Did you hear about the UBX coin and the UBIX.Network but got confused on how to buy it? It cannot be bought directly in exchange for fiat money. In general, you can buy ETH and BTC and then swap them for UBX.
Keep on reading to find out more about the UBIX.Network and how to buy UBX.
What is UBX?
UBX is the official token of the digital universe- UBIX.Network. Those who hold over 1M (native) UBX receive 0.10% (compounding) UBX per day from the UBIX.Network. UBX first set foot on the market on 9th November 2020 and has a total supply of 1,000,000,000. According to CoinMarketCap, UBX’s price is $0.0006025 at the time of writing. Currently, It has a market capitalization of USD $27,248,306. It is ranked 777 on Coinmarketcap and has recently fallen by 2.78 percent.
What is UBIX.Network?
UNIX.Network is a DAG/Blockchain hybrid ecosystem. DAG stands for Directed Acyclic Graph, it is used for structuring data and is increasingly being used as a consensus mechanism in the cryptoworld. In a DAG there are no miners and transactions are much faster as there is no block creation. Information is stored as vertices that are placed on top of one another. UBIX has a network of public and private blockchains integrated on a single p2p platform.
On UBIX.Network, developers can create their own blockchains of various types and use them to perform their business functions. All the blockchains created on UBIX can be integrated with each other without the help of any gateways as all these blockchains have the same address space and a common network. Beyond the basic level integration, UBIX.Network is also building a common universal interface that is a super application. It will allow users to integrate various internal applications with one another so that they can enjoy seamless use of all available services.
How to buy UBX?
In the cryptoworld and on crypto exchanges, not every digital coin can be directly exchanged with fiat currency. That is why there are stable coins like Tether USDT. Stable coins are cryptocurrencies that offer the best of both physical and digital currency worlds. Their market value is pegged to a fiat currency like US dollars or to a commodity like gold. They can be directly exchanged with fiat currency. So, traders often buy stable coins and then swap them later for the currency they originally wanted to buy. Before buying a stable coin or any other cryptocurrency, research what coins are paired with the coin you want to buy. So that you can swap the coins easily later on. But it is not necessary to buy a stable coin to buy UBX. One can also buy cryptocurrencies like Bitcoin and Ethereum and then exchange them later on for UBX.
Steps to buying UBX coin
You cannot buy UBX with cash or bank money directly. So anyone interested in trading UBX will have to buy BTC or ETH from a fiat-to-crypto exchange, transfer them to an altcoin exchange and then swap them for UBX.
In this article, we have taken ETH as an example. Follow these steps below to buy UBX.
Register on fiat-to-crypto exchange
First, you need to buy a major cryptocurrency like Ethereum from a fiat-to-crypto exchange. The most popular exchanges to do so are Coinbase, Binance, or Uphold.com. Coinbase can be a good choice as it is a widely trusted method and your funds up to $250,000 are insured. Every exchange has different features and fee policies, so you should choose an exchange after going through the terms and features. On every exchange, you’ll have to complete a verification process and photo identification to comply with the global financial regulations. This verification is the KYC process that exchanges use to get to know their customers.
Buy ETH with fiat money
Once you have signed up on a fiat-to-crypto exchange, add funds to your trading account. You Can do so by debit card, credit card, Paypal, bank transfer, or any other payment method available for your country on the exchange you have chosen. All exchanges have different fees for different payment methods. For example, On Coinbase, cards have high processing fees but the process becomes fast, while bank transfer has lower fees but the process is slower. Buy ETH or BTC from the exchange by specifying the amount you wish to spend and following the instructions given on your exchange.
Transfer ETH to an altcoin exchange
Now you have to select an altcoin exchange on which you will transfer your ETH and swap it for UBX. Famous altcoin exchanges are KuCoin, HotBit, ProBit, and BitMart. Since UBX is an altcoin, you need to find an exchange where UBX can be traded. Register on the altcoin exchange like you did on the fiat-to-crypto exchange. Open your altcoin wallet and note down its address and then go back to your fiat-to-crypto exchange and send some ETH to your altcoin wallet address.
After your ETH has been transferred to your altcoin exchange, locate ETH/UBX pair by searching the keyword UBX on that exchange. Input the number of ETH you’d like to swap for UBX and buy.
Now you have your UBX. If you are planning to hold your UBX tokens for a long time then you might consider finding safe ways to do so. Even though most online exchange wallets are safe, there have been cases of hacking and phishing. As online wallets are called hot wallets, they come with the risks of hot wallets exposing your money to certain vulnerabilities. Another option to store coins is cold wallets where the wallet goes online only when you want to send out funds. One type of cold wallet is a paper wallet where you keep an offline generated public and private key written down somewhere with you. But these are not durable and are prone to various hazards.
The best way to store your coins is by storing them in hardware wallets. These are also a type of cold wallet. They are extremely durable and are USB-enabled hardware devices. They provide military-level security and their hardware is constantly maintained by the manufacturer. Examples of hardware wallets are Ledger Nano S and Ledger Nano X. the latter is more advanced than the former. They both can be acquired at affordable prices. If you are holding your assets then these wallets can be a great investment. You can use them with computers, laptops, mobile, and tablets depending on which hardware wallet you go with.
It is always best to do some research on your own and then decide which coin and exchanges are the best for you and your needs. It is also beneficial when users have accounts on several exchanges as it makes it easier to buy diverse cryptocurrencies that are not available on the one platform they use.