In the era of advancing AI technology and rising digital identity concerns, Worldcoin emerges as a unique cryptocurrency. Unlike traditional methods, it employs iris scanning for secure user verification. This innovative approach aids individuals in developing nations without conventional identification. Founded in 2019 by Sam Altman, CEO of OpenAI, along with Max Novendstern and Alex Blania, Worldcoin, initially “Project Iris,” shifted its name in 2021. Headquartered in Berlin, Germany, with offices in San Francisco, California, and India, Worldcoin secured substantial funding, including $300 million from investors like Andreessen Horowitz and Founders Fund.
With over 2 million users undergoing iris scans for digital ID, WDC garners global interest, despite some valid criticisms. According to data from CoinMarketCap, there is a total supply of 265 Million WDC with a self-reported circulating supply of 140,480,247 WDC. Worldcoin has a total market cap of $1.65M, which is still much lower than other cryptocurrencies due to the fact that it is not on any major crypto exchange. This guide covers how to buy Worldcoin with various methods – Credit Card, Debit Card, PayPal, and eWallets – along with insights into trading platforms and alternative payment options.
Buying Worldcoin is as simple as following a few quick steps. These steps are:
The first thing to do is to create an account with a crypto exchange that allows you to trade Worldcoin. Currently, there are no crypto exchanges that offer the service and trade of Worldcoin. However, we expect that Worldcoin will be available on custodial and non-custodial exchanges soon, so you may need to create an account on the exchange to buy WDC when this happens.
If the exchanges you choose to trade Worldcoin with are custodial, then they will require KYC verification to create a trading account.
After creating the trading account, you need to fund it. You can do this using different payment methods depending on the broker you are trading with. You can fund with your credit card, debit card, bank account, PayPal and other eWallets. We will go into more detail about how to do this later in this guide.
You can decide to buy WDC with or without leverage after funding your trading account. Leverage trading involves borrowing money from the broker to open a position larger than the amount in your trading account. It increases your potential gains but can also plunge you into debt if you lose. It is important that you are experienced in trading without leverage before you start trading with them.
Now that we understand the basics of buying Worldcoin from an exchange, let us look at the various ways you can invest your money in Worldcoin.
Buying and holding is one of the most common cryptocurrency investment strategies. Often referred to as HODLing by crypto traders, it is based on the belief that the value of a cryptocurrency will appreciate long term, regardless of short term dips. For this reason, HODLers buy cryptocurrencies and continue to hold on to them even during short term volatility.
Before you can successfully HODL Worldcoin, you need to use trading funds that you do not intend to use for any other purpose in the not-too-distant future. You can only HODL money that you won’t be needing for a reasonable time period. You also need to be okay with Worldcoin price fluctuations if you want to HODL for a long time.
Contracts for Difference (CFDs) offer traders a way to speculate on crypto price movements without owning the actual digital assets. Instead of purchasing the cryptocurrencies themselves, traders enter into contracts with brokers. These contracts reflect the difference in the cryptocurrency’s price between the contract’s opening and closing. If the price moves as predicted, traders gain the difference; if not, they incur losses.
Currently, CFD trading is not available for WorldCoin, as the cryptocurrency is still in development. However, it is expected to trade CFDs when the coin becomes available on major exchanges. You need to be an experienced trader with a good understanding on how worldcoin works before you start trading CFDs.
Crypto day trading involves the practice of buying and selling cryptocurrencies within the same day to capitalize on short-term price fluctuations. Traders aim to profit from price changes by executing multiple trades throughout a single day. This method of trading is fast-paced and requires a keen monitoring of the market for Worldcoin news and noticing short-term price fluctuations.
Currently, this is not an option available for WDC as the coin is not available on crypto exchanges. However, it will become a viable investment option when it becomes available on major exchanges.
The purchasing methods for Worldcoin, once it becomes available, will likely resemble those employed for other cryptocurrencies offered by the same exchange & brokers.
In this section, we will go through the various ways to buy Worldcoin on a crypto exchange using the eToro trading platform as an example and the different payment methods available on eToro. To buy WDC on eToro using any of these payment methods, you must be registered on the eToro platform.
To buy WDC with Mastercard or Visa card credit or debit card, follow these steps:
To buy WDC with PayPal, follow these steps:
Here are some steps to take to buy WDC with eWallets:
If you have wondered how you can buy WorldCoin with bank wire, here are the steps to take:
Note that bank transfers often take longer than other payment methods on eToro, and may be a bit tricky for a first-timer. Also, the required minimum deposit is $500 for bank transfers, which is more than the $200 for other payment methods.
Worldcoin is built on the idea of using iris scan to verify ID, so there is no way to buy Worldcoin (WDC) anonymously (without ID verification).
