Key Takeaways
- The process on how to buy ZIL is relatively straightforward: choose a cryptocurrency exchange, deposit your preferred currency, and purchase ZIL tokens;
- People who want to know how to buy Zilliqa may be interested in the crypto's potential, price, and market trends;
- Market volatility and regulatory changes are key factors to consider when investing in Zilliqa.
Zilliqa (ZIL) has gained traction as a promising blockchain known for its high scalability. If you're intrigued by its potential and want to add this token to your cryptocurrency portfolio, knowing how to buy Zilliqa securely is the right next step.
I'll explain the step-by-step process and provide crucial tips to maximize the potential by discussing the answer to "What is Zilliqa staking?" and listing best practices to protect your asset.
For illustration to show you steps on how to buy ZIL, I use Binance, a platform known for its user-friendliness and wide range of cryptocurrencies. It doesn't only let you buy the crypto but also offers the possibility to automate your purchase with Auto-Invest. With this feature, you can accumulate your holdings effortlessly!
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Table of Contents
How to Buy Zilliqa: A Step-by-Step Guide
Let's explore how to buy Zilliqa step-by-step, from choosing the right platform to buying and storing it securely.
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Step 1: Choose a Platform to Buy ZIL
Choosing the right platform is crucial when deciding on how to buy Zilliqa.
In my opinion, cryptocurrency exchanges are among the popular and convenient methods to buy ZIL. A reputable one ensures a secure and seamless purchasing experience by prioritizing the protection of user funds through safety measures. This includes safeguarding against hacking, theft, and unauthorized access.
It generally also has a proven track record of reliability and fair practices, showing that the platform adheres to industry standards and regulations.
Moreover, a reputable exchange typically offers high liquidity, meaning you can buy and sell ZIL quickly without major price slippage. If you plan to exchange ZIL for different cryptocurrencies or fiat currencies, the platform should also be able to accommodate that because reputable ones often provide a wider range of trading pairs.
Another positive aspect of getting this crypto on exchanges is its customer support. It can guide you on how to buy ZIL step-by-step from the guidelines, troubleshooting, and FAQ and answer your queries efficiently.
There are two primary exchange types to facilitate the process on how to buy Zilliqa: decentralized and centralized.
Decentralized Exchanges
Popular decentralized exchanges (DEXs) are Uniswap and PancakeSwap, each offering unique features and catering to different user preferences. Uniswap, for example, is often considered the pioneer in the DEX space, while PancakeSwap has gained traction on the Binance Smart Chain.
In decentralized exchanges, no single entity controls the platform, reducing counterparty risk. These also typically don’t require Know Your Customer (KYC) or Anti-Money Laundering (AML) procedures, which offer users a higher level of privacy and anonymity.
Moreover, many DEXs support many cryptocurrencies, allowing you to have access on broader options in case you want to trade ZIL with other digital assets.
However, these platforms often have lower liquidity compared to centralized exchanges (CEXs). This means if you want to buy a lot of ZIL at once, the price may go up more than if you buy on a CEX.
Many decentralized exchanges also have complex user interfaces, which can be more challenging for beginners to navigate. People new to crypto may also find DEXs intimidating because they’re responsible for safeguarding their own private keys, increasing the risk of loss.
Additionally, transaction fees on DEXs can be higher due to the nature of decentralized operations.
Centralized Exchanges
Centralized exchanges typically offer more user-friendly processes on how to buy Zilliqa because these platforms mostly have intuitive interfaces and are available on mobile devices, making them suitable for beginners. Moreover, many CEXs let you deposit and withdraw fiat currency directly.
If you plan to diversify your crypto portfolio, CEXs can be a good option because the platforms often have a variety of digital assets beyond ZIL.
Many of these platforms also offer an easy way to stake ZIL. What is Zilliqa staking? It's a process where you lock up your ZIL tokens to support the network's security in exchange for rewards. Think of it as earning interest on your cryptocurrency holdings.
Binance and KuCoin, for example, let users stake their ZIL and earn an annual percentage rate (APR) of 5%. Meaning, you can potentially earn 5% on your ZIL holdings per year by staking it on these platforms.
