This article will cover how to buy Gitcoin and how it works. Gitcoin uses the power of cryptocurrency and blockchain to enable anyone in the world to fund open source projects or pay developers, designers, writers, musicians, and other talents to accomplish any type of work that requires more than an hour’s worth of effort.
What is Gitcoin (GTC)
The first question most people have when they hear about Gitcoin is “What are GTC?” The short answer: GTC is tokens on the Ethereum blockchain that represent value as a medium of exchange for all types of digital goods and services.
Gitcoin leverages cryptocurrency, an immutable system that cannot be altered by anyone entity, to offer its users simplified payment processes in order to provide a decentralized marketplace for work.
Every time someone funds or pays with their GTC on Gitcoin the transaction goes live on the public ledger powering our protocol – this way they can assure you your money will never disappear from your wallet because it’s not properly recorded. This also means there’s no need for a central authority to manage transactions, which would require people or organizations to trust one another.
The GTC you purchase on the Gitcoin marketplace are sent directly from your Ethereum wallet (think of it as an email address) and are then stored in your account’s “Gitcoin Vault.” This vault is private and encrypted by default with AES-256 encryption so that only you have access to what happens inside. You can give other users permission to view or take out funds as needed, if necessary. If this sounds familiar – it should! It’s the same type of system banks use for their customer accounts, but not subject to any government regulation whatsoever since cryptocurrency operates outside traditional banking mechanisms and no single organization controls all operations. When you deposit money into your bank account, the government regulates who can withdraw it.
GitCoin (GTC)’s team members
GitCoin’s team is a talented bunch of people from all over the world who have come together to work on this project and make sure that it’s a success!
Gitcoin is an open-source protocol, which means anyone in the world can contribute or build upon it so long as they agree with its mission statement: “We believe in humanity’s power to do great things.”
How to use GitCoin GTC?
Let’s break down what happens when you make an order:
You go through checkout and provide us with some payment information (this doesn’t mean they’ll be charged, just that they have the information needed to charge them if necessary)
They verify your payment information and process it as an order for GTC coins on our marketplace (in a few seconds this transaction will be recorded live, like all other transactions on Gitcoin’s public ledger).
You’re going to get 50% of your funds when you place the order. The remainder is sent once you complete the task – because people are always worried they won’t finish what they started! They don’t want any unfinished projects either. On completion, both parties release their escrowed funds at no cost or risk.
Gitcoin takes care of everything else required with regard to security: storing private keys offline in secure vaults; maintaining offline backups of customer data; storing funds in cold wallets to avoid the risk of hacking.
You also get a unique crypto wallet address from Gitcoin which you can use to send and receive GTC – all for free! No more worrying about your private key getting stolen or lost, it will be safely stored on our site.
How to buy GitCoin (GTC) with USD on Coinbase.com
This is an easy altcoin to buy directly with fiat.
In order to buy GTC on Coinbase.com, you have to deposit some funds using your debit/credit card or bank transfer.(read our buy crypto with debit/credit guide here) As soon as your funds are in your account you’re ready to go.
Head over to the Buy/Sell tab and select GitCoin (GTC) from the list of currencies.
You’ll then be prompted to enter the amount you want to spend, or how many GTC you would like to buy. Coinbase will charge a fee for your purchase which usually ranges between 0-0.25%
Confirm the trade by clicking the Buy button.
After the order is processed, your GTC will be available in a few moments and you’ll receive an email confirming that they were successfully deposited into your account.
It’s as easy as that!
What is Coinbase?
Coinbase is a cryptocurrency exchange that provides fiat to crypto buying and selling for users. They also offer an online wallet service, which means you can store your GTC on their site rather than in an encrypted vault, though they do not recommend it!
How to buy GitCoin (GTC) on Binance.com
The process of buying GTC on Binance.com is very similar to that of Coinbase, but there are a couple of differences:
Binance charges lower fees for trades (0.02%). You’ll need to transfer funds from your bank account or credit card before you can start trading with them though – if you’re looking for an easy way out then this option isn’t the best one! Keep in mind it may take up to three days for these transfers to go through depending on where they originate. (Most often it doesn’t take more than a few minutes though)
After you signed up at Binance.com you have to deposit fiat using the “Deposit” tab.
You can also buy GTC by trading for it with Bitcoin or Ethereum, but you’ll need to transfer those funds over from another exchange first – so that’s not a great option if you’re just starting out!
When you have funds in your Binance account head over to the “Exchange” tab and look for the section that says BTC Markets.
Select GTC/BTC from the list of currencies at top of this page, enter your limit order (the number of coins you want to buy) in the text box below it.
Click on Buy when you’re ready to complete your purchase!
Binance uses a fee schedule based on the maker or taker status – if you are looking just to trade crypto without running any orders, then fees will be lower than those who do trades regularly. Visit their site for more details.”
What is Binance.com?
Binance is a cryptocurrency exchange and run by crypto enthusiasts for other crypto enthusiasts, so it’s stricter when it comes to verifying your identity before allowing you to make trades on the site. To do this they’ll ask you questions about who you are, why you want an account with them, what assets will be traded through that account etc. The verification process can take up to three days (just like Coinbase). If there’s any doubt in their mind as to whether or not these accounts are safe enough then withdrawals may be frozen until further notice!
It might seem complicated at first but once everything has been set up – which shouldn’t take more than 15 minutes max – trade execution should only take seconds if all goes according to plan.
How to store GitCoin (GTC)?
GitCoin (GTC) is an ERC-20 token, which means it was built using the Ethereum blockchain – so all you need to do to store your coins is download any of the wallets that support these tokens and sync them with a copy of the chain.
If you don’t have time for that then there are plenty of other options available! For example, Coinbase offers cold storage services for their customers who want their private keys stored securely offline on microSD cards.”
Hardware wallets and Metamask
If you’re looking for a more secure storage solution, then storing your GTC on a hardware wallet is probably the best option.
There are three types of wallets that support ERC-20 tokens: mobile wallets (like Metamask), desktop wallets (such as MyEtherWallet), and physical devices like Ledger Nano S or Trezor.”
How to purchase GTC using metamask.
Metamask is an extension that allows users to interact with Ethereum based applications easily from their browser without installing any software – so it’s perfect if you want something really simple! You’ll need MetaMask installed on your Chrome, Firefox or Opera browsers before continuing though.
To get started visit one of the popular exchanges and select GTC from the list of coins they offer.
After clicking on “Buy” you’ll be asked to enter your Metamask account data – which should just consist of a password, an email address and a PIN/passphrase if you have one set up already! If everything is correct then MetaMask will proceed with executing that trade.”
What is a hardware wallet?
A hardware wallet is a physical device that stores your private keys.
If you want to keep your GTC safe and secure then this is the best option – since it’s free from any external interference or access.”
Explain how to store GTC using Ledger Nano S or Ledger Nano X.
The Ledger Nano S can house many different types of cryptocurrency, so if you think you might be investing in more than one type of token then this would probably be the better choice for storage!
If you’ve been wondering what GitCoin (GTC) is, wonder no more. We have the information you need about this decentralized cryptocurrency and how to buy it with USD on Coinbase or Binance.com. Plus, we explain how to store your GTC for maximum security in a variety of wallets. You may be thinking that buying GitCoin seems like too big of a commitment right now but if so then don’t worry because there are plenty of other options available such as Litecoin or Ethereum which can also be bought with US Dollars on Coinbase or Binance respectively. What will you decide? Are you going to buy Gitcoin? Why?