What is Avalanche?
Avalanche is a cryptocurrency and blockchain platform that rivals Ethereum. The main reason that Avalanche has gained such adoption is due to its unique consensus mechanism.
This consensus mechanism allows for near-instant finality of transactions, which is a significant selling point for the platform. In addition, Avalanche is also scalable, meaning that it can handle a large number of transactions without running into the same issues that Ethereum often does.
Another key selling point for Avalanche is its governance model. Unlike Ethereum, which has a central Foundation that controls the platform, Avalanche has a decentralized governance model.
That means that anyone can participate in decision-making on the platform, and there is no one central entity that can make decisions unilaterally. Avalanche native token is called AVAX.
This token powers the platform and provides utility within the ecosystem. For example, AVAX tokens are used to pay transaction fees on the network, and they’re also required to create new assets on the platform (similar to how ERC-20 tokens are created on Ethereum).
How to buy AVAX?
There are a few different ways that you can buy AVAX. The most common way is to buy it through an exchange. Many exchanges list AVAX, each with different fees and pairs.
Some exchanges only allow you to buy AVAX with fiat currency (like USD), while others also allow you to buy it with cryptocurrency (like BTC or ETH). You can also purchase AVAX directly from another person using peer-to-peer services provided on most cryptocurrency exchanges.
When buying directly from another person, it’s important to remember always to use escrow services, seller rating and activity to protect yourself from scams.
Where to buy AVAX?
There are a few points that you need to consider before you decide to buy AVAX.
- Decide how much you want to buy AVAX.
- Are you investing in AVAX for long-term gain or short-term gain?
- Would you buy AVAX on a centralized exchange or a decentralized exchange?
- What payment method would you like to use to buy AVAX?
- Which Avalanche wallet to consider for storing AVAX?
When you have decided, you can visit the following top 3 cryptocurrency exchanges to make your purchase.
Binance is one of the most trusted and prominent cryptocurrency exchanges by trade volume. It has a wide range of cryptocurrencies which are traded globally 24×7. AVAX is traded on Binance with multiple crypto pairs.
You can buy AVAX using crypto pairs and supported local currency. Binance supports several popular cryptocurrencies, including Bitcoin, Ethereum and others. Local currency purchases can be made using a debit/credit card and a p2p service.
KYC is not mandatory, but you will be required to clear it later. Binance offers a wide selection of trading options and investment opportunities. Multiple registration options are available.
Binance is a crypto exchange, so it is advised not to use its wallet for long-term holding purposes. After making the purchase, you should transfer your AVAX to a wallet that supports it. You can read the 5 Best AVAX wallets to choose one that suits your requirements.
Staking of AVAX is available on the Binance exchange as it acts as a validator and takes care of the technical aspects. All staking rewards a paid in the user AVAX wallet on Binance.
If you’re familiar with other cryptocurrency exchanges such as Bittrex or Kraken, you’ll feel right at home with Coinbase.
The San Francisco-based company operates in 32 countries and serves as a place for consumers to easily buy, sell and store Bitcoin, Ethereum, Litecoin and Avalanche (AVAX).
Coinbase is about as good as it gets when it comes to security. The company stores 98% of customer funds offline in “cold storage” and keeps the remaining 2% in insured online wallets.
In other words, your money is about as safe as it can be when stored on an exchange. Coinbase also offers an excellent user interface and is one of the most effortless exchanges to use if you’re just getting started in the cryptocurrency world.
Coinbase is an excellent choice for those looking for a reputable and secure place to buy and sell cryptocurrencies. KYC is mandatory to continue using its service for the long term.
KuCoin cryptocurrency exchange opened for trading in September 2017. The platform has been regularly adding new altcoins since its launch. AVAX is also traded on it, and you can buy AVAX without passing KYC.
Kucoin provides its cryptocurrency, Kucoin Shares (KCS), which gives users daily dividends from a portion of the platform’s trading fees. It also has an affiliate program that lets users earn KCS by referring new users to the platform.
The exchange supports several popular cryptocurrencies, including Bitcoin, Ethereum, Avalanche and others. It does support local fiat currencies like the US dollar, Euros and others.
KuCoin has been adding new features and functionality since launching in September 2017. Apart from the trading options, it also allows its user to participate in investing programs.
Avalanche (AVAX) has the potential to become an Ethereum killer. Investing can be risky; therefore, we always request our readers to do their research as cryptocurrency is a highly volatile market.
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