Algorand allows developers to design and build decentralized applications on its blockchain, much like Ethereum. Algorand's blockchain uses a consensus mechnism called Pure Proof of Stake, in which the next block proposer is chosen on a random and secret basis, ensuring that a user's influence is proportional to the amount staked. Algorand was created by Silvio Micali, a leading cryptographer and winner of the 2012 turing award for his contributions to the field.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Algorand. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Algorand and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Algorand without any technical knowledge. Here is a brief overview of the existing wallet options to store your Algorand:
Hosted wallets are wallets where the private keys to your Algorand are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Algorand online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Algorand. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Algorand, and if malicious parties have access to your device, your private keys (and therefore your Algorand) can be stolen.
A hardware wallet is a physical device on which you can store your Algorand offline. It is one of the safest ways to store your Algorand, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Algorand is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Algorand. Once you have purchased Algorand on Bitvavo, you can choose to send your Algorand from your Bitvavo wallet to your own software or hardware wallet.