Tezos had a record-breaking ICO where the project was able to sell $232 million worth of tokens. The currency officially launched in 2018 with an aim to establish a digital commonwealth. A commonwealth is a group of people that decide to work with each other for shared interests and goals. The primary objective of the blockchain is to encourage token owners to work in collaboration for the improvement of the currency’s protocol.
History of Tezos
Tezos Foundation aims to focus on research, education, and content hosted on its platform. There is a multitude of institutions that are involved in the project for its research and educational endeavors including Cryptium Labs, France-IOI, Cornell University, and INRIA. The blockchain was developed by Arthur Breitman along with his wife Kathleen Breitman.
Benefits of Tezos
Due to an advanced and innovative blockchain, Tezos offers automated and decentralized upgrades and it’s the only cryptocurrency to be able to do so. The developers behind the project include some of the most renowned names which has also led to higher level of trust in investors. The proof of stake system ensures there’s robust security for the system. Moreover, overall platform is highly scalable as it is dependent on smart contracts and can be used for any type of business.
How to Buy Tezos
Step 1 – Choose Your Tezos Exchange
Being a recent entrant, Tezos isn’t currently available on a large number of exchanges. That’s why you have limited options, but these are the ones you can trust. If you’re just looking to trade, then eToro is a decent option that accepts a multitude of payment modes including bank cards. If you want to purchase and hold the XTZ coins, then you can choose between Kraken, CEX.io and Coinbase.
Before making your decision, take a look at the payment methods offered by these exchanges, their withdrawal and transaction fees, and overall reliability.
Step 2 – Pick Your Tezos Wallet
It’s never a smart idea to store your cryptocurrency on the exchange wallet which can experience outages and are a primary target of hackers. That’s why you need a Tezos wallet to store your XTZ coins. Currently, there’s no official wallet but with time, offerings are increasing. In web wallets, you can get TezBox or Kukai and if you are looking for a desktop wallet, you can go for Galleon Tezos Wallet. If you want something for your mobile then tezos.blue is a good alternative.
But the most secure option is always a cold or hardware wallet. Obsidian Solutions released a Tezos Wallet application in 2018 so you can use Ledger Nano S for storing your XTZ coins.
Step 3 – Take Precautionary Measures
Before buying any cryptocurrency, follow some of the critical safety rules to keep your digital assets safe including the following:
• Make your crypto exchange account secure with a strong password and use a distinct email address for crypto trading
• Scan all your digital devices with antivirus software and secure them with a firewall. Do not access your cryptocurrency on a PC or a mobile that is unsecure
• Secure your email address with a strong password that includes upper and lower case letters as well as special characters and ensure it’s not identical to the one you’re using for the exchange
• Always use two-factor authentication to add another security layer
Step 4 – Purchase XTZ/Tezos Coins
If you have chosen your wallet, exchange, and followed the precautionary measures, you are ready to buy XTZ. Log into your exchange and go to the marketplace where you can enter the amount of XTZ coins you want to buy. Click the buy button and your crypto exchange will find the best price for you. Tezos coins will be sent to your account.
Step 5 – Withdraw XTZ Coins and Store in Your Wallet
Once the XTZ coins are in your exchange’s wallet, transfer them to your desktop or hardware wallet to ensure they remain secure and accessible at all times.