Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Stacks, and is trustworthy!
You can find our top 3 exchanges for buying Stacks here, alternatively you can also check our comparison of the best Australian cryptocurrency exchanges if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Stacks
And of course, the final step is to find Stacks on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Stacks (STX)
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How to Sell Stacks
- Sign into the exchange
- Find where you stored your Stacks, either on a hardware wallet or on the exchange.
- Transfer your Stacks to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Stacks.
Considerations when looking to buy Stacks.
Stacks is a layer-1 Blockchain solution that brings smart contracts and decentralized apps (DApps), to Bitcoin (BTC). These smart contracts can be added to Bitcoin without affecting any of its features, including security and stability.
These DApps can be built on top of one another's apps, allowing developers to create features that are not possible with regular apps. Stacks relies on Bitcoin to be its base layer. This means that everything on the network is settled using the most popular and arguably the most secure of blockchains -- Bitcoin.
The Stacks token (STX) powers the platform. It is used to fuel smart contracts execution, process transactions, and register new digital assets on the Stacks2.0 blockchain.
The original name of the platform was Blockstack. However, it was rebranded as Stacks in Q42020 to distinguish the ecosystem and open-source project from Blockstack PBC -- the company that created the original protocols.
January 2021 saw the launch of Stacks 2.0's mainnet.
Stacks aims to take the best parts of Bitcoin and add additional functionality to it without having to fork or alter the original Bitcoin blockchain.
Through its proof-oftransfer (PoX consensus mechanism), it connects directly to the Bitcoin blockchain. Miners pay in Bitcoin to create new Stacks tokens (STX). STX token holders have the option to stack (not stake), their tokens and earn Bitcoin as a reward.
Clarity is a new smart contract programming language introduced by Stacks. It's simple and secure thanks to its unambiguous syntax. Algorand (ALGO), a blockchain that uses this smart contract-centric programming languages, also uses it.
Stacks was also the first cryptocurrency to be granted SEC certification for a sale in the United States. This allowed it to launch a $28 Million Reg A+ cash sale for its STX tokens, in July 2019.