Convert
New Taiwan Dollar (TWD) to API3 (API3) Instantly

Frequently Asked Questions

What are the common methods to buy API3 with New Taiwan Dollar (TWD)?

To buy the API3 digital asset with TWD, the most common fiat on-ramp is through a centralized cryptocurrency exchange that supports TWD deposits. Users typically need to complete KYC/AML verification, then fund their account via a local Taiwan bank transfer or a credit/debit card. Once the TWD is credited, you can place an order on the TWD/API3 trading pair, acquiring the token that powers a decentralized oracle network of first-party oracles.

After buying API3 with TWD, what are the use cases for the token, such as staking or governance?

Once you've completed the TWD to API3 transaction, the token serves critical functions within its ecosystem. You can participate in governance by staking your API3 tokens in the DAO pool, allowing you to vote on proposals that direct the project's future. Staking also provides rewards and secures the network by acting as collateral for the data feed insurance services, which protect dApp users from oracle malfunctions. This transforms the digital asset from a speculative holding into a functional component of the network's security and governance.

How does API3's multi-chain support impact my purchase and storage after the TWD transaction?

API3 provides oracle services across multiple blockchain networks. When you purchase API3 tokens with TWD on an exchange and decide to withdraw them to a personal digital wallet, you must select the correct network (e.g., Ethereum, Polygon, Arbitrum). Choosing the wrong network for your blockchain transaction can result in the permanent loss of your assets. Always double-check that your destination wallet address supports the specific network you are withdrawing to from the exchange to ensure secure storage of your API3.

What is the significance of API3's Airnode technology when converting TWD to API3?

When you exchange TWD for API3 tokens, you are investing in an ecosystem built on its core Airnode technology. Airnode is a serverless oracle node that allows API providers to easily run their own oracles with minimal overhead. This provides smart contracts with direct, secure Web3 API connectivity to real-world data feeds, forming the basis for API3's dAPIs (decentralized APIs). Understanding this fundamental utility is key to grasping the long-term value proposition beyond the initial fiat transaction.

What are the typical KYC/AML requirements when using a TWD fiat on-ramp for API3?

When purchasing API3 through a regulated exchange supporting TWD, you must undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. This process typically involves submitting a government-issued ID (like a Taiwanese ID card or passport), proof of address, and sometimes a selfie for identity verification. These compliance measures are mandatory for secure trading, preventing fraud and ensuring the cryptocurrency exchange adheres to local financial regulations for fiat-to-crypto transactions.

Are there any specific security practices to follow when conducting a TWD/API3 transaction?

Yes, secure trading is paramount. When funding your exchange account with TWD, ensure you are on the official, SSL-encrypted website. Enable two-factor authentication (2FA) on your exchange account for an extra layer of security. After purchasing API3, consider moving the digital asset from the exchange to a non-custodial digital wallet where you control the private keys, such as a hardware wallet. This minimizes the risk of loss from exchange-related security breaches. Be wary of unsolicited offers and verify all transaction details before confirming.