Decided Moonbeam is a good investment? You can get Moonbeam on ByBit<\/a> today.<\/strong><\/p>\n Moonbeam is the recent winner of the Polkadot parachain auction \u2013 Moonbeam\u2019s network is compatible with the Ethereum and Bitcoin blockchain, giving existing decentralized apps (dApps) a more cost-effective platform, as well as lowering the barrier of entry for new dApps. The initial coin offering (ICO) of Moonbeam\u2019s token GLMR released in early 2022. The project was founded by the Moonbeam flight crew \u2013 a global team of highly touted developers.<\/p>\n Moonbeam serves as a scalability and interoperability solution for Ethereum<\/a> and Bitcoin<\/a>. Moonbeam is used as a parachain on Polkadot, which supports multi-chain interoperability by connecting blockchains to the Polkadot network \u2013 a Layer Zero protocol that intends to help all blockchains seamlessly interact together.\u00a0<\/p>\n Interoperability has become a key focus in Web3, as it has become obvious that the many different blockchains will need to be able to communicate with each other. Moonbeam\u2019s ability to bridge Ethereum and Bitcoin to the Polkadot network could prove important. DApps, smart contracts, decentralized exchanges (DEXs) and non-fungible tokens (NFTs) that are built on Moonbeam can be easily used in the Ethereum ecosystem as well.<\/p>\n Image: Moonbeam<\/a><\/p>\n Gavin Wood, co-founder of Ethereum and founder of Polkadot, aims for Polkadot to act as the blockchain of blockchains. Moonbeam could play a pivotal role in making this vision a reality. Much of the hype surrounding Moonbeam comes from the network securing the second spot on the Polkadot parachain via auction. According to Moonbeam<\/a>, a crowdloan campaign raised 35 billion DOT, or $1.4 billion USD, to contribute in the auction for the parachain slot. Moonbeam then became the first operational parachain on the Polkadot network. Much of Moonbeam\u2019s success depends on the success of Polkadot. The image below is from the Polkadot website. It shows the many parachains running parallel to the central relay chain. While the relay chain benefits from the scalability of the parachains, the parachains benefit from the governance and security of the relay chain.<\/p>\n Moonbeam (GLMR) has seen a steady decline in its price since its ICO, with an all-time high of just under $20 settling at under $5. The total market cap hovers under $750 million at the time of writing, with 21% of total supply in circulation. The max supply, like many other projects, is set at one billion coins.<\/p>\n Moonbeam faces many competitors, most notably the other parachains operating on the Polkadot network. Of the 100 slots on the Polkadot relay chain, Moonbeam competes with Acala, Astar, Parallel and Clover. While these parachains offer different functionality, some features overlap with Moonbeam. Polkadot leases its slots, and Moonbeam\u2019s lease will need to be renewed in less than 96 weeks.<\/p>\n With the competition mounting, Moonbeam was able to be the first active parachain on the network, gaining this status before Acala, the network that won the first auction slot. This achievement has given Moonbeam an advantage in growing its ecosystems and getting developers onto the network, with a number of big projects now running on Moonbeam.\u00a0<\/p>\n GLMR can be purchased through a couple cryptocurrency exchanges<\/a>, most notably Binance<\/a> and ByBit<\/a>. Once USD has been transferred it can be exchanged for Moonbeam. After you\u2019ve purchased GLMR on exchanges, you may need to wait a few days before you can send it off the exchange.<\/p>\n Owning a hardware wallet<\/a> to safely store your Moonbeam, as well as other assets you own, is a great idea. The crypto space is vulnerable to scams, so having a set of private keys unexposed to the internet to safeguard your cryptocurrency is a great practice.<\/p>\n securely through Ledger Hardware Wallet\u2019s Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.<\/span><\/p>\n With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.<\/span><\/p>\n<\/p><\/div>\n Best For<\/span><\/p>\n Ledger is a hardware wallet that has provided many in the crypto space an extra sense of security that software wallets do not. Hardware wallets are external devices that store your private keys off the internet, which significantly reduces the chances of getting hacked. With its user-friendly interface and top-tier security, using Ledger<\/a> protects your assets to the highest degree possible.<\/p>\n Moonbeam could see price movement upwards if more projects launch via the Moonbeam platform. New projects have continued to launch on this new network, which could be a bullish case for the coin. If this trend continues, and more projects move to the Moonbeam ecosystem, the price per coin would be likely to reflect this. Similarly, staking GLMR could draw new users to the network, driving the price upwards.<\/p>\n<\/div>\n<\/div>\n Crypto markets have been moving sideways after a sell-off in early 2022. However, the broader crypto markets have displayed a resurgence after a fearful few months. This increase in positive consumer sentiment could be good for Moonbeam, at least in the short term. Over the long term, Moonbeam will depend on Polkadot\u2019s importance in the Web3 ecosystem.\u00a0<\/p>\n Moonbeam is a risky bet as it is contingent on beating out many other parachains, securing another lease on Polkadot and Polkadot becoming an important Layer Zero solution. However, because of the impressive work from the Moonbeam developers, its place on the Polkadot parachain slot and its achievement as the first active interoperability network on Polkadot, Moonbeam has serious potential.\u00a0<\/p>\n Moonbeam holds a 5% inflation rate, half of which is used to reward stakers. The coin will need to see some positive news in the short term for a spike in price. Over the long term, an increase in Moonbeam-based projects and users along with the continued advancement of the Polkadot network is key.<\/p>\n<\/p><\/div>\nWhat is Moonbeam?<\/h2>\n
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<\/figure>\nMoonbeam Price History<\/h2>\n
Moonbeam Competition<\/h2>\n
How to Buy Moonbeam<\/h2>\n
Best Hardware Wallet for Moonbeam<\/h2>\n
Best Hardware Wallet: Ledger<\/h3>\n
\n ![\"Ledger](\"https:\/\/cdnwp-s3.benzinga.com\/wp-content\/uploads\/2021\/02\/12104446\/ledger.png\" "\\"Ledger")
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Bonus Section:<\/h3>\n
Cryptocurrency Market Outlook<\/h2>\n
Is Moonbeam a Good Investment?<\/h2>\n