Where to buy Avalanche, and how to do it?
By Yuliia Rokytska 2171 22 Sept 2022
Avalanche can be purchased from exchanges like BitPanda, Coinbase, WhiteBIT, Uphold, Gate.io, and other trading platforms. Where to buy Avalanche – it’s up to you to decide. We will show you the process mechanics using WhiteBIT as an example.
First, go to the official site of the exchange, register, pass the verification, and complete the account setup by connecting the two-factor authentication.
Then move on to buying Avalanche. To do that, you need to fund your account with any supported fiat currency (USD, EUR, UAH), stablecoin (for example, USDT), or cryptocurrency. For that, go to the “Total balance” section and choose the asset you want to deposit from the proposed list. Then click on the button “Deposit”. Enter the amount you want to transfer, select a payment system and, if it’s fiat, click “Request”. After that, you will see a page where you must specify the card number to write off funds.
If it’s crypto, copy the address of the asset to transfer funds to it from your crypto wallet. Look carefully at each case’s percentage of commission, minimum and maximum deposit amount.
When the total balance is topped up, transfer money to your trading balance to further purchase AVAX for USDT or BTC because, on the WhiteBIT exchange, cryptocurrency is traded only in pairs with stablecoin or bitcoin. Click “Transfer” next to the previously deposited asset and click “Trading balance”. If you fund your account in USDT or BTC, you can proceed immediately to trading on the exchange in the “Markets” section. If you have another type of asset on your trading balance, you need to exchange it for the cryptocurrency supported to buy Avalanche. To do this, click on the “Exchange” button. After that, the funds will appear on the USDT or BTC address.
Now you can trade AVAX/USDT or AVAX/BTC pairs on the WhiteBIT market. Go to “Markets” and select the appropriate pair. The chart that will open in front of you shows you all the data you need to trade. Check the token’s maximum and minimum purchase price, the trading volume and price change over the last 24 hours, and the moving averages (MA), which show the average value of the asset over 7, 20, and 50 days.
In the window on the right, specify the amount of cryptocurrency to buy, and select an execution order by familiarizing yourself with their values when trading. Also, look at other information about the trade, such as the minimum order and the amount of commission. When you are sure that all the parameters are chosen correctly, click “Buy”. After that, follow the trade’s execution in the open orders list. When AVAX is deposited to your trading account, transfer them to your general account to withdraw tokens to your cryptocurrency wallet, or leave them on your trading balance for further interactions with cryptocurrency on the exchange.
What is Avalanche?
Avalanche is an open-source blockchain platform that runs on smart contracts and is a competitor to the Ethereum network. It is used to launch DApps (decentralized apps). The Ava Labs team created blockchain in 2020. Just one year after its appearance, it has shown significant success, for example, the average number of daily transactions has increased by 470%.
Avalanche is characterized by high transaction speeds, efficient scalability, low fees, environmental friendliness, optimal decentralization, and security.
Such characteristics are because Avalanche uses protocols called Snow, based on Proof of Stake. The blockchain structure is divided into three independent chains, which have their own functions and work separately from each other. This provides better scalability and speed of transaction execution. As the founders of the blockchain claim, it can process more than 4,500 transactions per second.
AVAX is a native blockchain platform token that acts as the ecosystem’s internal currency. It is used for commissions, decentralized peer-to-peer payments, staking rewards, and as a governance token.
The token is ranked 16th among cryptocurrencies at CoinMarketCap. According to March 2022 data from CoinDesk, AVAX cryptocurrency was in the top 10 in terms of market value. The asset has a capitalization of $33 billion.
Is Avalanche a good investment?
Considering the project’s existing achievements and relative newness, Avalanche can be called an asset with potential for long-term growth. One of the triggers for AVAX is that the financial company Valkyrie Investments has created a fund to invest in projects launched on Avalanche. However, one should not lose sight of the innovative competitors to blockchain that could take its place, as well as factors such as the volatility and instability of the cryptocurrency sector.
In addition, in March, Peter Szilagyi, one of the developers of Ethereum, discovered and described a vulnerability in the Avalanche network that attackers could exploit to hack the blockchain. Although the bug was quickly fixed, it had a negative impact on the reputation of the network, which is positioned as a platform for running scalable decentralized applications.
So far, the blockchain platform is not losing its leadership position, and the price of AVAX is far from its maximum. When the market becomes bullish, it could trigger a rise in the asset. It’s hard to say which blockchains will be on top in the future. Therefore, it is better not to be tied to certain projects but to allocate investments according to the principle of diversification.