COTI’s Comprehensive Guide for Altcoin Beginners in 2023
8 min read
2023 TLDR: COTI Altcoin Beginner’s Guide
Introduction: Diving into the world of cryptocurrencies can be both exciting and overwhelming, especially with the ever-evolving landscape of digital assets. In this meticulously curated guide, readers will find a comprehensive walkthrough of COTI, the revolutionary blockchain project that is reshaping the realm of digital payments. COTI, short for “Currency of the Internet,” has emerged as a potent contender in the crypto sphere, with a unique blend of advanced technology and business use cases. This article unravels the essence of COTI, exploring its technology, business applications, native token ($COTI), and the methods to store, stake, and convert it to USD. Whether you’re a seasoned crypto enthusiast or just stepping into the world of altcoins, this guide serves as an invaluable resource to grasp the fundamentals of COTI’s ecosystem. Join us on this informative journey to uncover the potential and possibilities that COTI offers in 2023 and beyond.
Beginner’s Guide About Coti – Part 1
Since the birth of Bitcoin, crypto has been around for 15 years. It was much simpler back then. In fact, OG cryptos were focused just on payments. Today, we’ve got much more advanced projects that are in the payment space. One such project that’s really looking to disrupt this space here is COTI. With that, we bring you this beginner’s guide about COTI.
Indeed, state-of-the-art projects like COTI can support a Transactions Per Second (TPS) load of up to 100,000. That’s miles ahead compared to OG cryptos like Bitcoin and Litecoin. On top of that, it can seamlessly integrate with existing payment networks. So, merchants can leverage its network for payments easily. This was not possible in crypto’s early days. We hope we’ve managed to catch your attention. Now, let’s dive into what COTI is properly.
What Is COTI?
COTI is a Layer 1 blockchain that focuses on payments. In short, COTI stands for the currency of the internet. To elaborate, COTI hopes to create the world’s leading digital infrastructure for payments and enterprise tokens. To do this, the COTI protocol uses a Directed Acyclic Graph (DAG). With this DAG, COTI can offer near-instant settlements for its transactions. Also, it can support a higher load, thus making it more scalable, all while security is held to the highest standards.
Beyond the COTI DAG (A.K.A. the “cluster”) lies its unique consensus algorithm, Proof-of-Trust (PoT). PoT incentivizes good behavior for COTI DAG participants. By instituting a Trust score, said participants are encouraged to build trust. Transactions within the network are validated quickly as well, as they’re linked to two previous transactions that’ve got similar trust scores.
Hence, transactions can proceed simultaneously, instead of linearly like Bitcoin’s Proof-of-Work (PoW). To visualize this, take a peek at the simulation of COTI’s DAG below. Transactions don’t proceed one by one but spread out like a web. This enables the DAG to achieve a higher TPS.
Alongside PoT, a multi-address privacy module supports COTI DAG. This prevents others from tracking a specific address to a specific user. To learn more about COTI’s technology, check out our previous research.
COTI’s Business Use Cases
Alright, enough of the techie stuff. As you know, a project with superior tech is useless without any users. So, what is COTI doing on the business front? Dive in below for a quick overview!
COTI Pay Business. With this feature, merchants can process and receive all forms of financial transactions in real-time.
COTI Pay VIPER Wallet. This wallet allows you to store multiple currencies and access the COTI network.
Banking and Debit Card. COTI offers retail users the convenience of a debit card. With this, users can make payments at merchants that not integrated with the COTI network.
With the above features, COTI is all ready to make an impact on the global payments space. Hmm, but something seems amiss. We’re missing a piece of the puzzle which binds all of the above together. What would that be?
$COTI Token Use Case
Of course, the answer is: A native token! Yes, the project has got its own $COTI token. It’s two main use cases comprise:
Payment for transaction fees. All transactions on the COTI DAG will require $COTI as a form of payment.
Reward token for stakers. By depositing $COTI into the treasury, users can get rewards in $COTI.
Now, who doesn’t love crypto rewards? We certainly do, and the COTI treasury loves giving them out too! As of now, the treasury holds $24.8 million worth of $COTI. Its users are now receiving a sweet 43% return.
The source of this 43% return lies in fees. All fees accrued within the COTI network are paid to the treasury. This ensures that COTI’s supporters are rewarded for depositing and helping to grow the project.
Next in our beginner’s guide about COTI, we’ll be looking at how to stake the $COTI token. In this case, staking will be similar to participating in the $COTI treasury. And we’ll be teaching you how to do just that.
First, you’ve got to set up a COTIPay Viper wallet and fund it with $COTI. If you’ve not set it up, you can do so here.
Next, log in to your wallet. You can do so through this link.
Then, click on the “Treasury” tab and the “New Deposit” button. Source: COTI Medium Blog
Here, you’ll be providing inputs on your $COTI deposit. These include:
The amount of $COTI you want to deposit.
The multiplier. Here, we advise you to choose multiplier X1 to prevent liquidation.
The locking period. The longer you lock, the higher your return. Also, you can choose to extend the locking period automatically. Source: COTI Medium Blog
Lastly, click on the “New Deposit” button after reviewing your deposit summary. You’ll then be re-directed to copy a deposit ID. Once you’ve done that, click on the “Done” button.
Voila! That’s all! Pretty simple isn’t it? You’ve now made a deposit into the COTI Treasury.
Where/How to Buy/Sell $COTI?