However, note that CEXs often require users to verify their identity, which can be time-consuming and reduce anonimity. This process generally involves submitting personal information and documents for verification. While essential for regulatory compliance, it can add extra steps before you can start buying an asset.
Ultimately, the best choice between a CEX and DEX depends on individual preferences, risk tolerance, and trading experience.
Pro tip: for those prioritizing ease of use and access to fiat currency, a CEX might be more suitable. However, for users seeking greater control over their funds and privacy, a DEX could be a better option. It's also possible to use both types of exchanges for different purposes.
Step 2: Create an Account
For illustration, I use Binance because this platform provides a user-friendly interface and supports many cryptocurrencies, including ZIL. It’s available on mobile phones which is very convenient to monitor my assets on the go.
The first step on how to buy Zilliqa on Binance is to log in if you already have an account. If you haven't set one up yet, sign up by visiting Binance and clicking the "Sign Up" button. After that, enter your email address or phone number. Alternatively, continue with your Google account or Apple ID.
Then, complete the KYC verification process. This involves submitting some personal information like address and proof of identification (usually a government-issued ID) and documents for identity verification. You may wait for several business days or even minutes to receive verification, depending on your location and profile completion.
Step 3: Buy Zilliqa
On Binance, the registration is free, but you need to make a deposit to start buying ZIL. This deposit can be made using various payment methods, including credit/debit cards, bank transfers, or even other cryptocurrencies.
Binance also has peer-to-peer (P2P) trading that allows users to buy and sell crypto directly with other users, potentially offering more flexible payment options and prices.
This feature can be especially beneficial for users in regions with limited access to traditional banking services, as it supports various local payment methods and often provides better rates by removing intermediary fees. Additionally, Binance's P2P feature includes an escrow service to ensure secure transactions, protecting both buyers and sellers from potential fraud.
Once your deposit is confirmed, you can proceed to purchase ZIL by navigating to the "Buy Crypto" page. Enter a certain amount in fiat currency or a percentage of your Spot Wallet balance for the order. Finally, confirm the purchase to complete the transaction.
An alternative way on how to buy ZIL is by using your regular money directly without needing to transfer funds first. This makes purchasing the cryptocurrency quick and easy using your preferred payment method or whatever is available based on your location.
Navigate to the "Buy Crypto" section on the website and find a box where you select the currency you want to spend (e.g., USD, EUR, and GBP). Input the amount you want to convert and choose ZIL as the cryptocurrency to purchase.
The tool automatically converts the currency to Zilliqa, so you can see the equivalent amount of ZIL you get. It also tells you the minimum purchase amount to buy the crypto – there’s red text if the amount you entered is below the requirement.
You can pay with debit/credit cards, Google Pay, and Apple Pay, depending on whether your country supports these payment options. Well, it's essential to check the available methods before proceeding! Then, click "Add a New Card" and enter your card information and billing address to proceed, or hit the Buy ZIL button if you pick Google or Apple Pay.
If you want to accumulate your ZIL asset on autopilot, consider Binance Auto-Invest. This option allows you to automate your ZIL purchases over time, potentially reducing your average buying price and mitigating the impact of market volatility.
Binance Auto-Invest is essentially a tool that helps you implement a dollar-cost averaging (DCA) strategy for ZIL.
Here's how it works: You set a fixed amount to invest in ZIL at regular intervals (daily, weekly, or monthly). By buying a fixed amount consistently, you purchase more ZIL when the price is low and less when it's high. Regular, smaller purchases can help mitigate the impact of sudden price fluctuations.
To set up automatic ZIL purchases on Binance, navigate to the top bar and select "Earn." From the "Earn" options, look for "Auto-Invest". You'll be directed to a page labeled "Trading Bots", but don't worry – there'll be a box clearly marked "Auto-Invest" on that page. Click on that box to get started with your ZIL investment automation.
Once you’re on the Auto-Invest page, type ZIL on the provided search bar. Choose an investment timeframe between seven days and three years, then hit the "Create a plan" button. Remember, shorter investment periods may lead to lower returns due to increased price volatility.
