In 2017, WAX (WAXP) was released as a purpose-built blockchain designed to make e-commerce transactions faster, simpler, and more secure. WAX’s blockchain uses delegated proof-of-stake (DPoS) as its consensus algorithm. WAX and EOS are fully compatible.
WAX has developed custom features and incentive mechanisms to optimize the blockchain’s utility for use in e-commerce, with the goal of increasing voting on proposals.
To make this possible, WAX has created a suite of blockchain-based tools on which decentralized applications (DApps) marketplaces and non-fungible tokens can be built.
E-commerce operations are supported by WAX Cloud Wallet, SSO, and OAUTH, the latter being a native RNG and developer portal. For customers, WAX offers zero-fee transactions and 500-millisecond block time on its blockchain. Voting rewards are also used to encourage participation in the selection of block producers and improvement proposals.
Step 1: Register on Fiat-to-Crypto Exchange #
In this case, Bitcoin (BTC) will be the cryptocurrency you will need to purchase. We will explore in detail in this article two of the most popular fiat-to-crypto exchanges, Uphold.com and Coinbase. We will go over both exchanges’ fee policies and other features in detail. Both are recommended, so that you can find the one that fits you best.
Select Fiat-to-Crypto Exchange for details:
Aside from accepting fiat deposits, Coinbase is also one of the largest crypto exchanges. After registering at Coinbase and buying $100 worth of cryptos, you will receive $10 worth of Bitcoin free.
Step 2: Buy BTC with fiat money #
After completing KYC. You will be prompted to select a payment method. Credit/debit cards or bank transfers can be used here. When using a credit card, you’ll pay higher fees but you’ll also make an instant purchase. In some countries, you can make an instant cash deposits with low fees, although a bank transfer is cheaper but slower.
Click on the ‘Trade’ button at the top left, choose Bitcoin, and confirm your transaction… and congrats! Your first cryptocurrency purchase has been made.
Step 3: Transfer BTC to an Altcoin Exchange #
Here’s a list of exchanges that sell WAXP:
As WAXP is an altcoin, we have to transfer our BTC to an exchange where WAXP can be traded, here we will use Gate.io as our exchange. Gate.io is one of the most popular exchanges for trading altcoins, with a large number of tradable altcoin pairs. To open an account, click the link below.
Most of the new altcoins can be found here. Gate.io has an impressive trading volume as well. The exchange is almost always one of the top 20 exchanges with the highest trading volume. Around $2 billion is traded on the exchange each day. A hundred million dollars is traded daily. USDT (Tether) is usually one part of the top 10 trading pairs on Gate.io in terms of trading volume.
Gate.io has both a large number of trading pairs and exceptional liquidity, both of which make this exchange a very impressive exchange.
In a similar fashion to Coinbase, you will be asked to set up 2FA authentication as well. Complete this process for extra security.
Step 4: Deposit BTC to exchange #
If you are required to go through another KYC process, this could take anywhere from 30 minutes to several days, depending on the policies of the exchange. However, the process is supposed to be straightforward and straightforward. Your exchange wallet will be fully accessible once you’re done.
It may seem intimidating at first if this is your first time making a crypto deposit. Basically, it’s easier than transferring money via a bank account. If you look at the box to the right, you will see a string of random numbers that say ‘BTC address’, this is a unique address for your Gate.io BTC wallet and you can receive BTC by giving this address to the sender. Click on ‘Copy Address’ or right-click on the full address and click copy to copy this address to the clipboard. Since we are now transferring our previously bought BTC on Coinbase to this wallet, grab the address from the clipboard by clicking ‘Copy Address’.
Now go back to Coinbase’s Portfolio page, click on BTC on your asset list, then click ‘Send’ on the right.
Paste the wallet address from your clipboard in the Recipient field, always making sure both addresses match for security reasons. There is certain computer malware that will alter the content in your clipboard into another wallet address and you will be essentially sending funds to another party.
Once you click ‘Send’, you should receive a confirmation email. Click the confirmation link in the email and your coins are on their way to Gate.io!
You can now head back to Gate.io and check your exchange wallets. Don’t worry if you haven’t seen your deposit yet. The blockchain network is probably still verifying your transaction, so it might take a few minutes for your coins to arrive. If the Bitcoin network is busy during busy periods, it may take even longer.
Upon receiving your BTC, you will receive a confirmation notification from Gate.io. Now you can purchase WAXP!
Step 5: Trade WAXP #
Afterwards, go to ‘Exchange’ on Gate.io. Voila! There might be a bit of a scare from the figures constantly flickering, but let’s relax and get our heads around this.
We’re trading BTC and altcoins, so you’ll want to select “BTC” in the right-hand column. Then type in “WAXP” and you should see WAXP/BTC. Select that pair and you will see a price chart for WAXP/BTC in the middle of the page.
You will see a box below with a green button that says “Buy WAXP”. Select the “Market” tab since that is the most straightforward form of buying orders. By clicking the percentage buttons, you can enter your deposit amount or choose how much you would like to spend on buying. Once everything is confirmed, click “Buy WAXP”. Done! You’ve purchased WAXP!
In addition to the exchange(s) above, there are a few popular crypto exchanges with decent daily trading volumes and a large user base. The fees usually are lower, and you’ll be able to sell your coins at any time. It is recommended that you also register on these exchanges since once WAXP is listed there, it will attract a lot of trading volume from those users, meaning that you will have some amazing trading opportunities!