This step-by-step guide on how to buy PIVX (PIVX) will walk you through the steps on buying PIVX with USD on Binance safely and securely. These are the best ways to invest and trade PIVX. This cryptocurrency buying guide is meant for for beginners and starting investors.
PIVX is a private, instant, secure, proof of stake, self-governed, self-funded, community focused cryptocurrency.
Zerocoin which has been implemented by PIVX, is a protocol that does what Bitcoin can not. Zerocoin provides full privacy to the users of PIVX. The PIVX implementation of the Zerocoin protocol converts publicly view-able PIV into anonymous PIV (dubbed by the PIVX team as Zerocoin PIV or zPIV for short). When a user wishes to spend (that is send from a to b) zPIV, the zPIV appear in the receivers wallet as regular PIV without history of where that PIV originated from.
Read the Whitepaper.
How to Buy PIVX in the US
Quick reference instructions, followed by more detailed instructions and screenshots below.
- Open an account on Coinbase.
- Open an account on Binance.
- Buy Ethereum ETH on Coinbase. ETH has a lower exchange and conversion fee and is faster than Bitcoin.
- Fund your Binance account with the Ethereum you just purchased. Note: Coinbase will charge a transfer fee, so make sure you purchase and send enough to make it worth it. I recommend at least $500 at a time.
- Open the Exchange page on Binance and trade as you will.
The reason you must fund Coinbase first is the company accepts FIAT currencies, i.e USD, EUR, etc. From there, you can take your FIAT converted to ETH and purchase PIVX, or any other coin at Binance.
These two companies are the most reputable I have currently encountered and used. Fees are reasonable compared to other options I’ve tried.
Coinbase: $8.25 to transfer to Binance
Binance: 0.1% trading fee.
Binance: Free to withdraw from Binance back to Coinbase – currently 0.1 PIVX.
Coinbase to Bank Account ACH: Free.
Total estimated fees on a $500 investment based on January 2018 rates: $13.25
Open an account in Binance.
Verify as necessary. The further verifications provided, the more you can deposit and withdraw at a time.
Click over to Funds, then Deposits and Withdrawals. You will be presented with a screen showing all of the available cryptocurrencies.
Click on Deposit for Ethereum.
You will be presented with an address to send your Ethereum to as a deposit. Copy the one time use address from Binance and paste it into the Coinbase accounts page under the Send button. The screenshot below shows BTC, but you will want to click on ETH.
Once the fund have finished transferring, head over to the Binance exchange.
Binance allows you to set limit, market, and stop-limit orders on buying and selling.
You are on your own from here. Good luck! To withdraw from Binance, go back to the Funds Deposits and Withdrawals page and click on the Withdrawal button for whatever currency you have.
Step by Step Instructions for using Binance
Now that your Ethereum has been successfully added, you can click Funds, then Deposits Withdrawals. Right in front of the coin you transferred, the total balance should reflect the value of Bitcoin or Ethereum you transferred.
- Click on Exchange, right beside the Binance Logo, then select the Basic option.
- On the Exchange page, look to the top right corner where you find the market pairs section above Trade History.
- Look for the market pair you want to exchange. In this case, locate the PIVX/ETH pair and click (search for PIVX/BTC if you funded your account with Bitcoin).
- The page loads the PIVX/ETH pair, and you are set to exchange your coins for PIVX.
- Beneath the chart, locate Buy PIVX section.
- The first box shows the value of ETH per PIVX to be purchased.
- The second box is for you to enter the amount (number of coins) of PIVX you want to exchange for your BTC or ETH you funded.
- Below the Amount box, you have options to use 25%, 50%, 75%, or all of your deposited funds to buy the PIVX cryptocurrency.
- The total box shows you how much BTC or ETH you are paying to buy the quantity of PIVX you entered.
- Click the Buy PIVX button.
Within some few seconds, you should have the PIVX you have exchanged credited to your PIVX wallet on the Binance platform.
Your PIVX cryptocurrency is now available to be sent out to your wallet outside the exchange.
Is PIVX (PIVX) a Good Investment?
PoW Phase Period: January 30th 2016 to August 17 2016 (FINISHED)
PoS Phase Period: August 17 2016 onward starting at block 259201 (CURRENT)
Block size: 2 MB
Block Time: 60 Seconds (Re-targeting every block)
Coin Emission Rate: Max. 5 PIV per block (Always less due to burnt fees & unused treasury)
Coin Supply Control: ALL transaction & zPIV minting fees are burnt from coin supply.
PoS Stake Eligibility
Minimum Input Age: 60 minutes
Maturity Confirms: 101 confirms
Wallet Status: Requires wallet to be kept running & online.
Transaction Send Eligibility
Minimum Confirm: 6 confirms
1 confirm for locking and 6 confirm to spend.
Collateral held for 15 minutes.
Privacy Technology: Custom Zerocoin Protocol based on libzerocoin (we call this zPIV)
Key Features: Custom accumulator check-pointing system
Accumulator Encryption: RSA-2048
zPIV Denominators: 1, 5, 10, 50, 100, 500, 1000, 5000
Mint time: >= 0.5 seconds
Spend time: >= 2.5 seconds
Maximum single Spend limit: 35,000 PIV
Maximum single Spend denomination count limit: 7
Fees (mint): 0.01 PIV per minted zPIV denomination.
Fees (spend): No fee to spend zPIV back to PIV.
Minimum PIV confirmation count required to mint zPIV: 6 confirmations
Minimum zPIV confirmation count required before spend:20 confirmations
Maturity requirement before zPiv can be spent: 2 new identical denomination mint added to accumulator
Initial Masternode Coins: (now burnt & no longer exists in coin supply)
[block# 000001] 60,000 PIV for creation of 6 Masternodes for the functioning of the network.
[block# 279917] 60,000 PIV was publicly burned at block 279917.