How To Buy Terra (Luna) On Coinbase: 5 Easy Steps

In a recent update, Terraform Lab’s Luna cryptocurrency is now one of the top 10 biggest cryptocurrencies by market cap. Here's why as well as how to buy Terra (Luna).

What is Terra (Luna) Crypto?

The past weekend has seen one of crypto’s biggest sell-offs, with prices looking a little haggard as both Bitcoin and Altcoin went down significantly. However, not every digital coin went down as Terraform Lab’s Luna coin came out strong.

So what is (Terra) Luna?

DeFi has significantly grown in popularity this year. As a concept, this type of system relies on Ethereum and a vast network of blockchain technology to have different real-world uses. But while Ethereum has been leading in this concept for a while, other companies have started challenging its dominance, now known as “Ethereum killers” and solving problems that Ethereum has yet to tackle. This includes faster processing and transitioning from proof-of-work to proof-of-stake protocols.

Terraform Lab’s Luna is one such “Ethereum killer,” coming in hot with a blockchain network that’s designed to stabilize the volatile crypto market. To do this, the coin makes use of algorithms to generate stablecoins or crypto assets tied to real-world assets like fiat money or even gold.

Furthermore, the company Terraform Labs has created partnerships with payment platforms, increasing the usage of its coin. On top of that, Terra is supported by a group called the Terra Alliance, which advocates its adoption.

Why is Luna popular?

Recently, an increasing number of crypto advocates are pushing DeFi into the mainstream by flocking to the most well-known Ethereum alternatives. This move has resulted in Solana’s token being one of the biggest coins by market cap and Avalanche gaining a significant 500% surge since August.

Now, it seems like it’s Luna’s turn, as the past weekend saw it go up with a market cap of $28 billion, even going as far as to rise above cult-favorite meme coins like Dogecoin and Shiba Inu, placing it in the top 10 cryptocurrency list.

How to Buy Luna on Coinbase

If you want to take advantage of this growth by securing some Luna in your crypto portfolio, here’s how you can do it.

Step 1: Sign up for any Fiat-to-Crypto Exchange

There are plenty on the market, but we recommend using Coinbase, one of the U.S.’ largest regulated crypto exchanges. As Coinbase is very beginner-friendly, sign-up is easy and will take only a few minutes.

For a more detailed step-by-step of signing up for Coinbase, you may click here.

Step 2: Buy BTC from Exchange

After you’re done with the KYC process, it’s time to get some BTC. Just hover on over to cryptos, choose BTC and click "buy." You will be asked how much BTC you want to buy and the payment method you want to use (debit/credit card). If you want something cheaper (but slower), do a bank transfer.

Once you’re sure, click “Trade,” confirm BTC and finish your transaction.

Step 3: Transfer BTC to Altcoin Exchange

Unfortunately, Coinbase currently doesn’t support Luna at the moment, so what you should do is transfer it to one where it’s supported. There are plenty on the market, but in this example, we’ll go with Binance, another popular crypto exchange.

You will then go through a similar sign-up/KYC process, which can take 30 minutes to a few days.

Step 4: Deposit BTC to Exchange

Once you get full access to your account, the next step is to get your exchange wallet. If this is your first time, it might be a little intimidating, but it should also be straightforward. The right side will show your unique public address, which you need to copy and paste onto your Coinbase profile. Visit your Coinbase portfolio page, click on BTC, then click “Send” on the right.

Paste your wallet address on the recipient field and make sure to always double-check that it matches. Click "Send" to proceed and you should immediately receive a confirmation email. Wait for your coins to arrive in the wallet (should take a few minutes) and once you receive the notification, you’re good to go.

Step 5: Trade Luna

After receiving your BTC, go to “Finance” and click “Exchange.” You will see a search bar on the right, which you can edit to make LUNA/BTC as the trading pair. Confirm that pair and you should see a price chart.

Below the box, you can either type your amount or choose what percentage of your BTC you want to trade. After confirming, click “Buy LUNA” and you're done. You can now either trade or store your coins in a cold wallet if you want to hold on to it for a long time.

Conclusion

While it has a long way to go, Terraform Lab’s Luna is definitely on the right track by offering a unique approach to decentralized solutions. The team behind the coin also has big plans, so it makes sense that those who believe in its vision to buy the coin.

As the business of Ethereum killers continues to boom, we can only expect good things to come from this new digital coin. You may also learn more from Coinbase by clicking here.