Luna Coin is the native coin to a cryptocurrency platform called Terra. Terra, on the other hand, is a decentralized payment system for transacting stablecoins. These are coins that are always dependent on stable base cryptocurrencies, money, or commodities. Therefore, transactions in Terra don’t fluctuate a lot with the Crypto-markets. This gives Terra the flexibility of a decentralized payments system while reducing the risk of buying volatile Cryptocurrencies.
Luna is the coin that provides liquidity in Terra. In Terra, Luna coins can only have a maximum supply of 1 billion tokens. If more than a billion tokens are available in its ecosystem, Terra will burn the extra supply. Here is the process of buying Luna coin:
Buying Luna Coin
Step 1: Open an Online Account
You will need to open an account with a Crypto Brokerage firm that trades Luna. The most popular brokerage firms that support Luna are Voyager, Gemini, Binance, and Crpto.com.
Step 2: Buy a Wallet
To securely hold your cryptocurrency, you need to keep them in a cryptocurrency wallet. This significantly reduces the chances of being hacked. The wallets can be hardware which are physical gadgets that keep your cryptocurrency offline. They could also be software wallets that include apps and programs that securely store your cryptocurrency online. However, hardware wallets are the most secure way of storing your cryptocurrency because you will always need a physical device to access your Crypto. Let’s review some of the best wallets for storing your Luna coins:
- Ledger Nano S
This is one of the best hardware wallets you could use to store your Luna. It offers excellent security features for your Crypto. Nano S goes for $51 on Amazon, while its premium version, Ledger Nano X, goes for $100.
- CoolWallet S
Coolwallet also offers excellent security prices at an affordable price. It is also small and convenient to carry. You can get them at their website the single version going for $99 while their duo version for $159
- Guarda Wallet
This is a non-custodial wallet that supports several cryptocurrencies and allows users to control their private keys. Additionally, it is integrated with hardware wallets giving you both hardware and software wallet protection.
- Terra Station
Terra Station is one of the best user-friendly software wallets for the Luna coin made by Terra specifically for the Luna coin. It displays up-to-date information about Luna, including its current market price, interest rates, and market supplies.
Step 3: Make Your Purchase
Once you have a wallet, you are ready to buy Luna coins. All you have to do is to place an order. You can place two kinds of orders, a market order or a limit order. A market order buys at the price the Luna is trading. On the other hand, limit order buys at a specified price you want to buy. Suppose the price of a Luna coin is $40. A market order will buy it at $40. A limit order would buy at a price lower than the market price i.e.$35.