How and Where to Buy Amp (AMP)
Flexa is a blockchain-based payments company that created $AMP as the network’s native token. Zachary Kilgore and Tyler Spalding are the co-founders of Flexa and $AMP.
Spalding has 20+ years of technology experience. He has invested in multiple startups and was CTO for Raise, a billion-dollar gift card marketplace. He has been an ongoing advocate for cryptocurrency, mining, and development.
Kilgore was an engineering manager at Raise and has worked with multiple companies, such as ZKTK Design, Warby, and Slide.
The Flexa Network consists of a variety of financial institutions and exchanges. The Flexa merchant payment network integrates with online platforms and POS (point of sale) systems. Flexa aims to encourage widespread adoption of digital assets by ensuring fast, low cost, and secure payment transactions.
“From staking payments on Flexa to providing stability through liquidity, the Amp ecosystem offers many ways to use and earn Amp today.” – Amp website
What is Amp (AMP)?
$AMP is an ERC-20 compatible token built on Ethereum. It’s a universal collateral token available to any individual or project. It facilitates fast, secure transfers for a wide variety of real-world applications. You can send and receive $AMP tokens with any ERC-20 compatible wallet.
There can be conflicts between security and speed when transferring digital assets before the transfer becomes permanent. The compromise has been an ongoing dilemma for many blockchains. Transfers may be secure, but the timescale becomes the challenge as it isn’t practical for users to wait minutes, hours, or even days for a transfer to clear. Imagine standing in a queue in Starbucks waiting to pay for your latte and having to wait two hours for confirmation of your card payment.
Therefore, using $AMP as collateral guarantees a transfer. A collateral manager holds the $AMP in escrow until the transaction settles. Any person, project, or institute can benefit from gaining immediate access to an asset, whether it is a physical or digital asset.
What Makes Amp (AMP) Unique?
Two primary concepts make Amp unique: –
- Token partitions – similarly organizes the staking process on-chain to hard disk partitions, and users do not have to transfer them to a smart contract.
- Collateral managers – like an escrow account, collateral managers assign customized specifications and rules. Using $AMP as collateral, anyone can create a collateral manager
$AMP smart contract features help users decentralize risk. The collateralization is freely available to anyone, and it’s tested and audited regularly. The flexibility makes app development easy, so developers can “deploy custom collateral managers for your app to interface with Amp on your terms.” It’s an open-source protocol and non-inflationary.
As new projects adopt $AMP, it adds to the decentralization and increases liquidity. That further enhances the quality of collateral and reduces network liquidity. AMP’s “asset-agnostic” features do not discriminate against assets or consensus mechanisms. You can use $AMP as collateral for digital or physical assets.
- Stake – If you stake $AMP, you can implement a guaranteed exchange of any asset, not just digital assets. For instance, property sales, fiat currencies, and loan distributions
- Send – once $AMP is staked to a partition, it is ready to collateralize a transfer. Using collateral pools, $AMP decentralizes asset transfer risks
- Repeat – Amp smart contracts have multiple built-in incentive models, for instance, continuous compounding
How and Where to Buy Amp (AMP)
The first step for investing in $AMP tokens is to open an account with a cryptocurrency exchange.
- Open an account with Coinbase, a popular exchange and easy to use for beginners
- Deposit using your credit or debit card or with a supported cryptocurrency
- On the “trade tab,” look for AMP/USD and make a purchase
- Send your $AMP tokens to Coinbase’s self custody wallet or any secure wallet that supports $AMP tokens
How do I Sell Amp (AMP)
It’s easy to sell your $AMP tokens on the Coinbase exchange –
- Log in to your Coinbase mobile wallet or the website
- Make sure you have previously added and verified your bank account if you want to withdraw fiat currency. That can take a couple of days as you send a small amount to the Coinbase account and receive a code
- Convert the $AMP tokens to a fiat currency of your choice
- Request a withdrawal to your bank account. Transfers are typically fast, sometimes in seconds
Should I Buy Amp (AMP)?
Buying Amp (AMP) must be a personal choice because we are not qualified to advise on financial matters. You might want to do further research on Amp for peace of mind. If you are a beginner in cryptocurrency investing, learn to understand how the crypto market works and accept the associated volatility. Only register with a reputable cryptocurrency exchange like Coinbase, Gemini, or Gate.io.
How do I invest in Amp (AMP)? Safely?
When investing in cryptocurrencies like $AMP tokens, it’s essential to consider your options before purchasing. No investments offer guarantees. Consequently, there’s always a possibility you could lose your money. Once you commit to buying $AMP tokens, only buy from a recommended exchange like Coinbase, Gemini or Gate.io and immediately transfer your tokens to a secure crypto wallet after purchase.