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Look for an exchange that supports both fiat and cryptocurrency to simplify buying Tezos.
Tezos is not only a platform for smart contracts and decentralised applications (dapps), it’s also the world’s first self-evolving blockchain. In the short history of cryptocurrencies, there have been numerous examples of currencies being forced to fork their network into two different blockchains in order to upgrade. Perhaps the most notable example of this was the DAO hack that saw Ethereum and Ethereum Classic go their separate ways. Forks often divide the community behind a cryptocurrency and can cause significant network disruptions. Tezos’ unique solution is a process that enables its protocol to be continuously upgraded through on-chain governance. The aim behind this is for the network to constantly evolve and upgrade over time, rather than undergoing radical changes that require a hard fork. All stakeholders can participate in governing the Tezos protocol by voting on proposed changes and upgrades.
Tezos (XTZ) is the 47th largest cryptocurrency in the world by market cap, valued at $2,722,857,093. The current price of Tezos is $3.27, which is -0.036% lower than yesterday. Prices have ranged between $3.39 and $3.2 over the past 24 hours. All prices are listed in US dollars and accurate as of June 16, 2021 12:06 UTC.
|All time high date||December 07, 2018|
You can cash out your XTZ with the same exchange you bought it through:
It’s currently not possible to buy Tezos directly with Australian dollars. If you want to buy any XTZ tokens, you first need to acquire a currency listed in an XTZ trading pair, such as bitcoin (BTC) or Tether (USDT), and then exchange it for XTZ.
For the purposes of this example, we’ll look at how you can buy Tezos with bitcoin.
If you want to sell your Tezos tokens, you can do so by following a fairly similar process to that described in Step 4. The obvious difference is that you need to make sure to type in your transaction details under the “Sell XTZ” heading.
In addition, because Tezos is only listed in a limited range of trading pairs, you may not be able to make a direct exchange for the currency you want.
Rather than storing your tokens on exchanges, which are regularly the target of hacking attempts, it’s widely recommended that you transfer any tokens you buy into a private wallet.
There is currently no official Tezos wallet. Unfortunately, there isn’t a great deal of choice when choosing a Tezos wallet either, though an increasing number of products are becoming available. Options you might like to consider include:
Tezos is not only a platform for smart contracts and decentralised applications (dapps), it’s also the world’s first self-evolving blockchain.
In the short history of cryptocurrencies, there have been numerous examples of currencies being forced to fork their network into two different blockchains in order to upgrade. Perhaps the most notable example of this was the DAO hack that saw Ethereum and Ethereum Classic go their separate ways. Forks often divide the community behind a cryptocurrency and can cause significant network disruptions.
Tezos’ unique solution is a process that enables its protocol to be continuously upgraded through on-chain governance. The aim behind this is for the network to constantly evolve and upgrade over time, rather than undergoing radical changes that require a hard fork. All stakeholders can participate in governing the Tezos protocol by voting on proposed changes and upgrades.
Tezos also has its own smart contract programming language, Michelson, and uses a delegated proof-of-stake algorithm to achieve network consensus. Rather than staking, Tezos uses a process known as “baking”. Bakers are required to provide a security deposit to participate in the consensus process, and they validate all transactions and add them to the blockchain.
In July 2017, the Tezos team wrapped up a successful Initial Coin Offering (ICO) that raised US$232 million worth of bitcoin and Ethereum, making it one of the world’s largest ever ICOs. It was a promising start for this ambitious blockchain platform, but since then Tezos has been mired in controversy.
The project is headed by husband-and-wife duo Arthur and Kathleen Breitman. In April 2018, the United States’ Financial Industry Regulatory Authority (FINRA) fined Arthur Breitman $20,000 and suspended him from associating with broker-dealers for up to two years after he allegedly began developing and pitching Tezos while still working for Morgan Stanley.
However, the project has also been rocked by a significant legal dispute between the Breitmans and Johann Gevers, the former president of the Swiss-based Tezos Foundation, and a series of lawsuits launched by ICO participants. One class action lawsuit that claims the company violated US securities laws during the ICO is still set to go ahead.
As a result of all this drama, the launch of the Tezos network was significantly delayed. ICO participants didn’t even get access to the tokens they had purchased for almost a year, and once tokens were distributed many holders decided to sell straight away.
Cryptocurrencies are complicated and volatile assets, and buying any digital coin or token comes with a high level of risk attached. With this in mind, it’s essential that you research and understand the many factors that can potentially impact the price movements of any cryptocurrency before you buy.
If you’re thinking of buying any XTZ, make sure you consider the following:
Tezos is a controversial project but one that nonetheless has plenty of unique and interesting features. Make sure you consider all the factors listed above and any other risks before deciding whether or not you should buy XTZ.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA, POWR and XLM.[/fin_hide]
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