How to Buy NEAR Protocol (NEAR)

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Contributor, Benzinga
August 27, 2024

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NEAR Protocol

$4.00*

*prices delayed up to 10 minutes

-1.00%

24H
Buy NEAR Protocol
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NEAR Protocol is emerging as a formidable competitor in the decentralized finance (DeFi) space, capitalizing on its scalable architecture and security features. As a Proof of Stake (PoS) blockchain supporting smart contracts, it has implemented sharding—an advanced scaling technique—earlier than Ethereum 2.0. This proactive approach allows NEAR Protocol to offer faster transaction speeds and lower costs. This makes it an attractive platform for developers looking to create innovative decentralized applications (dApps).

If you're ready to take the plunge into this remarkable technology, this guide will walk you through the essential steps you need to follow to confidently buy NEAR Protocol and embark on your crypto journey.

How to Buy NEAR Protocol (NEAR)

Looking for an easy guide to buy NEAR tokens? Follow these quick steps to pick some up for yourself today!

1. Open an Online Account

NEAR is available on a few trading platforms, including Binance, Coinbase, Crypto.com and eToro. Before you can purchase NEAR you will need to create an exchange account. You’ll typically need to provide your email address and create a secure password, then verify the account. In the U.S., this usually entails providing your address, Social Security number and a picture of your driver’s license or passport to comply with Know Your Customer (KYC) regulations.

2. Fund Your Account

Now that your account is set up and verified you can fund your account and start trading NEAR. Many platforms allow users to link their bank accounts for direct deposits or wire transfers, making it easy to transfer fiat currency like USD, EUR, or other currencies. Alternatively, credit card or debit card transactions can be a quick way to fund your account, although they may come with higher fees. Some platforms also accept payment through third-party services like PayPal or additional payment processors, enabling more flexibility. If you already own cryptocurrencies, you can transfer those directly into your exchange wallet by generating a deposit address provided by the cryptocurrency exchange.

3. Purchase NEAR Protocol (NEAR)

Once your account is funded, navigate to the trading section and search for the NEAR/fiat or NEAR/crypto pair that you want to trade. Place a buy order for the amount of NEAR Protocol tokens you wish to purchase. Make sure to review the order details before confirming the transaction.

What Is NEAR Protocol?

NEAR is the native token of its blockchain and has multiple uses within the system. NEAR can be staked or delegated with a validator node to help run the network’s Proof of Stake consensus mechanism. NEAR can also be used in integration with decentralized apps such as marketplaces where you can buy and sell non-fungible tokens (NFTs). Like Ethereum, transaction fees on NEAR are paid with its native cryptocurrency: Ether on Ethereum is to NEAR on NEAR Protocol.

NEAR recognizes the largest issue with the DeFi ecosystem on Ethereum — high transaction fees. Although the list of platforms on the network is minuscule compared to its competitors, the technology is impressive and may entice developers and users to switch to NEAR. It uses the brilliant technology of sharding where the blockchain is split across many validator nodes to spread out the workload, decreasing congestion. High transaction fees have driven many users away from Ethereum to cheaper alternatives like Binance Smart Chain (BSC). BSC has minimal fees, but it sacrifices one of the main tenets of decentralized finance — decentralization. 

NEAR prides itself on its decentralization and transparency with its community. The entire network is open-source, and developers from around the world have contributed to the project. An impressive core team of more than 50 members works for NEAR and many more are contracted to build out and improve the network. DeFi users shouldn’t have to sacrifice decentralization or large sums of crypto (in the form of transaction fees) to use dApps, and NEAR may be the best solution at that time.

Brief History of NEAR Protocol

NEAR first started in the summer of 2018 after the two founders Alex Skidanov and Illia Polosukhin pivoted from a previous business venture. They were working on a project to automate programming before they realized it wasn’t viable with the technology available at the time. They decided to move to the cryptocurrency sphere after trying to automate smart contract generation on Ethereum. Shortly after, NEAR Protocol was born.