Next, you’re prompted to name your plan, select the asset you'll use to buy ZIL (like stablecoins or fiat), and specify your payment method (wallet or card). Don't forget to choose how often you want to invest (daily, weekly, or monthly).
Once you confirm your plan, Binance automatically purchases ZIL according to your chosen settings.
For advanced users who plan to trade ZIL, click the "Trade" menu on the top bar and choose "Spot". This option on how to buy Zilliqa lets you purchase or sell the crypto on the Spot Market with advanced tools, like limit orders, market orders, and stop-loss orders.
To proceed, you should have sufficient crypto assets from BTC, USDT, ETH, or TRY because you need these to purchase Zilliqa with this method. When you’re ready to start, type "ZIL" on the search bar and select the existing asset that you want to exchange with the crypto. Then, go to the "Spot" section to place your order.
You can choose one of these options to buy ZIL:
- Limit order. It allows you to set a specific price at which you're willing to buy ZIL. Your order will only be executed when the market price reaches your specified limit.
- Market order. This order type buys ZIL at the current market price, ensuring immediate execution but potentially resulting in a less favorable price.
- Stop limit. It’s triggered when the market price reaches a specified stop price. Once triggered, a limit order is placed to buy ZIL at the specified limit price or better.
- Trailing delta. Similar to a stop-limit order, but the stop price adjusts based on price movements, allowing you to lock in profits or limit losses.
- OCO (One Cancels the Other). This order type allows you to place two orders simultaneously. When one order is executed, the other is automatically canceled.
Understanding these order types can help you tailor the ZIL purchase strategy to align with your trading goals and risk tolerance.
- Very low trading fees
- Exceptional functionality
- Mobile trading app
- Very competitive trading fees
- An intuitive mobile app
- Up to 100x leverage available
- A very well-known crypto exchange platform
- More than 500 different cryptos available
- Two-factor authentication
- Over 500 different cryptocurrencies available
- Strong security
- Small withdrawal fees
- Fully reserved and transparent
- Multiple tradable asset classes
- Early new token support
- 265 supports cryptocurrencies
- Secure & transparent
- Fully reserved
Step 4: Store ZIL Securely
Protecting your ZIL investment needs careful consideration of wallet options.
An exchange wallet like Binance or KuCoin, while convenient for trading and buying cryptos, offers lower security because these platforms control your private keys. For improved security, a software wallet provides more control but needs careful handling. Ultimately, a hardware wallet like Ledger Nano X is considered the gold standard, as it stores your private keys offline, reducing the risk of hacking.
Besides choosing the right wallet, it's essential to implement strong security practices to protect your ZIL.
One fundamental step is to make a strong password for your wallet and exchange accounts. A “good” password should be a complex combination of uppercase and lowercase letters, numbers, and symbols.
I recommend you aim for a password length of at least 12 characters and avoid using easily guessable information like names, birthdays, or common words. Instead, consider coming up with random characters or phrases that are meaningful to you but difficult for others to decipher.
Remember, the more complex and unpredictable your password, the harder it is for unauthorized individuals to gain access to your accounts.
Also, enable two-factor authentication (2FA) whenever possible to add an extra layer of security. This typically involves a code sent to your phone or email. On Binance, you can set up 2FA by going to your security settings, selecting "2FA," and following the on-screen instructions to link your mobile device or email for code verification.
Last but not least, be cautious of phishing attempts. Scammers often use deceptive tactics, such as sending emails, messages, or links that mimic legitimate platforms to steal sensitive information. Never click on suspicious links or download attachments from unknown sources!
Remember, reputable platforms never ask for your private keys or seed phrases. These are the keys to your cryptocurrency, and sharing them with anyone, even those claiming to be from a trusted source can lead to loss of funds.
Always verify the authenticity of any communication by visiting the official website or contacting customer support through known channels.
What Can You Do with Zilliqa (ZIL)?
Now you understand how to buy Zilliqa, it's time to explore the exciting opportunities this crypto offers – because I might say that it’s full of potential for its holders. Let’s discuss the answer to “What is Zilliqa’s unique selling point that may distinguish it from other cryptocurrencies?” and what you can do with it.
