If you have any interest to buy SKALE Network (SKL), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of SKALE Network (SKL).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
- Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transferring Your Cryptos to an Altcoin Exchange FTX
Now let us purchase SKALE Network (SKL) using your investment from Binance.
But, not every crypto can be traded in Binance we need to transfer our coins to an exchange that SKALE Network (SKL) can be traded.
Let me guide you to FTX which is a famous exchange to trade altcoins. We will use the link below to register your new account.
If you have completed similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades SKALE Network (SKL), you will need to transfer your BTC from Binance to that specific exchange.
You will need to use a wallet system. Deposit BTC to ftx Click “Wallet” from the top left menu. Then, you will see the coin list, find BTC and lick deposit button and copy the given “Deposit Address” This part may be a little bit difficult but don’t worry, it is easier than a bank transfer.
After you have copied your unique BTC wallet address go back to Binance. Move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”.
Look for BTC in the list and click on “Withdraw” on the right hand side. Then, Paste the deposit address you just copied from the other exchange and select BTC as the transfer network.
Type down the amount that you want to withdraw (you may click the Max button if you want to withdraw all). Then, Click on the Submit button to begin with the withdrawal process.
For you to continue with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That is all you need to do, now you should wait shortly so that the blockchain to confirm your transaction.
Step 5: Trade SKALE Network (SKL)
Now you need to go back to Bitmax to buy SKALE Network (SKL) with the Bitcoins you sent.
You will have to move your mouse over to trading and then click standard under cash trading.Then, in the left column make sure to select “BTC” pair and in the search bar type in “SKL”.
After you havemoved your coin click on it and now you will see a price table of SKL/BTC in the middle of the page. Select, the “Market” tab as that is the most straight-forward type of buying orders.
The, you have to type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
Once you have confirmed everything, click “Buy SKL”. Now you own your SKL!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever SKALE Network gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store SKALE Network securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your SKALE Network for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy SKALE Network with cash?
The answer is No. Because there is no way you can directly buy SKALE Network with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy SKALE Network while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase SKALE Network or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
What is the SKALE Network
SKALE is an open source elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains. It serves as a security and execution layer that connects with Ethereum and is deeply integrated into the Ethereum Network. The network grows linearly to support thousands of independent blockchains (elastic sidechains) file storage chains, and other types of sub chains – all tied to the Ethereum public mainnet and fully compatible with the entire Ethereum ecosystem. SKALE uses the $SKL token, a hybrid use token which represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources. SKALE chains can execute sub-second block times, run over 2,000 tps on every chain, and run full-state smart contracts in addition to decentralized storage, and machine learning in EVM.
Who Are the Founders of SKALE?
SKALE Network’s co-founders are Jack O’Holleran and Stan Klakdo.
Jack is a veteran entrepreneur with a deep background in machine learning, AI, security and blockchain. Prior to co-founding SKALE, Jack was a founder at multiple Silicon Valley based enterprise technology companies including IncentAlign, a digital currency platform, and Aktana, the leading Machine Learning Analytics platform for the Life Science Industry. He also held an executive role at Good Technology which was acquired by Motorola for ~$500M, and subsequently held executive positions in Motorola. Jack has been actively involved in cryptocurrencies and decentralization as an investor since early 2013 and began working full-time in the space in early 2017. Jack holds a BS from the University of Nebraska and calls the Bay Area his home
Linkedin profile: https://www.linkedin.com/in/oholleran/
Stan brings 19 years of experience in cryptography and enterprise infrastructure technologies. He has founded several Silicon Valley venture-backed startups including Galactic Exchange, a big data infrastructure company, and Cloudessa, a cloud security company which was acquired by the UK based Global Reach. Stan was a key early member of the Java Virtual Machine team, and was on the founding team of Ingrian Networks with Dan Boneh (co-creator of BLS signatures) in 2000. He founded and ran a US government certified crypto lab for 7 years, working with the NSA and other agencies. He has experience as a researcher at Stanford University and Los Alamos National Lab, where he was named Director’s Fellow. With a Ph.D. in Physics, he graduated Summa Cum Laude from the Max Planck Institute for Physics of Complex Systems, Germany and is a top contributor for Ethereum Foundation & Ethereum Research.
