I Just Bought PIVX, Now What?

Well, congratulations on taking your first step into the world of privacy. PIVX is a community-driven project with a focus on privacy, decentralization, and a robust, self-governing ecosystem.

But with your PIVX now safely in your wallet, the real question is: what’s next? In this article, I’ll guide you through the exciting possibilities and next steps as a new member of the PIVX community.

1. Secure Your Investment

Before you do anything else, I’ll recommend moving your PIVX from the exchange where you bought it to a secure, non-custodial wallet. As the popular crypto mantra goes, “not your keys, not your coins.” This step may not be necessary if you are in for the short-term, holding a small bag, or interested in swing trading.

Here are your best wallet options for storing PIVX:

• PIVX Core Wallet: This is the full-featured, official wallet from the PIVX team. It’s a desktop wallet that requires you to download the entire PIVX blockchain, making it a bit resource-intensive. It provides a high level of security and access to all network features, including staking and masternode operation.

• MyPIVXWallet (MPW): For a more lightweight and convenient option, MyPIVXWallet is a web-based, non-custodial wallet. It works in your browser and doesn’t require a blockchain download, making it fast and easy to use on both desktop and mobile.

• Hardware Wallets: For the ultimate in security, a hardware wallet like a Ledger device is the way to go. It keeps your private keys offline, protecting them from malware and hackers. You can connect your hardware wallet to a PIVX-compatible interface to manage your coins while keeping them in cold storage.

2. Put Your PIVX to Work

Staking

One of the most appealing features of PIVX is its Proof-of-Stake (PoS) consensus mechanism. This allows you to earn passive income by “staking” your coins.

By holding PIVX in a connected wallet, you participate in securing the network and are rewarded with newly minted PIVX. The more coins you hold, the higher your chances of being chosen to validate a block and receive the reward. At the time this guide was written, the estimated annual reward for staking was 13%.

Meanwhile, there is also cold staking, which allows you to delegate your PIVX for staking without ever sending your coins or keeping your private keys online. This is the most secure way to stake. You can delegate your PIVX to a “hot wallet” (a staking node that is online 24/7) while your own wallet remains safely offline, such as on a hardware device.

PIVX Masternode

For those with a larger investment, running a PIVX Masternode offers higher rewards and a direct role in the network’s governance. To run a Masternode, you must lock up a collateral of 10,000 PIVX.

In exchange for your contribution to the PIVX network, you receive a significant portion of the block rewards (a current APY of 15.6%). They also get to vote on proposals submitted to the decentralized treasury, giving them a voice in the project’s development, funding, and future direction.

Running a Masternode is for the serious PIVX enthusiast who wants to be deeply involved in the project’s ecosystem and governance.

3. Explore the Ecosystem and Community

PIVX is more than just a coin; it’s a vibrant, community-driven project with a rich ecosystem. Now that you’re a part of it, consider getting involved.

• Decentralized Governance: As already mentioned, the PIVX network is funded and managed by a decentralized autonomous organization (DAO). Masternode owners vote on proposals to allocate funds from the community treasury. It’s worth mentioning that you do not need to be a masternode owner to have a say on how things are done. You can actively contribute and make suggestions on the PIVX forum, Discord, and other social media channels.

• Privacy Features: PIVX has a unique privacy protocol called SHIELD, which uses zk-SNARKs (Zero-Knowledge Proofs) to enable anonymous transactions. This is a core feature and a key differentiator of the PIVX project. Trust me when I say this feature is better experienced than explained. So, you could try sending some SHIELDED transactions between wallets to have a feel of how the protocol operates.

• Community Resources: The PIVX community is known for being friendly and helpful. Join the official Discord or Telegram channels, follow them on Twitter, and check out the official documentation for guides and support. You’ll find a wealth of information and a passionate group of “PIVians” ready to welcome you. And I must add that PIVX recently had a soft launch of its global ambassador program, an initiative that incentivizes participation.

Conclusion

Buying PIVX is just the beginning. The real journey lies in exploring its powerful features and becoming an active participant in its ecosystem. Whether you choose to simply hold your coins securely, put them to work through cold staking, or take on the responsibility of a masternode operator, you are now a part of a community that values privacy, decentralization, and collective governance. Welcome to the PIVX family!

Written by Clement Saudu

	PIVX: Your Rights. Your Privacy. Your Choice