Introduction
Nano (XNO) is a modern cryptocurrency (in the community known as digital cash), designed with mind speed, decentralization, and no transaction fees. Unlike traditional cryptocurrencies like Bitcoin or Ethereum, Nano operates on unique Block Lattice technology, which allows it to make instant transactions and eliminates processing costs. This article primarily targets beginners, who haven’t had any contact with Nano or any other cryptocurrency.
Why Nano?
Nano stands out from other cryptocurrencies primarily thanks to its simplicity and efficiency. It has been designed to solve significant issues, that are struggling with traditional linear blockchain systems like high transaction fees, long confirmation times, and high power consumption. Nano allows instant, free transactions, making them a good solution for micropayments and daily value sending. Additionally, no need for mining makes it more eco-friendly and less resource-intensive, which is an important step in developing balanced crypto technologies. Further technical details of Nano are available in My Article.
Choosing and setting up a wallet
To begin our adventure with Nano, we must first set up the wallet. Unlike traditional bank accounts, a crypto wallet gives users full control over their funds. It means that only you have access to your private keys, and you decide about transactions.
Difference between custodial and non-custodial wallet
We have two main wallet types available: custodial and non-custodial. Custodial wallets are controlled by external entities like crypto exchanges which store users’ private keys. This means that to some extent you’re entrusting your funds to third parties that may involve risk for example in a hacker attack at the exchange.
Non-custodial wallets are the best choice for Nano users who want full control over their funds. In such a wallet, only you can access private keys which provide greater safety. However, it’s worth remembering that if you lose or forget your Secret Phrase, you can’t recover access to your wallet!
Choosing the wallet
Choosing the relevant wallet depends on individual user preferences. If comfort and mobility matter, mobile wallets like Nautilus can be the best choice. For those who prefer computer use, desktop wallets like Nault can be good.
If you’re looking for the best wallet, check out this recent article from Grewsik. It provides a detailed comparison of popular Nano wallets and highlights their key features.
Setting up the wallet
Once we have chosen a relevant wallet, we download an app (or open a web version) and set up a new wallet. Setting up a wallet, I’ll introduce it based on Nautilus wallet. I use it every day. The creation process is the same for any different wallet.
- Click New Wallet.
- Back up your generated Secret Phrase offline, for example, on paper, and create multiple backups. If you forget your Secret Phrase, you will lose access to your funds!
- Done!
As you can see, setting up the wallet isn’t a complicated process. Additionally, in in-app settings, we can configure a wallet to suit you, for example changing the theme or setting up a security PIN for the app.
Using your wallet
Using your wallet is simple. You’ll see two main buttons: Receive and Send.
To receive Nano, click Receive. This will display your wallet address and a QR code, similar to a bank account number. Share this with the sender so you receive your Nano.
To send Nano, click Send. Enter the recipient’s wallet address (or scan their QR code) and specify the amount. Be sure to double-check this information, as transactions cannot be undone!
How to get Nano?
Since Nano is a currency, the best way to get it is by earning it, just like traditional money. This way, you’ll help promote the adoption of Nano and cryptocurrencies in general. If you run a business, you can start accepting Nano as a payment method, allowing customers who prefer using this cryptocurrency to pay for your products or services.
If you don’t have a business, don’t worry! There are still plenty of methods to get Nano, so you can choose the one that works best for you!
Accepting Nano in your business
One of the most natural ways to earn Nano is by accepting this currency as a payment form. If you are in business - whether it’s an online store or local business - you can integrate payments in Nano. Nano performs great in commerce due to its feeless and lightning-fast transactions. This can attract consumers from all over the world who appreciate fast and cheap crypto transfers.
Earning Nano by freelancing
Another way to earn Nano is to work online. More and more platforms are offering payment in cryptocurrencies, and Nano may be an ideal choice due to its transaction speed. You can search for work offers that pay in Nano or suggest this cryptocurrency to your customers as a payment form.
Faucets and earning platforms
If you are new to Nano and want to earn some without spending money, try Nano Faucets. These sites give you small amounts of Nano for simple tasks, like confirming you aren’t a robot (CAPTCHA). While the rewards are modest, it’s a fun way to start earning.
For more earning possibilities, consider platforms that offer tasks like playing games, taking surveys, or testing apps. These can help you earn more Nano compared to traditional faucets.
You can explore various options, including my site, Get XNO, where you can earn Nano by completing tasks. Check out the lists of faucets and earning methods here and here.
Buying Nano on exchange
The easiest option is to buy a Nano on a popular exchange to acquire a larger amount quickly. Nano is available on platforms like Binance, OKX, and Kraken. Register, complete KYC verification, fund your account with fiat or other cryptocurrencies, and exchange it for Nano.
After purchasing, remember to transfer your Nano to a non-custodial wallet for complete control over your funds. I use Binance for my Nano purchases and highly recommend it due to its user-friendly interface and competitive fees.
Securing your Nano
Security is a key aspect that every crypto user should pay special attention to. Nano, like every cryptocurrency, needs appropriate safety measures to prevent your funds from being lost or stolen. Fortunately, securing your Nano is easy if you follow a few proven principles.
Security of your Secret Phrase
Your Secret Phrase is the key to your wallet - losing it means losing access to your funds, and recovery services are scams.
Don’t ask anyone to generate a wallet for you, and never share your Secret Phrase, as this can compromise your wallet’s security.
Always make offline backups on paper. You can use different storage media, but that requires proper security measures, so it’s better suited for more advanced users.
I recommend having at least three backups, each stored in a different location.
Use non-custodial wallets
One of the most important steps in securing the Nano is to use a non-custodial wallet. In this wallet, you are the owner of the private keys and you have full control over your funds. In contrast to custodial wallets (such as those on exchanges), where external entities store private keys, non-custodial wallets give you sole access to your Nano.
Securing your wallet with a password or biometrics
Modern wallets offer additional security layers like passwords, PIN codes, or biometrics (fingerprint or face recognition). These additional security measures will make them so that even if someone gets physical access to your device they won’t be able to get access to your wallet.
Software updates
Keep your wallet updated to the latest version, as developers regularly release security patches and new features. Protect your devices for managing Nano by ensuring they have the latest security updates, and only download wallet apps from official sources to avoid risks.
Where to use Nano?
You can use Nano in various places, both online and in traditional stores. While acceptance is still limited, the number of merchants accepting this cryptocurrency steadily increases. We encourage you to explore local businesses - stores, restaurants, cafes, and more - that accept Nano.
Additionally, many online retailers worldwide support Nano payments. You can find a list of current merchants on Nano Hub. Remember that some service providers might not realize they accept Nano; they often use payment processors like NOWpayments, which support multiple cryptocurrencies, including Nano. Therefore, it’s worth checking which payment provider a particular service uses.
How do we contribute to Nano’s growth?
The growth of Nano depends on community engagement. Every user can contribute to its expansion by accepting Nano in their business, using this cryptocurrency in daily transactions, creating innovative solutions as a programmer, participating in the community on platforms like Discord and Reddit, and using hashtags #Nano and $XNO on X. Running your node also supports decentralization and growth. Additionally, educating others about Nano and supporting projects that promote this cryptocurrency are just a few of the many ways to help its development.
Summary
Thanks for checking out this guide to get started with Nano! I hope you found it helpful. As you explore Nano, don’t hesitate to get involved in the community and try using it in your daily transactions. With more people and businesses accepting Nano, it has a real chance of making a mark in the crypto world. Let’s work together to spread the word and help it grow!