Linkedin profile: https://www.linkedin.com/in/konstantin-kladko-017249/
What Makes SKALE Unique
The primary benefits of SKALE’s elastic sidechains include increased transaction throughput, faster transaction finalization, and reduced transaction costs. These capabilities all translate into improved user experiences and a more sustainable economic model. Additional benefits of SKALE chains include increased storage capacity and greater transaction processing control. The use of sidechains can also aid the development process by accelerating app development and the introduction of new features.
Using an Execution Layer solution like the SKALE Network is highly effective for building and scaling Ethereum-based applications, opening up the potential for an ever-expanding spectrum of use cases – from games and decentralized finance to productivity and media applications and everything in between.
How Many SKALE (SKL) Coins Are There in Circulation?
The circulating supply at token unlock December 1, 2020 is 564,166,667 SKL. Tokens for the core team and early supporters are locked in a long term vesting schedule in order to incentivize a focus on creating a sustainable network. For more information on token supply, economics and lockups please view:
$SKL Token page https://skale.network/token
SKALE Tokenomics One Sheet https://skale.network/tokenomics
$SKL Token Unlock Schedule https://supply.skale.network/supply/index.html
$SKL Token Contract on Etherscan https://etherscan.io/token/0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
When was SKALE Network Launched?
SKALE Network launched its phase 1 mainnet on June 30 after a successful incentivized testnet that ran with no downtime for 2 months. SKALE’s token was successfully launched in early September using ConsenSys’ Activate Platform as the first proof of use sale utilizing the Activate framework for launching highly compliant offerings. Nearly 4,000 participants from 90 countries participated in a 10X oversubscribed sale of $5 Million of SKL tokens. Phase 2 mainnet was launched with the SKALE Network genesis epoch October 1. Approximately 4,000 delegators staked tokens across 46 Validator Organizations creating $80 Million in Total Value Locked.
November 30, Binance, Huobi Global and UniSwap announced listing of the $SKL token on their respective exchanges. Phase 3 mainnet launched Dec 1 and restrictions were removed from the network, allowing tokens that completed the “proof of use” requirement to unlock into a transferable, liquid state. Validators and delegators also collected the first round of rewards for their staking activities.
## Where can I stake my $SKL tokens?
Token holders currently can stake $SKL tokens on the Activate platform https://activate.codefi.network/skale, more platforms will become available. For a full list of the current validators supporting the network visit https://skale.network/blog/validator-list-for-skale/
How Is the SKALE Network Secured?
Traditional sidechains gain performance and low latency by using a smaller number of validator nodes but at a potential risk to the transaction integrity (under the theory that smaller sets of nodes are more susceptible to collusion and bribery). The SKALE Network counteracts this security risk by using a pooled validation model. This model leverages the security advantages offered by a large number of validator nodes by combining random node assignments with frequent node rotation among the validator sets. Therefore each independent sidechain is protected with the resources of the entire network.
To further secure the network, each validator must stake a significant amount of value into the network via a SKALE token. Sidechains are also resourced and provisioned by users via a subscription model that also makes use of the SKALE token. These tokens are staked into the Ethereum mainnet and controlled by smart contracts there (see SKALE Network Whitepaper – SKALE Manager section for details). Smart contracts on the mainnet also manage the token inflation and the monthly payouts to validators (including proceeds from the inflation). These smart contracts also handle the monitoring of node performance as well as the provision of penalties in the event of any malfeasance by a node.
The SKALE Network is a custodial execution layer (Layer 2). Whereas non-custodial approaches use a system of fraud proofs to allow funds to move between chains, SKALE makes use of BLS signatures, deposit boxes within the Ethereum mainnet, and other mechanisms to allow for custodial ownership and use within the network (which allows it to leverage the security guarantees of the mainnet but gain the performance inherent in Layer 2). Whereas other Layer 2 models attempt to use mainnet interactions to run verification and/or fraud proofs, SKALE uses the Ethereum mainnet for staking and for other critical operations in a way that is better attuned for the creation of a robust and fully decentralized security and execution layer. The SKALE Network can also support non-custodial Layer 2 efforts via BLS Rollups and eventually will support other proven L2 solutions as they progress from research phase to production ready.
Where Can You Buy SKALE (SKL) Tokens?
There is a growing list of exchanges that are support the sale or purchase of $SKL tokens. The first to list are Huobi, Binance and Uniswap. For more information visit https://skale.network/blog/skl-exchange-listing-update .