How to Buy Sugarchain (SUGAR)
Bob Singor
Friday, May 7, 2021
Updated: Thursday, May 13, 2021
Familiar with the exchanges and want to jump straight in? You can buy Sugarchain on AltMarkets or GX.
GX Exchange
Following its launch in 2019, this appears to be the beginning of the mainstreaming of the Sugarchain trade. It is a hot topic of discussion, and after learning more about it you may want to invest in this new and innovative project.
Sugarchain is a coin representing a serious project: It is a money transfer network that specializes in speed and accessibility to all. It allows users to send money to everyone in the entire globe at speeds as fast as 5 seconds and for the lowest possible cost compared to other options. In this post, we will give you a quick introduction to Sugarchain, and show you how and where to purchase this cryptocurrency.
What is Sugarchain?
On August 24, 2019, Zenny Kim and Volodymyr Biloshytskyi introduced Sugarchain, a decentralized, peer-to-peer (P2P) digital electronic cash network. The Sugarchain network is fully accessible, meaning anyone with an internet connection can use it. Sugarchain has taken accessibility a step further: Anyone with a CPU can mine the coin. That means mining is not limited to those with special computers - it can even be done with your smartphone. Technically, this is known as an open software CPU Proof of Work initiative, and it follows Satoshi Nakamoto's one-CPU-one-vote concept.
Sugarchain is a completely community-driven and volunteer-driven project, with no outside funding or companies sponsoring it. There was no ICO (Initial Coin Offering) or pre-mining, meaning the price is not inflated by any fundraising and it is a fair launch coin.
The developers primary goal was to pursue technical innovation in a P2P blockchain network. They want to establish Sugarchain as the world’s strongest Proof of Work blockchain, comparable or superior to Bitcoin in every aspect.
Sugarchain arose to address early concerns about Bitcoin’s transaction time and inaccuracies with Bitcoin halving. There were rounding errors in the amount of reward that miners received from Bitcoin. Sugarchain succeeded in providing significantly faster speeds and even comparatively low fees. It found a solution for the halving errors Bitcoin suffered from and boasts no rounding errors in mining rewards. The Sugarchain developers accomplished all this by making minor technical changes to the original Bitcoin codebase.
If you want to take a deeper dive into Sugarchain’s vision and protocol, you can find it on the whitepaper here.
Where to Buy Sugarchain
While skipping an ICO and other fundraising offers some benefits for Sugarchain, it does also prevent it from fronting the high costs of being listed on the main exchanges. You can buy Sugarchain on Altmarkets or GX - we will walk you through the process for each exchange.
How to Buy Sugarchain on Altmarkets
Click the button below to open an account on Altmarkets.
AltMarkets
Once you have verified your account and logged in, we’re ready to get started. While you can use conventional payment methods like credit cards to purchase some cryptocurrencies, many coins are only available by swapping for other coins. This is the case with Sugarchain (known by the abbreviation SUGAR), and on the AltMarkets exchange you can only exchange Sugarchain for Bitcoin.
If you do not have Bitcoin, read on. If you do, feel free to scroll below to "Exchange Bitcoin for Sugarchain on AltMarkets"
Buy Bitcoin with a Credit Card on Binance
Buying Bitcoin with a credit card is in general a simple process, but it is not sold on the AltMarkets exchange. To buy Bitcoin we will head over to Binance. To make an account click the button below:
Binance
Now select the “Buy Crypto” option from the homepage. Select your national currency from the drop down menu before you click, then select Credit/Debit Card.
Now you will see this screen. Enter the amount in USD, Euro or other fiat currency that you wish to spend on Bitcoin.
When you have completed the transaction, you will see your Bitcoin balance by selecting “Wallet/Overview” from the menu on the homepage.
Send Bitcoin from Binance to AltMarkets
From the Overview screen, select “Withdraw” and then select the “Crypto” tab.
Now we will send the Bitcoin we purchased here to AltMarkets so we can exchange it for Sugarchain. Let’s look at the details of the form: the first thing we need is the Recipient’s BTC address. We will get this from AltMarkets.
On AltMarkets, select “Wallets” from the top menu and then search for BTC (Bitcoin). You will see a QRC code as well as a deposit address. Copy this address using the yellow button to the right. Paste the code in the “Recipient’s BTC Address” field of our form on Binance. Make sure it is the exact same as the code you copied!
After you enter the Recipient's Bitcoin Address on Binance, you will be prompted to select the Transfer Network. Select Bitcoin (BTC).
Next, enter the amount of Bitcoin you want to transfer to the AltMarkets account, and hit Submit.
We are almost there! Upon completing the withdrawal in Binance, you will see the added Bitcoin in your AltMarkets Wallet. (You will find the Wallet link in the top menu of the AltMarkets homepage.)
Now we will exchange the Bitcoin for Sugarchain in AltMarkets.