As with every new technology, especially in the world of crypto, there are a few pros and cons involved with buying Worldcoin. They are:
Worldcoin is currently not available on major crypto trading exchanges like the Binance crypto exchange, eToro and KuCoin. When it becomes available, there are a few things you need to have before you can trade WDC or WDC CFDs. They are:
You need to create a trading account with a crypto exchange platform like eToro and Binance. These platforms are custodial platforms, meaning users’ funds and private keys are managed and stored by the exchange itself. This also means that you need to carry out KYC verification to open a trading account on these platforms, and this includes verification of IDs.
It goes without saying that you need to have some money if you wish to trade any cryptocurrency, and Worldcoin is not any different. You are advised to invest only what you are willing to lose.
You need to get the Worldcoin wallet by downloading the Worldcoin app on Google Play or Apple Store. It is a self-custodial wallet, meaning you have full control of your assets and security.
The least amount you need to buy Worldcoin (WDC) depends on the crypto trading exchange you wish to use. For example, eToro has a minimum deposit requirement of $200 for trading on their platform. Other platforms may require more or less, so you need to go through their requirements.
However, if you wish to spend more on buying cryptocurrencies, you can choose to do so. There is no guide on how much you can spend when buying WDC, and you are mostly limited by the amount of capital you have.
Before you invest in Worldcoin, you should consider the amount of trading experience you have, your disposable income, risk tolerance, Investment category and investment goals. Still, regardless of your level of experience and disposable income, it’s still advisable that you only trade money you are willing to lose, as the crypto market can be very unpredictable.
Although Worldcoin is a unique cryptocurrency with great potential and accepted by a large number of cryptocurrency traders, it is still nowhere close to worldwide adoption. For this reason, it doesn’t have the level of accessibility enjoyed by coins such as Bitcoin and Ethereum.
Like we have said before, WDC is not available on cryptocurrency trading platforms like Binance, eToro, the Coinbase trading platform, etc. There are only a few ways to get it.
The first way is by signing onto the Worldcoin Waitlist. When you sign up for the waitlist, you get early access to the coin when it is listed on major exchanges. To do this, go to the Worldcoin website (https://worldcoin.org/) and click on the “Waitlist” button. As at the time of writing, the Worldcoin waitlist is closed, but there is a chance that they’ll reopen it soon.
Another way to get Worldcoin is by participating in the Worldcoin airdrop. A crypto airdrop is a distribution of free cryptocurrency tokens or coins to holders of an existing cryptocurrency. It is typically done by blockchain projects or companies as a way to promote their new token, raise awareness, and engage with the crypto community.
To participate in the Worldcoin airdrop, follow these steps:
Surprisingly, there is a Worldcoin ATM in Bratislava, Slovakia. It was installed in July 2023 by Cryptodiggers.eu, a company known for providing cryptocurrency solutions. The ATM allows users to buy and sell Worldcoin tokens, as well as Bitcoin.
This Worldcoin ATM is the first of its kind, and Worldcoin has said that they plan to expand their ATM service in the future. Some features of the Worldcoin ATM are:
Currently, it’s not possible to withdraw cryptocurrencies from the Worldcoin ATM. For now, you can only use the ATM to buy Worldcoin. However, the company has stated its plans to add the ability to withdraw WDC in the future.
Due to its limited liquidity, getting Worldcoin is not as easy as getting other more popular cryptocurrencies. However, this is likely to change in the future with more worldwide adoption of the coin. Here are some likely methods of getting WDC when it becomes more mainstream.
You can receive Worldcoin as gifts or tips from friends and acquaintances. This would involve a Worldcoin wallet address, which you can get when you open a trading account on a centralized or decentralized trading platform.
Crypto faucets are online platforms or websites that distribute small amounts of cryptocurrency to users for free. Users can get access to these cryptos for performing small tasks like solving captchas, clicking on ads, or completing surveys. Currently, there are no known Worldcoin faucets, but they can serve as a way to get Worldcoin when it becomes more mainstream.
Worldcoin is a Proof-of-Stake (PoS) coin, which means it doesn’t require the traditional mining method used by Proof-of-Work (PoW) coins like Bitcoin. However, miners can stake their coins on the Worldcoin blockchain and earn rewards for doing so. These rewards are in the form of more WDC.
Now that you have acquired some Worldcoin, how do you put them to use? What is the best use case for your Worldcoin assets? Here are a few options:
HODL is a common slang in crypto circles which has been expanded into a backronym which means “Hold On to Dear Life”. The term is used to refer to a trading strategy which involves holding on to a crypto asset with the hope that it will rise in value later on.
You can HODL your saved Worldcoins as a speculative asset with the hope that it will rise later and increase the value of your trading capital.
Alternatively, you can buy the dip and sell the rally. This form of trading involves buying when the cost of a crypto asset is low, and selling as soon as the market recovers or when there is an upward trend. Traders can take advantage of the price volatility and make profit by buying and selling quickly when necessary.
