top 3 centralized exchanges in stacks

Stacks is one concept that’s got Bitcoin maximalists excited because it promises to bring smart contracts and decentralized applications to Bitcoin.

Stacks brings DeFi to Bitcoin without clogging the mainnet. Ethereum’s smart contracts are built on the mainnet. This results in heavy network congestion and high fees.

However, having smart contracts on layer 2 such as Stacks might resolve DeFi’s scalability concerns. Stacks is a Layer 1 blockchain that relies on Bitcoin’s security using a unique consensus mechanism called Proof of Transfer (PoX).

What is Stacks About?

The Stacks blockchain is pretty unique. Its native token is STX, which has almost $1 billion in marketcap and $265,500 in 24-hour trading volume.  The blockchain has both miners and stakers. Stacks offers two main ways to earn rewards on your assets:

  1. Stacking: Users can stake their STX and earn BTC provided by miners. This process is known as “stacking.” Stacking works similarly to most proof of stake (PoS) blockchains in that holders provide security and earn interest. However, STX stakers receive BTC as a reward.

2. Mining: Miners in Stacks integrate BTC into the system to leverage Bitcoin’s proof-of-work (PoW) security. By adding Bitcoin to the chain, you have the opportunity to participate in mining and receive the Stacks block reward. Stackers will receive bitcoin as payment for reaching consensus.

How to Buy Stacks?

You can buy STX on any of the following centralized exchanges:

  1. Binance.
  2. KuCoin
  3. Coinbase
Buying Stacks on Binance

First, you need to create an account on the Binance app or website. Check out this article on how to create a Binance account.

Once you’ve verified your Binance account, select how you want to buy STX. Click on the “Buy Crypto” link on the top left of the Binance website. You’ll see a display of the available options in your country.

So, Binance supports the following to buy STX:

a. Credit cards: Visa and Mastercard are available on Binance.

b. Bank Deposit: Transfer fiat currency from your local bank account to Binance. Then use the funds to buy Stacks (STX).

You’ll have one minute to confirm your order at the current price. Your order will be recalculated based on the current market price after 1 minute. Click “Refresh” for a new order amount.

Once you get your STX tokens, you can store them in your personal wallet, like Hiro Wallet, or keep them in your Binance account.

Buying Stacks on Coinbase

Here’s how to buy Stack on Coinbase:

  1. Create a Coinbase account.
  2. Add a payment method.
  3. Start a trade by selecting “Buy & Sell” on the website. On the Home tab of the mobile app, tap the (+) Buy button.
  4. Select Stacks from the displayed assets.
  5. Enter the amount you want to buy.
  6. Conclude your purchase.
Buying Stacks on Kucoin

Here’s how to buy STX on Kucoin:

  1. Create Your Free KuCoin Account: You have to provide your email address and country of residence. Then, create a strong password to secure your account.

2. Verify your account: You might have to upload a valid photo ID.

3. Add a Payment Method: Add a credit or debit card or bank account.

4. Buy STX: For a more in-depth explanation, see this article.

That’s it for the centralized exchanges to get STX.

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