Bitvavo makes Nano as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Nano (NANO) is a cryptocurrency that shares the same vision as other cryptocurrencies but uses a different kind of technology, namely the block-lattice architecture. With this technology, every account has its own blockchain where transactions can be processed for free and in fractions of seconds. Nano therefore has the objective of becoming the cryptocurrency that is most suitable for consumer transactions.
The block-lattice architecture works similar to a blockchain, but with a few important differences. Firstly, each account has its own blockchain, a so-called account-chain. Only the user of such an account-chain can change their individual account-chain, allowing users to send and update blocks in their individual chain without being dependent on the network. To ensure that this works reliably, both a send transaction and a recipient transaction are required. Only when both parties have indicated that the amount is correct, a transaction is actually successful.
For example; Alice has 20 Nano and sends 5 Nano to Paul who has 10 Nano. This transaction is then checked by taking the difference of Alice's current balance, checking whether it is still positive after the transaction has been executed (20 - 5 = 15), and taking Paul's balance which has the same amount must have increased if that of Alice has decreased (15 - 10 = 20 - 15). If this is the case, the transaction is final.
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 Nano. 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 Nano and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Nano without any technical knowledge. Here is a brief overview of the existing wallet options to store your Nano:
Hosted wallets are wallets where the private keys to your Nano 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 Nano 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 Nano. 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 Nano, and if malicious parties have access to your device, your private keys (and therefore your Nano) can be stolen.
A hardware wallet is a physical device on which you can store your Nano offline. It is one of the safest ways to store your Nano, 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 Nano is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Nano. Once you have purchased Nano on Bitvavo, you can choose to send your Nano from your Bitvavo wallet to your own software or hardware wallet.