How To Buy Swipe (SXP)?

A common question you often see on social media from crypto beginners is “Where can I buy Swipe?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.

Step 1: Create an account on an exchange that supports Swipe (SXP)

First, you will need to open an account on a cryptocurrency exchange that supports Swipe (SXP).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Swipe (SXP) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Swipe (SXP)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Swipe (SXP) or Swipe (SXP) trading pairs. Look for the section that will allow you to buy Swipe (SXP), and enter the amount of the cryptocurrency that you want to spend for Swipe (SXP) or the amount of fiat currency that you want to spend towards buying Swipe (SXP). The exchange will then calculate the equivalent amount of Swipe (SXP) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Swipe (SXP) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Swipe (SXP)?

Unlike other cryptocurrencies, Swipe isn’t just a protocol powered by a distributed network. Rather, Swipe is both a software and a digital wallet ecosystem that together are designed to allow users to buy and spend cash and crypto assets at physical and digital locations. 

The product of a for-profit company, Swipe wallets can be further connected to Visa debit cards and a smartphone application, providing an experience familiar to traditional mobile wallets. This includes custom cardholder perks, such as the ability to receive up to 8% cashback in Bitcoin along with free Spotify accounts. 

However, Swipe wallets are enhanced by a host of new features made possible only by the integration of its custom cryptocurrency, SXP. 

For instance, Swipe doesn’t charge fees for its debit cards. Instead, users stake SXP tokens to access debit cards with additional perks. The more SXP tokens users lock in special contracts on the Swipe network, the more perks they receive. By staking a minimum of 30,000 SXP, a user can be upgraded to a special debit card eligible to receive 8% cashback in Bitcoin along with free Netflix and Spotify accounts. 

Swipe says it is working on additional services such as a savings account, credit cards and merchant payment processing services.

Who are the founders of Swipe?

Swipe is a for-profit company founded by Joselito Lizarondo headquartered in London, but with operations in the U.S., Estonia and the Philippines. Swipe raised roughly $24 million in a series of private and public token sales. Some 60 million SXP were sold in these fundraising exercises, representing 20% of the initial token supply. 

In 2020, Swipe was acquired by the cryptocurrency exchange Binance. Swipe’s platform is now used to support Binance Card, a debit card that lets users spend crypto at physical locations.

How does Swipe work?

The Swipe network uses the Ethereum blockchain to hold crypto deposits on behalf of users and to grant them various benefits.

However, the platform also runs an off-chain API that allows for compatibility with traditional payments infrastructure, and thus enables features like payments to merchants. 

What is the Swipe Wallet?

Anyone wishing to utilize Swipe’s features can do so through the Swipe wallet. The digital wallet application allows users to deposit cash and purchase any of the 30+ cryptocurrencies offered by Swipe directly. Further, the wallet can be used to custody crypto assets as well as to convert one cryptocurrency to another.

Central to Swipe’s ecosystem is the ability for users to use the Swipe card to pay merchants. In this case, smart contracts on the network will automatically convert any cryptocurrency stored in the wallet to the needed cash payment accepted by the merchants at the point of purchase.

Users can manage their card through the wallet application and stake the required amount of SXP to upgrade their card at any time. 

What is the Swipe (SXP) token?

The SXP cryptocurrency is central to maintaining and operating the Swipe network and can be used to pay for various services in the Swipe ecosystem. First and foremost, SXP is used to pay for transaction fees on the SXP Network. Of note, 80% of this fee is “burned,” or eliminated from circulation, by the smart contracts on the network.

According to the software’s rules, the supply of SXP tokens is limited, meaning that there will only ever be a maximum of 300 million tokens. 

That said, the protocol issues over 2 million SXP monthly, with some of these tokens being distributed as staking rewards to users helping operate the network. The remaining supply is issued to the Swipe company and is used to reimburse Swipe’s team and founders. Due to scheduled reductions in the SXP token supply, the total amount of SXP available is expected to decrease over time until there are only 100 million units left.

Why should you stake your SXP?

Users can stake SXP to access a variety of features within the Swipe ecosystem. By owning and staking SXP, users gain the ability to vote on network rules, such as reward distributions and transaction fees, among other possible changes.

Users can participate in the network’s governance with a minimum deposit of 1,000 SXP, and those who stake over 300,000 SXP can propose changes to the Swipe network. Those staking SXP also stand to gain a share of 20,000 SXP that are released each day, an amount that can fluctuate based on user votes.

Swipe development updates in 2023

Swipe, a cryptocurrency payment infrastructure platform, has witnessed several key developments in 2023. These advancements primarily revolve around its native token SXP and the overall infrastructure of the Swipe ecosystem.

• Token Burn by the Founder: A significant event was the burning of all the founder’s SXP tokens, worth over $200 million. Joselito Lizarondo, the founder of Swipe, executed this to reduce the coin’s supply significantly, effectively destroying over 17% of the coin’s total supply​​.
• Utility and Features of SXP Token: Swipe’s SXP token is central to its payment ecosystem, offering multiple benefits to its holders. These include paying for transaction fees, staking, and obtaining discounts on the Swipe platform. The token powers Swipe’s variety of products and services, including a Visa debit card and a multi-asset DeFi App that enables instant conversions between cryptocurrencies, fiat currencies, and stablecoins​​.
• Swipe’s Technological Infrastructure and Products: Swipe operates off-chain on the Swipe API and on-chain using the Ethereum blockchain. It supports over 135 fiat currencies in more than 30 countries globally. The key products for users include Swipe Visa debit cards and a multi-asset DeFi wallet. From a business perspective, Swipe offers the Swipe API (Swipe Ramps), Swipe Ignition, and Swipe Swap, with NFT and Swipe Chain still in development​​.
• Staking and Governance: SXP token holders have the authority to propose and vote on protocol changes within the Swipe Network, enabling them to participate in the governance of the ecosystem. Staking SXP coins allows holders to earn rewards and contributes to securing the network​​.
• Swipe Coin’s Market Presence and Stability: Swipe has expanded rapidly with an extensive network of partnerships, contributing to its presence in the DeFi market. The SXP prices have been relatively stable compared to other major cryptocurrencies, reflecting its utility as a token within the Swipe ecosystem​​.

These developments in 2023 highlight Swipe’s commitment to expanding its payment infrastructure and enhancing the utility and governance features of the SXP token within its ecosystem.

Official website: https://swipe.io/

Best cryptocurrency wallet for Swipe (SXP)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Swipe (SXP)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).