In this guide you’ll get information about where to buy xDai token, if you are planning to buy STAKE – You’re in the right place!
xDai Chain was first launched in 2018 as the first stable blockchain, pegged to the American dollar. The purpose was to create private, fast, fixed-fee, and inexpensive platform with xDai as the transaction cryptocurrency. STAKE functions as the staking token (with multi-chain ability) designed to make the payment layer safe and secure. Through staking, delegators and validators are able to provide (transaction) consensus. As the reward, staking incentives (for production of block) would be rewarded for them. Be advised, though, that the staking incentives are only needed for the consensus providers – not for on-chain everyday transactions.
The platform is created on Ethereum as a framework for (smart) contracts by POA Network, which is a public side-chain with open source nature of Ethereum. It provides developers an effective and easy way to code within the Ethereum network, while increasing POA Network abilities and capabilities at the same time.
Table of Contents
xDai (STAKE) Features
- POSDAO consensus. Originally, the platform was launched as PoA (Proof of Authority), but it was later changed to POSDAO (Proof of Stake Decentralized Autonomous Organization), a type of (delegated) PoS mechanism. With this consensus, public and easy staking is made possible, along with reward expansion.
- xDai SideChains. Thanks to POSDAO consensus, there would be unlimited amount of side-chains to be governed and created. xDai as the first chain enables this mechanism, where further network’s horizontal scaling is made possible. The DAO itself can configure many side-chains variables, like bridge fees, validators numbers, block rewards, the token being used, the transaction fees, and more.
- Peer-to-peer interaction, especially for payments. Because the platform is designed to deal with scalability issue, efficient and fast stable payments are possible.
- Prediction markets. The stable prices eliminate the fluctuating fees, which encourages and allows more participation.
- Community currencies. The platform provides a solution for blockchain environment so local exchange and trade is made possible
- Enterprise and B2B (Business to Business) applications. This is a platform designed to help users, and developers especially, to construct their apps within the blockchain.
Where to Buy, Sell and Trade xDai aka STAKE
You can basically use debit card, credit card, or even PayPal to buy the xDai (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the xDai as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to xDai. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum or Bitcoin
- Find a crypto exchange that supports xDai currency and exchange your Ethereum or Bitcoin with the xDai
- Store your xDai to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase
There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.
Get $10 Bonus when you sign up for Coinbase!
- You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
- Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
- You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.
That’s the first step in buying xDai, once you get your Bitcoin or Ethereum, you can continue to the next step.
Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH with xDai:
IMPORTANT! Once you are registered to any of the above, find the BTC/STAKE or ETH/STAKE trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your xDai (STAKE) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Frequently Asked Questions (Faqs)
Can I Buy xDai (STAKE) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the xDai. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy xDai (STAKE) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy xDai (STAKE) with Skrill?
You can’t buy STAKE directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to xDai. You can buy BTC/ETH with skrill by using these exchanges::
Can I Buy xDai (STAKE) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/STAKE and begin the transactions.
Can I Buy xDai (STAKE) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/STAKE trading pair.
What Is the Best Payment Method to Buy xDai (STAKE)?
The cheapest way is to use bank account to buy Bitcoins first or to buy the xDai right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect xDai (STAKE)?
Once you have purchased the xDai, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell xDai (STAKE)?
Find a crypto exchange which allow pairing STAKE with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine xDai (STAKE) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a xDai is to buy it from a reliable exchange.
Developers should be able to make use of this platform to the greater extent. They should be able to build and develop on the platform, making use of the provided technologies to create their own financial applications and usages. However, users should also remember that crypto purchase is the only way to enter the platform. It means that interested users have to buy xDai (STAKE) to join the platform.