Where to Buy Mina Coin (MINA) Crypto (& How To) Guide 2022

The Mina Protocol and its native token, MINA, have created a blockchain with a fixed size of 22 kilobytes, irrespective of the number of network transactions completed.

MINA has become one of the fastest-growing cryptocurrencies due to the network’s interoperability and widespread acceptance by developers interested in building DApps quickly and safely.

This guide discusses how and where to to buy Mina Protocol MINA and why this unique asset is an attractive investment.

What Is Mina Protocol?

The Mina Protocol, often regarded as a “succinct blockchain”, is built to reduce all computational requirements to process decentralised applications (DApps) faster and more efficiently.

As blockchain technology continues to scale in popularity and adoption, the number of transactions stored and processed on most chains has increased tremendously. For instance, the Bitcoin blockchain has expanded to 300 GB and the Ethereum blockchain, which was just over 5 GB in mid-2016, expanded to more than 220 GB in April 2021. During those five years, the Ethereum blockchain processed millions of transactions.

Since blockchains are decentralised ledgers of recorded transactions, running a node has always required very high computing energy as the blockchain continues to scale in growth. This has created a downtrend, causing difficulty for average users seeking to participate in blockchain operations. It may also create centralisation as only those with the higher computing energy are most efficient in operating the large size of the blockchain.

In response, Mina’s unique blockchain tends to mitigate these problems. According to its website, Mina is the world’s lightest blockchain due to its fixed size despite huge growth in usage. It has a network size of just 22 kilobytes, which is minuscule compared to Bitcoin and Ethereum chains. Mina protocol’s minuscule size enables users to operate a node and secure its network without using high computational requirements.

Mina developers believe that more users can operate nodes and validate transactions will generate more nodes, supporting the entire network to become more decentralised, adopted, and secured. At the heart of this protocol is MINA, the native token used to process all network transactions and distribute fees in the network’s ecosystem.

MINA Coin

Mina Protocol’s native token, MINA, is relatively new. It launched into the crypto market in June 2021. MINA is used to pay all users on the network for completing tasks, like block production. This token can be purchased, sold, and traded on a wide range of crypto exchanges in the industry. MINA is also used to interact with decentralised applications (DApps) deployed on the protocol. The digital asset has a market cap of over $552 billion, a circulating supply of over 637 million coins, and is currently trading at $0.87. Crypto analysts support the MINA token as an investment option for traders that see decentralised applications as an interesting development.

What Can You Do With MINA?

The Mina protocol is accessible to developers to build powerful and utility-based applications, but this is just one amongst so many use cases. This protocol is focused on three major utilities that will facilitate a private pathway between the real world and crypto.

End-To-End Data Encryption

Traders can use Mina to access online data effectively without losing sensitive or personal data. They can use Mina to prove they meet or pass a certain requirement. For instance, through the help of Mina’s Snapps (zero knowledge smart contracts integration), users can connect to a credit card score provider to verify if their credit score is above a particular limit.

Permissionless Web Oracles

Through Mina’s Snapps, developers worldwide can leverage real-world data from any website to create decentralised applications. They can access, use, and protect sensitive data without that website’s permission.

Private Internet Login

Mina allows users to access internet websites or services privately without creating an account and submitting required personal information. Instead, users log in securely with the Mina protocol—no centralised website or service provider can block them.

How Does Mina Protocol Work?

Just like Bitcoin and Ethereum chains, the Mina protocol chain is unique. The major pillar of the Mina protocol is the integration of Zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), a computing concept often regarded as a brief cryptographic proof that enables users to verify they can have specific data without exposing that data to each other.

Mina protocol network does not verify every transaction with every block created. Instead, the network features a cryptographic proof (Zk-SNARK). This proof is minuscule compared to other blockchains and represents the state of the whole blockchain rather than a block.