Buy Sugarchain with Bitcoin on Altmarkets
Select the Trading tab from the top menu on AltMarkets. On the left, search for Sugarchain by its abbreviation “SUGAR.” You will find one trading pair: SUGAR/BTC.
Select this line. A new graph will be displayed and to the right of it you will find a table to “Buy SUGAR.”
To buy Sugarchain at the market rate, change the Order Type from “Limit” to “Market” in the drop down menu. The limit function allows you to say what price you are willing to pay for Sugarchain, you may want to use this in the future if you have been watching the market and want to try to get a better rate.
The Market setting will automatically fill the price of Sugarchain in Bitcoin. Now you can enter the amount of Sugarchain to buy and complete the transaction.
Congratulations! You are now along for the ride of this Defi coin with a great mission!
How to Buy Sugarchain on GX
To get started, click the button below to make an account on GX.
Sugarchain
Sugarchain is available on GX as a trading pair for USDT. This means to buy Sugarchain, you need to have USDT to exchange for it. USDT, known as Tether, is a stable coin based on the US dollar. This means 1 USDT always equals 1 USD.
If you do not have USDT, read on for how to buy it with a credit card on the Binance exchange. If you do, feel free to scroll below to "Exchange USDT for Sugarchain on GX."
Buy USDT on Binance with a Credit Card
To Buy USDT through Binance, first make an account. Once you’ve signed up, you will see a tab on the home page menu that says "Buy Crypto". Open that tab and select the Credit/Debit Card option.
Binance
Now you will see the page shown below. Here you will select your currency and the token you want to buy - in our case, USDT. Once you have completed these fields, add your credit card information on the Binance website. Following the authentication process, your USDT will appear in your Binance Wallet.
Our next step is to send the USDT from Binance to GX, where we can ultimately exchange it for Sugarchain.
Send USDT from Binance to GX
From the Binance homepage, hover over the Wallet tab and select "Overview." From the Overview screen, select “Withdraw” and then select the “Crypto” tab. Select USDT/Tether US
To the right, you will see the box shown below. We will fill in the details to complete the transfer to GX.
For a moment, let's head back to GX to prepare the rest of the info we need for the funds transfer. From the GX homepage, select "Funds" from the top menu. In the table you will see many coins listed - find Tether listed close to the top and select "Deposit."
Details for this deposit will now appear below the Tether line in the table. This is the info we need to enter in the Binance Withdraw form. Notice the fields "Chain name" and "Deposit address."
Taking a closer look at the "Chain name" section, we see there are two options: ERC20 and TRC20. These are the blockchains you can use to complete the USDT transfer. ERC20 is the Ethereum blockchain and TRC20 is the TRON blockchain. You can use either, in this case we have chosen the TRC20 blockchain because the fee is currently much lower than on the Ethereum blockchain (you see the fees on the same page). Whichever chain you choose, make sure you make the same selection in the sections "Chain Name" in GX and "Transfer Network" in Binance.
Copy the Deposit address here, and let's head back to Binance to complete the transfer.
As you can see, we are now prepared to complete the Binance form. Paste the Deposit address you copied from GX into the "Recipient's USDT Address" field and select the correct transfer network - in our example, TRC20, if you chose the ERC wallet in GX, you will need to select the Ethereum (ETH) option. Fill in the quantity of USDT you want to move to GX and you are ready to complete the transfer! When your transaction is completed, you will see the USDT in your GX wallet.
We are now ready to buy Sugarchain on GX!
Buy Sugarchain with USDT on GX
From the Exchange section of the GX site, begin by searching for Sugarchain by its trading name SUGAR on the left side of the page. You will find one result: SUGAR/USDT. Select this pair.
Having selected the SUGAR/USDT pair, we will turn our focus to the "Market" section on the right side of the page, and the "Buy" box beneath the graph. Your purchase of Sugarchain corresponds to another person's sale. The red lines you see in the market section represent these sale offers - they vary in price by fractions of a cent due to the fluctuations of the market and the seller's judgment.
Choose an entry from this list and the price will be automatically filled in the "Buy" box beneath the graph. Our next (and final!) step is to fill in the rest of this box.
To complete the purchase order, we will specify the quantity. You will note it is pre-filled - this represents the amount of Sugarchain you can buy based on the price you selected and your USDT balance. You can leave this quantity if you want to exchange all of your Tether for Sugarchain. If you want to buy a fixed number of Sugarchain coins, you can input that here. Finally, if you want to transfer a fixed percentage of your USDT to SUGAR, you can use the sliding bar beneath the "Buy quantity" box to indicate that.
With the Buy box complete, you are ready to complete the transaction! If you put in an order for more Sugarchain than is currently available, the exchange will continue to put in orders for you and fill them as more of the coin is offered for sale.
Congratulations! You now hold Sugarchain coins.
Conclusion
We hope this was a helpful guide to the basics of the innovative Sugarchain project and coin and the process of buying it on the AltMarkets and GX exchanges. If you have any questions or want to share your review of Sugarchain, please reach out to us!