What is REP Token?
REP token is an ERC-20 token, it’s the native cryptocurrency of the Augur platform. The Augur platform is a decentralized prediction market. Users place their bets using ETH on the Augur platform.
You can place a bet on real-world events like sports matches, elections or you can ask a question. Augur will then place the bet or question to other users on the platform referred to as ‘crowd’. The answer pumped out by the crowd is mostly accurate. At times, it has even outperformed expert predictions for an outcome. The users who make correct predictions are awarded more than they had bet while the losers aren’t awarded at all.
The wisdom of the crowd is used to predict the outcome of everything from natural phenomenon to market movements and even sports. Through this article, we aim to decode how Augur works, is buying REP token a good investment and how to buy REP.
Why should you buy REP token?
The value of crypto coins is also governed by the law of demand and supply. If the supply of a coin is fixed, but its demand is more, the coin will be highly valued. Eg. Bitcoin. REP tokens have a fixed supply of 11 million coins, all of which were distributed at the time of the crowdsale in 2015. The only way to get Augur token now is to earn them on Augur platform or buy them. The limited supply and higher demand will increase the price of this crypto asset.
Should you Invest in Augur? What do the Experts Say?
Investing in cryptocurrency is a big decision. One must take into account the volatility of the crypto market before investing. While nothing can be accurately predicted about Augur’s potential as an investment, some of the experts in the crypto industry are impressed by its unique purpose. Augur not only serves as a platform for earning income by betting, but it also acts as a trusted oracle. The CEO of Coinbase described Augur as an “awesome project with huge potential” in 2017. The co-founder of Ethereum, Vitalik Buterin has even nicknamed Augur as “Uber for knowledge”.
REP Token Economics
Augur was one of the first platforms to launch an ERC-20 token for a crowd sale. During the ICO, they generated over $5.1 million USD in a short span of 45 days. At the time of writing this article, 1 REP was valued at $15.20 USD with a 24-hour trade volume of $7,395,902 USD. It is ranked as the 54th largest cryptocurrency with a market capitalization of $167,156,530 USD by CoinMarketCap.
How to Buy Augur From an Exchange? A Step by Step Guide
Determine which exchange you would like to buy Augur(REP) from. There are many crypto exchanges that have listed REP. It is difficult to choose the best exchange. A non-custodial exchange is easy to use. In this guide, we will walk you through 4 steps to buy REP from Switchain, a reputed non-custodial exchange to buy crypto coins.
Step 1: Choose the crypto coins you own from the left-hand side drop down menu on Switchain homepage. Choose REP from the right-hand drop down menu and click on the exchange button.
Step 2: You will be directed to a page where you will see the REP price chart and other trading pairs available for REP token.
Step 3: Click on “exchange”.
Step 4: Enter the REP wallet address where you wish to receive the coins, and enter the crypto wallet address. Transfer the coins and confirm the transaction.
Best Exchanges to Buy Augur
Many exchanges have listed REP token. Some of the popular ones are:
- Binance: REP/BTC, REP/ETH, REP/BNB
- Switchain: REP/BTC, REP/ETH
- VinDAX: REP/BTC, REP/ETH
- LATOKEN: REP/BTC, REP/ETH
- BiteBTC: REP/BTC, REP/ETH
- Coinbase Pro: REP/USD, REP/BTC
- HitBTC: REP/BTC, REP/ETH, REP/USDT
- Coinbene: REP/BTC
- Bithumb: REP/KRW
- ABCC: REP/BTC, REP/ETH
- UPbit: REP/KRW
- Kraken: REP/BTC, REP/EUR, REP/USD
Which are the Best Wallets to Store REP?
Investment in a crypto coin is a speculative and complex decision which involves significant risks. The performance of a coin is unpredictable. Its past performance is not an indicator of future performance. Augur is no exception to this rule. However, the unique concept of bringing forecasting to a global decentralized platform may be highly successful in the future. As adoption increases, the price of REP is expected to increase as well.
Switchain is an instant non custodial cryptocurrency exchange. Our user user-friendly platform makes trading crypto easy and fast. We work with different cryptocurrency trading partners to guarantee the best cryptocurrency rates to our clients.