How to Buy Waves (WAVES)
Beginner’s Guide
What Is Waves (WAVES)?
Waves (WAVES) is a blockchain platform and cryptocurrency that aims to provide fast, secure, and low-cost solutions for creating and trading digital assets. The Waves platform was launched in 2016 by Alexander Ivanov, a Russian physicist and entrepreneur.
The Waves platform is designed to be user-friendly and accessible to a wide range of users, from individuals to businesses and institutions. The platform offers a range of features, including:
Decentralized Exchange: Waves includes a decentralized exchange (DEX) that allows users to trade a variety of digital assets directly on the blockchain, without the need for intermediaries or third-party exchanges.
Custom Tokens: Users can create their own custom tokens on the Waves platform, which can be used for a variety of purposes, such as crowdfunding, loyalty programs, and more.
Smart Contracts: Waves supports smart contracts, which are self-executing contracts that can automatically trigger transactions and other actions based on pre-defined conditions.
Wallets: Waves offers a range of user-friendly wallets, including desktop clients, mobile apps, and hardware wallets, that allow users to securely store and manage their digital assets.
Developer Tools: Waves provides a range of developer tools and APIs that allow developers to build and deploy decentralized applications (dApps) and other blockchain solutions on the Waves platform.
The WAVES cryptocurrency is used to pay transaction fees on the Waves blockchain, as well as to stake and validate transactions on the network. Additionally, WAVES can be used to purchase custom tokens and trade on the Waves DEX.
Overall, Waves aims to provide a fast, secure, and user-friendly platform for creating and trading digital assets, with a range of features and tools that make it accessible to a wide range of users and use cases.
How to Buy Waves Summary
- Get a Waves wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells Waves (e.g. Crypto.com, Binance , Coinbase , Bitfinex , Kucoin)
- Deposit money and make the trade
- Withdraw the Waves to your wallet
Buying Waves in 3 Simple Steps
Step 1 – Get a WAVES wallet
Waves Hardware Wallets
Waves is a blockchain platform that allows users to create and issue their own custom digital assets or tokens. To store these assets securely, Waves has developed its own line of hardware wallets.
Waves hardware wallets are designed to protect the private keys associated with your digital assets. They come in two models: the Waves Keeper and the Waves Pro. The Waves Keeper is a basic hardware wallet that supports only a limited number of digital assets. The Waves Pro, on the other hand, is a more advanced wallet that supports a wider range of digital assets.
Both wallets have a similar design and features, including a built-in screen to display transaction details, two physical buttons for navigation and confirmation, and a USB connection to connect to your computer or mobile device. They also come with a recovery seed, which is a set of 12 or 24 random words that can be used to restore access to your wallet in case it is lost or damaged.
One of the advantages of Waves hardware wallets is their compatibility with the Waves platform. This allows users to easily manage their custom digital assets and interact with the Waves ecosystem directly from their wallet. The wallets also support integration with other popular cryptocurrency wallets, such as Ledger Live and MyEtherWallet, providing users with more flexibility and convenience.
Overall, Waves hardware wallets offer a secure and user-friendly way to manage your digital assets on the Waves platform and beyond. If you are looking for a hardware wallet to store your Waves tokens or other digital assets, the Waves Keeper and Waves Pro are both worth considering.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Waves Software Wallets
In addition to their hardware wallets, Waves also offers a range of software wallets to store and manage your digital assets. These software wallets can be accessed via web, desktop, and mobile applications, and offer a variety of features and functionality.
Waves.Exchange: This is Waves’ official web wallet, which allows users to securely store, manage, and trade a wide range of digital assets. It also offers access to decentralized exchange (DEX) trading, allowing users to trade their assets directly on the Waves blockchain.
Waves Client: This is Waves’ desktop wallet, which can be downloaded and installed on your computer. It offers similar features to the web wallet, including support for a wide range of digital assets and DEX trading.
Waves Mobile App: This is Waves’ mobile wallet, which can be downloaded and installed on your Android or iOS device. It offers a streamlined user interface and access to key features such as sending and receiving digital assets, as well as DEX trading.