For the final item in today’s beginner’s guide, we’ll reveal the places to trade $COTI. To add on, we’ll give you a step-by-step guide on how to trade it too. So stay tuned!
First, let’s tackle the “Where” part. As with any other crypto, head on over to the token’s CoinGecko Markets page. Here, you’ll find a long list of exchanges trading the token. Using $COTI as an example, you can see its markets below.
In this list, we prefer Binance for trading $COTI the most since it has:
The highest volume traded at 20.6%.
A green trust score.
A low spread of 0.23%.
With the above, you can be sure that you’re getting the right price for your $COTI. This applies in both cases, whether you’re buying or selling the token.
Now, speaking of buying and selling, you can follow the steps below to do so for $COTI:
Log in to your Binance account. Fund it with some $USDT. You’ll be using it to buy your $COTI tokens.
Then, head on over to Binance’s spot trading page. Here, you can set orders to buy or sell your $COTI with available $USDT. Source: Binance
Conclusion
We’ve come to the end of the first part of our two-part beginner’s guide. Stick around for part 2, where we’ll be discussing more on how to store your $COTI safely.
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Beginner’s Guide on COTI – Part 2
In Part 2 of our beginner’s guide to COTI, we look at the wallets for its native $COTI token, and how to sell your $COTI to secure USD fiat profits.
COTI is an advanced payments project in the crypto space. It’s got strong technology behind it. This includes its Proof-of-Trust (PoT) consensus and its Trustchain Directed Acyclic Graph (DAG). With these, it hopes to create the world’s leading digital infrastructure for payments and enterprise tokens.
And with its recent $gCOTI airdrop, the project is gaining attention. Thus, we’ve come up with a two-part beginner’s guide to COTI for you!
Now, if you haven’t checked out the first part of this guide. In this second part, we’ll explore the wallets that you can use to store $COTI tokens. Lastly, we’ll end off with a quick run-through on how to convert $COTI to USD fiat.
How to Store $COTI?
Alright! So you’re sold on the $COTI token’s potential. You’ve got yourself a small bag from a Centralized Exchange (CEX). Now what? At Altcoin Buzz, we always advocate the importance of securing your assets. To do this, you’ve got to:
Set up and use a non-custodial wallet. Simply put, this means only you control the keys to your wallet. No third party can access your funds too. Unless you lose your keys, of course.
Withdraw your tokens to a wallet. All CEXs should allow you to withdraw your crypto. If your CEX doesn’t, it might well be a scam or it has liquidity issues. Usually, for withdrawals, you need to specify:
Seems pretty simple, isn’t it? You just need to get your $COTI off the CEX, and into your wallet. But this raises another question. Which are the best $COTI wallets to use?
$COTI Wallets
To answer your question, it depends on which network you’re using to store your $COTI. Nevertheless, we’ve got three recommendations below. Let us bring you through them.
COTI Pay Viper wallet. This is the native wallet of COTI. Here, you can hold your tokens in the COTI network. You can also stake your $COTI in the COTI treasury for a sweet return. To set up this wallet, check out this step-by-step guide. Source: Twitter
Metamask: If you’re looking to withdraw your $COTI into other chains, then Metamask is the best pick. Metamask allows you access to the Ethereum and Arbitrum chains. Since $COTI has an ERC-20 token, you can withdraw it to Ethereum or Arbitrum.
Trust wallet. This is your best choice if you’re managing a lot of crypto assets within one wallet. Since Trust Wallet supports more than 4.5 million assets, you’ll have no issue storing $COTI here with your other holdings. For a quick guide on how to set up your Trust wallet, you can refer to our previous post.
In a nutshell, $COTI is a pretty popular crypto. With a market cap of #367, many wallets would support it. However, we’ve picked out three of them, each of which caters to different needs. With the above, we’re confident that you can pick one suitable for you.
How to Convert $COTI to USD?
Let’s say you’ve made a solid trade on $COTI. You would like to cash out to USD fiat to lock in those juicy gains. To do this, there are a few methods. All of which would involve a CEX. So naturally, you’ll need to deposit your tokens into your CEX of choice first. Let’s explore 2 of them below:
Method #1 – Using Binance. With a CEX like Binance, you could:
Sell your $COTI tokens into $USDT. You can do this using their spot trading function. The screenshot below reflects the $COTI/$USDT trading pair. Source: Binance
Next, to get your USD fiat, you can refer to Binance’s guide on fiat withdrawals. As the steps differ depending on which region you’re from, we will not go into details here. It is also important to note that each CEX has its own fiat withdrawal process. So, do check out their respective guides to get your fiat.
Sell your $COTI tokens into $USDT. You can do this using their $COTI/$USDT trading pair. It’s almost the same compared to Binance’s above.
Then, navigate to Kucoin’s “Fast Trade” page. Then, click on “Sell” as shown below. From here, you can convert your $USDT stablecoins into USD using any of Kucoin’s available payment partners.
Conclusion
Well, that’s pretty much it! We’ve gone through together the basics and fundamentals of the COTI project and its native $COTI token. We hope that you’ve taken away a good deal of knowledge on this project. Needless to say, COTI will be growing its technology, business, and community. So, it’ll be smart to follow its Twitter here for frequent updates.
At the time of writing, the $COTI token price is $0.047. Its market cap ranks at #366, and its total supply of tokens is 2 billion. Out of these, 1.2 billion $COTI tokens circulate.
⬆️ For more cryptocurrency news, check out the Altcoin BuzzYouTube channel.
⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.
