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Terra 2.0 ($LUNA) is a confusing cryptocurrency to buy. There’s no good guide out there explaining everything you need to know. That’s why we created this beginner’s guide. In this article, I’m going to walk you through how to buy Terra 2.0 so that you can start trading/investing in it.
What is Terra 2.0 ($LUNA)?
Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST). It’s now-renamed LUNC token collateralized UST, which crashed in a bank run in May 2022. That devalued LUNA to virtually zero and caused a launch of a new chain — resulting in Terra Classic and Terra 2.0.
What Makes Terra 2.0 Unique?
Terra 2.0 will continue without its algorithmic stablecoin UST and aims to preserve the Terra ecosystem with hundreds of developers working on different decentralized applications.
The LUNA token will be airdropped across Luna Classic stakers, holders, residual UST holders, and essential Terra Classic app developers. Terra 2.0 removed the wallet of Terra Foundation Labs for the airdrop event, making Terra a fully community-owned chain.
How to buy Terra 2.0 ($LUNA)?
No matter what people say, it’s easy to buy Terra 2.0 with a credit card. Your first step will always be to buy BTC/ETH/USDT with your credit card. They can then be converted to Terra 2.0. Transfer BTC/ETH/USDT to an exchange that supports Terra 2.0. Finally, exchange it for Terra 2.0. Please follow our step-by-step guide below on how to buy Terra 2.0 ($LUNA).
The well-known website Coinbase has already enabled trading for Bitcoin Cash, Ether, and Litecoin, but what about what’s commonly referred to as altcoins? Here’s how to buy Terra 2.0 ($LUNA)!
NOTE: Due to the de-pegging of UST, LUNA is experiencing extreme volatility. Please proceed with caution.
Step 1: Register on Fiat-to-Crypto Exchange
The first thing you will need to do is register with one of the many exchanges that allow fiat-to-crypto purchases. You can buy cryptocurrency on exchanges or peer-to-peer. On exchanges you can use fiat money to purchase cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC).
In this case, we need to buy USDT (USDT) from Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
SIGN UP ON COINBASE & GET $10!
This can be done by going to the website and clicking “Sign Up.” You will be required to enter your name, and email address, create a password, and verify your email address.
Verify Coinbase Account
After your account has been created, you will be required to go through the KYC (know your customer) process. The KYC process also requires you to provide proof of identity and proof of residency.
During the KYC process, you may be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding up your driver’s license or passport. Once this is complete, you should have successfully registered and can now buy cryptocurrency!
Step 2: Buy USDT with fiat money
Select USDT and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some USDT. However, don’t close Coinbase just yet — we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow — it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step 3: Transfer USDT to an Altcoin Exchange
You can use USDT to buy most coins and tokens in the market. The quickest way to buy Terra 2.0 is to transfer your USDT to Gate.io.
We’ll be using Gate.io, but there are many other exchanges like ByBit, KuCoin, Kraken, and MEXC that offer Altcoins.
You may also like: How to buy PancakeSwap (CAKE)
Step 4: Trade USDT for LUNA 2.0 (Terra 2.0)
Now head over to Market on Gate.io and search for LUNA 2.0, you’ll see the LUNA/USDT trading pair. Click on the trading pair and click on Buy LUNA 2.0. On the top field enter the amount of USDT you would like to exchange for $LUNA 2.0. You can go back and change this number anytime before proceeding with “Trade”.
You can see your Terra 2.0 in your Gate.io Wallet. Congratulations! You have finally bought Terra 2.0 ($LUNA 2.0)!
See more: How to buy crypto from UniSwap with Metamask wallet
Frequently Asked Questions
Can I buy Terra 2.0 on Coinbase?
No, Not all cryptocurrencies are as easy to get as others. Terra 2.0 is one of them. It’s not listed on Coinbase’s app or the Coinbase Wallet.
Where can I buy Terra 2.0 crypto?
You can buy Terra 2.0 with any decentralized crypto exchange which works on Binance Blockchain technology.
What exchanges sell Terra 2.0?
You can sell Terra 2.0 with any decentralized crypto exchange which is built on Binance Blockchain technology.
Is Terra 2.0 crypto?
No, Terra 2.0 is a digital token built on the Binance network chain BNC.
How do I buy Terra 2.0 with PayPal?
No, you cannot buy Terra 2.0 with PayPal directly. However, you can use Binance to exchange your fiat currency in PayPal for $LUNA.
Can I buy Terra 2.0 through Cash?
No, you cannot buy Terra 2.0 with your cash directly. However, you can use Binance to exchange your cash for $LUNA.
Can I mine Terra 2.0 instead of buying it?
No, you cannot mine Terra 2.0 as it has a different network structure than Bitcoin. You can only buy Terra 2.0 from an exchange.
