Tron (TRX) is a decentralised open-source cryptocurrency and a crypto coin often used in day trading. Calling on blockchain based peer-to-peer technology, it aims to build a free worldwide entertainment system. This page will break down how to trade Tron, and also go into its history, coin price, predictions, wallets and more. The page will then conclude with valuable guidance on how to start day trading with Tron coins.
Price Chart
What is Tron?
Before you get bogged down in Tron coin analysis, what precisely is it? The Tron application has been designed to allow content creators to receive compensation for sharing content. Its sophisticated storage capabilities and protocol, allow for users to access entertainment content from anywhere in the world, without needing the likes of the GooglePlay Store and Apple Store, both of whom charge high fees. Tron removes these middlemen by allowing users to receive funds directly.
You can also find a coin overview in the white paper. There it is made clear that Tron essentially wants to revolutionise the way the world consumes entertainment. Users are able to freely publish, store and own data. In effect, creating a decentralised content distribution platform.
The cryptocurrency company is taking an innovative approach to facilitating one-on-one interaction between providers of content and everyday users. This approach has had a notable effect on its cryptocurrency worth and future price predictions.
History
The coin’s history explains the high expectations. On September 9th, 2017, Tron entered the market as an ICO. After raising a staggering $81 million USD in just a few days, Tron was tokenised into a legitimate cryptocurrency by the end of 2017.
Since the coin’s release, much of the attraction has been around Tron’s impressive founder and CEO, Justin Sun. Despite being young, his list of achievements already includes:
- 2015 Forbes China 30 under 30
- 2017 Forbes Asia 30 under 30
- Graduate of the University of Pennsylvania
- Former Chief Representative of Ripple China
- Attended Hupan University, founded by Jack Ma
- Founder of Peiwo App, also known as China’s Snapchat
The rest of the trading company is also impressive. CTO Lucien Chen is a former employee of Alibaba. They also have veteran technical expertise on the team in the form of Maorong Lin and Xiadong Xie.
Key Features
Below is a summary of the key coin features users can benefit from.
- Free and unrestrained flow of data
- A personal ICO and capabilities to dispense digital assets
- A content ecosystem where users can acquire digital assets by spreading content
- A sophisticated infrastructure that enables digital asset distribution, including games and market forecasting
Growth
The value of Tron coins has been enhanced by backing in the Chinese business community, including:
- Dai Wei – CEO of OFO bike
- Hitters Xu – founder of Nebulas
- Xue Manzi – famous Chinese angel investor
- Tang Binsen – founder of mobile game Clash of Kings
- Chaoyong Wang – founder of China Equity Group with a $2 billion market value
The coin’s growth rate also increased with the announcement that they are transferring TRX onto the Peiwo App. This will allow the 10 million users to exchange coins with ease.
In addition, cryptocurrency graphs mapped significant growth in December 2017. At the beginning of the month price was $0.0020, but by the end of the month price had hit $0.05 per Tronix token. In fact, Tron was the 17th largest cryptocurrency by market capitalisation, at approximately $2.2 billion.
Just a month later, John McAfee helped write the cryptocurrency’s history by tweeting his support. Tron then actually exceeded the $10 billion US dollar mark and was ranked the 10th largest digital currency by market capitalisation.
Partnerships
Tron’s trading price fluctuates whenever significant cryptocurrency announcements are made. For example, December 2017 saw the founder announce developers of Chinese e-commerce giant alibaba.com had joined Tron.
January 2018 then saw the partnership of Tron and bicycle-sharing system oBike. Soon after information about a partnership with Baofeng, also known as the Chinese Netflix, was all over crypto-coin forums and blogs. Baofeng boasts over 200 million users.
Such deals feature hugely in cryptocurrency news and will continue to see Tron’s price on trading sites rise.
Benefits
Cryptocurrency reviews of Tron are quick to highlight a number of benefits, including:
- It is straightforward to purchase on Binance and trade.
- The Tron coin has seen weeks where its value has risen by over 2000%.
- Tron wants to allow users to initiate their own coin offerings by dispensing digital assets individually.
- Tron actually allows users to own various data and content associated with the entertainment industry, without requiring middlemen. This is a clear move towards data liberation.
