What is Tezos?
Beaxy offers different tools to simplify your XTZ-BTC trading. The innovative exchange platform makes it possible to buy Tezos, Bitcoin, Algorand, and other currencies using fiat money such as USD, EUR, GBP, and JPY. Beaxy suits beginners and experienced traders. To stay active, you can use a mobile app not to lose time and close profitable trades from anywhere.
It is easy to trade XTZ-BTC on Beaxy. First, you should buy BTC and then exchange it for BTC on the trading platform. Follow the instructions and get full access to platform options in minutes.
1. Open an account
To open an account, you must visit Beaxy.com and fill in the form with personal data. Then it is important to verify your account. Provide the required documents depending on the country of your living. The verification takes several minutes.
2. Buy BTC
The next step is to fund your deposit and enter the amount of BTC you wish on the Buy Crypto page. The transaction will be processed very quickly.
3. Convert BTC to XTZ
The final step is to exchange Bitcoin for Tezos. TZS will be sent to your wallet on Beaxy when the operation is completed.
XTZ value and price
The current Tezos price on 31 October 2022 is $1.42, with a 24-hour trading volume of $33,590,229. The market cap is $1,298,401,900.
Advantages and disadvantages of XTZ
Advantages
Affordable staking
Tezos makes it possible to delegate or stake their tokens and receive rewards in a relatively affordable way. Bakers set individual limits, but generally, there is no minimum amount of tokens that a user must delegate. Users who delegate their tokens receive payments every 7 cycles or 20 days. Nearly 76% of all XTZ is staked.
Community governance
Liquid proof of stake gives the majority of the participants a chance to influence the network. Anyone can participate in governance, and decisions are based on consensus among the community. There is no central authority or leader, and everyone is equal. The community decides on changes to the protocol through a voting process. Proposals are first submitted as “ideas.” If the community decides a suggestion is worth considering, it is formalized as a “proposal.” The community then votes. If a proposal receives enough support, it is implemented.
Verifiable smart contracts
Tezos’ verifiable smart contracts are based on a formal verification methodology, which allows automatic verification of the correctness of the contract code. This is a significant improvement over existing smart contract platforms, which typically only offer limited security guarantees.
Formal verification is a mathematically rigorous approach to software testing that is commonly used in mission-critical applications such as aerospace and defense. Using formal verification, Tezos provides the highest level of security for its smart contracts.
In addition to offering verifiable smart contracts, Tezos also supports a wide range of other features that make it an attractive platform for developers. These include a self-amending blockchain, which allows you to upgrade the protocol without the need for hard forks, and a built-in programming language to create smart contracts easily.
Education initiatives
The Tezos Foundation has partnered with several universities and educational institutions around the world to promote the use of the Tezos protocol in education-related applications. In 2019, the Tezos Foundation launched the Tezos Academic Consortium, a network of universities and research institutions that are working on projects related to the Tezos protocol. It has also launched several grants and initiatives to support the development of educational applications on the Tezos protocol.
The Tezos Foundation is working on a project to create a decentralized online marketplace for educational resources. The marketplace will allow educators to sell and share educational resources with students, such as course materials, lectures, and exercises.
Disadvantages
Insurance delays
The primary pitfall associated with Tezos is a delay in token issuance, causing users to miss out on their rewards without being informed.
Low popularity
Due to the delay in token issuance and lack of commercial support, Tezos has dealt with lawsuits that act as a barrier to its popularity. Tezos is still considered an immature platform.
Best XTZ wallet: How to choose
XTZ coins can be stored in many ways. Unfortunately, Tezos Foundation does not have an official Tezos wallet, so you should choose between other variants: hardware, paper, or web wallets. Choosing among one that has undergone at least one independent external security audit is better. Make sure you can control your private keys.
Hardware wallets look like USB devices and contain your private key securing them in a closed environment, not connected to the Internet. A web wallet is an online wallet. In this case, if you choose the fake one that belongs to a fraudster, your Tez are gone. Also, wallets differ in fee rates and options. The choice depends on your needs and purposes.
Storage
On the official Tezos website, you can find a list of the most trusted wallets to store XTZ. The most frequently used ones are Kukai, Temple, Umami, Airgap. If you prefer hardware wallets, you can choose between Ledger or Trezor. It is better to select Atomex, Guarda, Spire, ZenGo, or Trust Wallet among software wallets. These Tezos wallets are safe and provide plenty of features allowing XTZ holders to send, receive, stake, and exchange coins directly from the wallet.
Conclusion
Beaxy is an innovative crypto exchange platform aimed at providing advanced services. With Beaxy, trading becomes easy, secure, and convenient. Open an account and access various options and currency pairs, including XTZ-BTC. Focus on your strategy, and Beaxy will take care of technical opportunities.