Cryptocurrencies have risen to become one of the most popular investment options for the general population according to Bloomberg. Because of the nature of cryptocurrency markets, investors can expect low risk and large returns in a relatively short period of time.
Taking advantage of such a lucrative business model, millions of people all over the world have begun investing in a variety of different types of cryptocurrencies such as bitcoin, Ethereum, dogecoin, and others.
Recently, a new cryptocurrency by the name of Ratcoin was introduced to the public, and it has since gained widespread attention on the internet. Many cryptocurrency fans have been searching for information on how to purchase Ratcoin on Google.
What is Ratcoin?
Ratcoin is one of the most recent cryptocurrencies to be established, having been launched only a few weeks ago. The transactions are managed and recorded using decentralized blockchain technology, which is managed and recorded by the Ratcoin Foundation.
According to their official website, the project’s purpose is straightforward: to deploy an entertaining coin that will infiltrate your life at all times. Ratcoin is similar to Dogecoin in that it looks to be nothing more than a joke cryptocurrency created for the purpose of entertaining people and encouraging them to engage in the cryptocurrency industry.
Many people on the internet, particularly on Twitter, have claimed that Ratcoin is a cryptocurrency created by Elon Musk. Ratcoin developers, on the other hand, issued a clarification in the form of a Tweet, stating that Elon Musk is not associated with the project in any way.
According to the Ratcoin website, the maximum supply of Ratcoin has been set at 9 billion coins, and the block duration for mining a Ratcoin has been set at three minutes and thirty seconds.
Who Invented Ratcoin?
Recent announcements from Elon Musk, CEO of Tesla and SpaceX, business magnate, and one of the world’s wealthiest men, include the creation of a brand-new cryptocurrency called the Tesla coin.
Musk is not a stranger to the worlds of economics and cryptocurrency, as seen by his previous work. It is possible that he has had a hand in affecting the value of Gamestop stocks, Bitcoin and Dogecoin, as well as the value of his own publicly traded firm, Tesla.
Musk’s social media shenanigans have had a significant impact on this influence. Currently, Musk has a little more than 47 million followers on Twitter, which is a huge amount of followers for a single person.
Several factors, including demand, production costs, and real-world applications, influence the value of most cryptocurrencies, including their market capitalization. In the case of RatcoinTM, on the other hand, the value will be determined nearly completely by Musk’s tweets on social media.
Musk has created an algorithm that will increase the value of Ratcoin based on the number of likes and retweets received by his most recent postings entirely on his own, without the assistance of any engineers.
Normally, such direct control over the value of a proprietary cryptocurrency would be subject to regulation by the Securities and Exchange Commission of the United States of America (SEC). Tesla has acquired the Securities and Exchange Commission (SEC) in a surprising new business combination.
In an interview with Hodl Magazine, Musk said, “I reasoned that if we never actually cash out the cryptocurrency, I might save a lot on my taxes.”
How to Buy Ratcoin Easily: Step-by-step guide
If you want to buy RatCoin (RAT) on most cryptocurrency exchanges, you’ll already need Bitcoin (BTC) or Ethereum (ETH) to trade with in order to make the transaction.
Fortunately, you can easily purchase either cryptocurrency at Coinbase using your credit card or even your bank account. Buying cryptocurrency is simple at Coinbase.
Step 1: Create a Coinbase Account.
Although Coinbase offers both iOS (iPhone) and Android apps, it has been found that using their website is the quickest and most convenient method of setting up your exchange account.
- Head Over to Their Website
- Then, in the get started box, enter your email address to get started. Please MAKE SURE that the email address you provide is one that you have access to and that it is your most secure email address, as this will be the email address that you will use to sign in to your Coinbase account regularly.
- Coinbase will then ask you to choose between being an individual and becoming a business. Let’s assume you’re an individual, so skip the whole business account setup process. Please, provide your genuine name, as Coinbase will need this information to verify your account.
- Coinbase should send you an email to confirm your address after that. Open the email and click on the link contained within it.
- You should now see (or be able to see) your Coinbase account, and you should be logged in. Again, because you will spend your hard-earned money to fund your Coinbase account, there are a few more verification processes that you must complete before you can proceed. For example, validating a cell phone number is the first step.
- The next step is to establish your finance sources (i.e how you plan on purchasing your Bitcoin or Ethereum). You can either use your bank account or a credit card as a payment method.
Step 2: Make Your First Purchase of Bitcoin (BTC) or Ethereum (ETH) at Coinbase.com
You should be prepared to make your first Bitcoin or Ethereum purchase, which you will use to purchase RatCoin later on (RAT).
Coinbase makes it quite simple to get started investing in cryptocurrencies. Nothing more than going to your BUYS webpage and selecting the currency you wish to purchase will be required of you!
The decision as to which cryptocurrency to invest in based on value will be entirely up to you. But what can be told to you is that the vast majority of cryptocurrency exchanges that allow you to invest in RatCoin (RAT) will let you make a buy using Bitcoin (BTC).
Decide how much money you wish to put into the venture. This is expressed as a monetary value. Recognize that you will not be purchasing an entire coin, but rather a fraction of a coin, and that this is acceptable.
Having this knowledge will really benefit you in your future cryptocurrency investment endeavors.
Step 3: Use your Bitcoin or Ethereum Investment to Buy RatCoin (RAT)
- Transfer your BTC or ETH investment to another cryptocurrency exchange after making your buy. This might seem painful, but it isn’t at all.
- Purchase RatCoin (RAT) on several cryptocurrency exchanges, including Coinbase and Bittrex.
- Choose your funding source (i.e Credit Card).
- Click on BUY.
- CONGRATS! You have decided to become a cryptocurrency investor.
- Transfer your Bitcoin or Ethereum from Coinbase to the exchange that markets RatCoin (RAT). This is accomplished through the use of a wallet mechanism.
- Obtain your account’s Bitcoin (BTC) or Ethereum (ETH) wallet ID from the exchange where you wish to purchase RatCoin (RAT). You’ll see a DEPOSIT button next to either BTC or ETH on most cryptocurrency exchanges.
- Make sure that you are receiving the wallet ID for the proper currency that you ordered from Coinbase. Bitcoins can only be deposited into Bitcoin wallets, and Ethereum can only be deposited into Ethereum wallets, among other restrictions.
Currently, RatCoin price is about: $0.000127
- Freak. Exchange (a security-focused platform for exchanging cryptocurrency assets)
- Bololex (a crypto exchange and entertainment platform in one)
- Stake Center (a pool staking and exchange center for crypto)
Coinbase takes about 2-3 minutes to verify IDs.
At Coinbase, they are committed to security by using industry best practices and storing up to 97% of bitcoins in encrypted, geographically separated, offline storage.
Ratcoin can be bought at Freak Exchange, Bololex, and Stake Center. As a bonus, if you keep Ratcoin in a wallet, you can trade it and send it to your friends and acquaintances on your own. You can check the price of RatCoin on any of the exchanges above because it changes all the time, so you can do that.
However, investing in crypto can be a risky move, especially when dealing with newer cryptocurrencies, which can lose value quickly. Readers should do a lot of research before they invest.