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How To Buy Tezos (XTZ)?

Tezos 500x286 1 - How To Buy Tezos

A common question you often see on social media from crypto beginners is “Where can I buy Tezos?” 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 Tezos on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Tezos (XTZ)

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

1

 Binance

Create Binance Account - How To Buy Tezos

Fees (Maker/Taker)            0.075%*-0.1%*

Cryptocurrencies
Available for Trade                             500
+

Sign-up bonus
 10% reduced trading fees*

Available in
Europe, Asia, Oceania, Africa

2

 Coinbase

Create Coinbase Account - How To Buy Tezos

Fees (Maker/Taker)            1.49%*-3.99%*

Cryptocurrencies
Available for Trade                              75
+

Sign-up bonus
 $10 sign-up bonus*

Available in
North America, South America, Europe, Asia, Oceania, Africa

3

 Kucoin

Create Kucoin Account - How To Buy Tezos

Fees (Maker/Taker)                       0.1%*-3%*

Cryptocurrencies
Available for Trade                               
250+

Sign-up bonus
 Up to $500 in USDT vouchers*

Available in
North America, South America, Europe, Asia, Oceania, Africa

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 Tezos (XTZ) 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 Tezos (XTZ)

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 Tezos (XTZ) or Tezos (XTZ) trading pairs. Look for the section that will allow you to buy Tezos (XTZ), and enter the amount of the cryptocurrency that you want to spend for Tezos (XTZ) or the amount of fiat currency that you want to spend towards buying Tezos (XTZ). The exchange will then calculate the equivalent amount of Tezos (XTZ) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Tezos (XTZ) 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 Tezos (XTZ)?

Tezos is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced — meaning it can evolve and improve over time without there ever being a danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
This open-source platform bills itself as “secure, upgradable and built to last” — and says its smart contract language provides the accuracy that is required for high-value use cases. According to Tezos, its approach means that it is futureproof and will “remain state-of-the-art long into the future,” meaning it can embrace developments in blockchain technology.

Who Are the Founders of Tezos?

Arthur Breitman was the man who wrote the Tezos white paper — and in a nod to Satoshi Nakamoto, he wrote his works under the pen name L. M. Goodman. He argued that one of Bitcoin’s biggest failings was the lack of a governance process that invited contributions from the community who use the network — as well as the fact that new tokens couldn’t be issued through this blockchain.

He and his wife Kathleen founded a startup called Dynamic Ledger Solutions which was tasked with writing the code that would underpin the Tezos protocol. This company was subsequently purchased by the Tezos Foundation to ensure that it owned all of the intellectual property rights relating to the network.

How Tezos (XTZ) works

Tezos operates like many of its blockchain competitors, as a platform for creating and running decentralized applications (DApps), as well as exchanging assets. Smart contracts on Tezos are written in the Michelson programming language, designed specifically for the protocol. To perform transactions on the network, you use gas, which is converted into fees in the Tezos cryptocurrency, XTZ.
Tezos is a Proof of Stake (PoS) blockchain. Technically, it uses a variant of PoS called Delegated Proof of Stake (DPoS), although the implementation is unique to Tezos. 
Participants who hold over 8,000 Tezos can become delegates and run the network through baking and endorsing. Baking means creating new blocks (essentially another word for staking), while endorsing means “agreeing” on a block created by a baker. Alternatively, if a token holder doesn’t have 8,000 XTZ or doesn’t want to set up the required hardware themselves, they can delegate these tasks to someone else.

What makes Tezos (XTZ) unique?

Tezos has a few key differences from the other smart contract platforms in the blockchain space.

Tezos uses self-amendment, which allows for network upgrades without having to fork into two different blockchains. Think of what happened with Bitcoin’s famous hard fork, Bitcoin Cash. Tezos aims to prevent these scenarios.
Because of self-amendment, Tezos is easily adaptable to the ever-changing regulatory and technological landscape. While Ethereum 2.0 is a big leap for Ethereum, it requires spinning up what is essentially a new and separate blockchain. Tezos, however, should be able to make amendments and continue without much disruption in cases like this.

Tezos (XTZ) governance

Changes to Tezos follow an on-chain governance model. Changes to the blockchain are submitted by delegates through code updates. Stakeholders can then vote on whether they approve or deny the changes.

Thanks to this on-chain governance model, radical disruption can happen at any time – if the delegates approve of the proposed changes to the blockchain. This can involve system changes like amendments to fees or the process of baking, or anything really! This also results in a thriving community to discuss changes and new rules to make the system better.

For example, in November 2020, Tezos went through the Delphi update, which decreased gas consumption by around 75%. An upgrade like this can be significant for DeFi development on the Tezos blockchain, and it also shows how on-chain governance can be nimble to adapt to new directions.

How Does Tezos’ Self-Amending Model Work?

There are three main protocols that function as the backbone of the XTZ platform.

Network Protocol
The network protocol is designed to determine blocks and broadcast them through the chain. Basically, it links the “gossip” network and the whole protocol. Everything that is needed by nodes to maintain the integrity of the network, such as downloading the state of the blockchain, connecting users and broadcasting finalized blocks to the network, is covered in the network protocol.

Transaction Protocol
The transaction protocol governs the validity of transactions. It has a record of all blockchain information, especially that relevant to facilitating the transaction of peer-to-peer interactions and blockchain activities.

Consensus Protocol
The consensus protocol enables the platform to reach consensus on the state of the blockchain. This is also where the DPoS model comes into play. Through this protocol, any blockchain modification, addition or upgrade, has to be voted upon by the stakeholders of the platform.

The network shell of the platform is what links these different protocols together. The network shell also refers to the “blockchain protocol,” which puts together the transaction and consensus protocol.

The form of the blockchain protocol is also the outcome of all modifications and upgrades on the network. To support the platform’s ability to “self-amend,” the blocks that stakeholders add to the chain — which may contain transaction information or protocol upgrades — are allowed to implement changes to the whole network.

From a more technical perspective, the coding language used to build Tezos, OCaml, is capable of identifying three main elements on the chain: blocks, protocols and transactions. Any module written in OCaml and implemented on the chain can update its overall state.

Decentralized Innovation

Proposed amendments that are accepted by stakeholders can include payment to individuals or groups that improve the protocol. This funding mechanism encourages robust participation and decentralizes the maintenance of the network. Fostering an active, open, and diverse developer ecosystem that is incentivized to contribute to the protocol will facilitate Tezos development and adoption.

Smart Contracts & Formal Verification

Tezos offers a platform to create smart contracts and build decentralized applications that cannot be censored or shut-down by third parties. Furthermore, Tezos facilitates formal verification, a technique used to improve security by mathematically proving properties about programs such as smart contracts. This technique, if used properly, can help avoid costly bugs and the contentious debates that follow.

Tezos (XTZ) use cases

Like other blockchain networks, Tezos is a fast way to verify financial transactions with minimized trust. 

In September 2019, Gendarmerie’s cybercrime division (C3N) became one of the first governmental agencies to use Tezos for the validation of their judicial expenses.

Tezos can also be used to transfer ownership of illiquid assets, such as real estate, art, and jewelry. For instance, a company called MountX is leveraging Tezos for tokenization of real estate in Mexico.

Official website: https://tezos.com/

Market Overview

Coinmarketcap.com

Find the latest Tezos (XTZ) price chart, trade volume, market cap, and other vital information to help you with your cryptocurrency trading and investing.

Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following:

Market Capitalization And Daily Trading Volume

Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)

Circulating And Total Supply

Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).

CMC - How To Buy Tezos

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