A beginner’s guide to buying, selling and trading WAVES in India.
The Waves (WAVES) token is the official currency of the Waves platform, an initiative which hopes to open up blockchain technology to the masses. The Waves platform aims to bridge the gap between traditional and blockchain-based financial systems, facilitating the trading of national currencies and precious metals such as gold and silver on the blockchain. It also hopes to open up the blockchain to crowdfunding efforts, among other applications.
Transaction fees on the Waves platform are paid using a wide variety of cryptocurrencies as well as the WAVES token, which is available for trading on several exchanges.
To learn more about where to buy WAVES, how it works and things you should know before buying, keep reading our step-by-step guide.
Where to buy WAVES
You can buy and trade WAVES on the Waves platform’s own Waves Decentralized Exchange and several other cryptocurrency exchanges, including the following:
A step-by-step guide to buying WAVES
To buy WAVES on an exchange, you can follow the example below.
Step 1. Create an account on a cryptocurrency exchange that allows trading with WAVES
Select a cryptocurrency exchange that lists WAVES.
To sign up for an account on an exchange, you might have to provide your email address and a password. You might also have to enable two-factor authentication, which is often mandatory. Two-factor authentication is recommended as it provides better protection for your coins.
You might be required to verify your account by submitting additional documents when using some exchanges.
Step 2. Deposit funds into your account
While some exchanges accept deposits in fiat currency such as INR, some of the above do not. The steps for depositing funds into your account varies between exchanges. When depositing fiat currency, this typically involves using the exchange’s “Deposit” feature, where you can choose the currency, payment method and amount to deposit.
However, if you choose to buy WAVES from an exchange which doesn’t accept fiat deposits, this involves an extra step. You would first open an account at an exchange which accepts fiat deposits. You would use your fiat currency to acquire a cryptocurrency which can be paired with WAVES, such as bitcoin (BTC) or Ether (ETH). Next, you would transfer this to the exchange which lists WAVES.
Step 3. Buying WAVES
You should wait for your account to reflect the deposited amount before you buy WAVES. Again, the steps for buying WAVES may vary slightly between exchanges. The normal process involves navigating to the trading page, selecting the appropriate trading pair (such as WAVES/BTC if you are exchanging BTC for WAVES), specifying the type, size and price of your order, and lastly clicking the “Buy” button.
How to sell WAVES
The steps for selling WAVES often vary slightly from the buying process. In most cases, selling involves entering the trading pair on the exchange’s trading page, specifying the type, size and price, then clicking a “Sell” instead of a “Buy” button.
Which wallets can I use to hold WAVES?
The Waves platform makes it easy to trade WAVES through its official in-browser and desktop wallets. The WAVES desktop wallet is available on Windows, Mac OS and Linux. Android and iOS wallets are available as well from Google Play and iTunes.
How the Waves platform works
The brainchild of an experienced group of blockchain developers from Russia, the Waves platform aims to facilitate the direct trading of cryptocurrencies with fiat currencies to become the preferred platform for companies looking to leverage blockchain technology. Companies and users need the WAVES token to access the products and services on the Waves platform.
To help achieve its aims, the Waves platform aims to bypass the latency problem inherent in any blockchain, including its own. Latency refers to the delay between when data has been instructed to be transferred and when it begins following this instruction. This has implications on the scalability of blockchains. A computer connected to the bitcoin network is referred to as a ‘node’ and full nodes are programs which fully validate transactions before passing them onto another node (often another full node). During this validation process, data is instructed to be transferred and the latency problem arises.
In response to the latency problem and contrary to the full node system the bitcoin network favours, the Waves platform has designed a two-tier architecture. This divides the platform’s users into lightweight nodes and full nodes. The former lets the latter handle payment verification and other transactions that they can’t otherwise handle. Because of the increased balance from lightweight nodes, full nodes enjoy a higher stake in the Waves platform. On the other hand, lightweight nodes still get a chance to collect transaction fees from the platform.
With this innovative two-tier architecture, the Waves platform aims to process blockchain-based transactions at a much faster and cheaper rate compared to other platforms.
What to consider when buying WAVES
Note that there are inherent risks in cryptocurrency trading because of the speculative nature of the cryptocurrency market, which accounts for the volatility of coin prices. Before buying WAVES, consider the following factors.
- Supply. According to the Waves platform, WAVES has a total supply of 100,000,000.
- Use. You will need the WAVES token if you plan on using the Waves platform. In addition, you should analyse the chances of the applications and tokens on the Waves platform becoming popular. There might be an increase in the demand for WAVES as more users and companies join the platform. News about applications and token releases on the Waves platform are disseminated through the Waves Community website.
- The goals of the Waves platform. The company behind WAVES hopes to attract companies looking to harness the blockchain for their own purposes, for example, crowdfunding and loyalty programs. Using the Waves wallet and their supply of WAVES tokens, companies can take advantage of the Waves DEX to exchange, release and mine their own tokens. The Waves platform intends to make the blockchain accessible to everyone and remove any hindrances to the development of blockchain applications of any kind.
- Performance. You can study pattern behind the rise and fall of WAVES prices before you decide to purchase the token. However, you should take note that you may not be able to accurately predict future performance based on past performance.
- New developments and partnerships. You should closely monitor developments on the Waves platform. You should also consider recent partnerships as well as continuing improvements to the technology. For instance, the Waves platform and Deloitte CIS formed a strategic partnership in July 2017 which aimed to provide ICO services and blockchain solutions for businesses. The Waves platform also powers transactions in RewardMob’s Mobile eSports platform. Additionally, the Waves platform is also integrated with Microsoft Azure Blockchain as a Service cloud (BaaS).
- Roadmap. You can also consider if the platform has successfully adhered to the schedule outlined in the Waves platform roadmap.
- Market competition. The Waves platform’s closest competitor is Komodo, formerly SuperNet, the team behind the decentralised exchange known as BarterDex. Waves developers acknowledge that their platform owes much to the technology that Komodo pioneered.
Frequently asked questions