What Is A Hedera Hashgraph And How To Buy Hbar? A Guide For Begginers
Hedera hashgraph is the third generation public ledger powered by hashgraph consensus and incredibly low bandwidth consumption. It is something beyond blockchain for the users as Hedera hashgraph utilizes the fair, fast, and secure hashgraph consensus mechanism.
What Is A Hedera Hashgraph And How To Buy Hbar?
Hedera hashgraph is an improvised version of distributed ledger technology and offers high security for users. If you are in search of a genuine guide on purchasing hbar, then you have landed on the right page. Read on to know what is hedera hashgraph is and how to buy hbar.
What is a Hedera Hashgraph?
Hedera is a nonprofit governing council developed by the company Hedera in Dallas, Texas, and is made up of 40 governing organizations.
Hedera hashgraph is a decentralized public network that achieves the highest grade of security possible.
The native token of Hedera is known as HBAR and it does not make use of blockchain-like other cryptocurrencies.
Using Hedra hashgraph technology anyone can serve as a platform to transact and deploy applications.
Hedera hashgraph is entirely different from other decentralized public platforms and it supports high transaction speed for its native HBAR cryptocurrency.
The main disadvantage of the Hedero hashgraph is that it only allows approved nodes to get involved in determining transaction history.
The network of Hedera Hashgraph was initially funded in 2018 through its ICO or Initial Coin Offering.
It was co-founded by Leemon Baird and Mance Harmon, two technology developers.
In September 2019, the manner of Hedera Hashgraph was publicly launched and at that time, the native token of Hedera Hashgraph was priced at $0.08.
Like blockchain is a chain of blocks, hashgraph includes the hash string of the recent blocks. These hash strings are like unique identifiers and connect blocks with the new blocks and create a linear chain. So it will be easy to identify if any false transactions occurred.
Difference between Blockchain and Hedera Hashgraph
Blockchain and Hedera Hashgraph are two entirely different technologies.
Blockchain is a decentralized distributed ledger technology that maintains records of transactional details and it does not involve any third-party intermediaries.
Hedera Hashgraph is also a public decentralized distributed ledger that makes use of the hashgraph consensus mechanism.
The main differences between Blockchain and Hedera Hashgraph are:
Bandwidth and Transaction Speed
Generally, a Blockchain platform utilizes a Proof of Work (PoW) consensus mechanism to choose the next block.
In the case of Hedera Hashgraph, it makes use of gossip-about-gossip and virtual voting consensus mechanisms.
By using these mechanisms, with every transaction, hashgraph comes to a consensus on the validity.
Once a valid transaction has occurred, the state of the ledger of the hashgraph will be updated with the transaction history with 100% certainty.
In terms of bandwidth usage, hashgraph technology provides perfect efficiency and greater transaction speed when compared to blockchain transactions.
For example, the transaction speed of blockchain is around 100 to 1000 and that of hedera has around 500,000 transactions per second.
Cost of Transaction
The transactional cost for hedera is under 1 cent and in blockchain, then the transaction cost of Bitcoin is around 14.
In the blockchain, this value seems to be fluctuating frequently. But the hashgraph provides low-cost, high speed, reliable, and secure transactions.
Computation Power of Mining
This is the most important advantage of hashgraph over the blockchain.
For mining cryptocurrencies in blockchain requires high computational power and electrical supply.
Comparatively, hashgraph does not involve confusing computer calculations.
How to buy a Hedera Hashgraph?
HBAR is the native coin of hedera hashgraph and purchasing it is a comparatively easy process. Keep reading to know how to buy hedera hashgraph.
💰 Create an account in cryptocurrency exchange
The first and most important step in purchasing a hedera hashgraph is to select a reliable exchange like Binance.
Since Hedera hashgraph is in a developing and growing phase, the reliable exchanges to buy hedera coins are few. So select an exchange at your own risk.
After selecting an exchange, you have to register on their platform to get an account. Set up your account in the exchange by using your email address.
Once you have created an account, now you can onboard money via a bank deposit, debit card, or credit card.
In case, if you have crypto coins in your other wallet, then you can transact it to your new account and can utilize this to buy hbar.
💰 Purchasing a wallet (optional)
This step is optional and is not mandatory to purchase a wallet. But purchasing a wallet and storing your coins in them provides more safety for your cryptocurrencies.
Note that you have to keep all the information regarding your private wallet secret.
💰 Purchase HBAR
After funding your account in the HBAR exchange, you can start purchasing HBAR coins. You can convert the cryptocurrency or money with you into HBAR within seconds.
If you have selected a reliable HBAR exchange, then it allows you to find the best HBAR prices offered by other traders.
Wallets for HBAR
Ledger (Hardware wallet): Ledger is one of the best hardware wallets available now.
It offers high security for your private keys and it is reliable and easy to use too. You can access the ledger app by connecting Ledger Nano X with Bluetooth.
So you can easily transfer funds to the ledger wallet from your device.
It works by combining a secure element and a proprietary operating system. Ledger wallet is specially designed to protect the cryptocurrency assets of the users.
If your private key is stolen from the Ledger wallet, you can restore it with the use of a 24-word backup recovery phase.
Binance (Software wallet): Software wallets are always safer and more secure than hardware wallets.
That’s why most crypto traders choose software wallets over hardware wallets. It is the most trusted software wallet as it offers a top-of-the-line trading platform.
Binance is a trustworthy cryptocurrency exchange that charges low transaction fees. Binance wallet is a free app that anyone can use to store cryptocurrencies like HBAR.
Also, the app is highly rated by both Google Play and other app store users.
Hedera hashgraph or HBAR provides a long-term investment opportunity for crypto enthusiasts.
Hedera hashgraph is one of the few cryptocurrencies that can generate profit even in worse and adverse economic conditions.
Also, the technology which handles HBAR hashgraph is also much better than Blockchain. So hashgraph and HBAR seem to be the future of cryptocurrencies.
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