Skidanov and Polosukhin quickly acquired new hires around the world and built what they call the NEAR Collective. They wanted to make NEAR a completely open-source platform where anyone could add or suggest changes to the code. The website has a list of “Bounties” that programmers can apply to build part of the expanding NEAR ecosystem for rewards.

The NEAR token is currently ranked 17th in the top cryptocurrencies based on market capitalization (~5.4 billion). It has seen a 300% growth in the past year. At the beginning of 2024, it was worth about $3.6534 per token and experience price fluctuations for weeks until it reached $8.8825 in March. It stayed between $3 and $8 since then. At the time of writing it is hovering around $4.85 after recovering from a low of $3.5647 on August 8.

Where to Buy NEAR Protocol (NEAR)

To buy NEAR Protocol (NEAR), you can use several popular cryptocurrency exchanges that support trading of this token. Major exchanges such as Coinbase, Binance, eToro and Crypto.com offer NEAR trading pairs and allow users to purchase the token using fiat currencies or other cryptocurrencies.

How to Store NEAR Safely

You could simply leave your NEAR in the exchange you purchased it from. However, without a cryptocurrency wallet, you can’t do much with the token beyond price speculation. Moving your tokens to a personal wallet also gives you more control over your tokens. Successful hacks on major exchanges have lost users millions of dollars worth of cryptos over the years. Even though the largest exchanges are extremely secure, hardware wallets eliminate the risk of cyberattacks. 

  • Best Hardware Wallet: Ledger

Ledger is a prominent hardware wallet brand that supports various cryptocurrencies, including NEAR, although users must first install the NEAR app. They offer two models: Ledger Nano S, ideal for beginners, and Ledger Nano X, which features a larger screen and Bluetooth for easier use. Both models utilize a secure chip for generating and encrypting private keys.

  • Best Software Wallet: NEAR Wallet

NEAR Protocol requires a specific software wallet to interact with its decentralized applications. It has its own wallet, as NEAR is not supported by major wallets like MetaMask or Coinbase Wallet. A small amount of NEAR token is needed to open an account. This can be obtained through a cryptocurrency exchange or by receiving it from a friend. After setting up the account, users can transfer ERC-20 tokens from Ethereum wallets to their NEAR Wallet to use decentralized applications.

Trade, Sell or Convert Your NEAR

NEAR is a volatile asset and that won’t change any time soon. Smaller volumes of trading can push the price up or down because of its relatively small market capitalization. Also, if the network doesn’t attract enough developers and users on major applications, NEAR’s price may be severely affected in the long term. 

Current Crypto Prices

Cryptocurrency prices are highly volatile and influenced by market demand, news, and technological advancements. Bitcoin leads the market, while Ethereum draws attention for its smart contracts. Altcoins like Ripple and Litecoin can significantly change in value based on speculation. Real-time data is crucial for investors in this dynamic market, which is attracting interest from both retail and institutional investors.

Is Near Protocol a Good Investment?

NEAR Protocol, like all altcoins, is a risky investment that could beget investors massive returns or devastating losses. Anyone who invested in NEAR in late 2020 could have sold their stake for an incredible eight times return this March. However, those who bought it at its all-time high would be down more than 70% on their purchase at the time of writing. If the network gains traction with users and developers, the token may skyrocket again. However, the platform could easily fail to compete with its rivals and hemorrhage value. 

Frequently Asked Questions

Q

Is NEAR protocol a layer 1 or layer 2?

A

NEAR Protocol is a layer 1 blockchain.

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Henry Stater

About Henry Stater

Henry is an expert in all things crypto. He stays up to date with all the latest coins, platforms and technologies in the field. He has particular expertise in the burgeoning decentralized finance ecosystem and loves trying out all the new platforms. He also always follows major events in other financial markets and geopolitics as a whole, especially when an event’s effects ripple through the crypto market.