Cryptocurrencies-services are one of the trends of development of the modern blockchain field. Unlike the first in the world asset of this type, Bitcoin, new tokens are striving to be something universal and multifaceted. And one of such cryptocurrencies is the subject of our today’s article. We will tell you what Swipe token is, which features it has and if there is mining and prospects from investments.

What SXP cryptocurrency is

Swipe Token (the stock ticker is SXP) is a cryptocurrency, which is one of the key constituents of the platform with the same name. It includes:

• a cryptocurrency wallet with a possibility of easy registration and simple purchase/sale of digital tokens;
• a full-fledged banking card from a worldwide known payment system VISA connected to this storage;
• the SXP token itself performing a number of functions in the system.

Most often, Swipe Token (SXP) is used to earn from official staking available in the wallet-app. But the function of reducing fees in the system using this token is also as popular. From time to time, other experimental and temporary opportunities are launched there.

The Swipe rate

According to the information of a well-known statistics portal called Coinmarketcap, monitoring of the Swipe (SXP) rate started on August 27, 2019. From that moment on, the token has overcome these stages:

1. A relatively rapid growth from 23 cents to 2,06 dollars per coin within the first several weeks after listing.
2. A new drop to the historical minimum in the middle of March 2020.
3. A new cost record in August 2020, when the cryptocurrency was traded for 4.34 dollars per unit.
4. Two new peaks (in April and May 2021) that led to the price tag of 5.47 dollars per 1 SXP (currently, the historical maximum).

At the time of publication of this article, the SXP cryptocurrency is now lower than its maximum price tag: the asset follows the whole market, developing not economic indicators but its technological capabilities.

How to mine SXP

You cannot do classical mining of SXP. Mining based on the Proof-of-Work algorithm is impossible. Nevertheless, Proof-of-Stake may be used instead of it.

Every holder of the Swipe token has a chance to connect his wallet to the mainnet via smart contract Swipe Staking by using an interface of the decentralized app.

The main requirement is the presence of at least 1000 SXP to participate in staking.

The staking cancellation is available at any moment. But the system warns that you will be out not instantly but within three days.

The staking logic looks this way:

• the higher stake, the bigger chances to build a block are;
• the creation of a block is the factor to receive a reward for staking.

Types of Swipe-wallets, how to purchase and where to store the cryptocurrency 

Today, there are three available methods to buy/sell/store Swipe (SXP):

1. The official mobile wallet for iOS and Android.
2. Stock platforms, among which LocalTrade, Binance, and Kraken.
3. Any third-party apps/programs/wallets that support ERC-20\BEP-20 standards.

Hot wallets of SXP

If we take into account hot wallets exclusively, then the projects allowing us to be engaged in staking and not only trading and storing will be in priority. That is why it is worth paying attention to LocalTrade and Binance with their active communities of users and exclusively positive reputation.

Cold wallets for Swipe

Cold wallets provide the most secure storage of Swipe within the devices similar to flash drives, which do not require the Internet to store the tokens. These days, the market leaders and those in demand among SXP investors are series from:

• Ledger;
• Trezor.

The use of the Swipe app on mobile devices

The app of the Swipe project is available for any type of device running iOS and Android. You can easily download the client with the same name from official stores Google Play and App Store.

What you need for the full use is to simply:

• download the app and launch it;
• come up with a login, add a personal e-mail and a unique password to log in;
• confirm the account creation;
• set an additional PIN code that will protect any transactions in the project in the future.

Within the app, you can find several sections that divide the functions of the project:

1. The Wallet section offers a full-fledged trading terminal and functions to store, send, and receive funds.
2. Cards — this section is intended to adjust and manage Visa debit cards that will be bound to the Swipe cryptocurrency balance.
3. In the last subsection called Profile you can verify your identity, attach extra payment tools, contact details. Also, you may log out of the SXP system here.

Why is VISA Swipe card required? 

Swipe VISA Card is a tool combining classical and cryptocurrency economies. The holders of this card get an opportunity to instantly convert digital tokens into fiat currencies and pay for goods/services with it in most countries of the world.

During this process, a buyer spends cryptocurrency, and a recipient (for instance, a shop) receives namely in national currency to the account.

The advantages are obvious:

• instant purchase of goods and services for crypto on Swipe balance with the help of the VISA card;
• additional opportunity to withdraw cryptocurrency balance in the form of fiat in ATMs;
• you can pay in cryptocurrencies through Google Pay, Apple Pay, and other payment systems that VISA Swipe is linked to;
• to provide a full report, detailed statistics with all expenses and even little indicators is compiled.

Pros and cons of Swipe cryptocurrency 

Firstly, let us have a look at a large list of advantages:

1. Apps supporting storage of dozens of cryptocurrencies as well as their purchase and exchange.
2. Presence of a plastic card that is easily used together with Swipe’s cryptocurrency balance.
3. Additional bonuses from the token: savings in trading fees, receiving more beneficial conditions on cards, earning from staking, the right of voice in the process of choosing the future updates and general direction of the project development.
4. Time-tested partnerships with such not problematic exchanges as LocalTrade and Binance.

If we consider the disadvantages, the most significant among them is that the dissemination of the project is poor due to legal restrictions. Unfortunately, it operates legally in most European countries only and is poorly represented in other regions of the world.

General conclusions on Swipe (SXP) development prospects  

Swipe (SXP) cryptocurrency creates hybrid opportunities for those who want not only to invest in cryptocurrency and be engaged in trading but also to have a chance to use tokens for personal needs if a need for that appears.

These features allow the asset to be in demand among various categories of users, and it means that both the number of investors and such vital indicators as price tag, capitalization, and liquidity in the market will only be rising.