How To Buy WAX (WAXP)?

A common question you often see on social media from crypto beginners is “Where can I buy WAX?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports WAX (WAXP)

First, you will need to open an account on a cryptocurrency exchange that supports WAX (WAXP).
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 WAX (WAXP) 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 WAX (WAXP)

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

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

WAX (WAXP) is a purpose-built blockchain, released in 2017, that is designed to make e-commerce transactions faster, simpler and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. It is fully compatible with EOS.

The custom features and the incentive mechanisms developed by WAX are intended to optimize the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals.

To make this possible, WAX created a suite of blockchain-based tools which decentralized application (DApp) marketplaces and non-fungible tokens (NFT) can be built upon.

Services such as WAX Cloud Wallet, SSO and OAUTH support e-commerce operations, the latter being a native RNG service and a developer portal. WAX’s blockchain architecture supports 500-millisecond block time and zero-fee transactions for customers. It also makes use of voting rewards to incentivize participation in the selection of block producers and improvement proposals.

Who Are the Founders of WAX?

WAX was co-founded by William Quigley and Jonathan Yantis.

William Quigley studied at the University of Southern California, and then worked at Disney. After leaving Disney in the early 1990s, he got an MBA at Harvard and became a venture capitalist. Over time, he became the managing director at Idealab. Alongside creating WAX, he is also the managing director at Magnetic.

Jonathan Yantis works as the chief operating officer at WAX and as the chief operating officer at OPSkins.

What Makes WAX Unique?

WAX features a WAXP-to-Ethereum (ETH) bridge that allows WAXP token holders to convert their tokens into WAXE, which is an Ethereum-based ERC20 utility token.

Users willing to participate in WAX tokenomics need to burn their WAXP tokens in order to get WAXE through the Ethereum bridge. They will then need to stake the WAXE tokens on the Ethereum distribution contract.

WAXG is an Ethereum-based ERC-20 governance token that is distributed to WAXE stakers. The distribution is based on a set timetable and is proportionate to the percentage of the WAX Economic Activity pool. The token holders can govern the allocation and distribution of economic value on the platform as a result.

The WAX Economic Activity pool is a smart contract that accumulates a percentage of generated WAX fees and can be converted into ETH for distribution to WAXE stakers. It can also be given to WAXG token holders that decide to burn the tokens they already have.

WAX development updates in 2023

In 2023, WAX (Worldwide Asset eXchange) has made significant strides in its blockchain development, focusing on enhancing the platform’s functionality and user experience. Key developments include:

• WAX Blockchain Protocol Enhancements: The WAX Blockchain Protocol underwent significant upgrades throughout the year:

  • Q1 2023: Implemented the Antelope 3.2 upgrade and introduced USD pegging to the block producer and standby rewards system using the OIG scoring tier system.
  • Q2-Q3 2023: Focused on rebalancing tokenomics to improve the utility of the WAXP token, implemented the IBC protocol, launched EVM, and enabled upgrades for Antelope Instant Finality implementation.
  • Q4 2023: Planned updates to the WAX Blockchain resource model, based on Antelope Scalability+ enhancements​​.

• Cloud Wallet Redesign and Enhancements: The Cloud Wallet was fully redesigned in Q1 2023 to improve user experience and usability. This also included launching an NFT bridge to Ethereum and BNB chain. The following quarters saw further developments, such as DApp whitelisting, an Account Trust Score system to detect bots, social wallet features, and multi-chain support (Ethereum and other EVM chains planned). A native mobile client release is anticipated in Q4 2023​​.

• vIRL Marketplace Developments: In the vIRL Marketplace, enhanced embeddability (including Unity SDK) was introduced in Q1 2023. The subsequent quarters saw the addition of social marketplace features and multi-chain support (Ethereum and other EVM chains)​​.

• Ecosystem and Development Tools: WAX focused on integrating custodial service providers, enhancing its blockchain explorer, and launching the Unity SDK for integration with the cloud wallet and WAX blockchain service​​.

• High Transaction Activity and User Growth: WAX recorded the highest daily activity of any blockchain project, with more than 18 million transactions recorded daily. The platform also celebrated a milestone of 5 million user accounts, marking it as one of the largest blockchain projects​​.

• Ethereum Cross-Chain Bridge: The Ethereum cross-chain bridge completion allowed WAX users to participate in yield farming and staking on the protocol​​.

• Focus on the Gaming Community: WAX’s unique architecture caters to the gaming community by enabling secure and decentralized trading of in-game assets and virtual collectibles. It provides an asset generation platform for creating and managing digital assets and NFT collections​​.

These updates and developments throughout 2023 indicate WAX’s commitment to advancing its blockchain technology and expanding its ecosystem, particularly in the areas of gaming, NFTs, and digital asset trading.

Official website: https://on.wax.io/wax-io/

Best cryptocurrency wallet for WAX (WAXP)

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 WAX (WAXP)?

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).