All of these software wallets are designed to be user-friendly and provide a high level of security for your digital assets. They use advanced encryption and security protocols to protect your private keys, and offer a range of backup and recovery options in case your device is lost or stolen.
Overall, Waves software wallets offer a convenient and secure way to manage your digital assets on the Waves platform and beyond. Whether you prefer to use a web, desktop, or mobile application, there is a Waves software wallet that can meet your needs.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Waves software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Waves (WAVES) Exchange
Buy Waves through Crypto.com
- Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos. The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.
Buy Waves through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Waves through Coinbase
- Coinbase is a convenient and cheap way to buy Ethereum and the platform is open to 200+ countries). Coinbase will sell you CRO for a variable fee that depends on your payment method (credit cards have a higher fee than wire transfers), order size and market volatility. Here’s how you buy Ethereum on Coinbase: Open a Coinbase account Add your payment method (Credit card or bank account) Go to “Buy/Sell” and select the amount of Ethereum you desire Click “Buy Cronos”
Buy Waves through Bitfinex
- Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships. Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.
Buy Waves through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Step 3 – Withdraw Your Waves (WAVES)
To withdraw your Waves (WAVES) from an exchange or wallet, follow these steps:
Log in to your exchange or wallet account and navigate to the withdrawal page.
Select Waves (WAVES) as the cryptocurrency you want to withdraw.
Enter the withdrawal amount and the recipient address. Be sure to double-check the address to make sure it is correct.
If necessary, enter any additional information required by the exchange or wallet, such as a destination tag or memo.
Review the transaction details and confirm the withdrawal.
Wait for the transaction to be processed and confirmed on the blockchain. The amount of time this takes can vary depending on network congestion and other factors.
Check the transaction status on the blockchain explorer to ensure that the transaction has been successfully processed and the WAVES have been transferred to the recipient address.
It’s important to note that some exchanges and wallets may have additional withdrawal limits, fees, or processing times, so be sure to review their policies before initiating a withdrawal. Additionally, it’s recommended to store your WAVES in a secure hardware wallet, such as the Ledger Nano S or Trezor, to protect your funds from potential hacks or theft.
OVERVIEW
Who Are the Founders of Waves?
The Waves platform was founded by Alexander Ivanov, a Russian physicist and entrepreneur, in 2016. Ivanov had previously worked in the financial industry, where he saw firsthand the potential of blockchain technology to disrupt traditional financial systems. He then decided to apply his expertise to the development of a blockchain platform that would make it easier for businesses and individuals to issue and trade their own custom digital assets.
Ivanov’s vision for Waves was to create a blockchain platform that was fast, scalable, and user-friendly. He wanted to make it easy for anyone to issue and trade digital assets, without requiring specialized technical knowledge or resources. To achieve this, Ivanov and his team developed a range of innovative technologies, including the Waves Lite Client and the Waves Decentralized Exchange (DEX).
Since its launch in 2016, Waves has become one of the most popular blockchain platforms for digital asset issuance and trading. It has attracted a large and active community of developers, entrepreneurs, and investors, and has continued to innovate with new features and functionality. Today, Ivanov remains at the helm of the Waves platform as CEO, leading the team in its mission to build a more decentralized and democratic financial system for everyone.
What Makes Waves Unique?
Waves is a unique blockchain platform that offers several key features and capabilities that set it apart from other platforms. Here are some of the key factors that make Waves unique:
Custom Token Creation: Waves allows anyone to create their own custom digital assets, or tokens, without the need for specialized technical knowledge or resources. This makes it easy for businesses, organizations, and individuals to create and distribute their own tokens for a wide range of purposes, from fundraising to loyalty programs.
Speed and Scalability: Waves is designed to be fast and scalable, with a network that can handle up to 100 transactions per second. This makes it well-suited for high-volume trading and other applications that require quick and efficient processing.
Decentralized Exchange (DEX): Waves features a built-in decentralized exchange (DEX) that allows users to trade their digital assets directly on the blockchain, without the need for intermediaries or centralized exchanges. This provides greater security and transparency for traders, and allows for more democratic control over the trading process.
