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Introduction
Blockchain technology has the potential to revolutionise many industries, but one of its significant limitations has been the issue of scalability. The Ethereum network, one of the most widely used blockchain platforms, has struggled with high transaction fees and slow transaction times. This has led to layer-2 scaling solutions like Arbitrum, designed to address these issues and unlock new use cases for decentralised applications (DApps).
Ethereum network was updated not so long ago and now it is working on Proof-of-Stakeย consensus algorithm.ย Arbitrum is built on the Ethereum Virtual Machine and is fully compatible with existing Ethereum smart contracts. In this article, we will explore how Arbitrum works and the potential benefits of this innovative technology. We will also provide a guide on buying and investing in Arbitrum from a reliable crypto exchange such as KuCoin.
Understanding Arbitrum
The Arbitrium is designed to allow developers to create smart contracts and Dapps, which are faster and cheaper to use than those on the Ethereum main net. It achieves this by using Optimistic Rollups, a parallel sidechain to the Ethereum network. This allows transactions to be processed off-chain and then settled on the Ethereum main net, reducing the load on the web and making transactions faster and cheaper. One of the main benefits of Arbitrum is that it is fully compatible with existing Ethereum smart contracts, meaning that developers can easily port their existing applications to the platform without making significant changes to the code. This makes it a more accessible solution to other layer-2 solutions that require effective modifications to the codebase.
Cryptocurrencies are becoming more popular, with Bitcoin (BTC) being the most well-known and widely used. Meanwhile, Arbitrum is a new, promising layer-2 scaling solution for Ethereum that has been gaining traction among users and developers alike. This article will discuss how can I buy Bitcoin (BTC)? and Arbitrum from a reliable crypto exchange, focusing on KuCoin.
Part 1: Buying Bitcoin (BTC)
Step 1: Sign Up For A KuCoin Account
Initially, To buy Bitcoin on KuCoin, the first step is creating an exchange account. This simple process requires basic personal information, such as your name and email address.
Step 2: Complete The KYC Verification Process
After creating an account, you must complete the Know Your Customer (KYC) verification process. This standard requirement for most cryptocurrency exchanges is meant to prevent fraud and money laundering. You must provide a government-issued ID and a selfie to complete the process.
Step 3: Deposit Funds Into Your KuCoin Account
Once your account is verified, you can deposit funds into your KuCoin account. KuCoin supports many deposit options, including bank transfers, credit/debit cards, and cryptocurrencies.
Step 4: Buy Bitcoin (BTC) On KuCoin
With funds in your account, you can now buy Bitcoin on KuCoin. To do so, navigate to the BTC trading pair you wish to use and enter the amount of BTC you want to buy. The order will execute once we find a seller, and the transaction will be complete.
Part 2: Buying Arbitrum On KuCoin
Step 1: Buy Ethereum (ETH)
How to buy Arbitrum, you first need to buy Ethereum (ETH), as it is built on the Ethereum blockchain. The steps for buying Ethereum on KuCoin are similar to those for buying Bitcoin, so follow Steps 1 to 3 outlined above.
Step 2: Transfer Ethereum To A Wallet That supports Arbitrum
After buying Ethereum on KuCoin, transfer it to a wallet keeping Arbitrum. Currently, the most popular wallet for this purpose is MetaMask. This free, open-source wallet can be downloaded as a browser extension or a mobile app.
Step 3: Add Arbitrum To Your MetaMask Wallet
Once you have set up your MetaMask wallet, you must add Arbitrum. To do so, click on the network dropdown in the top right corner of the MetaMask window and select “Arbitrum Mainnet”. This will add the Arbitrum network to your wallet.
Step 4: Buy Arbitrum On KuCoin
With your MetaMask wallet set up and connected to the Arbitrum network, you can now buy Arbitrum on KuCoin. Navigate to the ARB trading pair and enter the amount of ARB you want to buy. The order will be executed once a seller is found, and the ARB will be deposited into your MetaMask wallet.
Conclusion
Buying Bitcoin and Arbitrum on KuCoin is a simple process requiring you to create an account, complete the KYC verification process, deposit funds, and trade. This guide allows you to easily navigate the process and invest in these popular cryptocurrencies. Remember to research and only invest what you can afford to lose.
