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The Waves (WAVES) token is the official currency of the Waves platform, an initiative which hopes to open up blockchain technology to the masses. The Waves platform aims to bridge the gap between traditional and blockchain-based financial systems, facilitating the trading of national currencies and precious metals such as gold and silver on the blockchain. It also hopes to open up the blockchain to crowdfunding efforts, among other applications.
Transaction fees on the Waves platform are paid using a wide variety of cryptocurrencies as well as the WAVES token, which is available for trading on several exchanges.
To learn more about where to buy WAVES, how it works and things you should know before buying, keep reading our step-by-step guide.
This is our quick guide to just one way to buy WAVES. Compare some other options in the table below.
You can buy and trade WAVES on the Waves platform’s own Waves Decentralized Exchange and several other cryptocurrency exchanges, including the following:
To buy WAVES on an exchange, you can follow the example below.
Select a cryptocurrency exchange that lists WAVES.
To sign up for an account on an exchange, you might have to provide your email address and a password. You might also have to enable two-factor authentication, which is often mandatory. Two-factor authentication is recommended as it provides better protection for your coins.
You might be required to verify your account by submitting additional documents when using some exchanges. For example, you might sign up at CoinSpot, an Australia-based exchange. You would need to create an account at CoinSpot and verify your account to use it.
While some exchanges accept deposits in fiat currency such as AUD, some of the above do not. The steps for depositing funds into your account varies between exchanges. When depositing fiat currency, this typically involves using the exchange’s “Deposit” feature, where you can choose the currency, payment method and amount to deposit.
CoinSpot accepts AUD and lists WAVES. To make a deposit into CoinSpot, you would log in and click “Deposit AUD” from your dashboard and receive further instructions. Alternatively, you can make a cash deposit to Coinspot at a newsagency via blueshyft.
However, if you choose to buy WAVES from an exchange which doesn’t accept fiat deposits, this involves an extra step. You would first open an account at an exchange which accepts fiat deposits. You would use your fiat currency to acquire a cryptocurrency which can be paired with WAVES, such as bitcoin (BTC) or Ether (ETH). Next, you would transfer this to the exchange which lists WAVES.
Learn how to get started with buying cryptocurrency such as BTC with AUD.
You should wait for your account to reflect the deposited amount before you buy WAVES. Again, the steps for buying WAVES may vary slightly between exchanges. The normal process involves navigating to the trading page, selecting the appropriate trading pair (such as WAVES/BTC if you are exchanging BTC for WAVES), specifying the type, size and price of your order, and lastly clicking the “Buy” button.
The steps for selling WAVES often vary slightly from the buying process. In most cases, selling involves entering the trading pair on the exchange’s trading page, specifying the type, size and price, then clicking a “Sell” instead of a “Buy” button.
The Waves platform makes it easy to trade WAVES through its official in-browser and desktop wallets. The WAVES desktop wallet is available on Windows, Mac OS and Linux. Android and iOS wallets are available as well from Google Play and iTunes.
If you're curious about cryptocurrency wallets, read our ultimate guide.
The brainchild of an experienced group of blockchain developers from Russia, the Waves platform aims to facilitate the direct trading of cryptocurrencies with fiat currencies to become the preferred platform for companies looking to leverage blockchain technology. Companies and users need the WAVES token to access the products and services on the Waves platform.
To help achieve its aims, the Waves platform aims to bypass the latency problem inherent in any blockchain, including its own. Latency refers to the delay between when data has been instructed to be transferred and when it begins following this instruction. This has implications on the scalability of blockchains. A computer connected to the bitcoin network is referred to as a ‘node’ and full nodes are programs which fully validate transactions before passing them onto another node (often another full node). During this validation process, data is instructed to be transferred and the latency problem arises.
In response to the latency problem and contrary to the full node system the bitcoin network favours, the Waves platform has designed a two-tier architecture. This divides the platform’s users into lightweight nodes and full nodes. The former lets the latter handle payment verification and other transactions that they can’t otherwise handle. Because of the increased balance from lightweight nodes, full nodes enjoy a higher stake in the Waves platform. On the other hand, lightweight nodes still get a chance to collect transaction fees from the platform.
With this innovative two-tier architecture, the Waves platform aims to process blockchain-based transactions at a much faster and cheaper rate compared to other platforms.
As of July 2018, after 53 beta tests, the Waves Client and its decentralised exchange have been officially launched. The new exchange features a redesigned interface, new APIs and enhanced stability, and at time of writing was boasting high liquidity (by decentralised exchange standards). Other new features include night mode and the introduction of an asset manager.
To learn more about the WAVES token and the Waves platform, check out our introductory guide.
Note that there are inherent risks in cryptocurrency trading because of the speculative nature of the cryptocurrency market, which accounts for the volatility of coin prices. Before buying WAVES, consider the following factors.
Picture: Shutterstock
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