A beginner’s guide to Time New Bank and how to buy TNB in Australia.
Time New Bank is a time asset exchange powered by the Ethereum blockchain. Based on the belief that time is one of the most valuable assets mankind possesses, this cryptocurrency aims to establish a time-value transmission network to allow the exchange of time as a commodity.
So, how does Time New Bank work, what influences this crypto’s value and how can you buy TNB in Australia? Keep reading to find out.
Where to buy, sell or trade TNB
TNB is currently available on a number of cryptocurrency exchanges, including:
A step-by-step guide to buying TNB
If you want to buy TNB, you can do so by following these three steps:
Step 1. Create an account on a cryptocurrency exchange that allows you to buy TNB
Find a crypto exchange that lists TNB in currency pairs and sign up for an account. It’s usually free to register and you’ll need to provide your name and email address, while some exchanges will also require additional contact information and photo ID before you’re allowed to trade.
It’s also a good idea to set up two-factor authentication on your account to ensure increased security for your funds.
Step 2. Deposit funds
There’s currently no way to directly exchange fiat currency (Australian dollars) for TNB. This means you’ll need to either own or buy a cryptocurrency which can be exchanged for TNB, for example, bitcoin (BTC) or Ethereum (ETH), and then use it to acquire TNB.
To deposit funds into your account, login and click on the “Deposit” link. You can then follow the prompts to generate a wallet address for the funds you want to send from another exchange or wallet.
Step 3. Buy TNB
Once the funds have been successfully deposited, search for the cryptocurrency pair you want to exchange, such as ETH/TNB. Click on “Buy TNB”, choose a market or limit order and specify the number of tokens you’d like to buy.
Make sure you review the details of your transaction, including the amount of TNB you’re buying and the total cost of the exchange, before proceeding with your purchase.
How to sell TNB
If you want to sell your TNB holdings, you’ll need to look for the “Sell TNB” link and follow a fairly similar process to that outlined in Step 3 above. However, be aware that crypto exchanges don’t offer every possible currency pairing, so you may not be able to directly exchange your TNB for the currency you want.
Which wallets can I use to hold TNB?
Holding your cryptocurrency funds on an exchange for any length of time is not recommended, as this puts your coins at greater risk of security breaches. Instead, it’s recommended that you store your cryptos in a secure wallet.
TNB is an ERC20 token on the Ethereum network, so you’ll need to hold your TNB in an Ethereum-friendly wallet. Examples of suitable wallets include:
How Time New Bank works
If you’ve ever watched the Justin Timberlake and Amanda Seyfried sci-fi thriller In Time (2011), you’ll be fairly familiar with the concept of time as a commodity.
Launched in October 2016 and based in Singapore, the TNB project aims to create a precision time-value transmission platform based on the Ethereum blockchain. Miao'A International Timechain (M.I.T.) is behind the TNB digital currency and, according to its official website, aims to “establish a time-value transmission network which comprises prominences of decentralisation, internationalisation, payment flexibility, pricing transparency, and strong protection of rights and proof-of-stake”.
More detail can be found in the white paper, which reveals that the platform will organise a comprehensive network comprised of a primary, secondary and third markets for time commodity exchange.
From the white paper:
“M.I.T. aims to deliver a standardised system that fully expresses the value of time commodities based on how time exporters are recognised and demanded via scientific and systematic analytical model by leveraging its decentralised value transmission platform. In commodity value transmission process, TNB will be adopted as the settlement currency to accurately tell both the current and future value of the time commodities.”
The company says there will be four main parties using the platform:
- Time exporters. These are the providers of time commodities, ie the people who commit to spend a certain period of time to offer a service for buyers. This includes celebrities, entrepreneurs, lawyers, physicians, teachers and industry experts.
- Time demanders. These are the people who will purchase time commodities in exchange for a service from time exporters.
- Time investors. This category refers to those who purchase time commodities from the primary market and monetise them on the secondary and third markets to make a profit.
- Time asset operators. Time asset operators are companies and partnerships that connect high-quality time assets, demanders and investors to the Time New Bank ecosystem.
What to consider before you buy TNB
Buying and holding cryptocurrencies is complicated, speculative and risky. It’s essential to thoroughly consider all the risks and potential benefits of a crypto before buying, so if you’re thinking of purchasing TNB, make sure to take the following into account:
- Supply. According to CoinMarketCap, at the time of writing (31/01/2018) the circulating supply of TNB was 1,631,622,325, out of a total supply of 5,541,877,892 TNB.
- ICO. The Time New Bank ICO was held in November 2017, with 27% of the total token supply made available for sale. The ICO raised more than US$8 million.
- Use. TNB will be used as the native currency to settle transactions within the network and to determine the present and future value of a time commodity. As a result, the more the network is used, the greater the demand for the TNB token should be.
- Adoption. In its early stages, the success of Time New Bank will be heavily influenced by the number and calibre of celebrities and entrepreneurs who offer their time through the platform. Make sure you stay up to date with the latest announcements from Time New Bank for details of any future partnerships.
- White paper. If you want to gain a deeper understanding of how Time New Bank works, check out the company’s white paper. At the time of writing, there was also limited information available online about the platform, so you may want to check out the company’s English Telegram group for more details.