The cryptocurrency sector has grown explosively in recent years. With more than one thousand cryptocurrencies, the majority of which have their own network, you sometimes lose oversight of all these different projects. ICON changes that by connecting these networks.
The South Korean finance company Dayli founded the ICON Foundation in 2017 with the aim of linking different digital assets together using blockchain technology. ICON connects these different blockchain networks through ICONLOOP, creating a large network of individual blockchain networks.
This network can exchange data with different networks, which was previously impossible because blockchain platforms are often not compatible with each other due to the differences in the underlying technology. ICONLOOP allows blockchains operating in different sectors to connect.
An example of a possible application is a blockchain ID. With a blockchain ID you can prove that you really are who you say you are. In the situation where your bank uses a certain blockchain and your hospital uses a different one, you can still prove your identity at both institutions thanks to ICON.
Another application of ICON is as a decentralized exchange. This is a trading platform that does not have a central entity that oversees trading activities. Different blockchain platforms that each have their own cryptocurrency can thus convert their cryptocurrency to another cryptocurrency in a decentralized manner.
Buy ICON (ICON) safely and easily via Knaken+
Since ICON is one of the older projects, and seems to have a great support, the cryptocurrency called ICON (ICX) is available on most exchanges like Binance, Coinbase, and Kraken.
You can also buy ICON from over-the-counter (OTC) platforms. These are often local companies that send the ICON directly to your own wallet which provides more privacy and security. The fact that these companies are smaller makes that the experience with these companies can sometimes feel better and more personal compared to larger parties in the crypto world such as Binance and Coinbase.
Sell ICON (ICON) safely and easily via Knaken+
Selling ICON can be as easy as buying ICON. If you have bought your ICON through an exchange, you can sell it on that same exchange with just a few clicks. You can also easily sell your ICON to the aforementioned OTC platforms. They will convert the cryptocurrency directly into euros.
Knaken helps you buy or sell ICON safely and easily. It doesn't matter if you are a beginner or a veteran. These three simple steps apply to everyone.
• Select your cryptocurrency
• Pay via payment methods such as IDEAL
• Receive and manage your crypto in your Knaken dashboard or your own wallet
Why do people buy or sell ICON?+
ICON is one of the projects that seems to have a lot of potential. This is because it seems to fill a so-called "gap in the market" by improving the interoperability of different blockchain networks. Buying ICON may be a good idea as a long-term investment.
You can of course also actively trade with ICON. Based on the technical and fundamental analysis you buy ICON when the price is low and you sell the cryptocurrency when the price has risen. However, this can be risky because cryptocurrency prices are often very volatile.
Why choose Knaken?+
• Safe & Easy
• No extra costs
• Manage crypto via your Knaken Dashboard or your wallet
• Knaken has its own exchange
Important tips when buying/selling ICON+
There are a number of things to keep in mind if you want to buy ICON. For example, it is important that you create or buy a good wallet. If you buy ICON via an exchange it is not immediately necessary to create a wallet to buy ICON, but it is advisable to send the purchased ICON to your own wallet. This is safer.
In case you buy ICON through an OTC platform, do good research on the company that offers the ICON. Unfortunately, scams are common in the cryptocurrency world. Search for reviews on Trustpilot, for example, ask about other people's experiences with a company and use common sense. Does a website look cheap or ugly? Then it is wise to be extra careful. One of the most important tips: Never give your private key to anyone!
There are many different types of wallets. For example, there are online wallets that can only be used with an internet connection and browser. This type of wallet is therefore not the safest option. The safest option is a hardware wallet, these are a kind of USB sticks on which you can store your ICON. These wallets are not connected to the internet and therefore offer the best security.