- There is a strong core team behind the project. Forbes has even published an article about Tron’s CEO, entitled ‘Could This Millennial ‘Crypto’ Tech Visionary Be The Next Jack Ma?’
- The final two phases in Tron’s roadmap centre on the gaming industry and market forecast. As a result, a substantial number of investors may generate significant profits via the gaming industry and forecast future market scenarios. This move could have a tremendous effect on Tron’s value and growth.
It is clear from coin reviews that Tron’s market capitalisation has significantly benefited from many of these valuable features.
Drawbacks
Despite the number of benefits, this cryptocurrency’s history has already highlighted a number of potential risks:
- The Tron coin network is yet to prove itself and demonstrate that it can seize a substantial amount of market share from competitors.
- As a result of the huge roadmap, keeping everyone motivated and heading in the right direction may prove challenging in the long-term.
- Tron is at risk of being inherently decentralised. If developers make the wrong decision with premine coins, some may view the entire project as too controlled and centralised, deeming it untrustworthy.
- There is a huge number of coins in supply, around 100.000.000.000.
- There has already been some coin burning and there is a risk of more. By destroying coins in this way, the value is essentially destroyed. If you held 500 TRX coins and they were all burned, the overall value of Tron may rise slightly, but you’d be left out of pocket.
- In terms of cryptocurrency coin mining, Tron is different. You cannot mine TRX tokens with a mining GPU, or anything else in fact.
How to Buy Tron Coins
Fortunately, buying this cryptocurrency is relatively straightforward. There are a number of coin exchanges you can turn to. You can day trade TRX for BTC or ETH at a number of trading exchanges, including Liqui and Bitstamp. New traders can purchase BTC or ETH coins on Bitstamp or Coinbase and then deposit it to their cryptocurrency coin wallet on Binance. Binance is widely regarded as one of the top choices because of its low transaction fees.
To do this, follow these straightforward steps:
- Sign up for a Coinbase account
- Sign up for a Binance account
- Purchase ETH coins in your Coinbase account using US dollars and then transfer it to your Binance wallet.
- You can now use the ETH in your Binance account to buy TRX.
- Head to Binance – Exchange – Basic – then in the furthest right column, select ETH, scroll down to find TRX/ETH and hit the Buy button.
Mercatox and CoinSpot are two other viable alternatives. It’s also worth bearing in mind that as the popularity of this coin grows, so will the exchange list of potential sellers.
Wallets
It’s no good finding out where and how to buy your new cryptocurrency if you can’t store it securely. Fortunately, because it’s built on the Ethereum blockchain, you have several hardware wallets and offline wallet options, including:
- Ledger Nano S
- Trezor
- MyEtherWallet (MEW)
What’s Next?
Tron has released a detailed plan for the cryptocurrency until 2027. It consists of the following stages:
- Exodus – This phase is to offer a free peer-to-peer platform for the distribution of content pertaining to the entertainment industry.
- Odyssey – This stage is to follow the standard proof of stake of the cryptocurrency. Financial incentives will be introduced to draw in creators of content.
- Great Voyage – This is to be the point where issues such as divided management, income payment and the management of supporters will be addressed.
- Apollo – Although similar to the last stage, in this phase, Tron would look to launch their personalised tokens that will be available for decentralised trading. The creators put forward 2023 as the deadline for this step.
- Star Trek – At this point, Tron will focus on gaming. The stage will utilise similar technology to that used by the gaming platform Augur. If this goes smoothly it has the potential to substantially boost market capitalisation.
- Eternity – The final phase of Tron would give developers the opportunity to create their own games. In addition, users will be able to participate in fundraising events.
Final Word on Tron
There is no doubt the Tron foundation is taking a revolutionary approach to the entertainment industry. An industry which on the whole has been continuously growing. They also have significant financial backing, a clear vision and an expert team to help them follow through with their roadmap.
Yet despite this, the cryptocurrency market is volatile and fraught with risk. Each time the latest crypto news is released, prices fluctuate hugely. Throw in fierce competition and the future of this cryptocurrency coin is impossible to accurately forecast.