Avalanche is a cryptocurrency that was created in 2017. It has been designed to be used as an alternative currency to Bitcoin. The main difference between these two cryptocurrencies is that Avalanche uses the Proof of Stake consensus algorithm while Bitcoin uses a Proof of Work.
Avalanche is based on the Ethereum blockchain network and is built using the Solidity programming language. The Avalanche token is ERC20 compliant and can be stored in any Ethereum wallet. Below, we show you:
- How to buy Avalanche
- Best exchanges to buy
- Where to store AVAX, and more.
A quick guide on buying Avalanche token
If you want to buy Avalanche, you will be glad to know that the steps you have to take are so simple. The only thing to be noted is that you cant buy with USD or with PayPal. However, you can use those options to first buy a cryptocurrency first.
To get started, you must do the following:
Step 1 – Signup/Sign into Binance
Signing up on binance is the first thing that you should do. Simply visit the site and click the Create a Free Account button. After that, you will be required to enter your information such as your email/phone number, as well as pick your country of residence.
After providing that information, your account is successfully created and we suggest that you set up 2-factor authentication at this point. Doing that means that you have added an extra layer of security to your account. This is because a person without access to your phone or email cannot access your account.
Step 2 – Deposit funds
Next, you will need to make a deposit into your binance account using a credit card, debit card, PayPal, bank transfer, or cryptocurrency. If you deposit fiat currency, the next step is to convert your cash into crypto. We suggest that you buy Bitcoin at this point.
Step 3 – Buy Avalanche
You will then need to make sure that you exchange your Bitcoin for Avalanche. To do that, visit the Markets tab and choose AVAX. You can then trade your Bitcoin for Avalanche using the following trading pair: BTC/AVAX
If, on the other hand, you have deposited crypto into your account, then you can go straight to the Markets tab and follow the instructions listed above.
It should be noted that binance will allow you to keep your coins on the exchange if you intend to actively trade them
Exchanges to buy AVAX
eToroX
This platform was launched in 2007 and has grown to be one of the most trusted brokers due to its safety and security. Recently, it started offering cryptocurrency trading and most traders prefer it due to its user-friendliness.
Step-by-step Buying Guide
- Sign up for an account at eToro
- Verify your account
- Fund your account
- Buy your coin
Crypto.com
This exchange is about 5 years old, having been launched in 2016. However, in such a short space of time, it has managed to gain a great reputation and become a trusted platform worldwide. On the platform, you will be able to trade cryptocurrencies conveniently due to the various services on offer.
On the platform, you can buy 100+ cryptos at true cost. Not only that, but you will also be able to manage your visa card offered by the platform, earn interest on your crypto, make crypto payments, and so much more. Another great feature is that the company has a non-custodial DeFi wallet. As a result, you retain full control of your private keys.
Step-by-Step Buying Guide
- Sign up on the platform and provide your ID and selfie for verification
- Fund your account
- Tap on the Trade button
- Click Buy, and then your chosen crypto. This lets you choose your preferred coin
- Add your card and follow the secure link provided
Bitfinex
Bitfinex was established in 2012 and from then on it has been the right choice for many traders around the world. Offers proper functionality and determines good market price alerts, bookings, and trading techniques. A Bitfinex App is official and there for the traders to utilize. The application is flexible meaning that it can be used on many devices. Just create an official Bitfinex account to get started with long-term trading.
Step-by-step Buying Guide
- Create and verify your account
- Select RUNE from the list of deposit currencies
- Select the destination Bitfinex wallet
- Agree to terms and conditions
- Complete transaction
Binance
Binance has been dominating the scene. One of the biggest advantages offered by Binance is that of lower fees. Exchanges charge little while users enjoy high liquidity charts that make possible instantaneous purchases and selling in a moving market.
Luckily, many countries across the world allow Binance operation on THORChain, these include Australia, Singapore, and the UK while those from the USA are barred. Though Binance is barred from the USA, it still maintains large customer bases in many countries across the world and it looks highly probable that it will grow so huge to disband any form of competition.
Step-by-step Buying Guide
- Create an account
- Complete KYC process
- Add funds to your wallet
- Buy your crypto
WOO Network
Woo Network is an innovative blockchain project that aims to create a decentralized social media platform where content creators can earn rewards for their efforts. The Woo Network token (WOO) is used to pay for services on the platform.
Woo Network is a new kind of social media platform that rewards its users for creating and sharing quality content. It is built on the Ethereum blockchain and uses smart contracts to ensure transparency and fairness.
Step-by-step Buying Guide
- Create an account
- Make a deposit
- Choose the preferred token and buy
HitBTC
If you are looking for that hub of altcoin that has a huge share of THORChain, check HitBTC. However, there have been speculations on its reputation and how it carries out its basic operations. HitBTC is moderate, not that exceptional and we recommend that your choose it last.