Mina features Ouroboros Samasika, a unique type of Proof-of-Stake consensus mechanism combined with Zk-SNARK implementation, which trims down resources often needed to process and record all transactions. Users or participants must run nodes to send and receive transactions on the Mina protocol network effectively. More so, the protocol requires two unique nodes deployed on the network to work effectively:

Block Producers

Block producers choose which transaction to add to the next block and win that block’s benefit or rewards. In other words, Block producers on the Mina network are like miners or validators of other chains.

Snarkers

Snarkers use computing energy to compress network data and effectively create validated proofs of transactions. When this is done, Block producers place a bid on these proofs, for which Snarkers are rewarded with MINA tokens.

Is Mina a Good Investment?

All investments in cryptocurrencies are at first considered high-risk, but some of these investments have already proven profitable in the long run. Because of its lightweight integration, the Mina protocol stands apart from other blockchains in its class. In addition to being unprecedented, the protocol possesses several characteristics that make it desirable for financial investment.

Easy Accessibility From Other Chains

Due to the Mina protocol’s lightweight design and its ZkApps (zero-knowledge apps) smart contract computations, users can easily use Mina-proof systems from other blockchains.

In addition, Mina developers are currently building a pathway between Mina and Ethereum, and every progress made on this can be distributed towards building trustless pathways between different blockchains. This will facilitate the ability of decentralised applications on other chains to leverage efficient proofs of high computation and secure login features of Mina’s ZkApps.

Strong ecosystem intermediaries power most blockchains. However, Mina tends to differ since participants power it. Mina’s strong, vibrant, and ever-growing communities unite people worldwide with a passion for decentralised blockchain. As it is common knowledge that the cryptocurrency market is driven by rumours and guesses made by the community, this has the potential to become a significant factor in its price appreciation.

Accessible Node

As earlier stated, other blockchains are powered by intermediaries, making these chains rely on the same intermediaries to run nodes.

However, Mina’s 22KB minuscule chain enables anyone to effectively connect peer-to-peer and validate all transactions like a full node in a simplified way. As this continues, the Mina protocol has a strong chance to increase value due to high adoption as more participants use the network to leverage its features.

Best Undervalued Token

Although launched in June 2021, the MINA token has risen to be one of the fastest-rising crypto tokens in the network. It powers all transactions in the Mina network and smart chains in its ecosystem. Currently trading at $0.87 with a 24-hour trading volume of $21.2 million, crypto enthusiasts and analysts believe this token is one of the best-undervalued cryptos to invest in. Based on MINA protocol expanding utilities, investors stand a chance to enjoy massive gains in the future.

Top Collaborations

Partnerships are important to help crypto projects develop and become very successful. Mina has acquired renowned, highly reputable, and successful partners in the market, such as Hashkey, IOSG Ventures, Paradigm, Three Arrows Capital, and Coinbase Ventures. Also, the Mina protocol has raised a whopping $44.7 million in successful capital calls. This shows that Mina is appealing to both retail and institutional investors. This will likely grow exponentially in the future and increase the value of the network token, MINA.

How to Buy Mina Protocol on Binance

Wondering how to buy Mina protocol? Binance stands out as our top option among exchanges: this is due to its high liquidity, low fees, wide range of payment options, and top-notch security. Here is a detailed guide to get investors started in less than 10 minutes.

After exploring where to buy and the coin’s use cases, the next thing is to explore how to buy it for your portfolio. Binance is our recommended exchange, so we’ll explore how to purchase the asset using Binance.

Step 1: Sign Up

Go to the Binance home page and click on “Register”.

Binance allows investors to register using their mobile phone, email address, or Google account. Most users choose the first two options and provide their phone numbers, emails, and desired passwords. A link will be sent to their registration channel of choice, and investors can click on it to authenticate their accounts.

Step 2: Verify Your Identity

Like many other regulated brokers, Binance requires that investors verify their identity before commencing their purchase.

To complete the process, visit the “Identification” tab. Investors will have to share personal information, their proof of residence, and a government-verified means of identification. This process should take no more than a few minutes to complete.