Holding ZIL
Like other cryptocurrencies, you can hold ZIL as a long-term investment, with the hope of its value increasing over time. To put things into perspective, the initial price of the Zilliqa coin during its launch date was $0.0038. Now, as of the time of writing, the crypto is worth $0.016956, which means it has grown by approximately 345%.
This substantial growth reflects the increasing interest and adoption of Zilliqa, highlighting its potential as a promising investment – although, like any cryptocurrency, it's essential to do thorough research and consider the inherent risks before investing.
Staking ZIL
Moreover, many cryptocurrencies, including ZIL, offer staking rewards. What is Ziliqa staking? It means you hold ZIL in a wallet or exchange and earn additional ZIL tokens by helping to secure the network. Staking ZIL involves delegating your tokens to a validator, which is a node that verifies transactions on the blockchain. In return for staking your ZIL, you get a share of the network's rewards.
"Okay, I know how doing that can grow my assets, but what is Zilliqa staking’s drawback?" Good question! When staking, you typically can’t access your full ZIL balance immediately. This means you can’t easily use those coins for other transactions or trades until the staking period ends.
Therefore, it's important to think about whether the possible benefits of staking are worth giving up access to your ZIL for a while.
Trading ZIL
Trading ZIL can be a more active approach to crypto investment. This involves buying and selling ZIL on cryptocurrency exchanges to profit from price fluctuations, allowing you to react quickly to market changes and potentially capitalize on short-term opportunities.
However, it also comes with higher risks, such as market volatility and the potential for loss of investment. Cryptocurrency markets are known for their rapid price changes, which can lead to big gains or losses. Therefore, it’s crucial to approach trading with caution and be prepared for potential losses.
Supporting the Zilliqa Ecosystem
As Zilliqa's ecosystem grows, more decentralized applications (dApps) are built on the platform. These dApps can range from gaming to finance, and using them may require ZIL for transaction fees or in-app purchases.
As of the time of writing, there are more than 120 projects built with Zilliqa from various sectors:
- Decentralized finance (DeFi). Zilliqa is expanding its DeFi offerings, including lending, borrowing, and decentralized exchanges.
- Non-fungible tokens (NFTs) and creator economy. The blockchain lets people make and sell unique digital items called NFTs, helping support artists and other creators.
- Gaming. Zilliqa's high transaction speed and scalability make it suitable for gaming applications.
- Enterprise solutions. Many project owners for enterprise use cases explore Zilliqa due to its scalability and security.
Among all those industries, an example is PackagePortal. It’s a platform that pays people to scan labels and give feedback on certain services. The reason it uses Zilliqa is because the platform has an affordable and less energy-consumptive mining structure to handle a large number of scans and transactions on the website.
What is Zilliqa crypto's benefit that PackagePortal likes? This platform believes Zilliqa offers the fastest and cheapest transactions available without sacrificing essential criteria for a Layer 1 protocol: decentralization, security, and scalability.
Another platform that uses Zilliqa is TokenTraxx. This is an NFT platform, developed by musicians for the music community, providing users with a new way to create, curate and collect music.
It integrates Zilliqa due to its Ethereum Virtual Machine (EVM) compatibility, meaning developers can easily transfer their existing Ethereum-based smart contracts and applications to Zilliqa's network. This benefit expands the potential user base for TokenTraxx by enabling a seamless transition for Ethereum users and developers
These examples demonstrate Zilliqa's versatility and its ability to support a diverse range of applications, which can be a good reason for you to hold this crypto or explore its potential for future growth and adoption.
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Why Crypto Enthusiasts Buy Zilliqa?
ZIL has gotten attention in the crypto space, as evidenced by its growing user base and increasing trading volume. I think that’s why people look for ways on how to buy Zilliqa to capitalize on its potential growth.
As the first public blockchain to rely entirely on a sharded network, Zilliqa stands out as a pioneering solution to the scalability challenges facing many cryptocurrencies. A sharding system divides a blockchain into smaller groups, allowing each of these to handle transactions independently[1].
