Golem Cryptocurrency: A Beginner's Guide To Investing

Golem is a global, open-sourced, decentralized supercomputer that anyone can access. It is made up of the combined power of users' machines, from personal laptops to entire data centers. The GLM token is based on the ERC-20 standard and is available on ETH and POLYGON networks. Golem connects users worldwide, enabling them to share their unused computing power or access additional resources as needed. This approach democratizes access to digital capabilities and fosters a community where everyone can contribute and benefit. In this article, we will discuss how to invest in Golem cryptocurrency.

Golem GNT price and value analysis

Golem GNT is a cryptocurrency that is currently trading at a price of around $0.257234 to $0.2744 USD, as of September 2024. The market cap for Golem is valued at around $257,233,866 USD, with a circulating supply of 1,000,000,000 GLM coins. The 24-hour trading volume for Golem is approximately $7-8.5 million USD, and the cryptocurrency is ranked within the top 200 cryptocurrencies by market cap.

Golem GNT has seen a price decline of -2.80% in the last 7 days, underperforming the global cryptocurrency market, which is down -0.70%. However, some sources suggest that Golem GNT is at an excellent price level to accumulate. One source indicates that they have recently sold nearly all their Ethereum to buy Golem, expecting upward momentum to favour Golem in the next few days or weeks. They also highlight that Golem GNT's downside is much more limited, giving it a favourable risk/return profile compared to Ethereum.

The Golem Network is an open-source, decentralized computing platform that provides computing power to the AI industry. It is a peer-to-peer marketplace for distributed computing resources, where users can exchange GLM tokens for the utilisation of their idle computing resources. Golem allows for the breakdown of tasks into smaller subtasks, which can be distributed across multiple providers, enabling parallel processing and boosting efficiency.

The all-time high for Golem (GLM) was recorded on April 13, 2018, at BTC 0.0002804. Conversely, the all-time low was recorded on December 12, 2016, at BTC 0.052929. The Golem price page on Crypto.com provides price history, a price ticker, market cap, and live charts for Golem and other top cryptocurrencies.

Buying Golem from USD

As of 2022, there was no way to directly buy Golem (GNT) with USD. Instead, you must first buy a more common cryptocurrency, such as Bitcoin or Ethereum, and then exchange that for GNT.

Step 1: Buy Bitcoin or Ethereum

Use an exchange like Coinbase, Gemini, or Kraken to buy Bitcoin or Ethereum with USD.

Step 2: Transfer your Bitcoin or Ethereum to a GNT exchange

Poloniex, Shapeshift.io, and Liqui.io are all exchanges that support GNT. Transfer your Bitcoin or Ethereum to one of these exchanges.

Step 3: Exchange your Bitcoin or Ethereum for GNT

On your chosen exchange, trade your Bitcoin or Ethereum for GNT.

Step 4: Transfer your GNT to a wallet

You can use a wallet like myetherwallet.com to store your GNT.

Alternative method

Changelly.com allows users to buy GNT directly with USD or EUR without ID verification. However, there are limits on how much you can buy. For users in the USA, Canada, and Australia, the first transaction is limited to $50, the second to $100, and there is a $500 limit on the third purchase within the first week. There are no limits on purchases after one month.

Using a digital wallet

Digital wallets are a key management system that helps users maintain control over their digital assets and monitor their crypto activity. They are an essential tool for managing and securing your crypto assets. There are several types of digital wallets available for investing in Golem, each with its own unique features, safety measures, and user interface.

Mobile digital wallets are a popular choice for those who want to manage their Golem assets on the go. They are software applications that are installed on a user's mobile device, allowing them to store and manage their GLM tokens. Mobile wallets typically offer a user-friendly interface and can be downloaded from app stores such as Google Play or the Apple App Store. Some popular options include the Defexa Golem Wallet and the Atomic Wallet. The former is free to download and use, while the latter offers a cashback feature for swapping Golem for 1000+ crypto pairs.

