How to Buy Zilliqa (ZIL) – Complete Beginner’s Guide (2021 Update)

If you’re interested in purchasing Zilliqa (ZIL), you will need to have Bitcoin (BTC) or Ethereum (ETH) to trade with. In this guide, I recommend the largest cryptocurrency exchange Binance where you can buy crypto using your bank account or credit card.

Step 1: Setting up your Binance account:

1.1  Go to Binance’s website (https://www.binance.com/en)

Binance Website

Sign Up Binance Now

Note: There have been many cases of phishing sites that mirror the actual site, so make sure you examine the URL carefully and look out for the ‘Secure’ certificate in the address bar to confirm the authenticity of the site. For security, make sure to bookmark the original site to avoid future mix-ups.

1.2 Complete the signup process

Click on the “Register” tab in the right-hand corner of the webpage and fill in your details. You can either signup with your mobile number or your email address. If you decide to use the email option, please MAKE SURE that the email address you enter is the one you have access to and is your most secure email as this is how you will always sign in to your Binance account.
After filling in your email address and choosing a password (When creating a password, use a mix of numbers, symbols, upper and lower-case letters), use the 6-digit verification code sent to your mail to verify your account and complete the registration process.

1.3 Enable two-factor authentication (optional)

Once your account is created, even though optional, two-factor authentication (2FA) is recommended to make it more secure. When you log in for the first time, you’ll be asked if you want to set up 2FA. Believe me, you DO want to set up 2FA because it’s very important!
With 2FA, you will be asked for a special code to type in after you’ve logged in with your e-mail and password. This code is generated through an app on your smartphone called Google Authenticator. You will need to download it on your mobile phone in order to generate the code.

Step 2: Making your first purchase of Bitcoin

Purchase Bitcoin with Credit Card
To fund your crypto wallet on Binance, you can fund it directly from your bank account using a SWIFT transfer or you can use your debit/credit card. (In this section, we’ll focus on the credit card option).
Previously, the option to use a credit or debit card was not available on Binance, but recently that has changed. Due to Binance’s partnership with Simplex, Binance users can now use their credit or debit cards to purchase Bitcoin or Ethereum. Benefits of using credit or debit cards to make a purchase on Binance include fast delivery speed, low fees, and increased convenience.
As I said earlier, it is recommended that you should purchase Bitcoin first and then later on you can trade it for the desired amount of Zilliqa (ZIL).
Purchasing using your credit card is not a complex process but I will still provide you with the steps involved to make sure that you get it absolutely right.

  • Move your mouse up to “Buy Crypto” button on the top bar. Once you activate the dropdown menu, choose your currency, i.e., USD nd click on “Credit/Debit Card” to be directed to the next step.
  • On the next page, you will be able to select which coin you wish to buy (Select BTC), as well as the order amount. The total charge will be displayed according to the order amount and current market price (all fees are included). If you prefer, you can set the total charge first and the order amount will be calculated automatically.
  • When you are ready, click “Buy BTC” A window will appear so you can confirm the details of your order. Read the disclaimer and Terms of Use and, if you agree, tick the box and click “Go to payment.”
  • Next, you will be required to fill your credit card details along with your personal information. When you are done, click “Pay now” and wait for your card to be verified
  • If this is your first Simplex payment, you will be required to verify your email and phone number. You will receive an email and an SMS with a verification code. To finish the verification process, you need to open the link sent by email and insert the code received by SMS. Once you are done, click “Continue.”
  • Next, you will be required to verify your identity using an official document. Please upload a picture of your document along with your personal data and click “Upload Document.”
  • Finally, your documents will be verified and, if approved, you will receive an email stating that your purchase has been confirmed. Your Binance account will be credited shortly with the purchased Bitcoin/Ethereum.

