Stacks (STX) is a blockchain platform designed to integrate decentralized apps and systems to Bitcoin. Due to the importance of Stacks, many beginners have started asking questions like “how to buy Stacks (STX)” and “where to buy Stacks.”
If you want to buy STX but don’t know where to start, you’ve come to the right place. This article will cover the basic steps of buying STX, as well as other important topics.
Stacks (STX) Buying Guide
Step 1: Find An Exchange That Supports STX
To start buying STX, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support STX.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
- 500+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.075%*-0.1%*
- Sign-up bonus: 10% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 1000+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.2%*-0.2%*
- Sign-up bonus : Up to $500 in USDT vouchers*
- Available in North America, South America, Europe, Asia, Oceania, Africa
- 250+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.1%*-3%*
- Sign-up bonus : Up to $100 in USDT vouchers*
- Available in North America, South America, Europe, Asia, Oceania, Africa
Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying STX, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy STX Officially?
Learning how to buy STX is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the STX ticker. You can also look directly for STX trading pairs to save time. Afterwards, just enter the amount of the STX tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About Stacks (STX)
Stacks is a dynamic Layer 1 blockchain network focused on connecting smart contracts and decentralized apps to Bitcoin. Since Bitcoin is a stable, secured, and powerful cryptocurrency, it can guarantee continuous growth for all integrated DApps.
Here are the best qualities of Stacks (STX):
- Open-source network for everybody
- Seamless DApp integration
- Proof-of-Transfer protocol
- Stacks Testnet for testing decentralized apps
- Node mining on Stacks mainnet
- Gaia – off-chain data storage
- Lots of apps in the Stacks ecosystem
Before Stacks came to be, it was formerly known as Blockstack. The rebranding is a crucial move that separated the Stacks ecosystem from Blockstack – the company behind Stack’s protocols.
How Does STX Work?
STX, the main token of Stacks, is necessary for paying transaction fees within the network. By using STX, developers can deploy the smart contracts needed for their projects. Users can also stake their STX tokens and they will receive BTC in return.
What Makes Stacks (STX) Unique?
Stacks is unique because it utilizes the most stable cryptocurrency: Bitcoin. By offering a direct link to Bitcoin through the Proof-of-Transfer protocol, Stacks can ensure the long-term effectiveness and scalability of decentralized apps.
Node miners also empower the Stacks protocol by burning BTCs to mint new STXs. This is a clear and sustainable way to strengthen the Stacks ecosystem, inspiring more developers to build their DApps anytime.
Stacks also uses Clarity – a programming language designed to bring DApps and programs to Bitcoins. Clarity was produced by Blockstack and it intends to solve most of the issues brought by the popular programming language called Solidity. Unlike Solidity, Clarity is not Turing-complete, allowing in-depth analysis of the code before publishing.
Who Are the Founders of Stacks (STX)?
The founders of Stacks (STX) are Muneeb Ali and Ryan Shea. These brilliant individuals were also the founders of Blockstack PBC – the company behind the Stacks blockchain network. Currently, Ali and Shea have pursued different ventures related to technology startups.
What Are the Use Cases of Stacks (STX)?
Stacks (STX) has simple use cases related to trading, staking, and network payments or fees. Understanding STX’s use cases will help you realize the long-term value and potential of Stacks.
Here are the common use cases of STX:
- Speculative trading
- Long-term investment
- Gas fees
- Rewards accumulation
- Medium of exchange
Who Builds on Stacks (STX)?
Stacks (STX) is meant for developers and project builders who want to rely on the security and stability offered by Bitcoin. Since Stacks is powered by the Proof-of-Transfer protocol, it guarantees seamless Bitcoin connectivity for all DApps. More importantly, the Stacks platform allows the fair accumulation of token rewards for node miners and STX stakers alike.
Official website: https://www.stacks.co/
Essential Points of the Stacks (STX) Whitepaper
The Stacks Whitepaper explained the structural framework of the Stacks platform. Additionally, the paper covered the platform’s technical processes and STX tokenomics.
These are the strong points of the Stacks (STX) Whitepaper:
- Balance between STX miners and STX holders
- Proof-of-Transfer protocol and specifications
- Clarity smart contract integration
- STX tokenomics and rewarding system
- Mainnet specifications
The Best Cryptocurrency Wallet for Stacks
After knowing how to buy STX, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for STX?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of STX wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade STX right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors
Now that you already know how to buy STX, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for Stacks (STX)
Do you want to learn more about Stacks (STX) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!
Additionally, here are some important topics in our blog:
- Trading speculation about Stacks (STX)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works
- Up-to-date cryptocurrency news and developments