Stacks (STX) is the native token to Blockstack. This system seeks to ‘stack’ on top of the Bitcoin system as a second layer, bringing smart contracts, NFTs, and a host of other DeFi applications to the Bitcoin chain.
What is STX?
Stacks (STX) was first released in 2019 and launched its mainnet network in 2021 by CEO Muneeb Ali. This blockchain system benefits STX holders by rewarding them for engaging with STX’s unique consensus protocol, Proof of Transfer. (POX) Additionally, STX can reward holders with BTC upon successful block mining.
On a technical level, STX is a secondary computational layer to Bitcoin. Bitcoin is the foremost used cryptocurrency, but some of its technical architectures are outdated and suffer from designs that are inefficient or ill-suited for developing crypto needs. Blockstack and its native STX operate as a new layer for Bitcoin, bringing smart contracts and a host of modern DeFi to BTC.
At the time of writing STX has a market cap of $1,426,543,718 and an overall coin ranking of #60 according to Coinmarketcap.
Step 1: Register on Fiat-to-Crypto Exchange
To purchase some STX you’re going to have to trade another pre-existing cryptocurrency such as Bitcoin (BTC) or Ethereum. (ETH) In this handy guide we are going to be using BTC.
So, first and foremost, you’ll need to get your hands on some BTC. To do so, you’ll need to sign up for a Fiat-to-Crypto Exchange. When it comes to selecting a crypto exchange, you have a lot of possibilities, and each one is a little different so it pays to shop around. But for our example, we are going to be using CryptoWallet.
CryptoWallet is a secure and easy-to-use app that can be downloaded from the Apple App Store or Google Play Store. Simply follow the onscreen instructions to link one of your current fiat accounts to your CryptoWallet account after it has been downloaded. After that, you may deposit fiat directly from your bank account to your CryptoWallet account.
Step 2: Buy BTC with Fiat Money
You can now swap your fiat for BTC after depositing it into your CryptoWallet account.
To begin, go to the trading page of the CryptoWallet app and look for Bitcoin. Simply choose the quantity you wish to buy and click “Buy.” CryptoWallet provides a variety of different price comparison charts, market data, and trading options that allow you to make the best trade with your money.
After you’ve purchased your BTC a brief confirmation period will occur, and then the acquired quantity of BTC, as well as any remaining cash, will be displayed in your CryptoWallet account.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have some BTC, the next step is to swap it for some STX and to do this you’re going to need to register on an Altcoin Exchange.
To begin, locate an altcoin exchange that handles the BTC/STX trading pair. In the case of STX, you have a variety of options to select from, including Kucoin, OKcoin, Binance, and Coinbase. However, in this tutorial, we’ll be using Kucoin.
The next step is to sign up with Kucoin so you can start trading. The registration procedure will be simple, needing some basic information, KYC information, and the establishment of security measures, typically in the form of passwords and 2-step-verification.
After you’ve completed these steps, Kucoin will notify you that your account is ready to trade, but you’ll need to transfer some BTC from your CryptoWallet account to your new Kucoin account. To do so, navigate to the ‘funds’ tab and choose ‘deposit funds.’ Kucoin will then supply you with either a wallet address or a QR code. Then go to your CryptoWallet account and click ‘send funds.’ Now, input the amount you wish to send into your CryptoWallet and scan/input the address provided by Kucoin.
Your BTC will now be displayed on your Kucoin account after a brief confirmation period, and you can exchange it for STX. Simply go to the Kucoin trading tab and choose the BTC/STX trading pair as well as the amount you want to trade.
Once you’ve done all of this, you’ll be in possession of some STX!
Last Step: Store STX Securely
So, you got yourself some STX, your next step is finding a secure place to keep it. For this, you’re going to need a crypto wallet.
There are many different wallet systems, and each of them will offer its own services, fees, and security. In the case of STX, you have a list of different options to choose from, such as HiroWallet, Xverse, D’CENT, Boom Wallet, and Cerebro.
After you’ve chosen a wallet, you’ll need to transfer your funds from Kucoin to your chosen system. To do so, go to Kucoin’s ‘withdraw funds’ option and enter/scan your code into the address box, after a short time your STX will be safely stored in your wallet.
Another wallet system worth keeping a watch on in the future is the aforementioned CryptoWallet. While it does not presently support STX, this wallet is secure and simple to use, with plans to add more altcoins in the future.
Other Useful Tools for Trading STX
While we are unable to provide trading advice or recommendations, we can provide information about trading tools that, when used properly, can assist you in making better trading decisions.
Most trading tools provide you with some type of on-screen information that allows you to follow an asset’s movements, growth, price, volume, or intensity.
On-Balance-Volume (OBV) is a simple indicator that illustrates both positive and negative volume movement as well as the value direction of an asset’s movement trend.
The Average Directional Index (ADI) is a straightforward indicator that tells traders how strong a trend is. The asset’s movement intensity gives you a better idea of how frequently long movements occur.
The Stochastic Oscillator displays the asset price over time and in relation to a specific condition inside that time frame to traders.
Latest News for STX
In this section, we will briefly cover some of the news associated with STX.
Blockstack debuted its Stacks Blockchain 2.0 on January 14, 2021. As a result, Blockstack’s Stacks token has a new categorization and can no longer be deemed a security under SEC regulations.
After being endorsed by OKcoin, STX enjoyed a sizable value surge in early March 2022. Endorsement and support of this nature can lead to better visibility and integration of emerging tokens.
Can I buy STX with cash?
Not in a direct sense. However with other currencies like BTC, ETH, or USDT you can trade for STX.
Are there any quick ways to buy STX in Europe?
Kucoin is an altcoin exchange platform that hosts STX and is readily available in Europe.
Are there any alternative platforms to buy STX or Bitcoin with credit cards?
Not in the direct sense, however by following the above guide you’ll be able to quickly and easily purchase STX.