This unique architecture enables high transaction speeds and low fees while keeping it secure and decentralized, making it an attractive option for developers and users seeking a fast and efficient blockchain.
Being an early mover in the sharding space, Zilliqa has the potential for significant growth as the blockchain industry matures.
This early mover advantage enables Zilliqa to refine its technology, build a strong ecosystem, and attract developers and users before competitors fully mature. As the industry recognizes the importance of scalability, Zilliqa's pioneering efforts may lead to increased adoption and network growth, potentially improving the value of its native token, ZIL.
Zilliqa also has improved security with a combination of Proof-of-Work (PoW) and Byzantine Fault Tolerance (PBFT) to guard the network.
PoW requires computers to solve complex equations to validate transactions, making it difficult for attackers to perform malicious attacks.
By demanding immense computational power to validate transactions, PoW makes it expensive and time-consuming for attackers to manipulate the blockchain. This barrier ensures the integrity and reliability of the network.
Meanwhile, PBFT is a system that ensures all computers in a network agree on the same information, even if some of them are trying to sabotage the process[2]. Imagine a group of people trying to decide on a meeting time. PBFT is like a system that makes sure everyone agrees at the same time, even if a few people are trying to suggest different times on purpose.
In the context of blockchain, PBFT helps ensure that all computers in the network agree on the order of transactions and the current state of the blockchain. Moreover, it’s relatively fast consensus compared to other algorithms, making it suitable for blockchains requiring high transaction throughput.
The combination of Pow and PBFT creates a robust security framework for the Zilliqa network.
Besides its sharded system and security, crypto enthusiasts may be attracted to Zilliqa due to its smart contract capabilities. Like Ethereum, Zilliqa supports smart contracts, enabling developers to build a wide range of decentralized applications (dApps).
What is Zilliqa crypto's smart contract compared to Ethereum's? Zilliqa offers an additional advantage: its smart contract language, Scilla, is designed with security in mind. Scilla has features that help prevent common vulnerabilities found in other smart contract languages, potentially leading to more secure and reliable dApps built on Zilliqa.
For instance, Scilla's syntax and type system are built to reduce the risk of common errors like overflow and underflow, which have been exploited in high-profile attacks. This improved security can boost investor confidence in dApps built on the Zilliqa platform.
The language is also designed to be amenable to formal verification, a process that mathematically proves the correctness of a program.
Risks and Considerations
After reading the steps on how to buy Zilliqa along with its benefits and potential, you may be tempted to purchase this crypto as soon as possible. However, it’s wiser to understand the risks and considerations involved to make informed decisions.
So, what is Zilliqa crypto's key risk you should be aware of? Well, you should understand that the crypto market is inherently volatile. This means that the price of ZIL, like other cryptocurrencies, can fluctuate in a short period. Factors such as market sentiment, news events, and technological improvements can all contribute to these price swings.
While volatility carries opportunities for potential gains, it also comes with the risk of losses.
Another consideration is the regulatory environment surrounding cryptocurrencies – it’s constantly changing. Governments around the world are still figuring out how to control cryptocurrencies. These rules can affect the price of ZIL and how it can be used. Therefore, it's important to keep up with what's happening with these rules because they can change the whole crypto market.
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Conclusions
Knowing how to buy Zilliqa and deciding to go with the process is an exciting step, but it's essential to approach it with careful consideration. Yes, crypto enthusiasts can get involved with this token, but you should know the answer to "What is Zilliqa crypto's risk and reward?" to make informed decisions.
If you decide to invest, I suggest that you also look for the explanation of "What is Zilliqa staking?" and how it can potentially increase your returns.
While platforms like Binance and KuCoin offer convenient access to ZIL, always prioritize security when buying cryptocurrencies. Ultimately, the decision to buy Zilliqa should align with your individual financial goals and risk tolerance.
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. Y.Liu, J. Liu, M A. V. Salles, et al: ‘Building Blocks of Sharding Blockchain Systems: Concepts, Approaches, and Open Problems’
2. G. Tripathi, M. A. Ahad, G. Casalino: ‘A Comprehensive Review of Blockchain Technology: Underlying Principles and Historical Background With Future Challenges’
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