Gnosis view it as an essential future development.
Price Discovery is a platform that focuses on product pricing
This is a platform that will aid auction houses in setting a starting price for an auction and to also predict which individual, at which price will be knocked down.
Financial Markets can be defined as a survey platform designed for inquiring and answering queries concerning forecasts like for example future bond performance.
Insurance is a platform that deals with insurance policy conclusions. The program has been developed by Gnosis to provide direct access to flight insurance information while bypassing the costly additional services.
Futarchy is yet another forecasting platform which is capable of showing the development price of other cryptocurrencies.
The Company behind Gnosis Coin
Martin Koeppelmann and Stefan George as the developers behind Gnosis Coin had a very clear vision which was to make the processes behind visual forecasting markets even more proficient and keep information channels open.
They set out to achieve this by using targeted applications that are user specific.
Gnosis was released in 2017 when the developers were able to trade over $300 million worth of coins in just 10 minutes.
The strategy behind this outstanding feat was a simple but effective one: a Dutch auction.
The way it works is by a seller setting a starting price, and the price sinks until a buyer at the given price is found.
This process can of course only work if the item offered for sale is termed as a resource that is scarce. To aid their strategy, and George and Koeppelmann decided to limit the coins up for sale to only 9 million.
How to Trade Gnosis
For those that were able to obtain GNO at the Initial Coin Offering, 70% of the coins were converted to WIZ, whereas the remainder which is 30% is eligible to be exchanged through a smart contract. Nevertheless, Gnosis is still available for purchase on several common known exchanges like Poloniex. Below is a stage by stage guide on how to trade Gnosis using this very platform. It is important to remember that at this time GNO can only be exchanged for Ether.
The first step would be to head to poloniex.com to set up an account. To do this regular information like your name, current location, an email address will be requested, as well as creating a safe password and a form of identity that can be verified for larger value trades.
The next step would be to transfer some Ether from any wallet account at your disposal or buy some straight from the exchange using another cryptocurrency such as bitcoin.
Select the “Exchange” tab located in the uppermost menu to reappraise the cryptocurrency markets. To locate the current exchange rate for GNO against Ether, select the GNO/Ether marker located at the right side of the charts.
For experienced traders, the opportunity to make use of Poloniex’s numerous functions and features. These are not limited to a tool that reviews the performance of any selected cryptocurrency over a wide period, coupled with a large number of statistics and data points culled from the markets, which aid proper trading decisions. Underneath every chart, there is an option to sell or buy Ether. Seamlessly set limits and begin trading or instead select a minimum price at which Ether can be sold.
How to Purchase Gnosis (GNO)
To invest in GNO cryptocurrency you must first acquire Ethereum or Bitcoin.
It is recommended that an account on a platform compatible like Coinbase with Ether is created, where a bank account can be linked to aid the purchase of GNO using Ether. Ether can be purchased using a debit or credit card which will incur a little fee, but this will eradicate long waiting periods and a great amount of security is guaranteed.
However, you might also wish to purchase Ether using a credit or debit card (this is actually necessary for smaller transactions). Doing so will incur a small fee, but will eliminate tedious waiting times and comes with a high level of security. If you intend to use a credit card as the preferred method of payment, just click as such and enter your desired card details and save to your account.
Once you have Ethereum or Bitcoin on your Coinbase account you can then transfer it to Bittrex, Poloninex or Kraken which are the biggest exchanges where you can purchase GNO today.
DISCLAIMER: Cryptocurrencies like Bitcoin and Ethereum are highly volatile and risky. We cannot give you advice about what to invest in or how much to invest. You should take the information we provide in our courses and blog posts, do your own additional research on specific cryptocurrencies, and plan to decide what kind of investments work for you. We highly recommend talking to a financial advisor to understand the level of risk that you are comfortable with.
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