![]() ![]() Once you have a compatible wallet downloaded, you can head to a number of exchanges that sell Amp. Amp is an ERC-20 token, which means that it is compatible with any Ethereum wallet that was built to hold ERC-20 tokens. The only value of owning Amp is the contracts that decide to use it as collateral.įirst, you will need to download a wallet that can support Amp. Additionally, there is no benefit within the Amp community of owning lots of Amp because it does not grant the holder voting rights or right to make any executive decisions. Not only is there a fixed supply protecting its value, but there are also several controls in place to minimize one party buying more Amp than the rest and owning the lions share. However, if you are looking for a dynamic investment, as in something you can buy and invest, Amp is probably one of the best options on the market. So if you are especially risk adverse in investments, Amp may not be for you. This means that it may be very risky to buy, especially because its value depends widely on adaptation-something that is hard to predict when a coin has only been around for about a year. Should I Buy Amp?Īmp is still a relatively new cryptocurrency, having only launched in 2020. And even if you only purchase a small amount that you don’t think will be enough to stake transactions on your own, joining a pool of stakers will allow you to stake transactions together and still make money off of your small amount of Amp. ![]() These pools may require a minimum investment in order to stake, but there is no minimum amount of Amp absolutely required to stake Amp transactions. The original staking pool for the cryptocurrency is on the Flexa network, but, as mentioned above, several other networks now have staking pools for the coin. To do this, you will need to first purchase Amp, then join a staking pool. This means you will lend your Amp out to others who are making a transaction and when the transaction is complete, you will receive a small fee for the use of your Amp. Unlike other cryptocurrencies, the only way to make money with Amp (besides holding and hoping that the value increases) is by using your Amp to stake transactions. Amp is currently overseen by a company of the same name, of which Dave Rodgers is the CEO. Rodgers set out to solve this problem by not only creating a collateral to back crypto agreements, but also by creating a collateral that wouldn’t (in theory) go crazy with inflation, or crash to nothing, over the course of a transaction. This is because of the lack of trust between the two parties and the nonphysical nature of crypto. Before Amp, it was very hard to bring large transactions, like the sale of a property, into the cryptocurrency world. Currently, you can buy Amp using fiat or BTC on several exchanges like Coinbase Pro.Īmp was invented in 2020 by a man named Dave Rogers. Amp has a fixed number of tokens in circulation to guarantee that the token will not experience massive amounts of inflation while it is being used to back a transaction. This can help integrate things such as real estate sales into the cryptocurrency world.Īlthough Amp started out on just the Flexa network, it is now used with several services such as CoinGekco, Uniswap, and Sushiswap. Then if the transfer eventually fails, the party that was not paid collects the Amp as collateral. For example, when someone would like to trade with another individual and the trade might include both fiat and cryptocurrency investments, Amp is used to secure the transfer. This way the network would be able to offer its customers secure and instant payments on transactions. What is Amp?Īmp is an ERC20 token that was originally designed to collateralize payments on the Flexa network. Keep reading to discover more about Amp, the world of cryptocurrency lending, and the future of bank-less loans. Whether you want to use Amp in your business dealings, or look at it as a possible future investment, you should learn more about it before you put down your hard-earned money. ![]() This resolves a specific financial need that the cryptocurrency world has lacked and thus Amp will truly help the cryptocurrency world to expand to new heights. This is why you should take a deeper look at any cryptocurrency you plan to invest in, especially if it is one like Amp.Īmp is a cryptocurrency technology that offers a form of collateral that can cover any transaction in a variety of cryptocurrency networks. But this is never a good way to handle your finances, by purchasing whatever is ‘in’ at the time. These days, whenever a cryptocurrency begins to spike, it will tend to gain attention-no matter what the technology behind the project may be. ![]()
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