How to Buy Currency of the Internet (COTI)

Contributor, Benzinga

Want to jump straigh to the answer? You can buy COTI on Changelly.

The cryptocurrency craze has retaken the world. With Bitcoin and Ethereum leading the charge, other cryptocurrencies are on the rise as well.

Currency of the internet (COTI) is working toward an ambitious goal to create efficient global commerce. Read on to learn more about COTI — what it is, how it works and how to buy it.

What is COTI?

COTI is the native coin of the COTI platform. It is used to pay fees for all transactions on the platform. The COTI chain uses a delegated proof of stake consensus model for their Trustchain, which means that they make the calls on what’s legit and what’s fraudulent. Of the different blockchain consensus models, DPOS is one of the most centralized and risky from a user’s perspective.  

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COTI relies on multi-DAG infrastructure. This highly scalable platform can process over 100,000 transactions per second.

It is important to note that, as of May 5, 2021, COTI ranks as a #196 cryptocurrency with a $245 million market cap. A small market cap makes it susceptible to high volatility and potentially, manipulation.

Brief History of COTI

COTI is an Israeli-based blockchain fintech platform offering a range of products — financing, payment processing (including white labeling), loyalty programs and others. It offers a convenient way for organizations to create their own payment solutions on the Trustchain.

The platform aims to streamline the online payments industry — making it cheaper, faster, simpler and more secure.

This is an ambitious but lucrative goal as this industry is worth over $5 trillion and growing.

COTI ecosystem has 4 participants: end-users, node operators, mediators and merchants. This network design is connecting traditional payment systems and digital currencies into a decentralized payment network.

COTI coin is the main driver behind the participants of the platform ecosystem. It has the following functions:

  • Medium of exchange: While the network supports multiple fiat and digital currencies, the COTI coin has the advantage in efficiency with superior transaction fees.
  • Mediation: Mediators need to hold COTI coins as mediations are denominated in COTI.
  • Merchant rolling reserve: Reserve funds are in COTI coins.
  • Incentives for node operators: Node operators are incentivized in COTI and need to hold it to validate node activity.
  • Fees: Network fees are paid only in COTI coins.

COTI coin launched in June 2019 with the price of $0.087. As of May 4, 2021, it trades at $0.337.

How to Buy Currency of the Internet (COTI)

  1. Open an online account.

    To buy COTI you will need to open an account with an exchange or broker that supports it. While some of the popular choices like Coinbase and Gemini do not list COTI, you can buy it on Binance.

    Opening an account with Binance is a straightforward process. You will need an email address and a password. Yet, depending on your place of residence, you might need to submit further proof of identification.

    Alternatively, COTI is also listed at Changelly, KuCoin and Gate.io.

  2. Buy a wallet (optional). 

    Before investing in COTI you should consider the options for storing your investment. Software wallets are free and convenient, while hardware wallets offer the highest levels of security.

    Unless you’re actively trading through an exchange, we recommend opting for a hardware wallet — especially for larger, long-term crypto investments. Hardware wallets offer the highest security option because they can be disconnected from the internet.

  3. Make your purchase.

    After considering these options, now you are ready to buy COTI.

    The size of your position will depend on your personal risk tolerance but remember not to over-allocate your capital to a single altcoin.

    If you’re using Binance, you can buy COTI with Bitcoin — it will give you a good relative strength outlook and is the largest cryptocurrency by market cap.

    COTI has 2 main competitors, Nano (nonprivate payments) and Monero (private payments). It’s smart to track these projects to periodically check the competitiveness of the sector.

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Best Crypto Wallets

Here are the best software and hardware wallets for COTI.

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Best hardware wallet: Ledger Nano S

Considered one of the best hardware wallet brands, Ledger serves 1.2 million users worldwide. At an affordable $50 on Amazon, Ledger Nano S offers high security in a compact design that suits crypto investors of all profiles.

Best software wallet: Lumi Wallet

Lumi Wallet is an open-source software wallet serving 100,000 users in 50 countries. It supports numerous cryptocurrencies and offers sending, receiving and exchanging crypto. You can buy crypto with a card but also withdraw it with automatic conversion to the fiat currency of choice.

In addition to the app, Lumi Wallet also offers a browser interface, allowing you to access your funds from any device. Alternatively, you can use the native wallet, COTI-Pay.

Trade, Sell or Convert Your COTI

Once you own COTI, you have a long position in it, anticipating that the price will rise. Yet, to realize this gain, you will eventually have to sell. This might be next week, next month or maybe in 10 years. This will depend on your investment plan and risk tolerance.

COTI / USD daily chart, Source: TradingView

COTI tested the support at 0.25 multiple times and is now consolidating for another big move. After rejecting from the upper trendline and breaking through the 50-day moving average, it is possible that the price will test support once again. Yet, as long as it remains above 0.25, the bias remains bullish. If the price breaks the upper trendline and rejects the retest, it is likely that it will continue upward to take out 0.55 and make a new all-time high.

When buying high volatility assets like COTI, covering the cost baseline can be a good tactic. This means that you will wait for a large move (30%-50% or more) and sell enough to recover your initial investment. Then you can leave the rest as a no-risk investment and keep it for years.

If you are interested in trading, check out how to trade cryptocurrencies, as well as the guide on best brokers for cryptocurrencies.

Current Crypto Prices

As of May 4, 2021, Bitcoin trades at $54,200 and Ethereum is at $3,288. Meanwhile, COTI is trading at the rate of $0.337. You can check an extensive crypto price listed in the table below.

Is COTI a Good Investment?

Although the team behind it seems experienced, dominating online commerce is an extremely ambitious goal. This premise gives a polarizing scenario — either COTI spectacularly succeeds or it uneventfully folds. High ambitions leave little space for a middle ground.

Yet, with a risk-management technique like covering the cost baseline, you can invest in the project. Having a horse in the race for e-commerce is more enjoyable when it comes at no risk.

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