How to buy Teslacoin (tes)

TeslaCoin (TES) is a Scrypt based crypto coin with a thirty second block time. There are a total of 300 million coins to be mined and 172 coins per block initially, reducing by 18.56% every thirty days. There was a 3% premine for the standard bug, bounties and development fees.Reddit

So before you buy Teslacoin (tes), make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.

If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy TES.

Centralized Exchange Purchase Steps


The whole process takes only 15 minutes and all you need is a smartphone or computer, an internet connection, proof of identity and a choice of payment method.

  1. Register and create an account: choose a centralized exchange that offers TES transactions, such as Binance or Coinbase. visit their official website and register to create an account. You will need to provide some basic information and verify your identity.
  2. Top-up: Log in to your exchange account, find the "Assets" or "Wallet" section, choose the type of currency you want to top-up (e.g. Bitcoin (BTC), Ether (ETH) or US Dollars (USD), etc.) and follow the exchange's instructions to top-up.
  3.  Buy TES: In the marketplace or trading area of the exchange, find the TES pair that corresponds to the currency you just topped up (e.g. TES/ETH, TES/BTC or TES/USD), enter the amount you want to buy, and click "Buy" or "Trade".
  4. Keeping TES: After completing your purchase, your TES will be stored in the "wallet" of the exchange. You can choose to keep it on the exchange or transfer it to your personal cryptocurrency wallet for greater security.

Decentralized Exchange Purchase Steps


The first purchase will take 20-30 minutes, and each subsequent operation will only take 1-2 minutes to complete the purchase.

  1.  Create a crypto wallet: You need a cryptocurrency wallet that can store TES. For example, you can choose Metamask or Trust Wallet, both of which are very popular crypto wallets. After installing and setting up the wallet, make sure you have a good backup of your private key or mnemonic.
  2. Buy Ether (ETH): Since TES is built on the Ether network, you need Ether to exchange TES. you can buy Ether on any centralized exchange that supports buying ETH. After purchase, you need to transfer the Ether to the wallet you created in the first step.
  3. Visit a decentralized exchange: Use a decentralized exchange (such as Uniswap or DeFi.io) to buy TES. you need to open the webpage of this exchange in your browser and connect your wallet.
  4. Buy TES: In the exchange, select ETH as your payment currency and TES as the currency you want to buy. Enter the amount of TES you want to buy and click "Exchange" or "Redeem". After confirming that the transaction information is correct, confirm the transaction. After the transaction is approved and completed, your TES tokens will be deposited to your wallet.

Note: When making any cryptocurrency transactions, always make sure you understand the risks and fees involved. In your wallet and decentralized exchange, your private key is your key to access and control your funds, so keep it safe and do not give it out to others.

Centralized vs. Decentralized Exchanges


Centralized Exchange (CEX):

Advantages:
  • User-friendly interface: Centralized exchanges usually have a more intuitive and easy-to-use interface, especially for beginners.
  • High liquidity: Centralized exchanges tend to have higher trading volume and liquidity, which helps to complete trades faster and with lower price slippage.
  • More pairs: Centralized exchanges typically offer a wider variety of cryptocurrency and fiat currency pairs.
  • Customer support: Centralized exchanges offer customer support services to solve problems users encounter during the trading process.

Disadvantages:
  • Security risks: Centralized exchanges can be a target for hackers because they store large amounts of user assets and personal information.
  • Intellectual Property: Centralized exchanges require users to provide personal information to complete authentication, which may raise privacy concerns.

Decentralized Exchanges (DEX):

Advantages:
  • Decentralized: Decentralized exchanges are based on the principle of decentralization, where transactions are made directly between users without the need to trust third parties.
  • Highly Secure: DEX does not host users' funds or private keys, allowing users to control and manage their own assets, reducing the risk of hacking.
  • Privacy: Users are usually not required to provide personal information when trading on DEX, which helps protect user privacy.

Disadvantages:
  • Lower Liquidity: Decentralized exchanges typically have lower liquidity, which can lead to slower trading speeds and higher price slippage.
  • Limited pairs: DEX typically offers fewer pairs, and users may not be able to find the specific pairs they need.
  • Difficulty of use: The interface and operation of decentralized exchanges may be more complex for novices.

In short, depending on your needs and preferences, you can choose the type of exchange that is right for you. If you value privacy and security, a decentralized exchange may be better for you; if you want faster trading and a wealth of trading options, then a centralized exchange may be better suited to your needs.

Others


Is TES a good investment?

Cryptocurrencies are highly speculative assets that come with a range of risks. Additionally, buyers of TES tokens may want to consider the following:
  • Copycats: Because TES is open-source, potential competitors can copy the code-base and create their own version of TES with very little effort. This could lead to a loss in market share for TES, which could affect demand for the token as a result. That being said, almost all blockchain projects are open source, so the risk is not unique to TES.
How do I trade, convert or sell TES?

You can convert or sell your TES on the same exchange where you purchased it by:
  1. Login to the exchange where you own TES.
  2. If you store TES in a digital wallet, the wallet is connected to the decentralized exchange.
  3. Select Sell or Convert and place a sell order.
  4. Select the amount of TES you want to convert or sell.
  5. Confirm the selling price and fees and close your sale of TES.
  6. Complete your transaction and move your TES to your wallet for storage.