How to Buy Waves Coin: The Complete Guide
- How to Buy Waves Cryptocoin?
- Create Waves Digital Wallet
- Buy Waves Coin
- Waves Digital Wallets
- Waves Cryptocurrency – Customized Tokens on a Blockchain Based Platform
- Waves Platform – The Fastest Blockchain
The Waves platform was established in 2016 with the primary goal of facilitating the customization of tokens, decentralizing further the concept of blockchain technology and allowing entrepreneurs to do their thing via a shared infrastructure. The infrastructure delivers a simple to use platform for anyone to access blockchain.
To put it into perspective, more than 12,000 tokens have been released on waves, with the tokens tradable on Waves DEX platform from the get-go.
Waves’ blockchain is a proof-of-stake algorithm that rewards coin holders with the commissions from transactions.
How to Buy Waves Cryptocoin?
There are a number of ways to purchase Waves, which include through the traditionally centralized cryptocurrency exchanges, through the Waves decentralized exchange (DEX) and even from the Waves client using a fiat money, cryptocurrencies or even credit card via its partnerships with 3rd parties.
Below is a step-by-step for buying Waves coins on Waves Client.
Step 1 – Create Waves Digital Wallet
As is the case with all of the other cryptocurrencies, it is always advisable to select a wallet that has been recommended by the project website, since compatibility and security levels will vary between the wallets and the developers of a particular blockchain tech will have considered certain wallets during the development phase or even developed their own, as is the case with Waves.
The first step in the process is to download Online Client (Beta) from the Waves Platform website, by going to the Waves Platform and selecting the Get Waves option at the top right of the homepage.
The first part of the process is to create an account that can be done at the ‘Get Waves’ page on the Waves Platform, by selecting Online Client (Beta).
There will be a number of pages to read through, requiring acknowledgment of liability, in the event of loss of funds or SEEDs, which lies with the owner and not with Waves Platform, together with some advice on wallet management and protection against phishers.
Once you’ve been through the pages, you will reach the Waves Platform page.
Select ‘Get Started’ in order to create a new account, where you will be prompted to first select your address avatar and then enter an 8 character password.
Once you have selected the avatar and entered and confirmed your password you will be given the option to back up now or do it later. We would recommend opting for back up now before progressing.
The backup involves the saving of a 15-word phrase that is auto-created and saved, as the next step requires you to re-enter the 15-word phrase to confirm that the phrase has been saved correctly. It is critical that the phrase is saved somewhere safe and written down and kept somewhere safe as this will be needed in case the wallet has been lost and needs to be restored. Losing the backup phrase will mean that you have lost your Waves coins and another other coin or fiat money held in the wallet.
Once you click the ‘I’ve written it down’ option, you will then be prompted to confirm the phrase.
Select the words in order of the phrase saved and click ‘Confirm’
The final step in the creation of your Waves wallet is to make some further acknowledgments and agreements.
Tick the 3 boxes and click ‘Confirm and Begin’.
Step 2 – Buy Waves Coin
Now that you have created the wallet, there are a number of ways to buy Waves coins. For those looking to purchase Wave coins on the Waves DEX, Waves coins can be purchased with either U.S Dollar, EUR, CNY and numerous cryptocurrencies, while the Waves wallet is able to hold Litecoin, Bitcoin or Ethereum, in addition to Waves coins.
First, you will need to fund your Waves account with your preferred source of funds by selecting the deposit option.
- When looking to deposit a cryptocurrency to purchase your Waves coins, you will be given a wallet address to copy so that you can transfer the cryptocurrency from the wallet in which it is being held.
- When depositing fiat money, you will need to go through a verification process through SEPA. Select ‘Get verified’ and enter all of the personal information requested.
Buying Waves with Bitcoin
Outlined below is a step-by-step guide to buying Waves with Bitcoin on the Waves Decentralized Exchange:
The following steps can be ignored by those who already have Bitcoin (or Ethereum or Litecoin).
- Purchase Bitcoin – For those who do not own Bitcoin, you will need to open an account on Binance and purchase Bitcoin.
- Transfer Bitcoin to your Wave Wallet – Once you have opened an account and purchased your Bitcoin, transfer your Bitcoins from the Binance exchange to your Waves wallet.
- Enter Purchase Amount – In the withdrawal process, in addition to the address, you will be prompted to enter the amount of Bitcoin to be transferred.
- Purchase Waves with Bitcoins – Once the coins have reached your Waves Wallet, you are then able to purchase Waves coins with the Bitcoins held in your Waves Wallet, directly on the Waves DEX platform.
Buy Waves with USD or Credit Card
It is possible and simple to buy Waves with U.S Dollars or by credit card, with the Waves team having incorporated the option to purchase Waves on the Waves Lite Client platform in partnership with Indacoin.
