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Frequently Asked Questions
Bitvavo makes Terra Classic 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 Terra Classic?
Terra Classic is the continuation of the old Terra blockchain. For the new Terra, see Terra 2.0.
The Terra protocol is a decentralized and open-source public blockchain protocol for algorithmic stablecoins. Using a combination of open market arbitrage incentives and decentralized Oracle voting, the Terra protocol creates stablecoins that track the price of any fiat currency. Users can spend, save, trade, or exchange Terra stablecoins instantly, all on the Terra blockchain. The LUNA token provides its holders with governance power.
How to buy Terra Classic?
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 Terra Classic. 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 Terra Classic?
Storing Terra Classic and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Terra Classic without any technical knowledge. Here is a brief overview of the existing wallet options to store your Terra Classic:
Hosted wallets are wallets where the private keys to your Terra Classic 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 Terra Classic 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 Terra Classic. 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 Terra Classic, and if malicious parties have access to your device, your private keys (and therefore your Terra Classic) can be stolen.
A hardware wallet is a physical device on which you can store your Terra Classic offline. It is one of the safest ways to store your Terra Classic, 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 Terra Classic is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Terra Classic. Once you have purchased Terra Classic on Bitvavo, you can choose to send your Terra Classic 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.