If you aren’t familiar with cryptocurrency, then you’re not alone – although, that’s about to change quickly! Cryptocurrency has been making the news lately, and the buzz surrounding it doesn’t seem to be dying down anytime soon. However, this buzz can leave newcomers to the crypto world confused about which cryptocurrencies are worth investing in and which ones are scams to avoid at all costs. The crypto community is massive and growing every day, so there are plenty of ways for investors to participate in the rapidly-growing crypto world without risking their own money or time.
What is Synthetix?
Powered by Ethereum, Synthetix is a decentralized platform for synthetic assets. You can trade a synthetic asset that tracks the price of gold, for example. Synthetix is different from other cryptocurrencies because it doesn’t use a blockchain. Instead, it uses a system called Merkle trees, which allows for faster and more efficient transactions. Synthetix is also one of the few cryptocurrencies that offers interest-bearing accounts. This means that you can earn interest on your Synthetix tokens just by holding them in your account! There’s no minimum balance required to receive interest, and this rate increases with higher balances. So if you have a thousand dollars worth of tokens saved up, then every day they will be gaining value as they generate compound interest. Interest rates start at 2% per year, so all you need to do is hold onto your tokens for a couple months before you’ll start earning more money than usual! Synthetix is set to launch its first ICO (Initial Coin Offering) in July 2018. Once this ICO launches, there will be an incredible opportunity for investors who purchase early. Pre-ICO prices start at 0.0005 ETH per token and go down as time goes on until they reach 0.0001 ETH per token during the last week of the ICO, when most people purchase their tokens.
How did it start?
Synthetix began as a project on the Ethereum blockchain that sought to create a synthetic asset platform. The team behind Synthetix recognized that there was a lack of accessible, reliable data about crypto assets, so they set out to create a platform that would make this data more readily available. In order to do this, they built a system of smart contracts that could be used to track the prices of various assets. These contracts would then be used to mint synthetic assets, which could be traded on the platform.
The launch of the Synthetix mainnet in February 2019 marked a major milestone for the project, as it allowed users to begin trading synthetic assets on the platform. Synthetix also announced that it had partnered with Bitfinex to allow access to traders from around the world. As part of this partnership, Bitfinex added three Synthetix trading pairs: ETH/XST, BTC/XST and USDT/XST. In addition, Synthetix announced an integration with Quoine’s Qryptos exchange platform. By partnering with such a high-profile company, Synthetix is able to offer its services to even more traders than before. To help ensure safety for all members of the community, it’s important that all exchanges adopt industry-standard security measures such as two-factor authentication and other forms of KYC verification.
What’s different about it?
Launched in 2017, Synthetix is a decentralized synthetic assets platform built on Ethereum. What makes Synthetix different from other cryptocurrencies is its use of synthetic assets. These assets are created by minting sUSD, which is a stablecoin that tracks the US dollar. By using sUSD, users can trade any asset without having to hold the underlying asset. This makes it possible to trade 24/7 and in any currency. Plus, because it is backed by collateral and insured against hacks, there’s no need for someone to carry significant risk while trading. In addition, Synthetix offers zero transaction fees so you only pay one fee when you purchase your first sUSD.
The best part about this new crypto? It’s super easy to get started with Synthetix as all you need is an Ethereum wallet. Plus with an easy-to-use interface, you can start trading as soon as you set up your account!
Here at Wild Techno we think that this new crypto has a lot of potential! To learn more about how Synthetix works head over to their website where they have detailed explanations for each aspect of their project!
Why have people invested in it?
People have invested in Synthetix because it is a decentralized synthetic asset platform. This means that it allows users to trade synthetic assets, which are digital assets that are backed by real-world assets. For example, you could trade a synthetic asset that is backed by gold.
What makes Synthetix different from other cryptocurrencies? (three sentences):
Synthetix is different from other cryptocurrencies because it is backed by real-world assets. This makes it more stable than other cryptocurrencies, which are often highly volatile. Additionally, Synthetix allows users to trade a variety of assets, not just cryptocurrency.
What are the risks of investing in Synthetix?
Like with any investment, there is always risk involved. There is no guarantee that the value of Synthetix will continue to rise. If you plan on investing, make sure to do your research and consult with a financial advisor before committing money.
Where do I buy some?
You can buy Synthetix on a variety of exchanges, including Binance, Huobi, and OKEx. If you’re looking for a place to start, we recommend Binance. Once you have your account set up, you’ll need to deposit some Bitcoin or Ethereum into it- this is what you’ll use to buy SNX. Then, navigate to the Markets tab and search for SNX. Click on the icon next to where it says Synthetix (SNX) to get started trading! You’ll see that there are two markets to choose from: one for BTC and one for ETH. Choose whichever currency you deposited in your account earlier, click buy and wait until you see the confirmation window pop up with how much Bitcoin or Ethereum was deducted from your balance. That’s it! Your first step has been completed.
Is there a bonus structure in place?
When it comes to bonuses, Synthetix has a few different options in place. For starters, they offer a sign-up bonus. This is given to users who create an account and deposit funds into it. They also offer a trading bonus, which is given to users who trade frequently on the platform. Finally, they offer a referral bonus, which is given to users who refer others to the platform. Once someone signs up through your referral link, you get a percentage of their trading fee for each of their trades. You can earn more by referring people to become a trader, but if you want them to stay as traders then the commission will be smaller. Overall this program is great because it encourages both trading and referrals at the same time.