How and Where to Buy Stacks (STX)
Stacks began as Blockstack PBC in 2013, a decentralized blockchain network founded by Muneeb Ali and Ryan Shea. Ali, a Princeton University graduate, has a Ph.D. and MA in computer science. Shea worked as co-CEO until 2018 before leaving to pursue other ventures.
Initially, venture capitalists helped fund Blockstack PBC, including Winklevoss Capital and the Digital Currency Group. The New York-based Blockstack PBC worked on developing the project, though it later became Hiro Systems PBC, one of the companies currently building on the Stack platform. Muneeb Ali is the CEO of Hiro Systems.
In 2019, the $STX token was the first to be approved by the SEC (Securities and Exchange Commission). Blockstack PBC worked alongside the SEC to develop a protocol that met its requirements. Subsequently, $STX was the first coin offered under Regulation A+.
Blockstack PBC rebranded to Stacks in late 2020, supposedly to “separate the ecosystem and open-source project from Blockstack PBC,” and in January 2021, the Stacks mainnet went live.
What is Stacks (STX)?
Stacks is a decentralized layer-1 blockchain solution that brings DApps and smart contracts to Bitcoin (BTC). Bitcoin is the base layer, and the Stacks technology means the smart contracts don’t change any of its features like security and stability.
Due to the open, modular features of the Stacks DApps, developers can build on top of other apps, which means they can create unique features that are impossible to do with a standard app.
$STX is the native token used to power the Stacks platform. It fuels the execution of smart contracts, processing transactions, and registering new digital assets on the blockchain.
What Makes Stacks (STX) Unique?
Stacks connects directly with Bitcoin’s blockchain via a proof of transfer (PoX) consensus mechanism. Miners must pay $BTC to newly mint $STX tokens. The Stacks protocol took what makes Bitcoin powerful and increased its functionality without having to make changes or fork the Bitcoin blockchain.
$STX holders can stack their coins and earn $BTC (Bitcoin), not to be confused with “staking.” By holding and temporarily locking $STX, you help to support Stacks network security and receive the $BTC rewards.
“Stacking, a new way to earn bitcoin. Hold and temporarily lock STX, Stacks’ native currency, and support the network’s security and consensus. As a reward, you’ll earn BTC.” Stacks website.
Clarity is the smart contract programming language on the Stacks network. It’s secure and easy for developers to build because of its unambiguous syntax. In addition, the Algorand (ALGO) blockchain also uses the Clarity language.
Stacks brings NFTs to Bitcoin
NFTs on the Stacks blockchain are built using the Clarity smart contracts, and they “settle to and secured by Bitcoin.” Stacks has a separate STX NFTs marketplace website.
“Explore, collect, and trade NFTs secured by Bitcoin.” STX NFT website
Bitcoin yield-generating NFTs powered by Stacking is an exciting project for Stacks with multiple possibilities.
How and Where to Buy Stacks (STX)?
Binance is an excellent cryptocurrency exchange. It’s popular with beginners or experienced investors and traders because of the trading volume, a sizable market of over 1600 pairs, and more than 390 coins. Opening an account is straightforward, and you can download the free Trust Wallet app or use the Binance exchange wallet: –
- Click on the “register” tab on the Binance website
- Fill in the relevant details and upload the documents requested for proof of identity
- When your account is verified, deposit with your Visa or Mastercard. Alternatively, use a supported cryptocurrency or fiat currency wire transfer
- Look on the exchange for a $STX pair: STX/USDT, STX/BUSD, STX/BTC & STX/BNB
- Finally, transfer the $STX to your secure wallet
How do I Sell Stacks (STX)?
- Log in to your Binance account or open the Trust Wallet app
- Find the “trade” tab
- Sell your $STX for $USDT
- Transfer the $USDT to an off-ramp platform that supports fiat currencies. Gemini is a great choice
- Once the transfer completes, sell the $USDT for the fiat currency of your choice and request a bank transfer
Should I Buy Stacks (STX)?
We cannot advise you about buying Stacks (STX) tokens because we aren’t qualified financial experts. Firstly, always do independent research before purchasing cryptocurrency. Find out the crypto project’s mission and if it is scalable.
Secondly, we suggest you only purchase coins from a recommended cryptocurrency exchange like Binance.
Two other reputable, established exchanges are: –
- Gate.io – this exchange has a free cold storage wallet for members. It has a vast market of over 2,350 trading pairs and more than 1380 coins
- Coinbase – a good platform for crypto newbies, with over 500 markets, 170 coins, and a free self-custody wallet
How do I invest in Stacks (STX)? Safely?
Firstly, the cryptocurrency market is notoriously volatile. It’s a risky market for total crypto beginners, so always do your homework before investing. Research the founders and the supporting team. Has the project established a strong foundation of partners, for instance?
Secondly, your newly acquired Stacks (STX) security is essential, so never leave them on an open exchange. Binance, Gate.io, and Coinbase all have secure wallets, so be sure to send your tokens to your chosen wallet straight after purchase.
Stacks (STX) pairs listed on Gate.io and Coinbase: