Following a brief hiatus after playing its part in the collapse of the Terra blockchain, Luna is back on a new blockchain and is once again available to buy.
Not to be confused with Terra Classic and Luna Classic, the chain from which the new Terra blockchain hard forked and its native currency, the new Luna is no longer associated with the Terra US (UST) stablecoin.
When the original Terra started issuing more Luna to prop up UST, the token lost nearly all its value. It’s this kind of volatility in crypto that has led to repeated warnings from India’s Reserve Bank of India (RBI).
The RBI says anyone who invests in crypto should be prepared to lose their entire investment.
If you’re aware of the risks but you’re still interested in buying the new Luna token, here’s how to do it.
Choose An Exchange
You’ll need to use a crypto exchange to swap your fiat currency (Indian rupee) for Luna.
Since Luna is relaunching after having been pulled from exchanges earlier this month, the token hasn’t yet returned to all exchanges.
At the time of writing, Luna was available on CoinDCX, WazirX and a handful of other exchanges.
When choosing an exchange, there are a few important things to look out for, such as:
- Payment methods: Most exchanges accept bank transfer and debit cards. Bank transfers are the most cost-effective and most widely accepted payment method. Some exchanges charge fees for card payments.
- Wallets: Most exchanges offer integrated wallets in which to store your Luna. If you’d prefer to store your crypto in a third party hot wallet or a cold wallet, check if the exchange allows transfers out and whether there are any fees to pay.
Choose a Way To Pay
Exchanges generally don’t charge fees on direct bank transfers, making them the cheapest and simplest way to pay. Fees for debit card payments are common.
Place an Order
Once you’ve chosen a payment method, navigate to the Luna page in your chosen exchange (be careful not to choose Luna Classic) and tap in the amount you’d like to invest.
Choose a Storage Method
Many exchanges offer an integrated wallet to store your Luna in, but you may want to store your crypto in a third party wallet, or offline in a cold wallet.
Online “hot” wallets are a target for hackers. Tokens held in them can and have been stolen, but the upshot is that if you were to lose your wallet credentials and couldn’t access your tokens, the exchange could help you recover them.
Offline, “cold” wallets are harder for hackers to access because of the “air gap” between the hardware and your connection to the internet. However, if you lost your access to your wallet (for example, you lost your credentials), you could be locked out of your own wallet with nobody to help you.