Web wallets are hosted on a third-party website or exchange, and they often provide additional features such as built-in digital wallet transactions and trading pairs not available on other exchanges. They are convenient for those who want to manage their assets online and from any device with an internet connection. However, it is important to note that web wallets are more vulnerable to security threats, and users do not have full control over their digital assets.

Desktop wallets are software applications installed on a user's desktop computer, offering more control over private keys as they are stored on the user's computer. They are compatible with other cryptocurrency applications and services, making it easy to transfer cryptocurrency to a hardware wallet or exchange.

Physical wallets, also known as cold wallets, are devices that store a user's private key offline. They are designed to be tamper-proof and resistant to hacking attempts, making them ideal for storing cryptocurrencies like Golem. To access their cryptocurrency, users must connect their hardware wallet to a computer or mobile device and authenticate with a PIN or password.

Paper wallets are physical documents that contain a user's private keys and public address for a cryptocurrency. They are easy to create and provide an offline storage option, making them resistant to hacking attempts that can occur with online wallets. To access their cryptocurrency, users must enter their private key into a cryptocurrency wallet application.

Golem's applications

Golem is a decentralised platform that transforms the way we access and share computational resources. Golem connects users worldwide, allowing them to share their unused computing power or access additional resources as needed. This approach not only democratises access to digital capabilities but also fosters a community where everyone can contribute and benefit.

The Golem token ($GLM) acts as a medium of exchange, facilitating seamless transactions between Providers and Requestors. Providers are those who offer computing resources, while Requestors utilise these resources. This symbiotic relationship ensures a balanced, self-sustaining network, paving the way for limitless innovation and growth in the decentralised world.

As a Requestor, you set a bid for the amount of GLM you are willing to pay to have your task completed. Golem allows tasks to be broken down into smaller subtasks and distributed across multiple providers, enabling parallel processing. This boosts efficiency and speeds up the completion of complex computations. As a Provider, you earn GLM by computing tasks for Requestors.

Golem has numerous applications in diverse fields, including scientific research. For example, Golem Network-Powered Project, which simulates the origins of life on Earth, has been published in a prestigious scientific journal. Golem's decentralised physical infrastructure networks (DePIN) can accelerate and power projects in fields beyond scientific research, such as AI. With the increasing demand for computing power in AI projects, Golem's ecosystem is expanding. The GPU Provider is one of the first elements that will help provide computing power for the AI industry.

Golem vs. Ethereum

Golem and Ethereum are both cryptocurrencies, but they have some key differences.

Golem is a global, open-sourced, decentralised supercomputer that anyone can access. It is made up of the combined power of user machines, from personal laptops to entire data centres. Golem's cryptocurrency is called Golem GNT, and its price is supported by Ethereum's blockchain, which is much more reliable than the bitcoin blockchain, which has major scaling issues. Golem is also one of the few initial coin offerings (ICOs) with real-world applications, as it can be used to pay for computations without an intermediary.

Ethereum, on the other hand, is a well-established cryptocurrency with a strong community. It has been around for a while, and its blockchain technology is trusted and reliable. Ethereum also has a wide range of decentralised applications (dApps) built on its platform, and its smart contract functionality sets it apart from other cryptocurrencies.

When comparing the two, it is important to consider their price levels and market capitalisation. At the time of writing, Golem GNT is at an attractive price level, and it is expected that Golem will gain upward momentum and outperform Ethereum in the short term. Golem also has a limited downside, giving it a favourable risk/return profile compared to Ethereum.

In terms of technical documentation, Golem's whitepaper is more of a business plan, while Ethereum's community has a wealth of technical knowledge and resources available. This could be a factor when considering the future development and growth potential of each cryptocurrency.

Overall, both Golem and Ethereum have their unique strengths and use cases. Golem offers a decentralised supercomputer with real-world applications, while Ethereum provides a trusted blockchain platform with a wide range of dApps and smart contract functionality. The decision to invest in either cryptocurrency depends on various factors, including price levels, risk appetite, and the specific features and applications of each coin.

Frequently asked questions