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How to buy cryptocurrency and store it safely?
Cryptocurrency is a new class of digital assets popularized by Bitcoin (BTC). While cryptocurrencies or digital/virtual currencies work much like their traditional fiat counterparts, the biggest difference between the two is the lack of centralized infrastructure and banks.Where fiat currencies are issued by and kept in banks, digital currencies are issued via distributed mechanisms that follow strict consensus protocols. This translates into cryptocurrencies being stored on blockchains which are largely immutable, much more transparent and globally accessible.Given their utility and growing list of use cases, cryptocurrencies are gaining popularity and one way to buy cryptocurrency is to use a reliable crypto exchange like OKX. On OKX, users can sign up, verify their identities and start buying Bitcoin and other cryptocurrencies instantly using credit cards, debit cards, bank transfers and other supported payment methods.Typically, when you buy cryptocurrency, you have to store it in a dedicated wallet, but the security of your digital assets depends on how safely your private key is kept. Every cryptocurrency wallet has a private key which allows complete access to the stored digital assets. If you lose your private key, you effectively lose your funds.Using an exchange like OKX also facilitates users because their newly purchased or traded digital assets are kept securely on the platform and are credited into users' accounts, available to be sold or transferred as required.Ultimately, users should always buy cryptocurrency from a reliable exchange, and if they withdraw their digital assets to a personal wallet, they should keep their private keys safe and backed up to ensure the security of their funds.
Why buy XTZ with OKX?
What is the Tezos (XTZ) cryptocurrency?
XTZ is the ticker symbol of cryptocurrency native to the Tezos blockchain. The network itself allows for the deployment of smart contract-based DApps and features an innovative on-chain governance mechanism to avoid contentious hard forks.
Tezos uses a consensus mechanism called liquid proof-of-stake to ensure all validator nodes agree with a single network state. Known as "baking," those wanting to support the network by validating changes to its state must put up a deposit in XTZ. Any Tezos user can then delegate their own holdings to any baker to receive a share of the block rewards the network distributes for validation.
How to buy Tezos?
To get started buying or selling XTZ, just sign up for an OKEx account. Registration takes less than five minutes!
When you've registered and logged in, head to the "Trade" section. You'll find it in the navigation bar.
Next, select the trading pair your wish to trade from the dropdown list in the top-left corner of the screen. Fill in the amount of XTZ you want to buy and select an order type. Confirm your trade.
As soon as your trade is filled, you'll receive your XTZ in your OKEx account.
What is the difference between Tezos and Ethereum?
Arthur Breitman, the co-founder of Tezos, believed hard forks — like that which created Ethereum Classic (ETC) — to be detrimental to a blockchain's utility. Tezos avoids such chain splits using an on-chain governance and self-amendment mechanism.
Another difference is the consensus mechanism used. Tezos's LPoS is more environmentally sound than Ethereum 1.0's proof-of-work. It allows for more widespread participation than Ethereum 2.0's proof-of-stake, since any XTZ holder can delegate to a baker.
Finally, Tezos's smart contract programming language, Michelson, allows developers to formally verify the mathematical assumptions of their smart contracts. This can help prevent costly bugs and vulnerabilities.
Is Tezos a utility token?
Deploying smart contracts and interacting with DApps on Tezos requires XTZ. The cryptocurrency pays for computations and data storage on the network. In this respect, XTZ can be deemed a utility token. Similarly, its unlimited supply distances XTZ from those cryptocurrencies with finite issuance. Fixed supply coins, like BTC, have more in common with other investment vehicles.
That said, XTZ may still represent a good investment. It's impossible to use the network without its native asset. Increased usage will create demand, which should put upward pressure on the price of Tezos.
How to stake Tezos?
If you're interested in staking Tezos yourself, you'll first need to set up an XTZ node. This demands some technical know-how, as well as a commitment to remaining online and updating node software when necessary. Additionally, you'll need to hold — or be delegated — at least 8,000 XTZ. Depending on the current Tezos price, this can be quite expensive!
If that sounds like too much hard work, you can always delegate XTZ to the OKEx Pool's baking service. You'll earn between 5.3% and 6.3% in annual passive income while supporting the Tezos network's security. There's no minimum amount to delegate, and we offer both fixed-period and flexible options. Find out more about Tezos staking at OKEx here.
Want to learn more before you buy XTZ?
Get detailed information about cryptocurrencies listed on OKX, including their tech, founders and price history.