Step 3: Transfer Your Cryptos to an Altcoin Exchange

bittrex website
Now it’s time to purchase Zilliqa (ZIL) using your investment from Binance.
Since every crypto can not be traded in Binance we need to transfer our coins to an exchange that Zilliqa (ZIL) can be traded. So I will guide you to Bittrex which is a well known exchange to trade altcoins. Use the link below to register your new account.

Sign Up Bittrex Now

After completing similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.

Step 4: Deposit BTC to Exchange

Once you have your trading account setup at one of the exchanges that trades Zilliqa (ZIL), you will need to transfer your BTC from Binance to that specific exchange. This is done via a wallet system.
depost btc to bittrex
Click to “Holdings” on the top right menu.
Find “BTC” from Token section and copy the given “Deposit Address”
This part might seem a little bit complex but don’t worry, it is easier than a bank transfer.
Once you copy 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)”.
Search for BTC in the list and click on “Withdraw” on the right hand side.
Paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Write down the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Click on the Submit button to begin with the withdrawal process. To proceed 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’s it, now you should wait for a while so that the blockchain to confirm your transaction.

Step 5: Trade Zilliqa (ZIL)

Now you can go back to Bittrex to buy Zilliqa (ZIL) with the Bitcoins you sent.
bittrex market
Click “Markets” and you will see altcoins list.
In the left column make sure to select “BTC” pair and in the search bar type in “ZIL”. Once you move your coin click on it and now you will see a price chart of SIF/BTC in the middle of the page. Choose the “Market” tab as that is the most straight-forward type of buying orders. You can either 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. When you have confirmed everything, click “Buy ZIL”. Now you own your ZIL !

Other Exchanges to Buy

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once Zilliqa (ZIL) gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Huobi
Bitmax
OKex
Hotbit
Bitmart

Safety Tips for Trading on Binance:

  1. Sadly, we don’t live in a perfect world and there are a lot of hackers and scammers out there. When trading altcoins on Binance, safety is paramount. There are several ways you can protect yourself from hackers and thieves. Let’s take a look at the best ways.
  2. Don’t click on links to Binance in emails/pop-ups. Check the official Binance URL and bookmark it! (Look out for the “secure” tag on the address bar). Also, if you need to contact the Binance team, ensure you use the contact information found on its secure homepage.
  3. Always use two-factor authentication. While you will be allowed to complete setting up your Binance account without 2FA, I strongly advise that you don’t. It is a very important step in securing your account and it will help protect your account from hackers and scammers. Binance currently offers two options for 2FA: SMS and Google Authenticator. However, they recommend using Google Authenticator.
  4. Use a strong password for your Binance account and you can change it regularly.
  5. Always regularly check the list of devices that have been authorized to access your Binance account. If you see any devices that you don’t recognize or no longer use, simply remove them
  6. Allow withdrawals only to addresses you trust and check the whitelist regularly.
  7. Use strong anti-virus software: Your Binance account is only as safe as the device you’re accessing it from. Make sure all the devices you use to access your Binance account are free from bugs and viruses.

Frequently Asked Questions

Can I buy Zilliqa (ZIL) with cash?

There is no direct way to buy Zilliqa (ZIL) with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.

Are there any alternative platforms to buy Zilliqa (ZIL) or Bitcoin with credit cards?

Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.

About Zilliqa (ZIL)

What Is Zilliqa (ZIL)?

Zilliqa is a public, permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralized applications, and as of October 2020, it also allows for staking and yield farming.

Development work officially started on Zilliqa in June 2017, and its testnet went live in March 2018. A little over a year later, in June 2019, the platform launched its mainnet.

The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.

Who Are the Founders of Zilliqa?

Zilliqa was first conceived by Prateek Saxena, an assistant professor at the National University of Singapore School of Computing. Saxena and several students in the School of Computing published a paper in 2016 that outlined how a sharding-focused blockchain could improve network efficiency and speed.

