How to buy CyberMiles (CMT)
CyberMiles wants to alleviate the centralised nature of e-commerce marketplaces by offering a blockchain-based protocol. Find out how you can obtain their CMT coins.
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If you like the sound of the CyberMiles project, you can now purchase its CMT coins on a variety of exchanges. However, at the start of 2018, no platforms could facilitate a direct deposit using a debit or credit card. Nevertheless, by trading either bitcoin or Ethereum, our simple guide will show you how you can buy your very own CMT coins.
Where to buy CyberMiles
The following exchanges will allow you to buy CMT using cryptocurrency.
What cryptocurrency pairings can you trade with CyberMiles?
The following cryptocurrencies will allow you to trade CMT.
A step-by-step guide to buying CyberMiles
There are 6 exchanges that will allow you to buy CyberMiles, each with various cryptocurrency pairings on offer. The easiest way to achieve this would be to trade either bitcoin or Ethereum, as these can be readily obtained using fiat currency. Therefore, we’ll guide you through the step-by-step process of purchasing CyberMiles on Binance, as this particular exchange allows deposits using BTC and ETH.
Step 1. Create an account at Binance
Visit the Binance website and open a new account. The standard account opening process will require you to enter your email address and to choose a strong password. You’ll be asked to set up two-factor authentication.
Step 2. Deposit funds into your account
Once you’ve opened the account, you’ll now need to fund it with either bitcoin (BTC) or Ethereum (ETH). If at this stage you don’t hold either of these, or you don’t know how to obtain them, follow our simple step-by-step guide below.
To deposit funds, click on the “Funds” button, followed by “Deposits and Withdrawals”. You’ll need to enter the cryptocurrency that you are depositing into the search box, which will be either BTC or ETH, then click on “Deposit”. This will now display the Binance wallet address that you need to send your coins to – copy this to your clipboard. Now go back to the wallet that’s holding your BTC/ETH and transfer the funds to the previously copied address. This normally takes in the region of 10 minutes to go through, however refresh your Binance account every couple of minutes until you see the balance displayed.
Step 3. Buy CMT
Once your BTC/ETH transfer has appeared in your Binance account, click on the “Exchange” button, followed by “Basic”. You should now see the markets screen. On the right hand side of the screen look for the BTC/ETH buttons. Click on your corresponding cryptocurrency, and search for “CMT”.
Next, enter the amount of coins you want to buy in the trading box, whilst ensuring that the “Markets” option is selected. Once you enter the amount of CMT coins you want to buy, the box will show you the amount of BTC/ETH that it will cost.
Alternatively, if you want to exchange a certain proportion of the funds you uploaded, click on the percentage value. For example if you want to exchange all of the coins you deposited, click on 100%. Once you’re happy with the amounts displayed, click on the “Buy” button. As you opted to take the market price, the trade should fill within a few seconds.
Which wallets can I use to hold CyberMiles?
During the implementation phase of the project, the CMT tokens will operate on the Ethereum blockchain, meaning that you can store them in any wallet that supports the ERC20 format. If you’re unsure which one to go for, see our comprehensive guide on how to choose a wallet.
No date has been provided on the MainNet network launch, however once it does, the team will exchange them for the CyberMiles blockchain-compatible tokens on a 1:1 basis.
How CyberMiles works
CyberMiles was introduced to the cryptographic community by 5miles – a US based marketplace allowing buyers and sellers to trade goods. The purpose of its creation was to allow users to purchase products on a decentralised platform, rather than requiring the services of a an intermediary. By utilising smart business contract technologies, CyberMiles plans to offer its blockchain protocol to e-commerce channels on a global nature, allowing users to make purchases using its CMT cryptocurrency, and removing the reliance on third-party payment processors.
Any e-commerce platform that plans to attract a global user base will require high levels of scalability on the network. Therefore, by utilising the delegated Proof-of-Stake consensus, the CyberMiles blockchain will have the capacity to validate 10,000 transactions per second, as opposed to the 10 transactions per second that Ethereum can perform. The team claims to have incorporated the 5miles database into its blockchain, which will bring with it 12 million users and US$3 billion in annual transactions.
Real world applications for CyberMiles
The CMT coin will primary be used as the marketplace currency, allowing users to buy goods and sellers to receive payment. Transaction fees will be fractional, and will take in the region of 10 seconds to validate. This will also be the case for wallet-to-wallet transfers.
The blockchain technology will also provide a transparent mediation process, whereby the CyberMiles community can help resolve any issues between buyers and sellers. In return, they will be rewarded with additional CMT coins.
There’s also an interesting model whereby businesses can pay CMT to advertise their products on the smart contract platform, and users are incentivised with coins to view them. Furthermore, those who wish to offer their computing power to validate transactions and execute smart business contracts will also be rewarded with CMT.
What to consider if buying CyberMiles
As with all cryptocurrencies, extreme caution should be taken prior to making a purchase. Markets are highly volatile, and there is no guarantee that you will make any profit. In fact, there is a chance you may lose your investment in its entirety.
The CyberMiles team, which consists of some highly experienced tech-space individuals from various projects including Alibaba and Firefox, have published limited information regarding their roadmap plans for 2018 and beyond. Upon raising US$32 million in their Q4 2017 initial coin offering, the only objectives investors have been made aware of is its plan to allow its current 5miles customers to use the CMT coin, and that they will launch the main CyberMiles platform in Q4 2018. Nevertheless, the partnering of 5miles, which will bring a substantial customer base and vast transaction volumes, will ultimately test whether the blockchain e-commerce model is capable of meeting the challenges it claims to have solved.
Our most frequently asked questions can be found below.
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