+148.05% growth: How to Buy Sapien (SPN) – A Step by Step Guide

What is SPN?

### What is Sapien? Sapien is an Ethereum-based social network built for humans. Launched as an undergraduate project by Ankit Bhatia & Rob Giometti at UC Berkeley in 2017, Sapien is building a decentralized, private social network built on a foundation of independent, self-governing communities called Tribes which all participate in the SPN token economy. The company is established on a principle of “Humans First,” which means Sapien will stand by these pledges: - Data sovereignty: as a social network, Sapien knows that privacy is paramount and will never collect personal data without consent - Self-governance: Sapien commits to give communities the tools they need to guide and protect their communities, so it will always be people who moderate and promote content, never an exploitable algorithm - Humanity: Sapien is built by humans for humans, not trolls or bots, and the platform aims to make it incredibly hard for malicious users or content to spread across the network Sapien aims to build the first Web3 social network for mainstream users by building a familiar social user interface and experience and abstracting away the complexities of blockchain by implementing instant, gasless transactions for the end-user and by reinventing the wallet experience to be simpler and more intuitive. Sapien aligns its business model with the best interests of its users, so its primary source of revenue is the nominal fees it applies to Charges and Rewards. While Sapien was originally founded in the United States by Ankit & Rob, the team itself has grown to a team of 20, globally distributed across 10 countries. ### What is the SPN token and how does it work? The SPN token is an ERC20-compliant utility token that can be used to reward and recognize valuable contributions to the communities, subscribe or purchase access to content shared by creators, and to engage in social-powered e-commerce. With the SPN token, Sapien aims to democratize the power inherent to social media - social, economic, political, technological - by decentralizing the platform controls all the way down to community leaders, rather than a boardroom and a handful of executives. ### Charging One feature that separates Sapien from other social platforms is that content sorting is governed by a system of “Charges,” which are tokenized boosts users can give to posts and comments as a reward for their quality. Charges boost the presence of posts in user feeds and reward the post creator/commenter with SPN tokens within 24 hours of the Charge being given. This process gives monetary weight to the liking system commonly employed on social platforms and will enable creators to directly connect with and receive compensation from their audiences. ### Staking Sapien operates on a proof-of-value protocol. Users can stake their SPN tokens using the Sapien smart contract, which progressively unlocks the tokens over the course of a calendar year. Sapien employs a “Stake Rank” system which determines the platform fees charges to users at the points of Charging and collecting rewards, with the user staking more tokens than anyone else receiving the lowest fees and fees being assigned according to Stake Rank.

Currently, SPN is being ranked 842 on Coinmarketcap and has recently surged a hefty 148.05% at the time of writing.

SPN has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy SPN.

Step 1: Register on Coinbase

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC) or Ethereum (ETH). We will use Coinbase here as it is one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.

Show Details Steps ▾

Type your email and click 'Get started'. Make sure you provide your real name as Coinbase will need it for account verification. Choose a strong password so that your account isn't vulnerable to hackers.

You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.

Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, Coinbase is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.

Step 2: Buy coins with fiat money

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You will be charged higher fees when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees, such as iDeal in some European countries.

Now you are all set, click the 'Trade' button at the top left, choose the coin you want to buy and confirm your transaction...and congrats! You've just made your first crypto purchase.

Step 3: Transfer your cryptos to an Altcoin Exchange

But we are not done yet, since SPN is an altcoin we need to transfer our coins to an exchange that SPN can be traded. Below is a list of exchanges that offers to trade SPN in various market pairs, head to their websites and register for an account.

Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from coinbase depending on the available market pairs. After the deposit is confirmed you may then purchase SPN from the exchange view.

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SPN gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Last Step: Store SPN securely in hardware wallets

Trezor One White

Trezor One White

  • Thousands of tokens/cryptos supported
  • Rich documentation online available
  • Affordable
  • Open-sourced firmware
Ledger Nano S

Ledger Nano S

  • Easy to set up and friendly interface
  • Can be used with smartphone and tablet
  • Lightweight and Portable with built-in rechargeable battery
  • Support most blockchains and wide range of (ERC-20) tokens
  • Multiple languages available
  • Built by a well-established company found in 2014 with great chip security
  • Affordable price

If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your SPN for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.

Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger and Trezor and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.

Other useful tools for trading SPN

NordVPN

Because of the very nature of cryptocurrency – decentralised, it means that users are 100% responsible for handling their assets securely. While using hardware wallet allows you to store your cryptos in a safe place, using an encrypted VPN connection while you trade makes it harder for hackers to intercept or eavesdrop your sensitive information. Especially when you are trading on the go or in a public Wifi connection. NordVPN is one of the best paid (note: never use any free VPN services as they may sniff your data in return of free service) VPN services out there and it has been around for almost a decade. It offers military-grade encrypted connection and you can also opt-in to block malicious websites and ads with their CyberSec feature. You can choose to connect to 5000+ servers in 60+ countries base on your current location, which ensures you to always have a smooth and secure connection wherever you are. There is no bandwidth or data limits that means you can also use the service in your everyday routines such as streaming videos or downloading large files. Plus it is among the cheapest VPN services out there (only $3.49 per month).

Brave Browser

Brave is a Free and an Open Source Web Browser built by a team of privacy focused, performance oriented pioneers of the web. The Web Page gets loaded quickly. Brave is in general faster than Chrome and Firefox. The Web Page gets loaded quickly. It is designed with privacy in mind so ad-blocking and untrusted cookie blocking are enabled by default, and you get to further customise the level of privacy as you like. Its "incognito" private mode has built-in Tor connection which makes it extremely safe to use. You also get the chance to earn reward (in BAT tokens which can be traded in Coinbase and other exchanges) by opting in to view privacy-respecting ads.

Frequently Asked Questions

Can I buy SPN with cash?

There is no direct way to buy SPN with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.

Buy Bitcoin from local sellers

LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.

Are there any quick ways to buy SPN in Europe?

Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Coinmama.

Popular online banks in Europe are Bunq, N26 and Revolut.

Are there any alternative platforms to buy SPN or Bitcoin with credit cards?

Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.

Latest News for SPN

Sapien4 months ago
4 powerful tech CEOs testified before Congress a couple weeks ago and here are 5 takeaways we think are incredibly… https://t.co/KIsjDFGCuj
Sapien4 months ago
New month, new Sapien updates. Get the dish on the platform while we continue building up some major changes.… https://t.co/up9qvO8iUD
Sapien4 months ago
If you’re not aware, it’s been a rough couple weeks for Twitter. In this week’s blog post, we discuss the ways in w… https://t.co/n5ulAhvjai
Sapien4 months ago
It’s the final countdown! Three more days left in our referral contest—that means three more days to get your name… https://t.co/vBTxLxGZBt
Sapien4 months ago
RT @maticnetwork: Congratulations to the winners of our joint AMA with @sapien_network! It was a pleasure to connect with the community to…

You might also like