Factom is a decentralized data validation platform that uses the Bitcoin blockchain to secure and verify any kind of digital information. Factom has its own native token, called Factoid (FCT), which is used to pay for the creation of entries and identities on the Factom network. If you are interested in buying Factom coin, here are the steps you need to follow:
Set up a Factom wallet. Before you can buy Factom coin, you need to have a wallet that supports it. You can choose from various options, such as the official Factom Enterprise Wallet, the Papermill paper wallet, or the Ledger Nano S hardware wallet. Make sure you backup your wallet and keep your private keys safe.
Choose an exchange that sells Factom. Factom is not widely available on many exchanges, so you need to find one that offers it. Some of the popular exchanges that sell Factom are Poloniex, Bittrex, ShapeShift, and CoinSpot . You can check CoinMarketCap for a complete list of exchanges and trading pairs for Factom.
Choose your payment method to buy Factom. Most exchanges that sell Factom only accept cryptocurrencies as payment, such as Bitcoin or Ethereum. This means you need to buy some BTC or ETH first from an exchange that accepts fiat currencies or credit cards, such as Coinbase. Then you need to transfer your BTC or ETH to the exchange that sells Factom and trade them for FCT.
Place an order to buy FCT. Once you have some BTC or ETH in your exchange account, you can place an order to buy FCT. You can either use a market order, which executes immediately at the current price, or a limit order, which allows you to set a specific price and wait for it to be filled. Make sure you check the price and fees before confirming your order.
Safely store your Factom in your wallet. After your order is completed, you should withdraw your FCT from the exchange and send them to your wallet. This is because keeping your coins on an exchange exposes them to hacking and theft risks. To withdraw your FCT, you need to generate an address from your wallet and enter it in the withdrawal section of the exchange. Confirm the transaction and wait for it to be processed.
Congratulations! You have successfully bought Factom coin. You can now use it to create entries and identities on the Factom network, or hold it as an investment.
Factom Use Cases and Benefits
Factom is not just a theoretical project, but a practical solution that has been implemented in various industries and sectors. Factom can provide data integrity, security, and auditability for any type of digital information, such as documents, records, transactions, or identities. Here are some of the use cases and benefits of Factom:
Healthcare Records. Factom can help healthcare providers and patients to store and share medical records on the blockchain, ensuring their accuracy and privacy. Factom can also enable data validation and verification for clinical trials, drug development, and insurance claims.
Land Titles. Factom can help governments and landowners to register and transfer land titles on the blockchain, reducing fraud and corruption. Factom can also provide proof of ownership and history for any property.
Supply Chains. Factom can help businesses and consumers to track and verify the origin, quality, and condition of any product or service on the blockchain, enhancing transparency and efficiency. Factom can also enable smart contracts and payments for supply chain transactions.
Digital Identity. Factom can help individuals and organizations to create and manage their digital identities on the blockchain, protecting their personal data and reputation. Factom can also enable identity verification and authentication for online services.
Loan Origination. Factom can help lenders and borrowers to streamline and secure the loan origination process on the blockchain, reducing costs and risks. Factom can also provide evidence of compliance and due diligence for loan audits.
These are just some of the examples of how Factom can be used to improve data management and security in various domains. Factom has a flexible and scalable architecture that can support any kind of data-centric use case. By leveraging the Bitcoin blockchain, Factom provides a high level of immutability, reliability, and decentralization for data storage.