What is PayCoin (XPY) Crypto Beginner’s Guide
Paycoin (XPY) is a hard fork of the Bitcoin which has been operating as an open source, decentralized cryptocurrency since its release in 2014. GAWMiner.com is the team responsible for the launch of this cryptocurrency and they are also quite popular for the release of Bitcoin mining products to the public.
The aim of the coin is to be useful in both offline and online transactions as a part of payment system structures already in existence. It will be easy to use by the average person through a physical debit card which they possess. There was a serious issue which made a lot of users, with some major exchanges delisting the coin, after a massive increase in its price following its release. A lot of people saw it as a “pump-and-dump” scheme during this period. Regardless, the crypto community considered it as one of the most successful altcoin launches.
What exchanges can you buy or trade PayCoin on?
YoBit and BX Thailand are two major exchanges which offer the sale of PayCoins for users to make their purchase.
How do I buy PayCoin?
It is quite difficult to purchase most cryptocurrencies using U.S Dollars or any fiat currency directly. Instead, interested buyers can purchase Etereum, Bitcoin cash, Litecoin, or Bitcoin using U.S Dollars on exchanges like Coinbase and then store them in a wallet. Other cryptocurrencies like Changelly and Binance offer PayCoin in exchange for Bitcoin. All you have to do is transfer the Bitcoin to such exchanges for the PayCoin.
Where can I get PayCoin wallet?
The developers of the PayCoin also developed a wallet software for users of the cryptocurrency. Users can store PayCoins on their computer by visiting the website to download the wallet software specific to their operating system. Dedicated hardware wallets are known to offer a more secure storage of cryptocurrencies with TREZOR wallet and Ledger Nano S being the most popular in this category. These wallets require users to pay for the use of the service while mobile wallets like Jaxx and Coinomi are other alternatives which still provide excellent security benefits.
What is the value of PayCoin?
The exchange rate for one PayCoin is currently 0.00000257 Bitcoin. If you want the value in fiat, an XPY coin is equivalent to $0.02 on most of the popular cryptocurrency exchanges available. The market capitalization of $194,407(in U.S Dollars).
What hashing algorithm does PayCoin use?
The PayCoin is created using t SHA-256 algorithm and it is a Proof-of-Stake cryptocurrency.
How do I mine PayCoin?
ASIC is the most profitable mining hardware for cryptocurrencies running the SHA-256 algorithm and this includes PayCoin. ASIC is an abbreviation for the application-specific integrated circuit. FutureBit, Canaan (AvalonMiner), Butterfly Labs, and BitMain (AntMiner), are some of the most popular developers of ASICs hardware. eBay and Amazon contain some resellers who sell the ASIC hardware while you can also get it directly from the manufacturers.
What coins are similar to PayCoin?
Other cryptocurrencies using the SHA-256 hashing algorithm similar to PayCoin include the following: