Bitvavo makes Conflux as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Conflux (CFX) is a blockchain designed to empower decentralized applications (dApps), e-commerce, and Web 3.0 infrastructure. Its main goals are scalability, decentralization, and security.
The platform aims to streamline the transfer of valuable assets by ensuring speed, efficiency, and low transaction costs without network congestion. Conflux achieves this through its Tree-Graph consensus mechanism, which combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms to reach consensus. The protocol supports Turing-complete smart contracts written in Solidity, similar to Ethereum.
To drive its growth, Conflux utilizes the CFX token, its native cryptocurrency. CFX provides users with financial incentives to actively participate and contribute to the network. It serves as the means to pay for transaction fees, govern the network, and rewards miners who secure the network through staking.
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 Conflux. 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 Conflux and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Conflux without any technical knowledge. Here is a brief overview of the existing wallet options to store your Conflux:
Hosted wallets are wallets where the private keys to your Conflux 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 Conflux 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 Conflux. 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 Conflux, and if malicious parties have access to your device, your private keys (and therefore your Conflux) can be stolen.
A hardware wallet is a physical device on which you can store your Conflux offline. It is one of the safest ways to store your Conflux, 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 Conflux is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Conflux. Once you have purchased Conflux on Bitvavo, you can choose to send your Conflux from your Bitvavo wallet to your own software or hardware wallet.