Do you want to make an informed decision when you exchange BNB to WAX? This article covers all information you need to know, such as the backgrounds of these tokens and how to reduce your risk while trading.
What Are BNB and WAX?
Binance was started in 2017 by Mr. Changpeng Zhao, and since then, it has grown to become a market force to be reckoned with. One of the reasons for Binance’s growth is the number of services users can find in its ecosystem. These services include Binance Chain, Trust Wallet, and educational materials for people who want to improve their knowledge of cryptocurrency and blockchain.
Worldwide Asset eXchange (WAX) is a P2P exchange on which users can trade video games and in-game items. Its blockchain allows for the creation of decentralized applications and trading NFTs. WAXP often referred to as WAX, is the token you need to buy to participate in the ecosystem. Here is a comparison table to have a better understanding of BNB and WAXP’s main characteristics:
|Main Characteristics||Binance Coin (BNB)||WAX (WAXP)|
|Date of creation||2017||2017|
|Structure||Binance native cryptocurrency||Purpose-built blockchain|
|Timestamping scheme||Proof of Staked Authority||delegated Proof-of-Stake|
|Average transaction cost||$0.01||~$0.007|
|Block time||~0.361 second||0.5 second|
|Supply limit||unlimited (at the moment)||unlimited (at the moment)|
What Makes BNB and WAX Unique?
BNB is an ERC-20 token. First-year Binance users are incentivized to use this token to pay site fees by getting a 50 percent discount. The discount decreases with each year of membership, leading to depreciating value. Binance counters this depreciation by taking tokens out of circulation. BNB can also be used to invest in differing initial coin offerings (ICO) started on Binance’s Launchpad program.
The WAX’s platform has several unique features, such as the ability to convert its tokens to WAXE ERC-20 tokens and then stake them on the Ethereum distribution contract. Users who stake WAXE then receive WAXG tokens in exchange for staking. WAXE is a smart contract that accumulates a certain percentage of fees that is converted to Ethereum.
BNB and WAX Price Prediction
According to Price Prediction, both BNB and WAX are predicted to increase in value over the next decade steadily. By 2030, BNB will have an average price of $13,168, and WAX will have an average price of $11.97.
Where and How to Swap Binance Coin for WAXP?
Performing exchanges is an uncomplicated process. All you have to do is follow these steps:
- Choose an exchange;
- Choose a wallet;
- Research the coin you want to invest in;
- Conduct the exchange.
There are several exchanges from which to choose. Make sure the exchange you choose operates in your country and has the features you want. Many exchanges do not work in the US, so American traders will have to do additional research to find one that does.
As for features, each exchange is different, but most have know-your-customer (KYC) requirements, meaning you can’t open an account without providing identifying documents. Godex.io is one of the few exchanges traders can use entirely anonymously.
The next step is choosing a wallet. A wallet is an application or device used to store the keys for your coins or tokens. You cannot do an exchange without one. There are different types of wallets. Hot wallets are usually mobile or software applications. They are easy to use but are vulnerable to hackers because of their proximity to the internet.
Also Read- Best Cryptocurrency Apps For Android
Cold wallets are thumb drives that do the same thing as hot wallets but are more secure because they are not connected to the internet. However, they cost money and are more challenging to use.
Research is necessary if you want to exchange for a coin or token that will perform well over the short and long term. Look at the price charts for each coin and see how they have performed in the past. Also, read up on any expert opinions related to the coins.
Once all these steps are completed, you can conduct the exchange.
Is It Safe to Exchange BNB to WAX?
Performing an exchange is not dangerous if the necessary precautions are taken. Here are some tips to increase your safety while trading:
- Never Share Your Personal Keys: The personal keys to your coins keep others from using them, so do not share them with anyone. Also, do not use exchanges or applications that require you to share your keys with them.
- Have a Cold and Hot Wallet: Hot wallets are best for people who actively trade and spend their coins. Even so, do not keep your coins in a hot wallet longer than you have to. Have a cold wallet on hand for long-term storage and keep it in a secure place like a safe.
- Have Reliable Anti-Virus Software: Software wallets are vulnerable to malware, so buy a reliable anti-malware program that will not slow your computer and keep it updated.
- Choose a Reliable Exchange: Hackers are always looking for ways to breach exchanges’ security, so choose one with the best and most reliable security features.
BNB and WAX are likely to perform well over the next decade, so investing in these tokens now makes sense. First, however, make sure you choose a reliable exchange and follow all the advice written above to have the best possible results from your trades. To be sure you are making the right choice, you can always go to https://godex.io/exchange/bnb-to-wax.