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Terra Coin (LUNA): Everything you Wanted to Know as a Beginner before Investing!

Terra (LUNA) is one of the top 15 most popular cryptocurrencies currently. In terms of market cap, it is currently the 12th largest digital currency (over US$17.24 billion in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through Terra, how it works, and many more.

What Is Terra Coin (LUNA)? How does it Work?

Terra is a blockchain protocol that powers price-stable global payments systems by using fiat-pegged stablecoins. The white paper of the project clearly says that Terra uses:

  • price stability
  • wide adoption of fiat currencies, and 
  • censorship-resistance of Bitcoin (BTC) for offering fast and affordable settlements.

Though the development of the project started in January 2018, the mainnet was officially launched in April 2019. Till September 2021, Terra offers stablecoins pegged to the:

  • US Dollar
  • South Korean Won
  • Mongolian Tugrik, and 
  • The IMF’s Special Drawing Rights basket of currencies

Reports say that the Terra network wants to roll out additional options too. LUNA token is used by the Terra ecosystem for stabilizing the price of the Terra protocol’s stablecoins. If you are a holder of crypto LUNA coins, you get the right to submit and vote on governance protocols. This gives the LUNA token the functionality of a governance token. Daniel Shin and Do Kwon cofounded Terra in January 2018. Do Kwon is currently the CEO of Terraform Labs, the firm behind Terra.

Terra (LUNA): Facts & Figures

All these facts and figures (as of Nov 1, 2021) will help you to make a decision on investing in Terra. Before making LUNA coin transactions, check out these facts and figures associated with this cryptocurrency of choice:

  • Terra LUNA Price: US$43.28 (Current Price)
  • 24hour Trading Volume (24h Volume): US$548,141,666
  • All-Time High (ATH) Price: US$49.45 (reached on Oct 04, 2021)
  • All Time Low (ATL) Price: US$0.1199 (reached on Mar 13, 2020)
  • 24h Low: US$41.27
  • 7d Low: US$38.54
  • 30d Low: US$35.04
  • 90d Low: US$12.98
  • YTD (Year-To-Date) Return: 6,520.84% YTD (Year-To-Date)
  • Market Cap: US$17,349,597,345 (US$17.35 billion)
  • Crypto Rank (in terms of market cap): 12th in the crypto market
  • Fully Diluted Market Cap: US$41,701,189,349
  • Max Supply: ---
  • Total Supply: 969,396,100
  • Circulating Supply: 400,336,874.82 LUNA

These are the facts that made Terra a preferred medium of exchange. Always check out market data and technical analysis before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins and how to earn crypto easily. 

How Is the Terra Network Secured?

A proof of stake consensus algorithm based on Tendermint secures the Terra network. According to this system, the LUNA tokens are staked by the holders of the tokens as collateral for validation transactions. In return, the hodlers receive rewards proportional to the amount of LUNA tokens staked. 

The token holders in the Terra network may also delegate the work of transaction validation to others. To do this, they can share their generated revenue with the ones who are validating transactions on their behalf. The validator nodes get additional guidance from Terra in regards to the best practices to help keep the network safe and secure. 

CertiK, a leading blockchain verification and penetration testing company, completed a thorough security audit of the network in May 2019 just after the mainnet of Terra went live. This company mainly tested 3 aspects of Terra economic model and they are:

  1. Market Manipulation
  2. Architecture
  3. Coding Language

The company concluded that the Terra network’s modeling and mathematical reasoning are sound.

Where can you Buy LUNA Tokens?

You can buy Terra coins in almost all reputed cryptocurrency exchanges including:

  1. Huobi
  2. Bitfinex 
  3. Upbit, and many more.

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular price pairs of FIL are:

  • LUNA/USD
  • LUNA/GBP
  • LUNA/AUD
  • LUNA/JPY, and many more.

Before investing, check out historical data of token Terra, crypto news, Terra price charts, price performance, market updates, LUNA to USD (United States Dollar) exchange rate, and others.

What are the Best Crypto Wallets to Store Terra Tokens?

The best Terra wallets to store Terra coins are:

  1. Ledger Nano X Wallet
  2. Ledger Nano S Wallet
  3. Terra Station Wallet
  4. Math Wallet

Invest in Terra and Other Cryptocurrencies

You can buy and sell Terra and other virtual currencies against various fiat currencies (US Dollar USD, British Pound Sterling, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Taiwan Dollar, Russian Ruble, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs or mobile app, and Terra markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other digital assets such as LUNA, XMR, FIL, ETC, WBTC, BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others. 

Invest in cryptocurrencies, various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. 

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