Step-by-step Buying Guide
- Create an account and verify your identity
- Click on Buy Crypto or go to Deposit and add either BTC or ETH
- Choose RUNE and specify the amount you want to spend
- Confirm details and proceed
How the Avalanche project is different
- This is a DeFi platform that facilitates interoperability between blockchains and third party tokens
- Users can create Dapps on the platform. If users want,m they can create many DApps or smart assets on this fast, secure, and permissionless platform
- The platform works as a marketplace for users to create, trade, and store their assets
- Users can customize their own blockchains, as well as create subnets, deciding whether they want them to be permissionless or not
- Users on the platform can trade digital representations of customized assets or the assets themselves
- There is a peer-to-peer payment system that is safe, secure, fast, and more scalable
- Users have the ability to set the core system behind their blockchains. Not only that, but they can also define their own set of validators and functions
Things to consider before buying AVAX
Before you can purchase AVAX, you should find out the following information first:
- Its launch date
- The current price
- Its market volume
- The exchanges that you can find this crypto
This data only will help you to make a decision. If you see that it has a very low price or market cap, and is only listed on Asian exchanges only, then stay away from it. You can then look at the following aspects:
i. Team
Find out information about the team involved in this project. Does the team have prior experience working with blockchain projects? Have they worked with any other tech products before? If you see some random names in this team with contributions, then quickly go on Google and LinkedIn to search for them. This search will reveal if their only major contribution until now was launching this project or not.
ii. Problem
You should find out the purpose behind the technology? Some of the things to expect include decentralized computation for graphics rendering (GOLEM), marketplace (PARTICLE), identity management (CIVIC), decentralized storage (SIA), or browser (BRAVE). You must understand the business solutions the project aims to solve.
iii. Use of the token
Tokens are digital assets that represent ownership of some kind of asset or service. They can be used to pay for goods and services on a blockchain network. There are many different kinds of tokens, including currencies (like Bitcoin), voting rights (like SteemPower), and equity rights (like Komodo). Therefore, find out what the token’s intention is.
iv. Social Proof
Social proof is a psychological phenomenon in which people tend to follow others’ actions, especially when they are uncertain about whether those actions are safe. For example, if a person sees other people using a product, he/she may be more likely to use it too.
For that reason, follow news from huge sites such as Twitter or Reddit, instead of relying on news websites as they can be paid to publish articles.
v. Competition
Find out the current solutions in the market and the cryptocurrencies that are also working to solve the same problems.
Where to store AVAX token
Now that you are a proud owner of AVAX, you will need to ensure that you store it correctly. This involves moving it to a wallet that is safe and secure. Discussed below are a few ways to store your new coin.
Crypto wallets can be divided into two categories: hot and cold. Hot wallets are connected to the internet and require the user to connect to the internet to use them. Cold wallets do not need the internet to work. With that knowledge, you can choose a wallet that works best for you.
1. Web wallets
Web wallets work in internet browsers and require an internet connection for handling transactions. They can be used to store all coins.
2. Mobile wallets
Mobile wallets are applications that run on smartphones. They allow you to store your cryptocurrency safely and securely. You can use them to make purchases, send money, and pay bills.
3. Desktop Wallets
These are software applications that help you to do all your wallet activities. A software application is installed on your PC and this needs the internet.
4. Paper wallets
This looks like a cash certification or paper and it contains a QR Code for the transaction. These will need to be kept safely as losing the piece of paper means losing your funds.
5. Hardware wallets
Hardware wallets are devices that resemble a USB device, which means that they can easily fit into the pocket. They help you to monitor your balance and other transactions. These are not connected to the internet and so, are the safest.
Privacy and security tips
- Regardless of the method you choose to store your AVAX, there are quite a handful of steps you should take to keep your funds safe. Here are a few tips that you can make use of for extra security and privacy.
- Remember that if you choose to store your coins online, it means that they are vulnerable to cyber-attacks. Therefore, always be extra careful.
- Always make use of very strong passwords. If you cant figure out strong passwords, then allow Google to suggest for you.
- Always make sure that you make regular backups, as well as store your backups in different locations.
- Make sure that you generate a mnemonic seed. This is a group of words that can be used to store wallets if there is a hardware failure. After generating your mnemonic sed, make sure you write it down and keep it somewhere safe.
- If you can, make use of multi-signature security. This ensures that you can still maintain control of funds in the event that any of your devices are compromised.
F.A.Qs
Can I buy avalanche with PayPal?
You are not able to do that. Instead, what you should do is deposit into your exchange (Binance) using PayPal. After that, you can buy Bitcoin or Ethereum, then you can trade that for AVAX.
Is Alavanche a scam?
No, it is not. This altcoin has been around for some time and over the course of that period, it has remained steady in terms of value. Also, the fact that reputable exchanges like Binance have listed this coin, means that it is legit.
Conclusion
Numerous new projects have been launched and of them all, there is a very limited number that has the tokenomics to make them successful. One of these is AVAX, which has shown a lot of potentials to be a great store of value. You can trust that this is definitely a rewarding long-term investment.
