How to buy WAX Token from Bittrex and Suitable WAX Wallets
How to buy WAX token from Bittrex should be simple so is finding a suitable secure WAX wallet. Bittrex is a US exchange and the 23rd most liquid exchange in the world. We shall describe how to buy WAX token from there.
What is WAX Token
WAX describes itself as a global repository or a market place of easily accessible virtual assets. A level deeper, WAX, short of Worldwide Asset Exchange is specifically designed to provide an efficient solution for the $50 billion video games markets. Here, more than 450 million gamers continue to buy different items as skins or characters vital for their video games to be a success.
The video market place runs leveraging on blockchain technology and by implementing a delegated proof of stake as their consensus mechanism the platform is fast, secure and scalable.
Furthermore, the introduction of smart contracts makes the network trustless and conveniently connects market participants who had to meet in scattered forums and other communication networks.
How WAX Platform works
For beginners, the platform is asset agnostic. Efficiency and trust is because of smart contracts set by the exchange connecting participating transfer agents. These agents are usually network users who are trusted to effect movement of virtual assets between users.
On the other hand, users can stake their WAX tokens to vote for network nodes called Guilds who are some sorts of “Validators” in a proof of stake system or miners in a proof of work consensus algorithm.
Guilds oversee Transfer Agents and must first submit a proposal to the network before election. For a network user to qualifier as a Transfer Agent, then they must stake some WAX tokens and every time they move assets between different users, rewards are in WAX tokens.
Aside from communication, these Transfer Agents are charged with verification, authentication via Settlement Execution Contract and delivery of virtual assets.
How to Buy WAX token
WAX is an Ethereum utility token running on ERC-20 standards. In total there are 1.85 billion WAX tokens in supply with 933 million in circulation commanding a $53.3 million market cap.
You cannot mine WAX but to obtain the coin, you must first buy WAX tokens. There are 20 different ways of how to buy WAX tokens. However, all of them require prior ownership of the dominant ETH or BTC.
This is how you buy WAX Tokens from Bittrex:
- Follow this guide to buy Ethereum from CoinBase. Thereafter, transfer them to Bittrex—you can also register, get proper verification and buy ETH straight from Bittrex. The choice is yours.
- Login to your Bittrex account and make sure your BTC wallet has some BTC.
- Under “Markets” search for WAX/BTC and click on it
- Specify the units of WAX and click buy WAX on last or ask price at market
- Navigate back to wallets, click on ‘hide zero balances” and under WAX, you should see the units of tokens present.
Suitable WAX Wallets
We advice transferring WAX tokens from Bittrex or to any other exchange to an external secure hard wallets. WAX is an ERC-20 token and therefore Ledger Nano S will offer the best security for your WAX token.