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How to Buy Avalanche (AVAX) in 3 Simple Steps

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Avalanche (AVAX)
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Author: Alice Leetham Updated: January 26, 2022

Launched in 2020, Avalanche bills itself as the fastest blockchain for decentralised apps (dApps). The chain’s native cryptocurrency, AVAX, is important for staking and paying fees and is seen by many as a direct rival to Ethereum (ETH). 

This guide will take you through how to buy AVAX yourself, as well as everything you need to know about the project.

3 Steps to Buy Avalanche

1. Choose a broker or exchange

Selecting a platform will be the first stage of your journey to buy Avalanche. We’ve compared a few of the best later in this guide, but before making a decision, you will want to consider aspects such as what fees it charges and how easy it is to use. Here's our recommended platform to get started.

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2. Create and fund your account 

Next, you will need to create an account. This will mean providing personal information and, for regulated platforms, will likely involve verifying your identity with a photo ID and proof of address. Once that is done, you can fund your account with any accepted payment method.

3. Buy Avalanche

You are now ready to make your Avalanche purchase. Look for AVAX on your platform and select an AVAX trading pair that contains the currency already in your account. You can buy AVAX instantly by creating a market order, or purchase it when it reaches a certain price with a limit order.

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What Is Avalanche?

Avalanche is a smart contract platform designed for the creation of decentralised applications (dApps). The project aims to solve a problem known as the blockchain trilemma—namely that a blockchain can’t be decentralised, scalable, and secure at the same time. Avalanche claims to have achieved all three, with a secure network of thousands of nodes that can process more than 4,500 transactions per second.

This is possible thanks to a unique blockchain architecture and a Proof of Stake (PoS) consensus mechanism that makes Avalanche highly efficient and eco-friendly. At the heart of the PoS system is the native AVAX token, which is also used as a means of value exchange and for paying network fees. 

The ecosystem of dApps on Avalanche is constantly evolving and growing. It already includes decentralised finance (DeFi) applications such as decentralised exchanges (DEXs) and lending protocols, assets and applications launched by governments and institutions, and non-fungible tokens (NFTs) in the form of art and digital collectibles.

Ways to Invest in Avalanche

People often purchase AVAX with different intentions. Some may want to sell it for a small profit as quickly as possible, while others might want to hold onto it for the long term. Both of these are valid options and it is simply a matter of preference which you choose.

Buy and hold Avalanche

Avalanche is fast becoming a popular asset for long-term investors. Retail and institutional investors alike often buy and hold the native tokens of programmable blockchains and Avalanche has proved itself a worthy contender in this field. A long-term investment is an easy strategy to follow and, with the right asset, can lead to significant returns over time.

It’s also possible to generate even more returns while holding AVAX. Holders can stake their tokens to help secure the network and be rewarded with interest in the form of more AVAX.

Best Avalanche wallets

Those who buy and hold AVAX may prefer to transfer their tokens to a private wallet. This ensures that the holder is the only person capable of accessing the wallet, and security is especially important when a significant amount of AVAX is being stored for the long term. The proprietary Avalanche Wallet is a popular choice.

Private wallets may be software or hardware. Software wallets are free, easier to use, and often preferred by those who want to move or check on their funds regularly. Meanwhile, hardware wallets provide the strongest security available, though they are more complicated and often expensive. Popular hardware wallets include Trezor, KeepKey, and Ledger.

Trade Avalanche

As with most cryptocurrencies, AVAX is a volatile asset, which means it is also possible to take advantage of short-term price fluctuations to generate more frequent returns. Traders are able to speculate on AVAX price without even owning the asset through derivative products such as futures, options, and contracts for difference (CFDs).

People who do so don’t require a wallet as they don’t actually hold any AVAX tokens. Short-term investors who do hold AVAX may also not want to set up a private wallet as the web wallet provided by their exchange or broker is often more convenient than regularly transferring tokens between a private wallet and their platform.

Should I Buy Avalanche Now?

This is something each investor will have to decide for themselves but information about Avalanche’s fundamentals and its future prospects should help inform that decision. There is a scarce supply of AVAX, which is encouraging for investors as it may prove to be a strong store of value, while the ability to earn staking rewards also drives demand for this coin.

While Ethereum is still the most popular smart contract blockchain, many people like to invest in its rivals as well to hedge against any potential issues with Ethereum. The cheap, fast, and high-throughput nature of Avalanche make it a popular diversifier, while its efficiency also makes it attractive to investors with environmental concerns.

In fact, Ethereum dApps can easily be deployed on Avalanche—and many have been already. This, along with the development of bridges to other networks, has created a vibrant and interoperable Avalanche ecosystem.

In some respects, Avalanche is already ahead of the competition, and continued growth and development could see AVAX establish itself as one of the strongest investments in the blockchain space.

Frequently Asked Questions

  1. Go to the Avalanche Wallet website and select Create New Wallet. Click Generate Key Phrase and you will be given a list of 24 words. It is important that you store these words in order in a safe location as anyone with your key phrase can access your wallet and if you forget your password, the key phrase is the only way to restore your wallet. There is no way to recover a lost key phrase, though. Tick the box to confirm that you have written down your key phrase in a secure location and click Access Wallet. You will then be prompted to fill in some words of your key phrase to verify that you have saved it. Click Verify and you can now access your new wallet.
  2. If you hold at least 25 AVAX, you can click Add Delegator in the Earn section of the Avalanche Wallet. Once you have chosen which validator to delegate your tokens to, they will be staked and you will begin earning staking rewards in the form of AVAX. You may have to transfer your tokens to Avalanche’s P-Chain first, which can be done by clicking Transfer under Cross Chain Transfer on the same page. Many other wallets and exchanges will also let you stake your AVAX—just click Stake next to the asset and follow any on-screen instructions.
  3. The unique architecture that enables Avalanche to solve the blockchain trilemma consists of three separate blockchains with different purposes. The Exchange Chain (X-Chain) is where assets are created and exchanged—including AVAX. The Platform Chain (P-Chain) enables the creation of custom blockchains and is how staking rewards and cross-chain transfers are received. The Contract Chain (C-Chain) facilitates the creation of smart contracts and interaction with the Ethereum Virtual Machine (EVM).
  4. The AB enables the transfer of ERC-20 tokens created on Ethereum between Ethereum and Avalanche. In the future, it will also support the transfer of tokens created on Avalanche to Ethereum.
  5. Wrapped AVAX, or WAVAX, is a “wrapped” version of AVAX that conforms to the ERC-20 token standard. This means that it can be used on Ethereum in any application that supports ERC-20 tokens. It can also be converted 1:1 to AVAX and vice versa at any time.

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