How to Buy NuCypher (NU)

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Contributor, Benzinga
Updated: March 1, 2022

Wondering how to buy NuCypher? You can purchase NU with fiat on Uphold or Coinbase.

Providing developers with privacy and key management solutions, the NuCypher Network has caught the attention of investors interested in the expanding world of decentralized applications (DApps). 

Interested in learning more about NuCypher and how to add its token to your cryptocurrency investment portfolio? Our beginner’s guide will help you learn how to buy NuCypher. 

What is NuCypher?

NuCypher is a decentralized encryption service for public blockchains. The NuCypher network allows users to share private data between select members of a public consensus network by utilizing proxy re-encryption (PRE) technology. This provides users on the network with a higher level of data security when compared to traditional blockchains.

The NuCypher network’s native token, NU, incentivizes network participants to continue providing management services via staking. NU token holders can stake their tokens through a worker node, which is protected against malicious staking. NU is an ERC-20 token, which means that it runs on the Ethereum network.

Brief History of NuCypher

NuCypher was launched in November 2018 by co-founders Mikhail Egorov and MacLane Wilkison. The public testnet for NuCypher’s network was launched in October 2019, with incentivized testnet operations officially launching in January 2020.

NuCypher is currently the 164th largest crypto project when measured by total market capitalization with a market cap of about $214 million. NuCypher’s token sees an average total daily trading volume of about $21.7 million.  

How to Buy NuCypher

  1. Open an online account.

    One of the 1st decisions that you’ll need to make when you decide to buy NuCypher (or any cryptocurrency) is to open an account with a cryptocurrency broker that supports the purchase and sale of the NU token. 

    A cryptocurrency broker is similar to the brokerage account that you use to buy and sell shares of stock. When you open an account with a crypto broker, your broker will help you get started with a trading platform that you can use to place buy and sell orders. After placing an order, your broker will carry out your trades on your behalf and deposit your tokens into your account.

    The broker that you choose will determine what you’ll pay in commissions, the assets that you can buy and sell and more. Some of the factors you might want to consider when you choose where to open your account might include:

    • Access to additional assets: If you’re only interested in buying and selling NuCypher, be sure to take a look at the broker’s list of supported coins and tokens to ensure that NU trading is available. If you’re interested in additional cryptocurrencies and investment instruments (like stocks or forex currencies), be sure that the broker you select offers you a single platform for as many of your investing needs as possible.
    • Commissions: Most cryptocurrency brokers charge a small commission in exchange for carrying out your trade. Be sure to read up on commission schedules before you open an account — even a small percentage of commission paid on each trade can quickly add up.
    • Mobile trading: If you do most of your investing on-the-go, look for a broker that offers mobile trading on your platform of choice.

  2. Buy a wallet (optional). 

    If you don’t plan to actively trade your NU tokens, it’s a good idea to set up a private cryptocurrency wallet. A private wallet offers you a unique set of keys that you can use to keep your investments more secure in the event that your broker is hacked. 

    NU tokens can be stored on any type of wallet that supports ERC-20 token storage, so you’ll have your choice of both physical hardware wallets and software wallet programs.

  3. Make your purchase.

    After fully opening and funding your brokerage account, you can place your first buy order to invest in NuCypher. If you’ve bought or sold stocks, you’ll likely already be familiar with the types of buy and sell orders that you can place when trading cryptocurrencies. 

    Some of the most common types of order options you might see through your broker can include:

    • Market order: A market order is executed as quickly as possible at the current market price. This is the most common type of crypto order.
    • Limit order: A limit order is executed only at or below a specific price that you enter when you place an order. For example, if you place a limit order to buy 500 NU at a limit price of $0.50 per token, your broker will only execute the order if it’s possible to buy each token at or below a price of $0.50.

    Depending on the broker you work with, you may have access to additional order types and options.

Best Crypto Exchange for NU

Not sure where to start your search for the right broker? Consider our top choice below. 

Best Crypto Wallets

If you aren’t sure where to begin your search, consider 2 of our favorite ERC-20 token storage choices below. 

Trezor
Best For
  • Crypto enthusiasts
securely through Trezor's website

Best Hardware Wallet: Trezor One

The Trezor One is a hardware storage solution that’s capable of storing Ethereum, NuCypher, Bitcoin and more than 1,000 additional coins and tokens offline. This offline “cold storage” means that you don’t need to be connected to the internet in order to access your holdings, which provides you with the highest possible level of security for your investments. 

The Trezor One features an OLED screen and a sleek, lightweight design, meaning that you can use it and manage your investments from almost anywhere without connecting to public Wi-Fi. 

Coinbase
Best For
  • Coinbase Learn

Best Software Wallet: Coinbase Wallet

If you have any experience buying or selling cryptocurrency, you’re probably already familiar with the Coinbase brokerage. Now, you can quickly store your NU tokens after purchasing them with Coinbase’s free software wallet. The Coinbase Wallet supports Bitcoin, Ethereum and all ERC-20 tokens, and you can easily transfer investments made on the Coinbase platform to your private wallet.

One of the most unique features offered by the Coinbase Wallet is its payment and transfer system. When you send cryptocurrency to a friend using the Coinbase Wallet, you won’t need to remember an endless string of numbers and letters — simply transfer between users using normal usernames, just like when using a standard fiat money transfer app. 

BZ

Bonus:

On March 8, 2021, NuCypher announced a proposal for the 1st-ever decentralized on-chain network hard merge between the Keep and NuCypher network. If executed, this merge could potentially introduce NuCypher at the forefront of Web 3.0 functionality and potential.

Trade, Sell or Convert your NU

After closing your buy order, you’re the newest investor in NU. Now, you’ll need to decide how you want to earn a return on your crypto investment. Most cryptocurrency investors earn a return on their initial investment in 1 of 3 ways:

  • Trading: There are 2 major classifications of cryptocurrencies: standard coins and tokens and stablecoins that are tied to an underlying asset. Traders may strategically buy and sell their NU tokens in exchange for stablecoins with the goal of accumulating more NU. Depending on the broker you use, you may also be able to strategically exchange NU tokens for fiat currency directly.
  • Selling: If you believe that the price of NU will increase in the long-term, you may want to transfer your tokens to an off-chain wallet. When the price of NU has risen to a level where you can take a significant profit, you can transfer your tokens back to your brokerage account and exchange them for fiat currency.
  • Converting: Some exchanges (like Uniswap) allow you to instantly convert ERC-20 tokens between projects. If you’re looking for a token that’s not available on standard exchanges, you may want to use NU as a medium on these exchanges. The specific currencies available for conversion will vary by exchange. 

Current Crypto Prices

The price of every cryptocurrency is constantly changing because, unlike stocks or mutual funds, cryptocurrency can be traded at any time of day or night. Trading supply, news items, new regulations and company announcements are just a few of the dozens of factors that can influence the price of cryptocurrency.

Keeping track of how the crypto market moves can help you time your order and decide on the best time to buy. Browse a few of today’s top market movers using the chart below.  

Is NuCypher a Good Investment?

As one of the primary reasons for the initial introduction of cryptocurrency, NuCypher’s commitment to privacy may help the token reach new price highs in the future. However, it’s important to remember that the world of cryptocurrency is still largely unregulated, especially when compared to major markets like the New York Stock Exchange. 

If you do decide to add NU to your portfolio, never invest more money than you can afford to lose. 

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