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Frequently Asked Questions
Bitvavo makes Band Protocol as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is Band Protocol?
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Essentially, Band Protocol is an oracle, an intermidary between traditional data sources (such as the internet) and blockchains. It incentivizes users to provide and validate data later being used to settle smart contracts that depend on external events, such as the weather, sports, cryptocurrency prices, and other data.
How to buy Band Protocol?
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 Band Protocol. 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.
How to store Band Protocol?
Storing Band Protocol and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Band Protocol without any technical knowledge. Here is a brief overview of the existing wallet options to store your Band Protocol:
Hosted wallets are wallets where the private keys to your Band Protocol 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 Band Protocol 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 Band Protocol. 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 Band Protocol, and if malicious parties have access to your device, your private keys (and therefore your Band Protocol) can be stolen.
A hardware wallet is a physical device on which you can store your Band Protocol offline. It is one of the safest ways to store your Band Protocol, 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 Band Protocol is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Band Protocol. Once you have purchased Band Protocol on Bitvavo, you can choose to send your Band Protocol from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.