Around the same time, Saxena co-founded Anquan Capital alongside Max Kantelia, a lifelong finance and tech entrepreneur, and Juzar Motiwalla, former president of the Singapore Computer Society. The company incorporated Zilliqa Research in June 2017 to develop the Zilliqa network, bringing on Dong Xinshu as its CEO, Yaoqi Jia as its chief technology officer and Amrit Kumar as its chief scientific officer. All three previously worked as research fellows at the NUS School of Computing.

What Makes Zilliqa Unique?

Zilliqa claims to be the world’s first public blockchain to rely entirely on a sharded network. This allows it to achieve high throughput and a high rate of transactions per second, which it says solves the scalability issue. Because each shard processes transactions individually, as the network grows and the number of shards increases, the number of transactions that can be processed per second also increases. As well, records are immediately added to the Zilliqa blockchain after being processed, meaning that no additional time for confirmation is required.

Zilliqa seeks to become the blockchain of choice for large-scale enterprise use, including among the advertising, gaming, entertainment and financial services and payments industries. In its 2018 position paper, its team states that the platform “aims to rival traditional centralized payment methods such as VISA and MasterCard.”

Both Anquan Capital and Zilliqa Research, the company responsible for developing Zilliqa, hold significant reserves of ZIL.

Learn about the largest blockchain to consider incorporating sharding, Ethereum.

Learn about Harmony, another high-throughput, sharded blockchain project.

Want to better understand crypto markets? Read CoinMarketCap’s in-depth guide on tokenomics.

Stay up to date on the ins and outs of crypto with the CoinMarketCap Blog.

How Many Zilliqa (ZIL) Coins Are There in Circulation?

Zilliqa has a fixed maximum supply of 21 billion tokens. ZIL was first made available for sale as an ERC-20 token as a part of a token generation event that concluded in January 2018. The tokens were subsequently transferred to the Zilliqa mainnet in a token-swap event that concluded in February 2020.

Before launching, Zilliqa generated 60% of all tokens (12.6 billion ZIL) to be distributed at the token generation event, and the remaining 40% (8.4 billion ZIL) will be created through the mining process. Ten percent of all tokens (2.1 billion ZIL) were reserved for Anquan Capital, 12% (2.52 billion ZIL) for Zilliqa Research, and 5% for contemporary and future Zilliqa team members — all of which were announced to be distributed quarterly over a three-year period.

Zilliqa is designed such that all tokens will be minted within 10 years, with the block mining reward slowly decreasing. According to its whitepaper, the project aims to have 80% of the tokens (16.8 billion ZIL) mined within the first four years and 20% (4.2 billion ZIL) in the remaining six years.

How Is the Zilliqa Network Secured?

The Zilliqa network is secured through a practical Byzantine Fault Tolerance, or pBFT, consensus protocol, meaning that at least two-thirds of all nodes must agree that a record is accurate in order for it to be added to the blockchain. Each Zilliqa blockchain shard relies on a group of nodes to confirm a subsection of all the transactions, and once each shard has reached a consensus, a second group of nodes confirms the shards’ collective results and adds a new block to the blockchain.

The network uses elliptic-curve cryptography to secure its consensus protocol and allows for multisignatures. In addition to the pBFT consensus protocol that secures its transaction records, Zilliqa also uses a proof-of-work algorithm to assign node identities and generate shards.

Zilliqa developed a new language, Scilla, for its smart contracts. Short for Smart Contract Intermediate-Level Language, Scilla is a safety-focused language intended to automatically identify and eliminate security vulnerabilities at the language-level and make it easier to formally verify the safety of smart contracts through mathematical proofs.

Where Can You Buy Zilliqa (ZIL)?

Zilliqa’s native token, ZIL, is listed on several major cryptocurrency exchanges — including Binance, Huobi, Bitfinex and Bithumb — where it is available to be traded against fiat currencies, stablecoins and other cryptocurren
cies.

Are you interested in buying ZIL or other cryptocurrencies such as Bitcoin (BTC)? CoinMarketCap has a simple, step-by-step guide to teach you all about crypto and how to buy your first coins.

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