When Worldcoin becomes more mainstream, you can use it to pay for goods and services in stores, salons, etc.
Crypto transfers using Worldcoin can be a quick and cheap way to donate to charities across the world. You can avoid bottlenecks caused by banks and other financial institutions that facilitate these transactions.
You can tip or offer gifts to people using Worldcoin. You can also donate to your favorite YouTube, Twitter or Instagram content creator using Worldcoin.
We went through threads on Reddit and Quora to see what people thought about this new cryptocurrency and we compiled their thoughts in this section.
Reddit is known to many as “the front page of the internet” due to its ability to catch on to trends and discuss them before most of the internet catches on to the same trends. This social network is also known for its truthful discussions on important topics, so you can be sure to get the facts about a discussion from this platform. We went through some threads on Reddit to see what Redditors thought about buying and investing in Worldcoin.
On the first thread we came across, the Redditor wanted to know why Worldcoin was created. According to them, cryptocurrencies are meant to stay anonymous, so it’s baffling to see a cryptocurrency build its entire brand around personal identification by scanning your iris. Also, they wanted to know why the orb was necessary, since smartphones have the technology to carry out these iris scans.
Replying to the OP (Original Poster), one Redditor elaborately explained the concept of Worldcoin. He explained that there are many tokens which are exceptions to the rule that all cryptocurrencies must be anonymous. However, what makes all cryptocurrencies similar is the fact that their transactions are stored on a ledger (the blockchain).
The Redditor also explains that Worldcoin is a budding cryptocurrency that tries to get people to prove their humanity by scanning their iris. The goal here is not to compromise their privacy but verify their humanity. Also, the Redditor explains that the orb is “a very advanced and specialized imaging system to avoid people cheating the verification system by using high definition photos, animal eyes, contact lenses, etc.”
Finally, the Redditor talks about the Worldcoin wallet, a self-custodial wallet users can control themselves.
On another thread, a redditor asked what people thought was wrong with Worldcoin and why many people didn’t like it much.
Some redditors explained that they were wary of Worldcoin because of the privacy risks involved with it. These concerns have been heightened by Worldcoin offering to get biometric data from customers for $50, and the fact that they are under investigation by financial regulators in the European Union.
Another redditor explained that while they wouldn’t offer their personal information for money, they didn’t see a problem with having an iris scan, especially with the financial incentive that came with it.
Quora is a social community with hundreds of millions of users who discuss everything from politics to sports and money. We went through a few discussions on Quora to see what people thought about Worldcoin.
The first thread we came across was from a user asking if Worldcoin was the next Safemoon, and the comments on the posts were from people who were skeptical about the cryptocurrency project. One user explained that they thought all crypto projects were the same, and no different from gambling.
Another user just generally advised anyone looking to trade Worldcoin to study the“…project’s fundamentals, team, market conditions, and community support” before getting involved.
Worldcoin (WDC) is a new cryptocurrency with a unique technology and a potential for great growth. Since its inception, millions of people have expressed interest in the token, although some people are more concerned about the security risks posed by the World ID verification system used by the project developers.
In this guide article, we were able to discuss how to buy Worldcoin with all methods of payments, and what to expect before you start trading the token.
You can buy Worldcoin at a Worldcoin ATM or by waiting on the Worldcoin waitlist so that you can get access to the tokens when they are made publicly available.
Currently, it is not possible to mine Worldcoin. Worldcoin is a new cryptocurrency that is still in development, and the team has not yet announced any plans to allow mining.
As at the time of writing, one Worldcoin is worth $0.01379
You can’t download the Worldcoin blockchain yet. The blockchain is still under development and not yet available to the public.
There is currently no way to transfer your Worldcoin.
Worldcoin has three co-founders. They are Sam Altman, Max Novendstern, and Alex Blania.
Worldcoin has not started trading live. The founders and developers of the project have not put forward a timeline for when it will start trading live.
No, Worldcoin is currently not listed on eToro or any other major crypto trading exchange. However, the crypto will be listed on these platforms in the future when it becomes more mainstream.
Yes, Worldcoin is a legit cryptocurrency project. The project is headed by Sam Altman, the former president of Y Combinator and current CEO of OpenAI. However, there are concerns about the privacy implications of Worldcoin’s biometric data collection practices.
No, Worldcoin does not have a paper wallet.
When Worldcoin (WDC) first launched, the exact price wasn’t shared openly. However, it’s thought to have been quite low, possibly just a few cents. This is because it was a new cryptocurrency and not many people were interested in buying it when it was introduced.
A faucet is a website that gives away small amounts of cryptocurrency for free. Currently, there are no known Worldcoin faucets, but we are going to see them as the cryptocurrency becomes more mainstream.