Golem (GNT) is the cryptocurrency of a decentralized processing and computing network. Announced by Golem Factory on April 28, 2016, the project was launched and introduced to the market on April 10, 2018. The network, being entirely decentralized, enables users to purchase computing power in exchange for a fee.
This allows those who do not need their computers or devices’ computing power to sell it, while those in need can buy it at lower prices, similar to renting. The cryptocurrency used by those who want to buy or sell computing power in this peer-to-peer network is known as Golem Coin.
So, what exactly is this Golem Coin?
What is Golem (GNT)?
Golem Coin is the cryptocurrency used for making payments on the Golem Network. Investors need to use GNT Coin for renting or selling computing power on the network. To purchase computing power, you first enter a transaction in the network and specify how much GNT you wish to pay.
The provider, or the person selling the computing power, then selects from the offers based on the amount of GNT they want in return. The entire process is conducted through Golem Coin, and the network’s cryptocurrency thus gains significant usage and value.
GNT can be purchased on Binance in exchange for BTC.
Where to Buy GNT Coin?
How exactly can one buy GNT Coin? Binance emerges as the most popular platform for users in this regard. The liquidity and security offered by Binance also influence investors’ choice.
- To buy GNT Coin, you first need to deposit USD balance into the exchange or buy a cryptocurrency that can be used instead. For this, first go to the Binance homepage, click on the “Buy Crypto” option at the top left, and then click on the “Credit/Bank Card” tab.
- In the tab that opens, select how much USD you want to transact with, and mark Bitcoin, i.e., BTC, in the Coin section.
- After purchasing BTC, preview the “Buy-Sell” option again at the top left and click on the “Classic” tab.
- In the section that opens, select the BTC tab from the top right, press the search button, type GNT, and select the GNT/BTC pair that appears below.
- Then go to the middle “BUY GNT” tab, enter the amount you want to buy.
- Enter the desired amount and complete the process of buying GNT Coin by confirming the transaction.
