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Frequently Asked Questions
Bitvavo makes SKALE Network 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 SKALE Network?
The SKALE Network is a security and execution layer that connects with the Ethereum network and aims to let developers build their projects faster and with better performance. The network is an elastic and decentralized blockchain network that aims to support thousands of independent blockchains, sidechains, storage chains, and other types of subchains – all tied to the Ethereum public mainnet and fully compatible with the entire Ethereum ecosystem. The SKALE Network token ($SKL), is a hybrid use token which represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources by deploying and renting an Elastic Sidechain or Elastic Blockchain for a period of time as a developer.
How to buy SKALE Network?
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 SKALE Network. 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 SKALE Network?
Storing SKALE Network and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store SKALE Network without any technical knowledge. Here is a brief overview of the existing wallet options to store your SKALE Network:
Hosted wallets are wallets where the private keys to your SKALE Network 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 SKALE Network 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 SKALE Network. 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 SKALE Network, and if malicious parties have access to your device, your private keys (and therefore your SKALE Network) can be stolen.
A hardware wallet is a physical device on which you can store your SKALE Network offline. It is one of the safest ways to store your SKALE Network, 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 SKALE Network is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive SKALE Network. Once you have purchased SKALE Network on Bitvavo, you can choose to send your SKALE Network 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.