What Is Hedera Hashgraph?
Hedera HBAR is the native currency on the blockchain platform owned and operated by Hedera Hashgraph LLC. According to Hedera Hashgraph, this is a new type of distributed ledger technology that consolidates several services to allow transfers of value, the creation and execution of smart contracts, file transfers, and more. Also, developers claim the transaction speeds and costs to be far superior to that of Ethereum and Bitcoin.
The network was founded in July 2017 by Leemon Baird and Mance Harmon. But the launch on the mainnet took place later - in 2019. As of 2022, the project is getting ready for a major upgrade to Hedera Smart Contracts 2.0, an easier and more flexible system for tokenizing and transferring assets.
HBAR uses a unique consensus mechanism called Hashgraph (hence, the name of the project). Every miner can mine a block as fast as they can without using the proof-of-work system. If two blocks are mined at the same time, then the blockchain will fork until the community votes which branch should be extended. This consensus algorithm is also called “blockchain without pruning”.
There are currently almost 40 highly diversified organizations that make up the Hedera Governing Council. Some of the prominent names on the list are Ubisoft, Chainlink Labs, Deutsche Telekom, DBS, Tata Communications, among others. Each member has an equal vote on the direction of the Hedera software and services.
How is the HBAR price determined?
There are several major factors that affect not only the HBAR price but also any cryptocurrency in general:
Supply and demand: The current circulating supply of HBAR is only 36% of its total supply. But when miners reach the limit, the balance of supply and demand will have a strong effect on the price.
Mining costs: Miners pay the cost of electricity/rent/hardware, which is then compensated by the network fee. If the costs drastically change, it may affect the availability of miners and, as a result, transaction speeds.
Adoption: The more exchanges list Hedera Hashgraph, the higher the trading volume becomes. With the increase in volume comes the increase in the price.
Can you buy HBAR without KYC on Changelly?
It depends on which fiat provider your transaction goes through. In other words, it’s not about what coins you want to get - be it HBAR or something else. You will be provided with all the instructions after you initiate the transaction and choose your payment method.
Can I buy less than 1 HBAR?
Normally, crypto exchanges allow users to buy fractions of a coin only if it’s a high-value coin. But since 1 HBAR ~ 0.29 USD, less than a full coin would be too small of a transaction.
On Changelly, the smallest transaction amount is 103 tokens, which is approximately 30 USD. This is low enough to make the transaction affordable for anyone but also not too low (otherwise, fixed network fees would not be worthwhile). The coin valuation may change in the future and, subsequently, we’ll adjust the minimum amount, so stay tuned for updates.
What are the fees to buy HBAR?
Transaction fees for Hedera Hashgraph (actually, for all other purchases, too) come in two forms: the network fee and the trading platform fee. The first one is easy - the network fee is set at 8.38819 HBAR.
The other fee is slightly more complicated. This is because when you buy HBAR, there are many trading partners that can facilitate it. Hence, fees will vary. For example, Changelly and Moonpay charge a total fee of 7.5%, while Changelly and Indacoin charge a total fee of 10%. When you search for the right offer, all fees will be automatically calculated for you.
Where can I store HBAR?
There are three main options for storing HBAR or another cryptocurrency: a custodial wallet on an exchange, a hot wallet, and a cold wallet. Most crypto enthusiasts agree that hot and cold wallets offer better security. So, they strongly recommend moving your funds out of the exchange to a third-party solution, be it online or offline.
What is the best HBAR wallet?
While there are numerous cryptocurrency wallets, the support for Hedera Hashgraph could use some improvement. That said, you can still find a range of digital wallets, albeit a small range, to put your coins: Abra, Atomic Wallet, Coinomi, Edge, and Infinite. We also recommend browning through Changelly’s partner list to find other options. The list is often updated with new additions.
If you prefer a hardware wallet, start with Exodus or Ledger. These two devices are indisputable market leaders that have established a great reputation and are serving thousands of customers.
How to cash out HBAR?
While you can’t do it in one step, cashing out is still very easy. The first thing you need to do is to exchange your HBAR tokens for fiat. This can be done on Changelly - just sell your cryptoassets through our partner Mercuryo. Follow the instruction on the pop-up window and, by the end of the transaction, you will receive fiat to your bank card.
The second part of the process should be familiar to anyone who used a bank card before. Go to your nearest ATM and withdraw cash from the machine as you normally would.
Can I buy HBAR with PayPal?
At the time of writing, you can only buy, sell, hold, and pay for products/services with four cryptocurrencies - Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). These cryptocurrencies cannot be transferred from one account to the other. The website states that PayPal is working on extending the range, but HBAR may not be included for a while.
If you’re not in the USA, there is no crypto support on PayPal whatsoever. Again, the coverage is planned to be extended, so seek out updates for more information.