EOS became a household name in crypto before it ever launched. The project raised a staggering $4 billion from their ICO. Being one of the most well-funded projects on the digital asset markets is an advantageous position that may enable EOS to outpace its competitors in terms of innovation and growth. The primary feature of EOS is its use of delegated proof-of-stake (DPoS), whereby 21 block producers are tasked with maintaining the EOS blockchain. Proponents of EOS believe that implementing delegated proof-of-stake as a consensus mechanism has made EOS the most scalable blockchain on the market.
Buying and selling EOS is simple on Beaxy. FIrst, create and verify an account. Fund your account with Bitcoin (BTC), and trade EOS on the EOS-BTC trading pair that is featured on the Beaxy Exchange trading platform. Complete the instructions below and you’ll get access to trade EOS in minutes!
1. Open an account on Beaxy
To open a Beaxy Exchange account, type Beaxy.com into your web browser and click register when you arrive at the website. You will be prompted to enter your account information to complete the registration process. Registering an account will give you access to the exchange platform but before you can buy, sell, trade, or withdraw your digital currency you must complete the KYC process. To do this, go to the KYC tab in the My Account section of the Beaxy trading platform. If you live in the United States you will be asked to provide a copy of your state-issued driver’s license. If you are a citizen of a country outside the United States, you will be asked to submit a copy of your passport. Your documents can be accepted and approved in as little as a few minutes.
2. Purchase Bitcoin
Once your account’s KYC status changes to “Passed”, you are now able to purchase the Bitcoin (BTC) that you will need in order to participate on the EOS-BTC trading pair. In the My Account section of the Beaxy website, click on the Buy Crypto tab and enter the amount of fiat currency that you want to spend on BTC. Ensure that you are buying enough BTC to cover the amount of EOS that you want to buy or sell. After submitting details on the Buy Crypto page you will be directed to the Simplex portal where you can add your credit card details and complete your purchase of BTC. The BTC you purchase will become available in your Beaxy account as soon as the credit card transaction is completed.
3. Exchange BTC to EOS
The final step if to submit an order for EOS tokens on the EOS-BTC trading pair on the Beaxy Exchange trading platform. Now that you have funded your account with Bitcoin (BTC), navigate to the EOS-BTC trading pair. If you want to buy EOS at the best available price, select a market order from the dropdown and enter the amount of EOS that you want to buy. If you would like to buy EOS at a price that is lower than the current price, select a limit order from the dropdown and specify: the amount of EOS you want to buy and the highest price that you are willing to pay for it.
EOS value and price
On 10th June 2020, the cost of EOS was 0.00026812 BTC, and its market cap was 2,365,476,588 dollars. It is ranked 9 amongst all cryptos with a daily volume of 1,977,569,386 dollars.
EOS advantages and disadvantages
Easy for developers
The EOS platform features a web toolkit and prebuilt functionalities that make developing on the protocol call much easier for programmers. This is attractive at the enterprise level as much fewer resources would be needed to develop and manage code on the EOS protocol.
EOS is aiming to be the fastest smart contract platform in the world. The project claims that it will add enough efficiencies to the protocol to eventually facilitate millions of transactions per second.
EOS protocol governance is designed to be overseen by the 21 block producers who manage the network. Many feel that consolidating so much power to 21 individuals or groups creates an overally-centralized form of governance for the EOS platform.
EOS is competing to be the premier smart contract platform with better scalability and speed than the rest of the field. Some feel that the level of competition amongst the smart contract platforms is too high and makes it difficult for any to succeed. In the case of EOS, they are competing with Etherum, Neo, Rchain, and many more to be the go-to platform for developing and managing smart contracts.
Best EOS wallet – how to choose
All cryptocurrencies need to be stored in a secure digital wallet. Be sure that the wallet you are creating or using are compatible with the specific cryptocurrency that you want to hold in them. When choosing a wallet, there are two different styles. A cold storage wallet and a hot wallet. To pick the right one, think about how much you want to hold in the wallet, how long you want to hold funds in the wallet, and how often you will send and receive currency to that wallet. If you plan to hold a lot of cryptocurrency in the wallet for a long time you should use a cold storage wallet as they are much more secure and have additional layers of security that will protect you from hackers. If you only wish to hold a small amount for a shorter amount of time, you can do so more conveniently by using a hot wallet.
To store your EOS in a safe and secure manner, we advise you to create your own EOS wallet. If you want to buy EOS instantly on our website you will need an EOS address. EOS tokens were originally issued as ERC20 tokens on the Ethereum blockchain. However, following the launch of the EOS mainnet in June 2018, these ERC20 tokens were exchanged for coins issued on EOS’s own blockchain as part of a token swap.
As it’s still relatively early days for the EOS mainnet, there’s currently only a limited number of wallets that support EOS. Options include mobile wallets like Infinito Wallet, the SimplEOS desktop wallet and the Scatter browser extension.
EOS can be traded via crypto to crypto swap (Bitcoin to EOS) or by connecting your bank account to Beaxy and making a purchase. Additionally, you can use your Paypal account to buy EOS with fiat.
In as little as 5 minutes, you can open, verify, and fund your new account on Beaxy Exchange. This will give you seamless access to dozens of exciting trading pairs including EOS-BTC, as well as cool and innovative features.