The most common way to buy Terra is usually through the most popular exchanges and platforms that can be used. Although, almost all of them have a similar operation. It is essential to register, and carry out a transfer or link a card in order to buy Terra. Once you log in to the platform, just choose the cryptocurrency you are interested in and proceed to buy it with the exchange rate you have at that precise moment.
Where to buy Terra (Luna)
To buy Terra, the best option is to use the Binance platform. Although there are other exchanges where you can also buy Terra, Binance offers the best options and the largest variety of cryptocurrencies.
If you don’t have an account with Binance, you can create one here. Now I leave you with a video, so you can see how to buy Terra in the best and easiest way, step by step, so you don’t have any doubts.
Step by Step
To buy Terra, the first thing you need to do is to log in to your Binance account, deposit your funds, either Euro, USD or another currency.
Once you have funds in your account, go to markets, and select your currency pair against USDT (Tether). You will then be able to buy Terra. Once you choose the pair, you have to go to sell, and indicate the amount you want to exchange your currency for USDT, and then buy Terra.
With the USDT purchased, you can go back to the main menu to see that you already have it in your account and the order has been executed. Go back to the market, and look for the LUNA/USDT pair, and click on it.
Here, you will see again the same buy and sell panel, where you have to go to buy, to exchange your USDT for the amount of Terra you want. Once you have chosen the amount, click on buy and you will have it.
If you go back to the dashboard, you can see how much Terra you have. Now, you can keep it in Binance to sell it whenever you want, or take it to a wallet for more security.
The most popular digital wallet is Metamask, where you can withdraw your Terra from Binance to keep it in Metamask for extra security. You can also use them in DEFI exchanges.
If you follow these steps, you can have LUNA in less than 5 minutes. Sign up with Binance today so you don’t miss your chance.
What is Terra (Luna)?
At the heart of how the Terra Protocol solves these problems is the idea that a cryptocurrency with an elastic monetary policy would maintain a stable price, preserving all of Bitcoin’s censorship resistance, and making it viable for use in everyday transactions. However, price stability is not sufficient for widespread adoption of a currency. Coins inherently have strong network effects:
A customer is unlikely to switch to a new currency unless a critical mass of merchants is willing to accept it, but at the same time, merchants have no reason to invest resources and educate staff to accept a new currency unless there is significant customer demand. For this reason, Bitcoin adoption in the payments space has been limited to small businesses whose owners are personally into cryptocurrencies.
Their belief is that while an elastic monetary policy is the solution to the stability problem, an efficient fiscal policy can drive adoption. In addition, the Terra Protocol provides strong incentives for users to join the network with an efficient fiscal spending regime managed by a Treasury, in which multiple stimulus programs compete for funding. That is, proposals from community participants will be vetted by the rest of the ecosystem and, when approved, funded with the goal of increasing adoption and expanding potential use cases.
The Terra Protocol, with its balance between fostering stability and adoption, represents a significant complement to fiat currencies as a means of payment and store of value.
First, we analyze the protocol and how stability is achieved and maintained, through the calibration of miners’ demand and use of the 1 Moon miner. Next, we delve into how stable mining incentives are adopted to smooth economic fluctuations. Finally, we analyze how Terra’s fiscal policy can be used as an efficient stimulus to boost adoption.
Multi-currency pegged monetary policy.
A stable currency mechanism must answer three key questions:
– How is price stability defined? Stability is a relative concept; what asset should a stablecoin be pegged to in order to attract the most people?
– How is price stability measured? The price of coins is exogenous to Terra’s blockchain, and for the system to function properly it is necessary for the price to be fed efficiently and resistant to corruption.
– How is price stability achieved? When the price of the coin deviates from the target, the system needs a way to apply pressures to the market to bring the price back to the target.
2.1 Defining stability vis-à-vis regional fiat currencies
The existential goal of a stable currency is to retain its purchasing power. Since most goods and services are consumed domestically, it is important to create cryptocurrencies that track the value of local fiat currencies. Although the U.S. dollar dominates international trade and foreign exchange transactions, for the average consumer the dollar presents unacceptable volatility against their unit of account of choice.
Recognizing the strong regionalities of money, Terra aims to be a family of cryptocurrencies that are linked to the world’s major currencies. Near genesis, the protocol will issue Terra pegged to USD, EUR, CNY, JPY, GBP, KRW and the IMF SDR. Over time, more currencies will be added to the list by user vote. TerraSDR will be the flagship currency of this family, as it exhibits the lowest volatility against any fiat currency.
TerraSDR is the currency in which transaction fees, miner rewards and stimulus grants denominated will be denominated.
However, it is important that Terra coins have access to shared liquidity. For this reason the system supports atomic swaps between Terra coins at their market exchange rates. A user can exchange TerraKRW for TerraUSD instantly at the effective KRW/USD exchange rate. This allows all Terra currencies to share liquidity and macroeconomic fluctuations; a drop in demand for one currency can be quickly absorbed by the others. Therefore, we can reason about the stability of Terra currencies in a group; in the remainder of this paper we will refer to Terra as a single currency.
As the Terra ecosystem adds more currencies, its atomic exchange functionality can be an instant solution for cross-border transactions and international trade settlement.