Yeah, Triss, I joke that my painting got better when I deliberately bought a hat to fit the model! LOL
I suspect you are using Cuni, the only other brand I'm aware of in cold wax of this kind, and it's not available here. But I expect that they operate the same.
First of all, once you heat seal them (and you don't have to but you will likely want to for durability) they are truly archival. Until that point or until they "cure" they remain water soluble to a degree. They dry on the painting more or less like acrylics or slower, but they can easily be reopened or wiped/brushed off with water - plain ordinary drinkin' stuff. You can seal your work along the way so that the next layer is easily wiped off without disturbing what's underneath, pretty much like "workable" fixatives allow pastels to do.
The pigments are vibrant and saturated, but if you want to thin them out you can do so with plain water, with their native wax mediums, or with both, just the same as with acrylics. But the real advantage is that they glaze gorgeously, easily, and you won't find anything like that in acrylics, oils or watercolors most times.
You can also use mediums to thicken them for impasto. You can paint them on canvas, paper, wood - probably most supports - but I find it best on something that is at least semi-absorbent.
You can paint them light to dark or the reverse or both (just like acrylics), but I find them best light to dark most times.
They are as versatile as acrylics, and I've actually painted them to appear like watercolors, oils and even pastels (dry brushing). Try that with other media and you'll realize just how good this cold water soluble wax stuff is. And unlike true encaustics, they require no special tools, no mess, no different painting skills - you can paint them anywhere, small or large, inside or outside.
They do not need glass when framing, just heat sealing (hair dryer does fine) and light buffing, which you can repeat many times if you want.
Just a damn lovely versatile true paint. This is an ancient medium that has been modernized, so advantages of both. 'Nuff said?