With a launch in 2019, Swipe is a relative newbie to the cryptocurrency sector. This project's recent start, however, should not deter you; it has shown to be one of the most promising in recent years. And the purpose of this post is to explain why Swipe is so promising, why it isn't always so promising, and whether Swipe (SXP) is a solid investment.
Swipe is a for-profit startup that provides a variety of bitcoin products that bridge the traditional financial and cryptocurrency divide. Swipe debit cards, which allow users to use their bitcoin like a debit card, are undoubtedly the company's most well-known product.
Swipe was also purchased by Binance in 2019, bringing the company a lot of favourable exposure. Anyway, here are some of the things Swipe truly does and why it's been so popular in the last year or two.
Swipe's debit card, which is available as a Visa card and uses your SXP balance as funding, is the company's most well-known product. This distinguishes it from other bitcoin debit cards, which require the user to convert the card manually.
Staking SXP on the Ethereum blockchain is required to sign up for the card. Staking more SXP also grants access to higher-tier debit cards. Higher-tier debit cards earn additional cashback (capped at 8% in Bitcoin) and rebates on popular digital subscriptions like Netflix and Spotify.
Unfortunately, Swipe debit cards are frequently denied, and customer service for these cards is mediocre at best.
Swipe genuinely functions in a unique way. First and foremost, it is a for-profit, private corporation, which adds to the intrigue.
Swipe then uses the Ethereum blockchain to connect an address's SXP balance to a Visa-issued debit card for spending. Of course, this is just one part of Swipe. Swipe is, after all, establishing a full ecosystem.
Swipe, on the other hand, has a whole ecosystem built around its own cryptocurrency, SXP. Essentially, the coin is used to pay for all of Swipe's services. The debit card, merchant fees, lending costs, and network transfer fees are all examples of these services.
The staking benefits offered by SXP are, however, its most crucial feature. These are crucial for a variety of reasons. The first is that SXP is proof of stake, which means that staking is essential for the blockchain to function. The other reason is that in order to acquire a Swipe debit card, you must stake SXP.
With that in mind, SXP's tokenomics are actually quite good when compared to other cryptocurrencies. For one thing, it is deflationary, as each smart contract interaction burns a fixed quantity of SXP. A deflationary currency is good at growing value and attracting investors, as we'll see in the next section.
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