How to Buy Flow (FLOW)

Beginner’s Guide

What is Flow?

Flow is a blockchain platform designed to enable developers to create decentralized applications and digital assets with high throughput, low fees, and developer-friendly tools. It was created by the team behind the popular blockchain game CryptoKitties, which gained notoriety for causing network congestion on the Ethereum network in 2017.

Flow aims to address some of the limitations of existing blockchain platforms, such as slow transaction speeds, high fees, and complex development tools, that have hindered widespread adoption. It features a unique architecture that separates network validation from computation, allowing it to scale more efficiently and support a greater number of applications.

Flow is also designed to be more environmentally friendly than some other blockchain platforms, as it uses a proof-of-stake consensus mechanism instead of the energy-intensive proof-of-work mechanism used by Bitcoin and some other cryptocurrencies.

Flow has gained attention for its potential use in the growing market of non-fungible tokens (NFTs), which are unique digital assets that can represent a wide range of physical and digital assets, such as artwork, music, and virtual real estate.

How to Buy Flow Summary

Get a Flow wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
Find an exchange that sells Flow (e.g. Crypto.com, Binance , Coinbase , Bitfinex , Kucoin)
Deposit money and make the trade
Withdraw the Flow to your wallet

Buying Flow in 3 Simple Steps

Desctop & Mobile

Flow Hardware Wallets

As of now, there are no hardware wallets available for storing Flow (FLOW) tokens. This is because Flow is a relatively new blockchain platform, and support for it is still developing. However, the team behind Flow is actively working on adding support for hardware wallets in the future.

In the meantime, the recommended way to store FLOW tokens is using software wallets that support Flow blockchain, such as Blocto, Ledger Live, or Ledger Nano S/X, among others. These wallets allow you to securely manage and store your FLOW tokens, while also providing access to the blockchain network to interact with various DApps and services built on Flow.

It’s important to remember that, as with any cryptocurrency, it’s crucial to keep your private keys and recovery phrases safe and secure, and to follow best practices for securing your digital assets.

The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.

Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.

If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.

Flow Software Wallets

There are several software wallets that support Flow (FLOW) tokens, including:

Blocto: Blocto is a mobile wallet for iOS and Android that supports FLOW tokens. It offers secure storage of your private keys, and allows you to manage and transfer your tokens with ease.
Ledger Live: Ledger Live is a desktop and mobile wallet that supports several cryptocurrencies, including FLOW. It offers a user-friendly interface, and allows you to manage your FLOW tokens securely.
Ledger Nano S/X: The Ledger Nano S/X is a hardware wallet that supports FLOW tokens, but you can use it with several software wallets that integrate with Flow blockchain. You can manage your FLOW tokens through the Ledger Live app or other compatible wallets.
Blocto extension for Google Chrome: Blocto extension is a web-based wallet that lets you access DApps and services built on the Flow network directly from your web browser. It also offers secure storage of your FLOW tokens.
Nifty Wallet: Nifty Wallet is a browser extension that supports FLOW tokens. It allows you to manage your tokens securely and provides access to the Flow blockchain.

Remember to choose a wallet that you trust, and always keep your private keys and recovery phrases safe and secure.

Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.

Payment methods:

Credit/debit card

Buy Flow through Crypto.com

Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos. The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.

Buy Flow through Binance

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Buy Flow through Coinbase

Coinbase is a convenient and cheap way to buy Ethereum and the platform is open to 200+ countries). Coinbase will sell you CRO for a variable fee that depends on your payment method (credit cards have a higher fee than wire transfers), order size and market volatility. Here’s how you buy Ethereum on Coinbase: Open a Coinbase account Add your payment method (Credit card or bank account) Go to “Buy/Sell” and select the amount of Ethereum you desire Click “Buy Cronos”

Buy Flow through Bitfinex

Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships. Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.

Buy Flow through Kucoin

Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.

Step 3 – Withdraw Your Flow (FLOW)

Once you decide on an exchange, open an account and buy your Flow. Make sure to withdraw the Flow from the exchange to your personal wallet.

Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .

OVERVIEW

FLOW token ?

FLOW is the native token of the Flow blockchain, which is a decentralized platform designed to support the development and deployment of digital assets and decentralized applications (dApps). The Flow blockchain aims to provide a high-throughput, developer-friendly environment that can handle a wide range of use cases, including gaming, social networks, collectibles, and more.

The FLOW token is used as a utility token on the Flow blockchain, providing several functions such as transaction fees, staking rewards, and on-chain governance. FLOW token holders can participate in securing the network by staking their tokens and validating transactions. They can also participate in the governance of the network by proposing and voting on changes to the protocol.

In addition, FLOW tokens are also used to incentivize developers to build on the Flow blockchain. Developers can receive FLOW tokens as rewards for creating and maintaining dApps and other services on the platform.

Overall, the FLOW token plays a crucial role in the Flow ecosystem, facilitating the exchange of value and supporting the growth and development of the network.

The Flow ecosystem ?

The Flow ecosystem is a network of decentralized applications (dApps), digital assets, and other services built on the Flow blockchain. The Flow blockchain is designed to be a developer-friendly platform that can support a wide range of use cases, including gaming, social networks, collectibles, and more. The Flow ecosystem is powered by the FLOW token, which is used for transaction fees, staking rewards, and on-chain governance.

The Flow ecosystem includes several key components, including:

Flow blockchain: The underlying blockchain infrastructure that powers the entire ecosystem.
Flow tokens: The native currency of the Flow blockchain that is used for transactions, staking, and governance.
dApps: Decentralized applications that are built on the Flow blockchain, providing a wide range of services and use cases.
NFTs: Non-fungible tokens that can represent unique digital assets, such as collectibles, artwork, and more.
Smart contracts: Self-executing contracts that are programmed to automatically execute certain conditions and actions.
Validators: Network participants who are responsible for processing and validating transactions on the Flow blockchain.

Overall, the Flow ecosystem is a dynamic and growing network that is designed to provide a seamless and user-friendly experience for developers and users alike, enabling them to create and exchange digital assets and services in a decentralized, secure, and efficient manner.

What makes Flow unique?

Flow is unique in several ways:

Purpose-built for NFTs: Flow was designed specifically to handle the unique requirements of NFTs (non-fungible tokens), such as the need for high throughput and low fees. This makes it well-suited for use cases such as digital art, collectibles, and gaming.
Fast and scalable: Flow is built using a novel consensus algorithm called “Proof of Stake Highway” (PoSH), which enables it to achieve high throughput and low latency. This means that it can handle a large number of transactions per second, making it highly scalable.
Open and decentralized: Flow is a public blockchain that is open to anyone to participate in. It is designed to be highly decentralized, with multiple validators and node operators across the globe.
Strong ecosystem: Flow has a strong ecosystem of partners and developers, including major brands such as NBA Top Shot, MotoGP, and UFC. This ecosystem is constantly growing, which bodes well for the future of the platform.

Overall, Flow’s combination of high scalability, purpose-built design for NFTs, decentralization, and strong ecosystem make it a unique and promising blockchain platform.

Flow’s creators ?

Dapper Labs was the original creator behind Flow blockchain as well as Cryptokitties, Dapper, and NBA Top Shot. Founded in 2018, Dapper Labs uses blockchain technology to bring new forms of digital engagement to users around the world. Blockchain-enabled applications can bring fans closer with the brands they love, give people a real stake in the communities they contribute to, and create new ways for consumers to become creators themselves. Publicly-announced Dapper Labs partners include the NBA and NBPA, Warner Music Group and UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others.