MIR is the presiding token of the Mirror protocol. It is a synthetic token, a creation of Terraform Labs. Mirror coins are blockchain tokens that reflect models of actual-world assets by showing the trade prices on-chain.
Thus, they allow traders to know the price of tangible assets while ensuring fractional ownership, censorship resistance, and open access to any other digital token. Unlike traditional tokens, MIR is wholly synthetic and only captures the price movement of the respective coin.
See more: How to buy mirror protocol
With this guide, you will have a breakdown of how to buy Mirror Protocol.
How to Buy Mirror Protocol—Quickfire Walkthrough to Buy Mirror Protocol in Less Than 10 Minutes
Mirror Protocol (MIR) is a Defi coin that allows its holders to take part in its governance activities. The coin is best bought on a DEX such as Pancakeswap, which makes the process both swift and easy.
Pancakeswap is a leading DEX that does not require a third party to initiate its exchange process. As a result, you can learn how to buy Mirror Protocol in under 10 minutes if you follow the guide below:
- Step 1: Get Trust Wallet: To get the best out of Pancakeswap, connect it to Trust Wallet. The wallet allows you to use Pancakeswap uninterruptedly. Being a software wallet, you can download the app on your device.
- Step 2: Search for Mirror Protocol: On your wallet, input ‘Mirror Protocol.’ into the tab at the upper right corner. After that, search.
- Step 3: Fund your Wallet with Digital Tokens: You have to first credit your Trust Wallet to enable you to purchase Mirror Protocol. You can deposit digital assets by either making a purchase via your debit/credit card or sending some tokens from an external source.
- Step 4: Link to Pancakeswap: You can connect to Pancakeswap via Trust Wallet. Click on ‘DApps’ on the Trust Wallet. Select Pancakeswap, and Click on ‘Connect’ to continue the process.
- Step 5: Buy Mirror Protocol: After you have connected Pancakeswap to your Trust, select ‘Exchange.’ Go to the drop-down box under the ‘From’ tab and select the digital asset you intend to swap for Mirror Protocol. Choose the ‘To’ tab and select Mirror Protocol. Enter the number of Mirror Protocol tokens you want and click on ‘Swap’ to finalize the transaction.
After the completion of the trade, you will get your Mirror Protocol tokens immediately. In a similar vein, you can sell your Mirror Protocol using Trust Wallet. All you simply have to do is link your wallet to Pancakeswap and make the trade.
Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.
How to Buy Mirror Protocol Online—Full Step-By-Step Walkthrough
Being a newbie, you might find the quickfire walkthrough a little technical. This is understandable – as it might be your first time dealing with cryptocurrencies or decentralized exchanges. The following steps are carefully detailed to help you through how to buy Mirror Protocol.
Step 1: Download Trust Wallet
The first step to take when learning how to how to buy Mirror Protocol is getting an ideal wallet. For you to utilize a decentralized exchange such as Pancakeswap, you need a wallet that gives you direct access to the DEX. Trust Wallet is the most convenient and secure, and the wallet is backed by the leading exchange platform, Binance.
It is a software wallet and can be installed on mobile devices via your relevant store. Once installed, go through the required steps to set up your wallet. You will need to use a strong PIN which is needed to log in when you want to open the app.
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Additionally, you will receive a 12-word passphrase. This phrase is important to recover your wallet should you forget your PIN.
Step 2: Credit Your Trust Wallet with Digital Tokens
Since your Trust Wallet is new, it is going to be empty. As such, you have to add cryptocurrencies to your wallet before buying Mirror Protocol.
There are two ways to do this:
Transfer Cryptocurrency from a Separate Wallet
This represents the fastest way to fund your Trust Wallet. But note that you can only do this when you have digital assets in an external source.
To do this:
- Open your Trust Wallet and choose ‘Receive.’
- Choose the digital asset you want to send in. Ensure it is the exact one you have in the external wallet.
- You’ll get a deposit address from the Trust Wallet. The digital tokens will be sent to this wallet address.
- Copy the address and head to the external source from where you intend to transfer from.
- Paste the unique address in the ‘Send’ section of the other wallet.
