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How to Buy Avalanche Online in 2024
Avalanche is a smart contract platform designed to create custom blockchain networks and decentralized cryptocurrency applications.
This guide will help you gain an understanding of Avalanche and how you can buy AVAX tokens online in 2024.
What Is Avalanche?
Avalanche (AVAX) is a platform for creating decentralized applications (dApps) and custom blockchain networks. The project aims to challenge Ethereum as a smart alternative. It promises greater scalability than Ethereum with a high transaction throughput of 4,500 transactions per second. It also promises greater customizability and interoperability, which is believed to make it stand out in the market of Ethereum competitors.
Avalanche is one of the newest cryptocurrencies in circulation. It was created by Ava Labs, led by Cornell researcher, Emin Gün Sirer. Prior to its release in 2020, it had been in the works for over a year, funded by investment firms such as Andreesen Horowitz and Polychain Capital. During its release in 2020, it raised over $42 million in under 4.5 hours through the launch of its AVAX token to the public. This huge launch was promoted by the Avalanche’s goal to outperform ETH2.0 in terms of throughput and latency. However, we have not yet seen if Avalanche will become a long-term threat to Ethereum.
In 2021-2022, Avalanche is in the process of developing its own ecosystem. It gained traction in DeFi applications and several Ethereum-based DeFi projects have integrated with the platform. These include TrueUSD, Reef and SushiSwap. Avalanche is also in the process of developing a bridge to the Ethereum network, which would allow users to transfer assets between the two chains.
As of August 2021, the market cap of AVAX is $2,887,328,666. There are 173 million tokens in circulation, out of a maximum of 720 million. The fully diluted market cap is estimated to be $11,967,301,360.
The current price of one AVAX token is $17.467 and is estimated to reach $113.6 by 2026. This means that after holding AVAX for 5 years, investors can expect to see an ROI of 550.55%. A huge ROI for long-term holders.
- In the short term Avalanche has been around, it has already demonstrated sub-second transaction times. It can process around 6,500 transactions per second, putting it at the same level as VISA and PayPal.
- Avalanche is also significantly cheaper to use. Gas fees are more affordable than Ethereum with fees on transactions, creating blockchains and staking. All of the fees are then burned.
- The only obvious downside to Avalanche is that it has not yet passed the test of time. Although its first year has been promising, it has not yet proven itself to be a real competitor to Ethereum. As a result, it could be seen as a risky investment.
How Does Avalanche Work?
Avalanche is built using multiple blockchains. It achieves a high throughput of around 6500 transactions every second using a novel proof of stake consensus mechanism. This mechanism combines the advantages of Nakamoto consensus, scalability, decentralization, and robustness with Classical consensus, speed, energy efficiency, and quick finality, to create its own unique consensus.
Sirer believes that Avalanche is a whole new family of systems. By combining the best of Satoshi with the best of classical, he believes that Avalanche is completely unique compared to any other crypto available.
Each chain in the Avalanche system is a separate virtual machine that can support multiple custom virtual machines. This allows chains to use case-specific functionality.
Each virtual machine is deployed on a custom blockchain network, also known as a subnet, which helps ensure validators remain honest throughout transactions.
This makes Avalanche a platform of platforms, using thousands of subnets to create a single network.
Now that you know what Avalanche is and how it works, you can use one of the brokers above to buy Avalanche. However, if you’re still unsure about how to get started, continue reading!
How to Buy Avalanche Online
It is really easy to buy Avalanche, just like buying any cryptocurrency. Here’s a step-by-step guide on how to buy Avalanche online:
Step 1: Sign Up for an Exchange
If you want to buy Avalanche tokens, start by signing up for an exchange that supports them. The current exchanges are Binance, Huobi, and OKEx.
Step 2: Log in to Your Account
Create (or log in) to your account, fill out all relevant information and make sure your account is funded. If you’re signing up for the first time, your account may take up to 24 hours to be validated.
Step 3: Confirm Your Purchase
Once your account is funded (only USD, EUR, and KRW fiat currencies are accepted), search for AVAX and enter the number of tokens you want to purchase. Confirm your purchase and your tokens will appear on your account.
How to Trade Avalanche
If you no longer want to hold your AVAX currency, you can trade it for another cryptocurrency or sell it for fiat currency. If you want to sell your tokens, you can do so on the exchange where you purchased them.
Simply place a sell order and complete. You can sell in 3 different fiat currencies (USD, EUR, KRW) and 6 cryptocurrencies.
The 4 most popular cryptocurrencies to trade in are USDT, BTC, BUSD, and ETH. These can be traded on Binance, Kucoin, and 7b. To trade, make sure you have AXAX in your wallet.
Select the crypto asset you want to trade with and how many tokens you’d like to buy. Select the ‘Buy’ button and check your balance to make sure the trade has gone through.
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