Step 3: Deposit Your Funds

Next, investors will have to deposit into their Binance wallets. The exchange makes deposits possible using payment processors, wire transfers, bank deposits, and direct crypto transfers. And its required minimum deposit is $10.

To make a deposit, go to the “Payment” section and click “Add a new payment method” to enter payment details. Alternatively, investors can click the “Buy Crypto” button to select a payment method and complete their transfer.

Step 4: Buy

With a funded wallet, investors are ready to make a your purchase. Head to the “Buy Crypto” section and enter the desired amount. Click on “Continue” after reviewing the terms, and the wallet should be updated immediately.

After making a payment in their local currency, investors can type ‘MINA’ into the search bar and click on the relevant result. Investors must place a buy order, so Binance knows they want to purchase MINA. Once the order is placed, the tokens will be added to their wallets when the transaction is processed and completed.

Best Mina Wallets

Software Wallet

Hot wallets, also called software wallets, are one of the most popular cryptocurrency storage options. They are always online, hence the affiliation with the ‘hot’ tag. Investors can easily get a hot wallet once they open an account with a crypto exchange. This allows them to store and manage their private keys, which prove their ownership of their assets to the blockchain network. Hot wallets are usually more convenient for everyday crypto transactions and can be custodial or non-custodial.

A custody wallet is responsible for storing assets to an exchange or a third-party platform. The user only places an order for a transfer or receipt, and the exchange signs off on the transaction, much like the traditional banking system. Meanwhile, a non-custodial or self-custody wallet gives the full responsibility to the end-user.

Hot wallets are usually free, but they are largely considered less secure due to their constant internet connectivity. An instance of a hot wallet is the Binance Wallet.

Hardware Wallet

A Hardware wallet is a device which has been created to provide an extra layer of security when interacting with your various cryptocurrency wallets.

Normally you would use your private key to move funds, the problem is though, if your computer has been compromised with malware or a virus, it is possible for your private keys to be captured and used to steal your funds.

With a hardware wallet, the private keys are stored on the device and never exposed to your computer, which means even if you are infected with such a program your private keys will remain safe. These options are safest way to store your crypto if you have more than a small amount.

Popular examples of cold storage offerings are the Ledger and Trezor line of hardware wallet solutions, read our reviews:

Mobile wallet

A mobile wallet is essentially a hot wallet on a smartphone device. They offer users an even more convenient way to use their coins for daily activities. Mobile wallets store and manage users’ private keys while enabling them to pay for things they love with their digital assets.

These wallets are usually free and always online for transactions to be processed. Popular mobile wallets are eToro Money Wallet and Coinbase Wallet.

Desktop wallet

A desktop wallet is a PC version of a hot wallet. It is essentially software that an investor downloads into their personal computer or laptop for easy interaction with their digital coins. They also offer a browser extension which allows users to interact using an extension instead of downloading the entire software. Desktop wallets are also hack-prone due to their online nature. A popular example is the Exodus Wallet.

Paper Wallet

The paper wallet is arguably the oldest form of crypto wallet. They are no longer common in the modern crypto industry. It contains users’ public and private keys. The paper wallet is the least secure type of wallet as it can easily be lost, stolen, or torched.

Mina FAQs

When Can You Purchase MINA?

Fortunately, investors can buy MINA at all times via crypto exchanges that support MINA. The process can be done quickly, easily, and securely. To have the best trading experience, we recommend Binance as the best exchange to buy MINA.

What Exchanges Have Mina Protocol?

Mina protocol’s utility has made it popular. This popularity has led to its listing on several crypto exchanges. Top exchanges like Binance and Coinbase support MINA, which means investors can buy, sell, and trade this unique asset seamlessly.

Can You Buy MINA In The US?

US-based investors can buy and trade MINA via US-based exchanges like Coinbase, as well as Binance’s subsidiary, Binance-US, created to tend to all US trader’s needs.

Can I Buy Mina Protocol On Binance?

Yes, investors can easily buy Mina protocol (MINA) with the lowest fees, high liquidity, and top-notch securities anywhere Binance is available.