- Type the amount of cryptocurrency you want to send.
- Complete the trade.
Your Trust Wallet will receive the cryptocurrency instantly.
Fund your Trust Wallet with your Debit/Credit Card
This is an alternative option for when you don’t have digital tokens in an external wallet. One of the pros of having the Trust Wallet on your phone is that it permits you to purchase digital assets with your debit/credit card.
- Open your Trust Wallet app and select ‘Buy.’
- You will see all the cryptocurrencies you can buy using your card.
- Select the token you want to purchase. It is best to go for Binance Coin (BNB) or any other well-known token like Bitcoin or Ethereum.
- Once you have selected the token you want to buy, you will be required to undertake a Know Your Customer (KYC) process. This is needed because you are buying cryptocurrency with fiat money.
- After completing the KYC process, type in your card information and the number of digital tokens you intend to buy.
- Confirm the transaction to end the process.
You will receive the purchased cryptocurrency instantly.
Step 3: Buy Mirror Protocol through Pancakeswap
Once you have funded your Trust Wallet with cryptocurrency, you have successfully completed two steps on how to buy Mirror Protocol, and you can proceed to buy the digital tokens through Pancakeswap.
The next step for you is to link Pancakeswap to your Trust Wallet and buy Mirror Protocol by swapping it with the digital token you already have in your wallet.
Here is the process breakdown.
- Connect Pancakeswap to your Trust Wallet. Select ‘DEX’ on Pancakeswap.
- Select the ‘Swap’ tab. You will be shown a ‘You Pay’ tab where you will select the cryptocurrency with which you intend to pay.
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For example, if you have Ethereum in your Trust Wallet, you are paying with Ethereum.
- Go to the ‘You Get’ tab. Select Mirror Protocol from the list that gets displayed.
- Once you have selected Mirror Protocol, you will be shown the number of tokens the swapping equates to.
- Select ‘Swap’ to finish the transaction.
Check your Trust Wallet to see your Mirror Tokens already there.
Step 4: How to Sell Mirror Protocol
Once you have bought your Mirror Protocol token, you will want to make earnings from it at some point. For this, you have to understand the process of selling your coin.
- If you want to exchange Mirror Protocol with another cryptocurrency, you can use Pancakeswap. You just have to swap your Mirror Protocol for another token, as illustrated in Step 3.
- Suppose you intend to get cash in return for your Mirror Protocol token, you will have to do that elsewhere. You can get this done through a CEX like Binance.
Note that using a platform like Binance to access fiat currency facilities means you have to go through a KYC process.
Where to Buy Mirror Protocol Online
You can buy Mirror Protocol on several exchange applications. But, if you want a convenient and easy line of purchase, the best place is a decentralized exchange like Pancakeswap.
Here are the points explaining why Pancakeswap is the best decentralized exchange to buy Mirror Protocol.
Pancakeswap—Buy Mirror Protocol through a Decentralized Exchange
Pancakeswap allows you to trade Defi coins without a centralized third party, keeping care of your digital tokens. The DEX is built on automated intelligent contracts operating on the Binance Smart Chain and has low transaction fees. This is in addition to the fast execution time frame, making your trades swift and seamless.
On this DEX, token swaps occur through liquidity pools via a pairing mechanism. Thus, you can exchange one kind of token for another with no need for an intermediary. In contrast, other buyers who stake their assets in the liquidity pools get a share of the remunerations created by these transactions.
Nonetheless, that’s just an aspect of the total Pancakeswap experience. The DEX also allows you to stake coins into so-called Syrup Pools that give increasing rewards. For example, you are allowed to stake cake, Pancakeswap’s local token, and receive more of the asset by allowing it to sit in the Syrup Pool for some time.
There is also an auto-stake option that will put back your cake into the pool at least every hour, thereby increasing your rewards and interests. Admittedly, as with other decentralized exchanges, cryptocurrency newbies may likely strive to navigate Pancakeswap and understand its various features. But with the DEX’s simple user interface, this won’t take long.
- Might appear daunting at first glance for newbies
- Does not support fiat payments directly