Since the introduction of blockchain technology, the world has seen tremendous progress in terms of technological evolution.
Known popularly for the infrastructure on which Bitcoin and other cryptocurrencies are built, the technology expands beyond just cryptocurrencies into providing practical utilities in our day to day businesses and activities.
The benefits of blockchain are numerous. It eliminates the need to maintain your clients’ personal information and data by removing the middle man, such as a bank or government, from commercial transactions.
The general public can see more information about their transactions because blockchain transactions are open to the public.
Powered by its native token, CXO, CargoX is a platform that enjoys the benefits that come alongside blockchain technology. It employs and incorporates the technology into its infrastructure, thereby solidifying its stance as a blockchain product.
Below has been outlined a step-by-step guide on buying CXO.
What is CargoX?
CargoX is a digital courier service that specialises in end-to-end digital document delivery.
CargoX is based on Blockchain technology and is intended to replace physical document papers. As a result, it can keep reliable records of which digital documents are originals and who owns them. The owner of a document may only transfer it to the receiver.
CargoX bills itself as a decentralised blockchain courier service that competes with DHL, FedEx, and UPS. The CargoX dApp, which debuted in January 2018, transports authentic digital documents using Ethereum. CargoX, by utilising blockchain technology, makes sending original documents all over the world simple, secure, and cost-effective.
CXO is the CargoX ecosystem’s native utility token, and it is responsible for powering its services.
The sections below cover everything you need to know about investing in or acquiring CXO.
Step 1: Register on Fiat-to-Crypto Exchange
To obtain a cryptocurrency token, one must purchase it from one of the major cryptocurrency exchanges that provide fiat-to-crypto services or from an altcoin exchange. Because of the vastness of the crypto market, several major crypto exchanges only have the top cryptocurrencies available for purchase on their platform. Altcoin exchanges give users more options for purchasing crypto assets that are not listed on major cryptocurrency exchanges.
CXO is one of these crypto-assets that is not traded on any major fiat-to-crypto exchange. The vast majority of CXO exchanges do not accept Fiat-to-Crypto transfers. As a result, in order to obtain CXO, you must first exchange Bitcoin or Ethereum for them.
You can, however, buy Bitcoin or Ethereum using a fiat-to-crypto exchange. However, in order to use their trading services, you must first complete their sign-up process and open an account with them.
Certain well-known fiat-to-crypto exchanges require a Know-Your-Customer (KYC) verification process before you can begin trading. As part of the KYC procedure, a legal piece of identification (typically a passport or driver’s licence) should be requested.
Step 2: Buy BTC with Fiat Money
After successfully signing up on your preferred platform that facilitates Fiat-to-Crypto transfers, the next step is to purchase the cryptocurrency you intend to purchase. You can do this by using a well-known fiat-to-crypto exchange, such as CryptoWallet.
To buy Bitcoin or Ethereum on the CryptoWallet exchange, follow these three simple steps: Deposit fiat currency (such as USD) using a debit card, credit card, or bank transfer. Proceed to the CryptoWallet exchange to check the current trading price of the crypto asset you want to buy, enter the amount you want to buy, and complete the transaction.
Step 3: Transfer BTC to an Altcoin Exchange
After you’ve acquired your cryptocurrency on a fiat-to-crypto exchange, the next step is to register an account on an altcoin exchange of your choice. You will need to find an altcoin exchange that supports CXO and has it listed for trading on their website.
KuCoin, Gate.io, HotBit, and Huobi Global are a few of the biggest altcoin exchanges, each of which comes with its unique set of characteristics that makes it stand out from the others. Some of these altcoin exchanges also require some form of registration. Even if they aren’t as strict as fiat-to-crypto exchanges, you will be required to supply some personal information.
On completing your sign-up process on the altcoin exchange of your choice, you will need to transfer the Bitcoin or Ethereum from your fiat-to-crypto exchange to the altcoin exchange to facilitate the exchange of CXO.
To deposit your coin, you will need to locate the “deposit” button on the exchange. It will most likely be bold and obvious and may be situated very close to “Bitcoin” on most trading platforms. A wallet address will be provided for you when you click on “deposit”, and you will be required to copy the address. Head over to the fiat-to-crypto exchange and paste the wallet address in the space provided when you click the “withdraw crypto” button and click on “send”.
If your preferred fiat-to-crypto exchange is CryptoWallet, select the cryptocurrency to transfer, input the quantity, paste the wallet ID you copied from the altcoin exchange, approve the transaction, and wait for your coin to arrive on the new exchange. To help you get started, here is a step-by-step guide.
After receiving the coin, go to your altcoin exchange and look for the CXO/BTC or CXO/ETH currency combination, input the amount you want to swap, and click “Swap/Buy/Trade,” whatever option allows you to convert BTC or ETH for CXO token quickly.
Last Step: Store CargoX Securely
It’s just as important to keep your crypto assets as it is to buy them. The risks of hacking and theft are well-known in the cryptocurrency industry. Before deciding on the best storage solution for your CXO tokens, you must consider several options.
Cold wallets and hot wallets are the two most common types of wallets used to store crypto assets. Both hot and cold wallets have distinct characteristics that set them apart from one another. As a result, users are frequently advised to select the wallet that best suits their needs.
A cold wallet is ideal if you want to acquire and store cryptocurrencies for an extended period of time. A hot wallet, on the other hand, is a better option to use if you want to buy and sell your assets in a short period of time. The hot wallet is used by all of the top cryptocurrency exchanges. CryptoWallet, for example, uses Bitgo — an industry-leading digital asset custodian, to safeguard its platform’s five largest cryptocurrencies.
The simplicity of hot wallets is one of their distinguishing features. They don’t need to switch between offline and online modes to buy a cryptocurrency because they are always online. When using a cold wallet, you must first locate a device (usually a computer) to plug your cold wallet into, then transfer the required amount of bitcoin to a hot wallet before proceeding with your transaction.
The Ledger Nano S and Nano X are two of the most well-known cold wallets on the market today, and they both support a variety of crypto assets.
Other Useful Tools for Trading CargoX
There is no better way to become a great trader than to immerse yourself in a learning environment that exposes you to a wide range of concepts and tactics. In the long run, these tactics can help you trade CargoX and the likes.
Tradingview is a community for traders, investors, instructors, and market enthusiasts to exchange ideas and discuss the market. You may accelerate your trading progress by actively participating in community interaction and discourse.
Can I buy CargoX with cash?
No! You can’t do it. Instead, you should buy Bitcoin or Ethereum on a reputable exchange that supports fiat-to-crypto exchange, then convert them to CXO on any altcoin exchange.
Are there any quick ways to buy CargoX in Europe?
Yes! European residents may open accounts with select European banks, such as Bunq and Revolut, and buy cryptocurrencies on exchanges like Coinbase.
Are there any alternative platforms to Buy CargoX or Bitcoin with credit cards?
Yes. For instance, Changelly is a platform that allows customers to purchase Bitcoin using a credit/debit card. After you’ve gotten BTC, you might choose to purchase CXO tokens on your preferred altcoin exchange.