Chapter 2.10

Factom is a unique digital currency platform that functions as a data layer no top of the bitcoin blockchain. It’s like building a second blockchain on top of bitcoin. Using Factom and the platform’s native FCT token, businesses can secure records in real-time using a single, cryptographically-isolated hash. Today, businesses use Factom to decentralize record-keeping, ensuring the integrity of business data.

In more straightforward terms, Factom facilitates the secure, blockchain-based storage of virtually any type of data. You can find everything from business data to legal documents and property titles on Factom.

The ecosystem revolves around Factoid tokens, or FCT. You can buy FCT tokens to interact with the Factom ecosystem. Or, you can buy FCT tokens as an investment – just like you would buy any cryptocurrency.

Let’s take a closer look at how you can buy Factom tokens.

How to Buy Factom (FCT) from Any Cryptocurrency Exchange

Many cryptocurrency exchanges sell Factom. Factom isn’t the most popular cryptocurrency. It doesn’t have the market cap of its larger competitors like Ethereum and bitcoin. It typically sits in the top 100 cryptocurrencies by market cap. As of May 2018, it sits at the #101 position.

Here’s the basic process you’ll use to buy Factom (FCT) from any cryptocurrency exchange:

  1. Sign up for a cryptocurrency exchange that has a Factom pair like FCT/BTC
  2. Verify your account
  3. Deposit funds into your account
  4. Buy Factom using the FCT/BTC pair
  5. Keep your Factom in your exchange account; or, withdraw your Factom to your FCT wallet

How to Buy FCT Using Bittrex

FCT is available on Bittrex through a single pair: the FCT/ETH pair. Bittrex does not have an FCT/BTC pair, nor do they have an FCT/USD pair. If you want to buy FCT using Bittrex, then you’ll need to hold ETH.

  1. Go to Bittrex.com
  2. Click the “Get Started Now” button to visit the account registration page.
  3. Enter your email address and password to register your account, then confirm your registration by clicking the link sent to your email.
  4. Sign into your newly-verified account, then fill in personal details like your name, address, and phone number; Bittrex will verify your phone number. If this is your first time signing up for Bittrex, then you might also be required to provide government-issued photo ID and other verification data, depending on your country of residence.
  5. Once this process is complete, you’ll need to activate two factor authentication (2FA) to protect your account further; if you want to login to Bittrex in the future, then you’ll need to enter your Google Authentication code. This protects your account from being hacked. Go to your Bittrex Settings page, then click on Two Factor Authentication. Bittrex will generate a 6 digit code.
  6. Create an FCT wallet on Bittrex. This wallet will hold your Factom tokens. Remember: you cannot deposit FCT into a bitcoin or Ethereum wallet. If you try to do so, then you’ll permanently lose access to your FCT. To create an FCT wallet on Bittrex, click the “Wallets” link in the upper right corner of the Bittrex homepage. On the next page, you should see a “plus” sign beside FCT. This will create a public FCT address complete with a QR code, making it easy to deposit FCT into that address.
  7. Now you need to actually purchase FCT. To do that, deposit ETH into Bittrex (or purchase ETH from Bittrex using BTC or USD). Then, click on the FCT/ETH pair under Bittrex’s Ethereum markets page.
  8. Once your Bittrex account has been funded with ETH, you can easily purchase FCT using the FCT/ETH pair. After clicking on that pair, you’ll see two boxes on the bottom of the page. One box says “Buy FCT” and the other says “Sell FCT”. In the Buy FCT box, you’ll have three options to buy FCT. You can buy FCT at the last sold price (“Last”). You can buy FCT at the best price currently being offered (“Bid”). Or, you can buy FCT at a specific price – like a price lower than the market rate, if you’re anticipating a drop. In that case, you’d hit the “Ask” button. Once you’ve chosen your order type, enter the number of FCT tokens you wish to purchase (under “Units”). Then, click the “Buy FCT” button once you’re ready. Your order will be processed as soon as a seller is found. Your ETH will be deducted from your Bittrex ETH wallet. Then, you’ll receive the Factom tokens (FCT) in your FCT wallet.

Step 9) You can keep your FCT in your Bittrex FCT wallet. Or, you can withdraw to your own FCT wallet if you want to maintain full control of your funds.

Conclusion

Factom is a popular and accessible cryptocurrency. It doesn’t have the market cap of larger cryptocurrencies like bitcoin and Ethereum, but it remains a popular altcoin for investors, hodlers, and, of course, people who use the Factom platform. Follow the steps above to purchase Factom from Bittrex and other cryptocurrency exchanges.

Written by Andrew T

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