Power Ledger is a project that promotes the use of renewable energy sources. It accomplishes this through a peer-to-peer energy trading platform that connects renewable energy producers with consumers on the blockchain. The POWR token is used to make payments by customers, giving the cryptocurrency a very real use case.
Following a successful initial coin offering (ICO) in late 2017 (the 14th largest in the world to date), Power Ledger has been hard at work developing their platform and securing partnerships with a number of Australian and New Zealand energy providers. Power Ledger is the world’s 90th largest cryptocurrency as of this writing. With a market capitalization of slightly more than $60 million, it has the potential to generate significant profits for its investors.
Let’s look at how to get your first POWR tokens.
Because of its low market capitalization, few platforms allow you to buy Power Ledger POWR directly with fiat currency such as USD or EUR. So the best option is to start with Bitcoin or Ethereum and then trade for POWR on a large exchange like Binance.
If you haven’t already done so, the first step is to create an account on Binance.
Before you can begin trading, Binance will require you to submit several KYC (know your customer) verification documents. To keep your account secure, you should also implement security measures such as a strong password and 2-Factor Authentication.
After being approved, you must send Bitcoin or Ethereum coins to the Binance Exchange. If you do not already own either of these coins, you can purchase them from the Coinbase Exchange or from websites such as Coinmama or Changelly.
To deposit, go to the header menu and select “Funds” followed by “Deposit.” Choose the coin you want to send from the drop-down menu. This will provide you with an address to which you can send your Bitcoin or Ethereum. Make certain that any coins sent to this wallet address are only of that currency – for example, if you send BTC to an ETH address, you may lose your coins.
Depending on how much activity there is on the network, you may have to wait a short time for your deposit to be confirmed. Before leaving the page, double-check that the deposit was successful and that the BTC/ETH is in your Binance wallet.
When you have Bitcoin or Ethereum in your Binance account, you can proceed to the Exchange. From the top menu, select “Exchange,” then “Basic.”
Find the pair for POWR and the coin you previously deposited in Binance’s Exchange section. To do so, go to the top right search bar and type POWR. There will be Bitcoin, Ethereum, and Binance Coin (Binance’s native cryptocurrency) pairs available (used for discounted trading fees).
Binance provides tools and data charts to assist you in buying low and selling high. You can view the price and order history for your pair from the trading screen. You can also set your own buy and sell limits. This means you can set a price at which you want to buy or sell POWR, and Binance will execute your trade automatically when the price reaches that level.
Choose the price you want to pay, or click the “Market” tab to buy at the current price.
You have the option of purchasing a specific amount of POWR or spending 25%, 50%, 75%, or 100% of the BTC/ETH in your Binance account. To complete your order, click the “Buy POWR” button.