Indacoin is well-known in the Bitcoin world and has been offering credit card services to the crypto world for a number of years now.
Once purchased, the Waves coins are immediately transferred to the purchasers’ Waves wallet.
Chargeback issues are addressed, with buyers receiving a call as well as a 4-digit code to enter in order to confirm the transaction. First-time buyers will have limits imposed that are gradually raised with each transaction.
Outside of the Waves platform, certain centralized exchanges such as YoBit also allow the purchase of Waves and other cryptocurrencies with credit cards, with transactions immediate.
Buy Waves with other Cryptocurrencies
For cryptocurrency investors looking to diversify their portfolio, it is possible to buy Waves coins with other cryptocurrencies than Bitcoin, either on the Waves’ decentralized exchange or on centralized exchanges.
On the Waves’ DEX, Bitcoin, Ethereum, and Litecoin, amongst others, are accepted to purchase Waves coins and it’s simply a case of opening a Waves account (as outlined above) and transferring your desired amount of Bitcoin, Ethereum or Litecoin in order to purchase the Wave coins that would then be automatically held in the newly created Waves wallet.
When looking to purchase Waves with a cryptocurrency, it is important to ensure that you have a Waves wallet downloaded to transfer to the acquired coins to, as it is not recommended to hold the purchased coins on the centralized exchange.
Waves Digital Wallets
Digital wallets are virtual wallets that are used to hold cryptocurrencies privately and securely, as opposed to holding purchased coins in an account on the exchange that the coins were acquired on, while not losing the flexibility to send the coins held to other exchanges or wallets.
Holding purchased coins on an exchange leaves the coin holder at risk of theft, with multiple cases of theft on exchanges having been reported recently.
For Waves, the recommended digital wallet is available on the Waves Platform website and is automatically created when creating an online account, as outlined above. The wallet is not only described as easy to use but also has appropriate security levels to ensure that your coins are safe, a 15-word phrase and a password required to access the wallet.
While other wallets may exist, it would be our recommendation that alternatives are avoided, with the fact that the Waves Wallet is able to hold multi-cryptocurrencies an added advantage.
Waves Cryptocurrency – Customized Tokens on a Blockchain Based Platform
The Waves Platform has positioned itself as the people’s blockchain, developed to allow users to store, trade, manage and issue customized digital assets securely and easily, for everyone and anyone involved in cryptocurrencies.
- Projects or companies can issue their own blockchain tokens to kick-start their project or company, with crowdfunding, loyalty programs, voting and more. An additional feature is ICOHub, where the Waves community votes on projects that are looking to launch via an ICO, with the winner of the ICOHub competition receiving help from the Waves team to host and launch the ICO on the Waves Platform.
- Developers can enjoy the benefits of high network throughput capacity, low latency and low transaction fees.
- Traders can store assets securely in the local lite client, whilst also trading them quickly and safely on the built-in decentralized exchange (DEX)
For traders, the advantage of trading on the Waves’ decentralized exchange is that each and every transaction is recorded on the Waves blockchain.
Waves Platform – The Fastest Blockchain
The Waves protocol facilitates the processing of thousands of transactions per minute, making it the fastest blockchain in existence today and with Waves-NG, a next-generation consensus algorithm, the Waves platform has become even faster and easier to use.
Waves’ next generation consensus algorithm is an adaptation of Bitcoin NG that was developed to resolve Bitcoin’s scalability issues and implemented into the Waves blockchain in late 2017. The Bitcoin NG proposal was made by Cornell Computer Science academics Emin Gun Sirer and Ittay Eyal.
While Bitcoin NG was designed to address Bitcoin’s scalability issues, increasing network throughput to hundreds of transactions per second, Waves NG adapts the Bitcoin NG proposal to a Waves’ proof-of-stake consensus and is the first ever implementation of the protocol in a production blockchain system.
The Waves NG code was deployed in mainnet, after miners tasked with signaling whether the proposal should be activated, supported the launch
For Entrepreneurs the existence of a platform that facilitates the creation of tokens, without the need for coding and distribution and to streamline the ICO process is invaluable and reflected in the 12,474 tokens that have been released on the Waves platform to date, totaling a market cap of more than $1bn.
There’s certainly plenty of positive attributes to Waves, but perhaps the most appealing is the one-stop-shop offering that not only provides entrepreneurs with a launching pad, prospective Waves coin holders with a multi-cryptocurrency wallet, but also a decentralized exchange that allows instant trading of cryptocurrencies, at competitive rates, with no upper limit on transactions.
With more to come in the coming year, Waves’ current ranking of 23th, with a market cap of $396.26m doesn’t reflect it’s real-world attributes that benefit entrepreneurs, companies, developers, and traders looking to get into the blockchain game.