What is Swipe Coin? Swipe is a blockchain project that aims to connect fiat currencies and cryptocurrencies. As Kriptokoin.com, we have prepared for you the answers to frequently asked questions such as what is Swipe (SXP), how does it work, how and where to buy Swipe coin, what are its advantages and disadvantages.
What is Swipe Coin? How does SXP work?
Swipe coin (SXP) is a blockchain project built on the Ethereum Blockchain. The native cryptocurrency of the platform is SXP. The project is designed to allow users to buy and spend cash and crypto assets in physical and digital locations. Working as a software and digital wallet ecosystem, the platform uses 3 basic tools to provide the aforementioned service. These 3 basic tools are Swipe coin, Swipe wallet and Swipe card.
Swipe wallets, a product of a not-for-profit company, are advanced connectable to debit cards using the Visa network and a smartphone app. It also offers users a similar experience to traditional mobile wallets. This feature includes exclusive cardholder benefits such as getting free Spotify accounts as well as getting up to 8% cashback in Bitcoin. Additionally, the project says it is working on additional features such as savings account, credit cards, and merchant payment processing services.
What is Swipe Coin? What is it used for?
Swipe wallets, however, incorporate a number of features that can only be exploited by the integration of the ecosystem’s native cryptocurrency Swipe coin (SXP). For example, Swipe does not charge for debit cards. Instead, users stake Swipe coins to access debit cards with additional benefits. The more SXP coins users lock into private contracts on the Swipe network, the more rewards they get.
What are the advantages?
- Users can make transactions at banks using the Visa network by obtaining a Swipe card. In addition, they can purchase products and services at institutions that have a contract with Visa.
- SXP token and Swipe cardholders are rewarded the more they spend.
- Swipe Coin holders can stake their tokens at a specified maturity and receive rewards at maturity.
- The protocol, which works very quickly, can even perform cross-border money transfers within three minutes.
What are the disadvantages?
- Swipe coin holders have to reach large numbers in payment and transaction amounts to reap the additional rewards offered by the platform. Other projects offer these rewards per transaction and on contribution to the network.
- DeFi Protocol is vulnerable to cyber attacks. In any future attack, users may lose their assets. In such projects, cyber attacks are common. Swipe users who want to secure their assets can transfer their funds to a hardware wallet.
- Binance has announced that it will delist a Swipe-related pair on March 1, 2022. This could have negative effects on the value of the cryptocurrency.
How to get Swipe coin (SXP)?
Users who are members of an exchange where Swipe coin is listed can purchase SXP tokens. To do this, there must first be an exchange where the token is listed. These exchanges include KuCoin, Bithumb. Users who are fully registered on the exchange can buy SXP by depositing money in their wallets.
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