How to Buy Theta Fuel (TFUEL)
Beginner’s Guide
What Is Theta Fuel (TFUEL)?
Theta Fuel (TFUEL) is one of the two native tokens on the Theta blockchain. TFUEL should not be mistaken for Theta Token (THETA), which is the governance token of the Theta blockchain supported by thousands of community-run Guardian nodes and its Enterprise validators including Google, Binance, Blockchain ventures, Gumi and Samsung.
TFUEL is the second token on the Theta blockchain that serves as the utility token in decentralized video and data delivery, it also acts as a gas token. This means that it is used to power all operations on the Theta blockchain, like payments to relayers for sharing a video stream, for deploying and interacting with smart contracts, and as fees associated with transacting NTFs and DeFi applications.
In addition, it is also used to incentivize users in the ecosystem who share their redundant computing power as Edge Compute nodes as well as bandwidth resources as Edge Caching nodes for video streams and other data.
How to Buy Theta Fuel Summary
- Get a Theta Fuel wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells Theta Fuel (e.g. Crypto.com, Binance , GATE , Bitfinex , Kucoin)
- Deposit money and make the trade
- Withdraw the Theta Fuel to your wallet
Buying Theta Fuel in 3 Simple Steps
Step 1 – Get a TFUEL wallet
Theta Fuel Hardware Wallets
Theta Fuel (TFUEL) is a cryptocurrency that runs on the Theta blockchain, which means it can be stored on Theta-compatible hardware wallets. Here are some of the hardware wallets that support Theta Fuel:
Ledger Nano S/X: The Ledger Nano S and X are popular hardware wallets that support many cryptocurrencies, including Theta Fuel. Users can store their TFUEL securely on the device, which is protected by a PIN code and backed up by a recovery seed phrase.
Trezor Model T: The Trezor Model T is another popular hardware wallet that supports Theta Fuel. Users can store their TFUEL on the device, which is protected by a PIN code and backed up by a recovery seed phrase.
Ledger Nano S with ThetaGuard: ThetaGuard is a hardware wallet security solution that integrates with the Ledger Nano S and allows users to securely store Theta Fuel on the device.
When using a hardware wallet to store Theta Fuel, it’s important to follow best practices for securing your private keys, such as keeping your recovery seed phrase in a safe place and never sharing it with anyone. Additionally, it’s recommended to purchase hardware wallets directly from the manufacturer or a reputable seller to avoid the risk of tampering or fraud.
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.
Theta Fuel Software Wallets
Theta Fuel (TFUEL) is a cryptocurrency that runs on the Theta blockchain, which means it can be stored on Theta-compatible software wallets. Here are some of the software wallets that support Theta Fuel:
Theta Wallet: The Theta Wallet is the official wallet for storing Theta Fuel and other Theta-based tokens. It is available as a desktop and mobile application, and provides users with a simple and secure way to manage their TFUEL.
Trust Wallet: Trust Wallet is a popular mobile wallet that supports Theta Fuel, as well as many other cryptocurrencies. It is available for iOS and Android devices and provides users with a secure and easy-to-use interface for storing and managing their TFUEL.
Atomic Wallet: Atomic Wallet is a multi-cryptocurrency wallet that supports Theta Fuel, as well as many other cryptocurrencies. It is available as a desktop and mobile application, and provides users with a range of features, including built-in exchange services and support for multiple blockchains.
Exodus Wallet: Exodus Wallet is a multi-cryptocurrency wallet that supports Theta Fuel, as well as many other cryptocurrencies. It is available as a desktop and mobile application, and provides users with a simple and intuitive interface for managing their TFUEL.
When using a software wallet to store Theta Fuel, it’s important to follow best practices for securing your private keys, such as keeping your recovery phrase in a safe place and never sharing it with anyone. Additionally, it’s recommended to download software wallets directly from the official website or a reputable app store to avoid the risk of downloading a fake or malicious app.
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.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Theta Fuel coin software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Theta Fuel (TFUEL) Exchange
Buy Theta Fuel 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 Theta Fuel 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 Theta Fuel through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy Theta Fuel 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 Theta Fuel 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 Theta Fuel (TFUEL)
Once you decide on an exchange, open an account and buy your Theta Fuel. Make sure to withdraw the Theta Fuel 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
Who Are the Founders of Theta Fuel?
Theta Fuel, and in extension, the entire Theta Ecosystem, was co-founded by Mitch Liu and Jieyi Long in 2017. Liu has a long history in the gaming, video and virtual reality industries, co-founding video advertising firm Tapjoy, mobile social gaming startup Gameview Studios, and THETA.tv, the live streaming platform whose DApp was the first to be built on the Theta protocol.
