A Beginners Guide Buying, Selling, Using and Mining Waves
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Whether you know it or not, your life has been changed by digital platforms. Ebay, Amazon, and Facebook are all digital platforms. Even the recent crowdfunding sites like Kickstarter and Indiegogo are versions of a digital platform. So what would happen if by combining the digital platform model with the cryptocurrency revolution? Waves.
Waves (WAVES) is not your average cryptocurrency. It’s more than a digital coin representing a monetary value. It’s more than just something built on a blockchain platform - defined as the database where all of the transaction history is recorded. Waves isn’t only built on a blockchain platform, however, but is its own digital token platform.
A digital platform by definition is any space that allows you to use data to build your own brand or market. Waves allows you to do this buy creating tokens that can be used to represent any commodity of your choosing. The user sets the value for each token, and is then able to give those tokens away in exchange for a good or service. Reddit and other popular websites are great helps to define the platform service that Waves offers.
The more you use the Waves platform, the more valuable Waves coins become because of the investment into the platform that is taking place. Also, creating Waves tokens can only be done by payment with Waves crypto coins. Once the tokens are created, they can be transferred and shared for virtually pennies.
Buying Waves coins is a pretty easy and straightforward process. Simply go to the Waveswallet, create an account, and link your bank account. Once that is approved and completed, you’ll be able to buy Bitcoin, which is easily transferable into Waves. Payments can be made with either “cash” from your debit card or you can also purchase Waves with your credit card.
Turning Waves into cash is just as easy as it was to turn your cash into Waves. When you’re ready to cashout the acquired Waves tokens, simply go back into your preferred wallet and follow the same steps, but in reverse. The official Waves wallet will allow you to convert your waves back into your preferred currency, either to USD, Euro or Yuan.
Another way to sell your Waves is to convert them to Bitcoin, Ethereum or Litecoin. Once that transfer has taken place, you’ll be able to use sites like Coinbase and Kraken in order to place the money back into your bank account, where you can withdraw it from an ATM.
There are many different ways to use Waves. This is where Waves is unique, because it’s not a Bitcoin wannabe. Rather, because Waves is its own platform, it allows users to create their own tokens to represent any commodity of their choosing. Because the price of creating a group of tokens is one Waves coin, the more that tokens are created, the more the value of the coin itself will rise.
Tokens can be used for just about anything. Each token can represent a service you’ll provide, a good you’ll distribute, or a reward for a job well done, or even as Waves poker. Because everyone has agreed to the value of the token, it can then be redeemed for the given commodity.
Waves can also be used as a traditional cryptocurrency for investing purposes. By storing Waves coins in your wallet, you're able to watch the exchange rate of the coin into your preferred fiat currency and sell it in a way that is profitable for you.
Looking to mine Waves? This is the process where individuals contribute to the blockchain platform. It’s like a 24/7 accounting service, that verifies all of the transactions that take place. Mining can be hard work, but can also be richly rewarding.
Often with cryptocurrencies, payment for mining comes through the forging of new blocks on the chain, which result in new coins given to successful minors. In these cases, minors use computers with a high powered calculator. With Waves however, no new coins are created.
Instead Waves mining provides a Delegated Proof of Stake (DPOS) or Leased Proof of Stake (LPOS), meaning that simply running a ‘node’ (keeping the full database on your machine) functions as mining.
The process of mining Waves is expensive, which can be common with other cryptocurrencies due to the expensive equipment required. With Waves, it’s likewise expensive, but not for the same reason. Instead, mining Waves is expensive because minors need 10,000 Wave coins in order to mine a full node. That’s plus or minus $50,000! In order to offset this, there is a leasing option available, where you have the power to run a full node, while receiving transaction fees as payment.
It’s up to the minor to determine the level of profitability when mining this coin. It is a unique process because the market cap for the coin isn’t dependent on coins being created. Rather it depends on individuals issuing tokens through the Wave platform, as there is a fee for this service.
The final questions investors and coin seekers want to know concerns scalability. As more people use Wave as a platform, the price for the coin itself will go up. Also the number of tokens created by individuals and business will require a thorough system in place to account for all of these transactions.
Developers are planning for a boom by minimizing local state storage. By looking at the charts defining the number of transactions taking place, developers will be able to make the appropriate adjustments to make sure everything runs smoothly.
Waves is a unique combination of modern day crowdfunding, with the unique phenomenon of cryptocurrencies. It’s a concept that helps everybody win. The more people use Waves as a crowdfunding or incentivizing platform, the more exposure and coin purchases Waves gets. Then, as Waves’ monetary value grows, so will people’s desire to use it as their own digital platform to help promote their brand, service, and more.