Amp Cryptocurrency: What is it and Should You Invest?

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These days, whenever a cryptocurrency begins to spike, it will tend to gain attention—no matter what the technology behind the project may be. But this is never a good way to handle your finances, by purchasing whatever is ‘in’ at the time. This is why you should take a deeper look at any cryptocurrency you plan to invest in, especially if it is one like Amp.

Amp is a cryptocurrency technology that offers a form of collateral that can cover any transaction in a variety of cryptocurrency networks. 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.

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. Keep reading to discover more about Amp, the world of cryptocurrency lending, and the future of bank-less loans.

What is Amp?

Amp is an ERC20 token that was originally designed to collateralize payments on the Flexa network. This way the network would be able to offer its customers secure and instant payments on transactions. 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. Then if the transfer eventually fails, the party that was not paid collects the Amp as collateral. This can help integrate things such as real estate sales into the cryptocurrency world.

Although Amp started out on just the Flexa network, it is now used with several services such as CoinGekco, Uniswap, and Sushiswap. 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. Currently, you can buy Amp using fiat or BTC on several exchanges like Coinbase Pro.

Who Invented Amp?

Amp was invented in 2020 by a man named Dave Rogers. Before Amp, it was very hard to bring large transactions, like the sale of a property, into the cryptocurrency world. This is because of the lack of trust between the two parties and the nonphysical nature of crypto. 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. Amp is currently overseen by a company of the same name, of which Dave Rodgers is the CEO.

How Do I Make Money With 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. 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.

To do this, you will need to first purchase Amp, then join a staking pool. 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. 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. 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.

Should I Buy Amp?

Amp is still a relatively new cryptocurrency, having only launched in 2020. 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. So if you are especially risk adverse in investments, Amp may not be for you.

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. 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. 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. The only value of owning Amp is the contracts that decide to use it as collateral.

How Do I Buy Amp?

First, you will need to download a wallet that can support 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. Once you have a compatible wallet downloaded, you can head to a number of exchanges that sell Amp. As of the writing of this article, you can buy Amp on the following exchanges.

Do note that not all of these exchanges offer the pairing of fiat for Amp, therefore you will need to check in advance if you can use your fiat to purchase Amp. But even if you cannot, most of these exchanges do allow Ethereum for Amp, so purchase some Ethereum before you head to the exchange. Remember that to best use your investment, you will find a network that will allow you to stake your Amp after you purchase it.

In summary, Amp is a truly unique cryptocurrency that is filling a gigantic need in the cryptocurrency world. And hopefully, as more and more transactions can be built on Amp, this will lead to cryptocurrency being adopted for more brick-and-mortar transaction use. Thus allowing cryptocurrency to truly be integrated into the future of society.

This article was brought to you by the Bitcoin Dice Game on MintDice. For more information on cryptocurrencies, how they work, or where you can buy them, check out our free guides where this article was published at MintDice.com.

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Comments

Thanks. The article was amazing

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2 years ago

it is great to me about this article because you tell full detail

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2 years ago

heart this article

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2 years ago

I amaze about this article because you gave a knowledge about cryptocurrency, I hope someday I can afford this app as soon as possible for my investment businesses soon.

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2 years ago

It is great to hear about Amp. The feature that this token safeguards transaction is alluring enough to attract attention. This article endorses the fact that Amp has revolutionized the world of cryptocurrency with profound collateral. Those who are interested to enlarge their circle of cryptocurrency are encouraged to buy Amp and utilize it as collateral. Great!

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