How to Buy POWR Token from Exchanges? Where To Buy POWR Token?
Power Ledger is an Australian company set to transform the electricity markets. They’ve created a system that allows individual users to trade electricity directly, peer-to-peer on a balanced market, with no third party control or regulation. It has a great potential and we all know it is going to stay especially the world is talking about climate change. Wonder where you can buy Power Ledger Token (POWR) and how to buy POWR token? Read this step-by-step guide for your reference.
What is Power Ledger (In Short)?
Power Ledger is one of several high-profile energy startups emerging within the crypto space.
Power Ledger is a peer-to-peer, blockchain-based energy trading platform, where renewable energy can be sold between buyers and sellers without a middleman.
The platform allows households, businesses, schools and community organizations to trade surplus solar or battery power with each other at a price exceeding grid feed-in-tariffs but below regular tariffs for grid supply.
Power Ledger uses a software solution that measures the amount of electricity consumed or generated. The way the energy is moved from one person to another is via a unit called ‘Sparkz’ which is a tokenized unit of electricity or a digital representation of the energy that is being moved from the buyer to the seller.
It features a live and deployed platform that possesses the ability for others to develop applications for use on it. Power Ledger aims to solve 2 major problems using Blockchain technology:
- Declining utilization of electricity networks which could be maintained through a marketplace for distributed energy assets and associated transactions underpinned by the blockchain (e.g. peer to peer trading across networks)
- Low penetration of renewables in apartment buildings, where a shared ownership and allocation model for microgrids could be provided by the blockchain (e.g. peer to peer trading in buildings)
Now, Power Ledger is partnering with Origin, the largest retail energy provider in Australia, to test the benefits and challenges of trading energy across a regulated network. Using anonymized consumer data, the company aims to demonstrate that the platform is both accurate and secure.
At the time of writing, Power Ledger is also conducting trial commercial deployments in Auckland, New Zealand, Fremantle and Busselton, Western Australia, and soon in Tasmania.
Power Ledger is using two (2) blockchains. One is public, based on Ethereum, and used for interacting with the world. It uses the POWR token that can be traded on third-party exchanges.
The second one is private, developed in-house (with the intent to switch to Consortium Ethereum in the future), with a high transaction processing rate, and is to be used for trading between electricity market users. The token is called Sparkz and has a fixed value expressed in the local currency (1 Sparkz = 1 Cent).
Hence, two different tokens optimized for two different functions. POWRs are designed to store value. They will get more and more expensive over time due to more users willing to join the market and a limited number of POWR tokens.
Power Ledger had raised about $US13.2 million ($16.9 million) from its public offer of 190 million “tokens” or “POWRs”. Two earlier “presales” raised just over $17 million from members of the company’s community and investors and partner utilities.
Where Can I Buy Power Ledger Token (POWR)?
POWR tokens are available on the following exchanges:-
- Gate.io; and more to come
How to Buy POWR?
If you are new to the world of cryptocurrency and would like to know how to purchase some POWR token, it is not that straightforward to just deposit your fiat currencies and buy them on these platforms, unless these exchanges are interconnected to your local bank accounts.
However, you can send bitcoin to the above-mentioned exchange accounts and buy POWR with BTC (if you have some).
If you are totally new in this and do not have any BTC, please refer to the following steps to get your first POWR token.
Step 1: Create a Coinbase Account to Get bitcoin
There are many ways to buy bitcoin. Perhaps the easiest way is through Coinbase. Go to the Coinbase Signup Page and fill in your first name, last name, email and choose a password.
The registration is quite straightforward. Once, you hit “Create Account”, then you just need to verify your identity (eg: pictures of your driver’s license, etc). Once your account is created and verified, you’ll need to add a funding source like a bank account and/or a debit card. Yes, you can buy bitcoin using your credit or debit card.
Once this is set up, you can buy some bitcoin.
Many people have the wrong impression that they must buy one full (unit) of BTC. In fact, you can buy even a small fraction of BTC (e.g. 0.005).
The reason we encourage our readers to buy BTC from Coinbase because you will get $10 free BTC once you trade your first $100 through Coinbase.
If you are buying bitcoin via credit card, Coinbase will post two small charges on your credit cards. All you need to do is to verify these charges through your credit card’s recent transaction history and confirm them on Coinbase dashboard.
Step 2: Create a Binance Account
Create an account with Binance by going to their registration page.
The registration process in Binance is super fast & easy. Less can be said about interpreting their dashboard, but it’s not the worst. Once, you’re approved here, we’ll get to the good stuff.
Step 3: Transfer BTC to Binance
Go to Binance “Funds” and “Deposit” from on the top right menu.
Here, you’ll see a list of currencies and you need for “Bitcoin.” When you find Bitcoin, click the “Deposit” icon to open a lightbox in which you will generate a Bitcoin Deposit address. Once you’ve done this, copy that long string of letters & number.
Now, go back to Coinbase. Here, you’ll navigate to the Send/Request tab. Now paste the Bitcoin deposit address you got from Binance into the “Destination” box and type in the amount of Bitcoin you want to send. You can opt to either move all of your Bitcoin or some fraction.
Just one click and your funds should be on their way to Binance. It will take a bit of time, perhaps 15 minutes or more, for your BTC transfer to complete.
Step 4: Trade Bitcoin for POWR Token on Binance
To trade your BTC for POWR:
- Check the price of POWR in real time (1-minute), and when you are happy with the price, say 0.00030562 (POWR /BTC) as shown in the below figure.
- Click the “Limit” and change to “Market”. This means you are calling the platform to generate the latest bid price.
- Then, key in the number of POWR you want to buy.
- Click “Buy POWR”.
You just exchanged Bitcoin for POWR. Be aware that there often isn’t much POWR for sale at the very lowest price, so you may need to repeat steps 1-3 a few times until all your Bitcoin is exchanged.
You then can check your wallet again and see the amount of POWR you have just purchased.