How to buy GXShares (GXS)
Find out everything you need to know about GXShares, the currency behind the GXS platform and how to buy it in Australia.
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GXShares is the GXChain currency and is intended to be used as a medium of payment to access applications on the GXChain data and credit information network, which is currently under development by the GXS team.
GXChain applications centre around the sharing of personal data to enable authorised parties to verify credit records and other key personal facts, while at the same time maintaining privacy. Read on to find out where you can buy GXShares.
Where to buy GXShares
A step-by-step guide to buying GXShares
To acquire GXShares (GXS) you need to have existing bitcoin or Ethereum holdings at one of the exchanges which support GXShares. Binance and Bit Z exchanged the largest volumes of GXShares at the time of writing. It is easy to buy and then transfer into your exchange a choice of either BTC or ETH, by following these steps:
Step 1. Create an account at Coinbase and deposit funds
You can’t exchange fiat currency for cryptocurrency at either Binance or Bit Z, so you’ll have to purchase bitcoin or Ethereum elsewhere first and then transfer it to your choice of exchange. Coinbase is a popular option for buying major cryptocurrencies at which you can buy your coin of choice by means of a debit or credit card. Once you have registered with Coinbase, you need to purchase bitcoin by clicking “buy/sell” on the top menu.
Step 2. Create an account with Binance
Next, visit the Binance website and register an account by clicking on the “Register” button. You will need to respond to the verification email to complete your registration. Once registered, click on “Funds” in the upper right-hand corner, then “Deposits/Withdrawals” and next, “Deposit”. Copy the deposit address shown for bitcoin and store it somewhere safe.
Step 3. Transfer bitcoin to Binance
Navigate back to Coinbase, and access the “Accounts” page from the top menu. Click the “Send” button for bitcoin. Paste the deposit (wallet) address you copied from Binance and enter the amount of bitcoin you want to send. Click “continue”.
Step 4. Buying GXS on Binance
It can take around an hour for your coins to appear in Binance and sometimes longer. Once there, choose “BTC Market” to get to the bitcoin market page. Search for GXS in the search box. Clicking on the GXS/BTC pair will lead you to the transaction page. Click “Market”, as this is the simplest way to buy GXS. Enter the amount of bitcoin you want to exchange for GXShares. Binance will buy GXS to the value of that amount when you click “Buy COIN”.
Step 5. Set up a GXS wallet (optional)
You can leave your GXS coins on Binance, but cryptocurrency exchanges have a history of hacks and associated thefts, so it is recommended to store your coins in a wallet. You can store your coins in the GXShares web wallet or download the desktop wallet client. For an online wallet, click “Wallet” on the navigation bar of the GXShares website, and select “online wallet”. You’ll be directed to a page in Chinese, simply set your browser to translate, and click on the resulting “Create Account” button. Complete the registration process.
Step 6. Sending GXS to your GXShares wallet
On your GXShares wallet screen, click “Account” on the top menu, navigate to “Balances” and click on “Deposit”. You’ll see a wallet address which is the same as your wallet name. Copy this address. Next, navigate back to Binance and select “Funds” at the top, followed by “Deposits /Withdrawals”. Search for GXS, and click on the “Withdrawal” button. Paste your GXShares wallet address here, and enter the amount of GXS you want to transfer in the “amount” box. Click “Submit” and remember to respond to the Binance email to confirm your withdrawal.
How to sell GXShares
If you would like to exit part or all of your GXShares position you can do so by following the buying steps but in reverse. Move the GXS coins you want to sell out of your wallet and on to an exchange. Next, exchange GXS for a more common cryptocurrency such as BTC or ETH. Then transfer your BTC or ETH to an exchange which allows you to sell crypto holdings for fiat currency, such as Coinbase.
Which wallets can I use to hold GXShares?
GXChain is a unique blockchain and currently, the only supported wallets are those provided by the project team. You can store your coins in the GXShares web wallet or download the desktop wallet for Windows, MacOS or Linux.
How GXShares works
The GXChain project is heavily under development. Its ultimate aim is to make it easy to securely verify key personal data points such as credit records and social security numbers by means of blockchain technology. Though mechanisms already exist for institutions to share this type of data, GXChain aims to enable enhanced real-time capabilities and to offer the service on a platform that is decentralised, as blockchains are decentralised by nature.
GXShares are coins which will enable holders to buy access to GXChain once it is fully operational. In other words, you can “burn” GXShares while you utilise GXChain services.
What to consider if buying GXShares
Cryptocurrency platforms are ambitious and speculative by nature, and it is open to debate whether the vision the GXChain team puts forward stands a real chance of realisation. The coin has seen price growth from time to time, indicating that the cryptocurrency community has a real interest in GXS, but the coin has also retreated at other times. You should monitor the progress of the development team and watch out for other blockchain efforts which may attempt the same goals. Keep the following points in mind:
- Practical implementation. GXChain, as envisioned, will only function if a range of parties agrees to give the platform access to highly personal data, including credit files. It is not a given that the GXChain team will achieve any degree of integration. As matters stand, many financial institutions remain skeptical of the cryptocurrency scene.
- Project progress. The team behind GXS regularly publish progress reports, with a v 2.0 of the GXChain whitepaper published in early January 2018. Progress reports are a good sign as it gives prospective coin buyers insight into the direction of the platform and reassurance that the coin has not been abandoned.
- Clarity of vision. At first glance it can appear as if the team behind GXChain is still attempting to formulate the real-world uses of the platform, with hypothetical phrasing in some of the team’s written copy.
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