User-Friendly Interfaces: Waves is designed to be user-friendly, with a range of web, desktop, and mobile applications that make it easy for users to access and manage their digital assets. These interfaces are designed with a focus on simplicity and ease-of-use, making it accessible to a wider range of users.
Smart Contract Functionality: Waves includes smart contract functionality, which allows developers to build and deploy custom applications and services on the blockchain. This makes it possible to create a wide range of decentralized applications (dApps) and automated services that run on the Waves network.
Overall, Waves is a versatile and innovative blockchain platform that offers a range of capabilities and features that make it well-suited for a wide range of applications, from digital asset issuance to decentralized finance (DeFi) and beyond.
How Many Waves (WAVES) Coins Are There in Circulation?
WAVES began as a fixed-cap token for the Waves platform with 100 million tokens available.
In its ICO — which raised 30,000 BTC — 85% of the supply went to sale participants, 4% to partners and supporters, 9% to the developers and 1% each to early supporters and bounty schemes which occurred after the ICO.
Its utility increased in time, and in 2019, it was decided to remove the supply cap, with decision-making transferred to network participants.
Currently, the block reward is 6 WAVES, and any changes come in the form of votes — users must choose whether or not to decrease the block reward by 0.5 WAVES every 110,000 blocks.
How Is the Waves Network Secured?
The Waves network is secured through a combination of consensus mechanisms and cryptographic protocols that ensure the integrity and security of the blockchain. Here are some of the key security features of the Waves network:
Proof of Stake (PoS) Consensus: Waves uses a Proof of Stake (PoS) consensus mechanism to validate transactions and secure the network. This means that validators (known as “miners” on other networks) are chosen based on the number of WAVES tokens they hold and stake, rather than the computing power they contribute.
Leased Proof of Stake (LPoS): In addition to regular staking, WAVES holders can also lease their tokens to a validator, which allows them to participate in the validation process and earn rewards without the need for technical expertise or resources.
Transaction Fees: Like many other blockchains, Waves charges transaction fees for each transaction that is processed on the network. These fees help to prevent spam and other malicious activities on the network, and provide an incentive for validators to process transactions and secure the blockchain.
Smart Contract Security: Waves smart contracts are designed with security in mind, with a range of built-in safeguards and audit tools that help developers identify and prevent vulnerabilities. Additionally, Waves smart contracts can be audited by third-party security firms to ensure their integrity and prevent potential exploits.
Private Key Security: Users of the Waves platform are responsible for securing their private keys, which are used to sign transactions and manage their digital assets. Waves offers a range of secure storage options for private keys, including hardware wallets, mobile wallets, and desktop clients.
Overall, the Waves network is designed to be fast, scalable, and secure, with a range of features and protocols that help to prevent malicious activities and ensure the integrity of the blockchain. By combining Proof of Stake consensus with other security measures, Waves provides a secure and efficient platform for digital asset issuance and trading.
Where Can You Buy Waves ?
Waves (WAVES) can be bought and sold on a variety of cryptocurrency exchanges, both centralized and decentralized. Here are some of the most popular exchanges where you can buy and trade WAVES:
Binance: Binance is one of the largest cryptocurrency exchanges in the world, and offers trading pairs for WAVES against Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and other cryptocurrencies.
Kraken: Kraken is a well-established cryptocurrency exchange that offers trading pairs for WAVES against Bitcoin (BTC), Ethereum (ETH), US dollars (USD), and other fiat and cryptocurrencies.
Huobi Global: Huobi is a cryptocurrency exchange that offers trading pairs for WAVES against Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and other cryptocurrencies.
Waves.Exchange: Waves.Exchange is the official decentralized exchange (DEX) of the Waves platform, and offers trading pairs for WAVES against a wide range of other cryptocurrencies and digital assets.
Bittrex: Bittrex is a popular cryptocurrency exchange that offers trading pairs for WAVES against Bitcoin (BTC), Ethereum (ETH), US dollars (USD), and other fiat and cryptocurrencies.
Before buying WAVES, it’s important to do your own research and choose an exchange that meets your needs in terms of fees, security, and user experience. Additionally, it’s recommended to store your WAVES in a secure hardware wallet, such as the Ledger Nano S or Trezor, to protect your funds from potential hacks or theft.