how to buy tezos

Tezos is a powerful blockchain platform utilized by hundreds of companies around the world. Due to the popularity of Tezos, many beginners ask essential questions like “how to buy Tezos (XTZ)” and “where to buy XTZ.”

If you want to buy XTZ but don’t know where to start, you should read this article from start to finish. We will cover the basic steps of buying XTZ, as well as some important topics about the token.

Tezos (XTZ) Buying Guide

Step 1: Find An Exchange That Supports XTZ

To start buying XTZ, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support XTZ.

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
  • 1000+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • 10% reduced trading fees & up to $170 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 XTZ, 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 Tezos Officially?

Learning how to buy XTZ 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 XTZ ticker. You can also look directly for XTZ trading pairs to save time. Afterwards, just enter the amount of the XTZ 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 Tezos (XTZ)

Tezos is a fully functional blockchain platform powered by smart contracts and a self-amending system. Under the self-amendment system, the Tezos platform can evolve seamlessly without the need for hard forks or community-disrupting changes.

Project builders can use XTZ – Tezos’ native token – to pay for transactions within the platform. Most transactions are related to certain tasks like DApp creation, token creation, asset management, and systems improvement.

Every proposal in the Tezos platform is hyper-detailed and accurate. More importantly, the proposals are usually implemented quickly once approved. 

How Does XTZ Work?

Tezos is governed by powerful smart contracts created under the Michelson programming language. These smart contracts are necessary for creating DApps (decentralized apps) and other projects within the Tezos platform. If you want to do something in Tezos, you need XTZ tokens for gas fees.

Members who have over 8,000 XTZs can become delegates in the Tezos network. The delegates can use processes like baking or endorsing. Baking is the process of creating new blocks while endorsing means vouching for a block created by a baker. If a token holder doesn’t have the required amount of XTZs or the necessary hardware, he or she can choose to delegate their coins to a baker. Delegating has a lower entry barrier and lower yields in general.

What Makes Tezos (XTZ) Unique?

Tezos has several features that make it stand out from other blockchain protocols. The first strong feature of Tezos is self-amendment. This feature ensures seamless updates and developments without resorting to hard forks – unlike what happened to Bitcoin and Bitcoin Cash. The modern Ethereum is also the result of a hard fork, leaving the original Ethereum Classic behind. Hard forks are disruptive and can divide a community in half.

Adaptive governance is also a clear advantage of the Tezos platform. Under this type of governance, XTZ holders can vote on the upgrades they want. The chosen delegates will review the changes and approve them as soon as possible. Since Tezos has a self-amending system, the upgrades will roll out efficiently.

Tezos also has numerous tools for project development, NFT creation, and token creation. While other blockchain protocols are only focused on one or two problems, Tezos adopted a macro-holistic approach that benefited companies and crypto users.

Who Are the Founders of Tezos?

The Founders of Tezos are Arthur Breitman and his wife, Kathleen Breitman. The Breitman tandem created a startup company called Dynamic Ledger Solutions. The company’s primary goal is to build the code that would construct the Tezos protocol from the ground up. Eventually, Arthur Breitman and his team formed the Tezos Foundation and absorbed Dynamic Ledger Solutions.

Arthur Breitman saw the shortcomings of other Blockchain protocols: lack of adaptive governance, community-disrupting updates, and poor tokenization mechanisms. Breitman worked on these shortcomings and ensured the stability of the Tezos platform.   

What Are the Use Cases of Tezos?

Tezos (XTZ) is a dynamic platform with different use cases for various industry sectors. You must understand Tezos’ use cases before adding it to your portfolio.

Here are the use cases of Tezos:

  • Speculative trading
  • Project development
  • Payment system and decentralized financial validations
  • Central bank digital currency (digital representation of fiat money)
  • Corporate baking initiatives (baking means publishing lots of blocks)
  • DeFi app and systems creation
  • NFT tools
  • Smart contracts creation focused on DAOs (Decentralized Autonomous Organizations)

Who Builds on Tezos (XTZ)?

Tezos (XTZ) is meant for project developers and visionaries who want to build an innovative idea using a powerful and adaptive blockchain protocol. Under the Tezos platform, project developers can work on their ideas without worrying about hard forks, rollbacks, intrusions, and other platform-centric problems. Tezos is self-amending, self-correcting, and focused on continuous progress.

Official website: https://tezos.com/

Essential Points of the Tezos (XTZ) Whitepaper

The Tezos Whitepaper emphasized the protocol’s adaptive key features that prevent community-dividing hard forks without compromising update schedules. The other aspects of the paper are smart contracts structure and economy overview.

These are the strong points of the Tezos (XTZ) Whitepaper:

  • Self-amending Cryptoledger (automatic, adaptive consensus)
  • Mathematical formulations
  • Baking and delegating blocks
  • Tezos governance overview
  • Tezos forums and community aspects
  • Tezos resources for developers and builders
  • Tezos tokenization tools

The Best Cryptocurrency Wallet for XTZ

After knowing how to buy XTZ, 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 XTZ?

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 XTZ 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 XTZ right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that 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 XTZ, 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 Tezos (XTZ)

Do you want to learn more about Tezos (XTZ) 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 Tezos (XTZ)
  • 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

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