According to statistics, in September 2021, the combined crypto markets (Bitcoin and Altcoins) had a total market capitalisation of over $2.9 billion. In addition, data analysis stated that the global cryptocurrency adoption rate increased from 11.2 percent in October 2021 to 15.5 percent in December 2021.
Bitcoin’s mainstream adoption has accelerated, and Decentralised Finance (DeFi) has followed suit. DeFi refers to apps and peer-to-peer protocols built on decentralised blockchain networks that allow for easy lending, borrowing, and trading of financial instruments without requiring access rights.
The Ethereum network is used in the majority of DeFi applications today, but many more public networks are developing that provide better speed, scalability, security, and cost savings.
There are currently over 9,000 altcoins in circulation, some of which are DeFi tokens, and more are being created daily. This creates an inaccessibility issue for those seeking to invest in them. As a result, investors interested in e-Radix (EXRD) will need to go above and beyond.
Below, we’ll walk you through the process of purchasing e-Radix (EXRD).
What is EXRD?
Radix is a next-generation platform that aims to overcome the technological constraints that currently prevent DeFi from spreading globally by developing a layer-1 protocol capable of directly supporting DeFi’s demands for the next millennium. It intends to accomplish this through the use of novel tools and approaches, including consensus reengineering, distributed virtual machines, executable on-network code, DeFi application development, and developer incentives.
Radix leverages technologies such as the “Radix Engine2 smart contract environment” and the Scrypto programming language to simplify and secure the development of production-quality DeFi dApps — without limiting what developers can create. Radix also stands out due to its unlimited dApp scalability, self-incentivizing developer ecosystem, and on-network DeFi “lego-bricks.” e-Radix (EXRD) is an e-Radix (XRD) wrapped ERC20 of the XRD. It serves as Radix’s native utility token and can be used for staking and other platform-related activities.
EXRD, as well as a number of other blockchains that are less well-known in the cryptocurrency market, have yet to be listed on a major cryptocurrency exchange. While EXRD is available on several exchanges, only a few allow for direct fiat purchases.
Following the procedures outlined below, you can make your first investment in/purchase of EXRD.
Step 1: Register on Fiat-to-Crypto Exchange
Since most exchanges that sell EXRD do not accept Fiat-to-Crypto transfers, the only way to get EXRD tokens is to trade them for Bitcoin or Ethereum. You can, however, buy Bitcoin or Ethereum through a fiat-to-crypto exchange. Complete their sign-up process and register an account with them to access their trading services.
Certain well-known fiat-to-crypto exchanges require a Know-Your-Customer (KYC) verification step before you can begin transacting. As part of the KYC process, a legitimate form of identification (typically a passport or driver’s licence) should be required.
Step 2: Buy BTC with Fiat Money
After successfully signing up for a platform that supports Fiat-to-Crypto transfers, the next step is to acquire the cryptocurrency you wish to purchase. Given the foregoing, you may wish to determine which cryptocurrency (Bitcoin or Ethereum) will be the most cost-effective and necessary to convert to EXRD on the exchange from which you intend to purchase EXRD.
For example, the CryptoWallet exchange enables instantaneous Bitcoin purchases via debit card or bank transfer via their website. It provides an experience similar to that of ordering something goods online and paying with a credit card or a bank transfer.
To purchase Bitcoin or Ethereum on the CryptoWallet exchange, follow these three simple steps: Make a fiat currency deposit (such as USD) using a debit card or bank transfer, check the current BTC trading price on the CryptoWallet exchange, enter the amount you wish to purchase and confirm the transaction.
Step 3: Transfer BTC to an Altcoin Exchange
After you’ve purchased your Bitcoin (or Ethereum), you’ll need to locate an altcoin exchange that accepts EXRD and has it listed for trade on their website.
The three major altcoin exchanges are Gate.io, HotBit, and Huobi Global — each with its own set of features that set it apart from the others. We recommend that you conduct your own research and select an altcoin exchange you are comfortable with. Several of these altcoin exchanges also require registration. Even if some of them aren’t as stringent as fiat-to-crypto exchanges, you’ll still need to provide some information.
After completing the registration procedure on the altcoin exchange of your choice, you’ll need to start transferring funds from your fiat-to-crypto exchange to your chosen altcoin exchange. On most trading platforms, a prominent “deposit” button will most likely be available next to “Bitcoin” (or ETH).
When you click the “deposit” button on the altcoin exchange, you will also be given a unique wallet ID. Return to the cryptocurrency exchange where you bought your BTC (or ETH), enter your wallet address, and press the “Send” button.
If you purchased BTC (or ETH) using CryptoWallet, select the cryptocurrency to send, enter the amount, paste the wallet ID you copied from the altcoin exchange, approve the transaction, and wait for your coin to appear on the new exchange. Here’s a step-by-step guide to help you get started.
The rest is straightforward once you’ve acquired your coins from the bitcoin exchange. Finally, look for the “ERXD/BTC” or “ERXD/ETH” trading pairings on the altcoin exchange, input the quantity of EXRD you wish to buy, and click “Swap/Trade.”
Last Step: Store EXRD Securely
The cryptocurrency industry is well-known for its hacking and theft vulnerabilities. It is critical to compare multiple storage options for your ERXD tokens before deciding on the best one for you.
Cold storage (also known as offline wallets) is one of the most secure methods of storing cryptocurrency because it is not accessible via the internet. The Ledger Nano S and Nano X are two of the most popular hardware wallets available today, and they support a wide variety of crypto assets.
On the other hand, hot wallets continue to be more popular due to the ease of transactions and accessibility they provide. Money is secured by a third-party security agency that is independent and well-known by most cryptocurrency exchanges. CryptoWallet, for example, safeguards its platform’s five largest cryptocurrencies with Bitgo, an industry-leading digital asset custodian.
Other Useful Tools for Trading EXRD
Keeping an eye on the DeFi sector and its projects can assist you in making long-term investment decisions.
The size of the DeFi market necessitates the development of an all-in-one, simple-to-use platform for DeFi analysis.Defilama and Dappradar are two of the most popular DeFi analysis portals that provide accurate and up-to-date DeFi industry statistics. The information obtained here can help you determine the optimal time to invest in ERDX or other DeFi projects.
Can I buy EXRD with Cash?
Yes, you can, on exchanges like KuCoin. However, it is recommended that you buy Bitcoin or Ethereum on a reputable exchange that supports fiat-to-crypto transactions, then convert them to EXRD on any altcoin exchange of your choice.
Are there any quick ways to buy EXRD in Europe?
Yes! Certain European banks, such as Bunq and Revolut, allow residents of Europe to open an account online and purchase cryptocurrencies through exchanges like Coinbase.
Are there any alternative platforms to Buy EXRD or Bitcoin with credit cards?
Yes! For instance, Changelly is a platform that enables the purchase of Bitcoin via credit card. Following your successful acquisition of BTC, you may wish to purchase EXRD tokens on your preferred altcoin exchange.