Mastering Toncoin Transactions: How to Buy, Store, and Send Toncoin with Your Wallet

David Robert Alalade

Toncoin Toncoin Transaction Toncoin Mastery
Mastering Toncoin Transactions: How to Buy, Store, and Send Toncoin with Your Wallet

Toncoin is a crypto project on the layer-1 foundational blockchain network, originally created by Telegram in 2018. Its goal was to create a super app similar to what Elon Musk is trying to do right now with X, combining social media with payments and shopping, but instead using a decentralized structure.

TON (the Toincoin native token) is obviously one of the hottest crypto tokens out there right now, so in this blog post, we will discuss its evolution and long-term potential, and how you can buy, store and send it with your wallet.

Toncoin’s Evolution and Its Long-term Potential

In 2018, Telegram secured $1.7 billion in private funding to develop its new blockchain, positioning it as a potential competitor to Ethereum and marking the second largest token sale ever after EOS.

But the project took a twist when the US regulators gave Telegram a pretty hard time before it could even get off the ground. Thus, Telegram withdrew its involvement in the token after being sued for $18.5M by the SEC. Following this, a community of enthusiasts (known as Newton), and completely unaffiliated with Telegram, took over in 2021 and rebranded the project from “Telegram Open Network” to “The Open Network.”

Now, Telegram has officially endorsed TON, even announcing it as its preferred blockchain with over 900 million monthly active users. This presents a significant advantage for TON in rapidly onboarding these users compared to other blockchains.

With its integration into user-friendly apps like Telegram, people worldwide can effortlessly buy, send, and store money using Telegram or other trusted crypto wallets like Coin Wallet. Learn how to create a wallet for Toncoin on Coin Wallet easily here.

Buying, storing, and sending Toncoin using Coin Wallet

The most secure way to acquire TON tokens is through centralized exchanges and wallets like Coin Wallet, which ensures private key security on your device and offers convenient Toncoin purchasing, storage, sending, and exchange capabilities.

Let's now explore the process of creating your Toncoin Wallet on Coin Wallet for seamless buying, storing, and sending of your coins.

Creating Toncoin Wallet using Coin Wallet

Follow these simple steps to create your Toncoin Wallet on the Coin Wallet app or website effortlessly:

  • Go to the Toncoin Wallet section on the Coin Wallet website or app.
  • Choose "Create a new wallet."
  • Record your unique passphrase carefully—it's your sole access to the wallet.
  • Set a PIN for easy device access.
  • You're all set to send, receive, and exchange Toncoin!

Buying Your Toncoin

Buying Toncoin is straightforward: go to the "buy" section in your Toncoin Wallet on the Coin Wallet website or app, where you can purchase Toncoin using various methods like credit/debit cards (Mastercard, Visa, Maestro), Google Pay, Apple Pay, Samsung Pay, bank transfer, or by exchanging existing cryptocurrencies. Simply enter the desired amount and confirm your transaction.

Storing Your Toncoin

After acquiring your Toncoin, you gain ownership of the corresponding amount. You receive two keys: a public key and a private key. The public key acts as your wallet address and is used for encrypting information, while the private key is used to decrypt information and access your Toncoin. It's crucial to securely store and safeguard your private key.

Your Toncoin ownership is securely recorded, stored, validated, and encrypted on the blockchain. Cryptocurrency theft through altering blockchain information has not occurred due to the robust encryption methods employed. Current technology would require centuries, if not millennia, to attempt a brute-force hack of a blockchain.

In fact, one of the functionalities that makes Coin Wallet special is its highest level of security coupled with its privacy protected storage for all your coins — without compromising speed and other functionalities. Coin Wallet makes your coin resistant to malicious attacks from hackers. It’s definitely a safe and reliable option to store your Toncoin.

Sending Your Toncoin

To send your Toncoin, simply navigate to the "Send" option on the main page of your Coin Wallet website or app. Enter the recipient's wallet address and the desired transfer amount. Review the details carefully, confirm, and proceed to send the Toncoin.