Buy Beam Online. Your Complete Guide to Investing in this Innovative Cryptocurrency.
Cryptocurrency is always evolving as innovators discover new ways to explore exciting possibilities. And Beam is one of the most fascinating developments we’ve seen.
In this guide, we cover all the key factors you need to know before you buy Beam online.
As the first digital currency to take advantage of the Mimblewimble protocol, Beam is revolutionary.
What’s the Mimblewimble protocol, you ask? This was presented by one of Bitcoin’s many anonymous users in a developer-focused chatroom, though they did go by the curious handle ‘Tom Elvis Jedusor’. This happens to be the French name of Harry Potter’s nefarious nemesis Lord Voldemort, the first link to J.K. Rowling’s magical series to be found in this protocol.
The second is the name Mimblewimble itself, which is a spell Rowling’s wizards perform if they wish to leave enemies with tied tongues.
In the forum, Mr Jedusor uploaded an in-depth whitepaper that covered how the protocol could improve the overall performance and (crucially) the privacy of the Bitcoin network.
The Mimblewimble protocol is a framework which users can leverage to create privacy-focused cryptocurrencies, with numerous inherent elements delivering specific forms of privacy. For instance, one might be built to mask the value of a transaction, or to keep a wallet’s address hidden.
So, while these critical elements were first proposed for Bitcoin, it was Mimblewimble that combined them in a cohesive format before any other protocol. And it was discovered to be incompatible with the Bitcoin network, which inspired the formation of Beam instead.
By employing the Mimblewimble protocol, Beam offers users a high degree of confidentiality.
It allows its users to perform transactions in private by transferring money without showing who’s actually receiving or delivering the funds. Some cryptocurrencies already achieve this via varying systems.
Monero, for example, ensures confidentiality by hiding its users’ identities during transactions through decoys. Zcash, on the other hand, masks addresses and provides users with a chance to shield their transactions’ values if they want to.
But where Beam stands out is that it doesn’t present transaction values or user addresses to either the recipient or the sender. A user can include relevant data to their transactions, though, if they wish to put an audit trail in place.
The Mimblewimble protocol helps Beam provide its users with an innovative level of privacy and keep their details safe while transferring funds.
If you feel inspired to buy Beam for yourself, the first thing you have to do is invest in a cryptocurrency.
You might choose to buy Bitcoin to get started, as this is such a well-known option, though you can opt for Tether or Ether too. Both can be found in Beam pairings.
Next, you’ll need to find a cryptocurrency exchange which lists Beam. There aren’t as many of these as there should be, but the number has continued to rise steadily. Take your time to weigh your options and find an exchange you trust.
The next step in the process is to deposit the Bitcoin, Tether, or Ether you purchased into your chosen exchange. You’ll trade this for Beam when you’re ready to get started.
With your cryptocurrency in your account, you can take the big step and actually buy Beam. Find the right currency pairing (such as Beam/BTC), and verify that all the details are correct. This will put the trade into action.
Once you’ve bought Beam, you have a choice: either put it into a dedicated wallet or let it stay on the exchange.
At present, there is just one option if you decide to store your Beam in a wallet.
This is the official Beam wallet available to download from the cryptocurrency’s website. There seems to be some praise for it online, and Beam obviously takes its users’ privacy seriously. But do feel free to research its performance for your own peace of mind before committing to buy Beam.
Once you’ve invested in Beam and don’t plan on storing it (or, at least, all of it), you can sell it instead.
The path to selling your Beam is similar to the buying process, but in reverse. You can sell it in exchange for a cryptocurrency paired with Beam only, such as Bitcoin or Ether.
Beam was the first cryptocurrency to be based on Mimblewimble, but it’s not the only one: Grin is another.
A key difference between Beam and Grin is that Beam is a corporate enterprise. It benefits from backing from venture capitalists, clear branding, and a structured approach to its development.
Grin, on the other hand, is chiefly managed by a team of volunteers, most of whom remain anonymous.
Beam offers users an exceptional degree of privacy, which is a major concern for internet-users today, but high levels of confidentiality can be a challenge for regulators. Fortunately, beam’s optional disclosure options means it achieves a happy balance that regulatory bodies may appreciate.
Keep the following points in mind when buying Beam online.
Vulnerability: As Beam is the work of an identifiable business, its centralization does make it something of a target for potential attackers (though security measures will in place)
Volatility: While most cryptocurrencies have a high level of volatility, this could be more of an issue with Beam as it’s still new and has lower circulation than others
Demand: Beam could struggle to gain the level of demand the team behind it will be hoping for, as some users may not care about the option for privacy and choose another, more well-known coin instead
If you’re looking to buy Beam for yourself, make sure to consider the factors explored above. As an innovative cryptocurrency, Beam is certainly an exciting proposition for seasoned crypto-users, and may be worth a try.