Bitvavo makes Tezos as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Tezos (XTZ) raised an amount of $232 million on July 14, 2017, which was the most successful ICO at the time. This money is used to build a new decentralized blockchain where the community can decide together with each other how Tezos will be further developed. The Tezos network serves as the basis on which smart contracts, which are programmed in the form of decentralized applications (DApps), can be launched. This makes it look a lot like Ethereum.
The Tezos network can be used to transfer values. Hereby holders of Tezos tokens can send these to each other via the Tezos blockchain. Transactions carried out on the Tezos blockchain must be validated. Tezos uses Liquid Proof-of-Stake for this. This means that every Tezos token holder can voluntarily sign up to validate transactions. For each transaction, it is then randomly determined which person can validate the transaction. The validation of the transaction is offset by a fee that is paid by the people who use the Tezos blockchain. To ensure that the validating parties are fair, they must pay a deposit that can be withheld if it appears that they have not correctly validated the transactions.
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 Tezos. 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 Tezos and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Tezos without any technical knowledge. Here is a brief overview of the existing wallet options to store your Tezos:
Hosted wallets are wallets where the private keys to your Tezos 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 Tezos 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 Tezos. 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 Tezos, and if malicious parties have access to your device, your private keys (and therefore your Tezos) can be stolen.
A hardware wallet is a physical device on which you can store your Tezos offline. It is one of the safest ways to store your Tezos, 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 Tezos is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Tezos. Once you have purchased Tezos on Bitvavo, you can choose to send your Tezos from your Bitvavo wallet to your own software or hardware wallet.