Jieyi Long is Theta’s second co-founder and CTO, following similar multi-year experience in design automation, gaming, VR, and large scale distributed systems. He authored multiple peer-reviewed academic papers and holds various patents in video streaming, blockchain and virtual reality.
Theta now has a modest team, and its official website lists strategic corporate investors as Samsung NEXT, Sony Innovation Fund, media investors BDMI Bertelsmann Digital Media Investments, CAA Creative Artists Agency, and traditional Silicon Valley VCs including DCM, Sierra Ventures and the VR Fund.
What Makes Theta Fuel Unique?
Theta Fuel (TFUEL) is a cryptocurrency that is used as the utility token on the Theta Network, a blockchain-based decentralized video delivery network. Here are some of the unique features that make Theta Fuel stand out:
Network fuel: Theta Fuel is used as the fuel for transactions and operations on the Theta Network. This includes payments for video content, as well as rewards for nodes that contribute to the network’s infrastructure and performance.
High transaction throughput: Theta Fuel is designed to enable high transaction throughput on the Theta Network, which can support up to 1,000 transactions per second. This is achieved through the use of a multi-level Byzantine Fault Tolerant consensus mechanism, which allows for fast and secure validation of transactions.
Staking rewards: Theta Fuel can be staked by network participants, who can earn rewards for providing bandwidth and computing resources to support the Theta Network. This helps to incentivize network participation and contributes to the network’s overall security and performance.
Video streaming optimization: The Theta Network is designed to optimize video streaming by using a peer-to-peer architecture that reduces the load on traditional content delivery networks. This can lead to faster and more reliable video streaming, while also reducing costs for content creators and viewers.
Partnerships and adoption: Theta Fuel has seen increasing adoption and integration with major players in the video and entertainment industry, such as Samsung and Google, which could potentially drive further adoption and value for the token.
Overall, Theta Fuel’s unique features and use cases as the utility token for the Theta Network make it an interesting cryptocurrency to watch in the rapidly evolving world of decentralized video delivery and content creation.
How Many Theta Fuel (TFUEL) Coins Are There in Circulation?
As earlier mentioned, there are two coins in the Theta ecosystem; THETA and TFUEL. Both coins are used as the main tools for interaction on the Theta blockchain, yet serve different functions.
There are currently 5,232,675,200 TFUEL coins in circulation, which grows each year as new TFUEL is generated for staking rewards. Theta Tokens are fixed and at their max supply, which means there are 1,000,000,000 coins in circulation which will never increase.
Theta runs on the proof-of-stake algorithm, which means staking is possible. Since the amount of THETA in circulation is the max supply there will ever be, TFUEL is the reward for staking on the network. To qualify for staking, you have to stake at least 1,000 THETA to a Guardian Node or run your own Guardian Node.
How Is the Theta Network Secured?
The Theta Blockchain relies on a proof-of-stake consensus algorithm. It, however, adds a multi-level Byzantine Fault Tolerance (BFT) consensus mechanism on its blockchain to achieve better security along with higher transaction throughput.
At the time of Theta Mainnet launch in March 2019, Theta introduced Guardian Nodes. With the Guardian Node, no single entity controls the majority of THETA tokens being staked at any one time. This further helps the network achieve a high transaction throughput of 1000+ TPS.
Theta uses a financial incentive scheme to ensure user participation in governance activities, and hence its network is secured by its own users.
Where Can You Buy Theta Fuel ?
Theta Fuel (TFUEL) can be purchased on several cryptocurrency exchanges, both centralized and decentralized. Here are some popular options for buying Theta Fuel:
Binance: Binance is one of the largest cryptocurrency exchanges in the world and supports trading for Theta Fuel. Users can purchase TFUEL using a variety of payment methods, including credit/debit cards and bank transfers.
KuCoin: KuCoin is a cryptocurrency exchange that supports trading for Theta Fuel. Users can purchase TFUEL using a variety of payment methods, including credit/debit cards and bank transfers.
Gate.io: Gate.io is a cryptocurrency exchange that supports trading for Theta Fuel. Users can purchase TFUEL using a variety of payment methods, including credit/debit cards and bank transfers.
Bitrue: Bitrue is a cryptocurrency exchange that supports trading for Theta Fuel. Users can purchase TFUEL using a variety of payment methods, including credit/debit cards and bank transfers.
Uniswap: Uniswap is a decentralized cryptocurrency exchange that supports trading for Theta Fuel. Users can purchase TFUEL by connecting their crypto wallet to the platform and using other cryptocurrencies as the trading pair.
It’s important to note that purchasing Theta Fuel involves risk, and it’s important to carefully research and evaluate any cryptocurrency investment before making a purchase. Additionally, it’s recommended to use reputable exchanges and to store your Theta Fuel in a secure wallet, such as a hardware wallet, to minimize the risk of loss due to hacking or other security breaches.