MaidSafeCoin (MAID) is a cryptocurrency created by MaidSafe, a company that wants to revolutionise data storage.
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Read on to find out more about MaidSafeCoin in 2020 or skip ahead to our step-by-step buyers guide if you’re up to speed and ready to buy MaidSafeCoin.
What is MaidSafeCoin?
To unpack MaidSafeCoin (MAID), we first need to understand its founders’ vision for data storage, privacy and security. This UK-based company has implemented the SAFE Network – the world’s first autonomous data network to use a proof of resource algorithm.
Created in 2006, the MaidSafe network has since been developed to become one of, if not the safest network in existence. It works by utilising the hard drive space, internet connection and processing power of the machines on the network.
How does MaidSafeCoin work?
MaidSafeCoins are earned by users who offer up their hard drive space and the processing power of their devices for other users to access. The earned coins can then be used to pay for additional space and processing when needed.
The MaidSafe network has been designed to offer a decentralised way for users to store their data away from the eyes of corporations. In an ideal world this would be unnecessary, but, in a digital landscape overcome by data leaks and targeted advertising, a solution that protects its users – like the MaidSafe Network purports to do – becomes a compelling proposition.
How to buy MaidSafeCoin online – step-by-step guide
Step 1. Get a suitable wallet
Before buying MaidSafeCoin, you will need to find a suitable cryptocurrency wallet. Due to the nature of this niche coin, there aren’t many compatible wallets available. However, the best way we’ve found for storing MaidSafeCoin funds is Omni Wallet. Combining ease-of-use and security, this web-based wallet gets our vote.
Step 2. Find a MaidSafeCoin exchange
If you don’t have the time or energy to earn MaidSafeCoins (and let’s face it, who has?), it’s easy to jump online and buy MaidSafeCoin in exchange for some good old Bitcoin (you can’t currently buy MaidSafeCoin for fiat currency). There aren’t loads of places to buy MAID, but we found a couple of trustworthy exchanges you should check out:
- Bcbitcoin: Based in the UK and offering an impressive line-up of coins, Bcbitcoin is a great place to start if you’re looking to buy MaidSafeCoina or any other niche cryptocurrency.
- Coinswitch: When you want an easy-to-use exchange that’s also reputable, look no further than Coinswitch. You don’t need to set up an account to use Coinswitch, so you’ll be buying in no time.
Step 3. Withdraw your MAID
Once you’ve acquired your MAID tokens, it’s a good idea to withdraw them from the exchange as it’s safer to store cryptocurrency in a wallet.
How to trade MaidSafeCoin – step-by-step guide
If you’re not looking to buy MaidSafeCoin there’s no point setting up a wallet. When trading, all you’re doing is looking to make a profit by speculating on the rise and fall in value of your chosen cryptocurrency.
Step 1. Find a broker
The first thing to do when you want to trade MaidSafeCoin is to find a reputable crypto broker. There aren’t many brokers who work with MaidSafeCoin, so you might have to do some digging. Our first ports of call are usually Plus500 and eToro.
Step 2. Deposit money
Once you’ve selected your crypto broker, you’ll need to make a deposit. It’s worth taking some time to familiarise yourself with the platform. The best way to do this is by setting up a demo account and testing the water in practice mode.
Step 3. Decide how you’d like to trade
The two main ways to trade crypto are spread betting and CFDs (contracts for difference). They’re fairly similar in that they both require you to take a position on your chosen currency – essentially predicting whether it will rise or fall in value. There are differences, however, so it’s worth doing some research on spreads and CFDs to decide which approach you prefer.
Step 4. Start trading
Once you’ve used your demo account to familiarise yourself with your chosen broker platform and you feel sufficiently confident to start trading for real, you can set up your live account. But be warned, trading cryptocurrencies can catch you off guard. Most coins are, fairly volatile, so money can be won or lost very quickly.
In a nutshell, what you’re doing when trading a crypto is trying to predict whether its value will go up or down over a set period of time. If you think it will go up you take a long (buy) position and if you think it will go down, you take a short (sell) position.
Experienced traders can also opt to take advantage of leveraged trading, a popular feature of currency trading that allows you to dramatically inflate the value of your trade by paying a fraction upfront, in the form of a ‘margin’, and effectively borrow the rest. Needless to say, this is a risky approach. Savvy traders manage their risk by putting stop-loss orders in place to limit their potential losses.
- The MaidSafe network is incredibly secure. Some have claimed it’s immune to attacks and almost impossible to hack
- The MaidSafe network is the first of its kind
- The network doesn’t use servers to store data
- MaidSafeCoin could be one to watch in the future
- You can’t currently exchange fiat currency for MAID
- Niche coins tend to suffer from a lack of support
- MAID isn’t readily accepted as payment outside of the MaidSafe network