How To Buy Avalanche (AVAX)?

A common question you often see on social media from crypto beginners is “Where can I buy Avalanche?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Avalanche on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Avalanche (AVAX)

First, you will need to open an account on a cryptocurrency exchange that supports Avalanche (AVAX).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Avalanche (AVAX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Avalanche (AVAX)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Avalanche (AVAX) or Avalanche (AVAX) trading pairs. Look for the section that will allow you to buy Avalanche (AVAX), and enter the amount of the cryptocurrency that you want to spend for Avalanche (AVAX) or the amount of fiat currency that you want to spend towards buying Avalanche (AVAX). The exchange will then calculate the equivalent amount of Avalanche (AVAX) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Avalanche (AVAX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Avalanche (AVAX)?

Avalanche is an open-source platform for launching DeFi applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem.

It is the first smart contracts platform that confirms transactions in under one second, supports the entirety of the Ethereum development toolkit and enables millions of independent validators to participate as full block producers. The testnet had over 1,000 full, block-producing nodes, breaking a world record.

In addition to supporting sub-second finality, Avalanche is capable of throughput orders of magnitude greater than existing blockchain networks (4,500+ transactions/second), and safety thresholds well-above the 51% standards of other networks.

One big difference between Avalanche and other decentralized networks is the consensus protocol. Over time, people have come to a false understanding that blockchains have to be slow and not scalable after seeing the existing blockchains in action. The Avalanche protocol employs a novel approach to consensus to achieve its strong safety guarantees, while achieving quick finality and high-throughput, without compromising decentralization.

Unlike other networks that force terms and conditions of network participation uniformly across the system, Avalanche empowers individuals and enterprises to easily create powerful, reliable and secure applications and custom blockchain networks with complex rulesets or build on existing private or public networks that fit their use case.

Take, for example, a regulated financial institution wanting to issue digital assets. It’s simply not possible for them to do so compliantly in a system where they cannot control which nodes validate their network activity. In Avalanche, the same institution can achieve complete control over the virtual machine running their use case and the conditions of running a node on their custom sub-network.

What Is the Avalanche Token (AVAX)? What Is Its Function?

The Avalanche (AVAX) token is the native token of the Avalanche platform and is used to secure the network through staking, pay for fees and provide a basic unit of account between the multiple subnetworks created on the Avalanche platform.

Who Are the Founders of Avalanche?

Ava Labs has three co-founders, among whom is Emin Gün Sirer, the veteran computer scientist long associated with Bitcoin (BTC) and decentralized networks. Sirer has long been concerned with Bitcoin scaling, and the Avalanche Consensus is a direct follow-on from this research, allowing transaction volumes significantly higher than Bitcoin and competing with the likes of Visa.

Like Sirer, fellow co-founders Kevin Sekniqi and Maofan “Ted” Yin are also associated with Cornell University. Sirer is an advisor to Yin, who is undertaking a PhD in computer science. The remainder of the team is made up of computer science, economics, finance and law experts.

What Makes Avalanche Unique?

Avalanche provides decentralized asset trading which anyone can launch and use, and does so with a network which is unique in the digital realm in providing subsecond transaction confirmations.

Developers aim to bring together the huge, fragmented and often opaque world of asset trading under one roof, allowing barrier-free access. Developers can create and release all manner of entities from blockchains to digital representations of any asset, and allow them to trade according to any given parameters. These include, for example, mimicking compliance regulations in various jurisdictions.

The AVAX token forms the in-house payment method for Avalanche, and is used for fee collection during transactions, as well as for incentives and related purposes. Users can also earn passive income by staking their coins on the network.

Avalanche development updates in 2023

Avalanche (AVAX) has seen significant developments and activities in 2023. Here’s an overview of the key updates and highlights:

• On-Chain Activity Increase: Avalanche’s on-chain activity has more than doubled in 2023, indicating a resurgence for the network. In early June, daily active addresses on Avalanche rose to 60,000, up from around 25,000 at the beginning of the year. This spike in activity came despite a sharp decline in Avalanche’s total value locked (TVL) and market capitalization, compared to its late 2021 all-time high​​.

• Developer Activity and Contributions: The developer community on Avalanche remains active, with over 1,600 developers contributing to more than 10,000 GitHub repositories in a 30-day period. This level of developer engagement suggests ongoing improvements and innovation within the Avalanche ecosystem​​.

• Growth Drivers – Trader Joe and WooFi: Trader Joe, Avalanche’s top decentralized exchange, and WooFi, a cross-chain decentralized exchange, have been instrumental in driving the network’s growth. Trader Joe is the network’s third-largest DeFi protocol, and WooFi has also shown impressive growth, emerging as Avalanche’s third most-used dApp after a significant increase in active users​​.

• AVAX Price Performance: AVAX has experienced notable price growth in 2023, with a significant increase since October. The blockchain benefited from a surge in trading volume following the launch of StarsArena, despite a subsequent hack that affected StarsArena. The AVAX price prediction algorithm expects short-term consolidation around the current price range highs, following a more than 167% increase in the past three months​​.

• Development Activity and Price Correlation: Increased development activity on the Avalanche network has been a major driver behind the current price rally. A rise in the Avalanche Developer Activity score was observed, correlating with a price surge in the same period. Historically, upticks in development activity have often preceded Avalanche price rallies​​.

These developments indicate Avalanche’s strong position in the crypto market, backed by a growing community, active development, and a surge in on-chain activities and trading volumes. The continued engagement of developers and users suggests a robust future for Avalanche as it advances through 2023 and beyond.

Official website: https://www.avax.network/

Best cryptocurrency wallet for Avalanche (AVAX)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Avalanche (AVAX)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).