The Emergence of HEX Tokens: Why Bitcoin Fanatics Need to Revisit This?
As the whole world is dealing with the effects of COVID-19, cryptocurrencies are on a roll. Traders from all over the world have indulged in making fresh investments on their chosen cryptocurrencies. Bitcoins, above everything else, have been quite a favourite for a lot of them for a long time. However, it has its caveats and that is where a new financial tool based on cryptocurrency arrives.
HEX token is storming the cryptocurrency market and that is for good. They are terming their approach to be just the same as what financial institutions have been doing for years now. The only change is that they will be doing it on a much higher scale.
How much are you aware of this new token in the world of cryptocurrency? If nothing, this post is going to be helpful to you.
Know the Basics About HEX Tokens
Starting with the network infrastructure, HEX relies upon the vast Ethereum network. HEX is all about time deposits if you consider Bitcoin to replace digital gold. With HEX, you can replace digital time deposits, which is going to beneficial for you. If you are wondering what time deposits are then here, it is:
Time deposits are interest-bearing bank accounts, which has a predefined time for maturity. They are a lot like a certificate of deposit where your deposited funds will stay there until they reach the stage of maturity. As a result, you will get the stated interest after maturity. Unlike your regular savings bank account, with HEX tokens, you will get higher rates of interest.
Know About the System of Working of HEX Tokens
Talking like a tech geek, HEX token is an ERC-20 token built over the Ethereum network as said. Many cryptocurrency specialists opine that the protocol of HEX is better for Bitcoins. Of course, the statement has its sets of debates and acceptance. Despite all that, HEX is indeed better because of its Ethereum network. Without doubts, that network is better over its counterparts.
Deploying new ideas and seeing them come to action is something where HEX tokens take a step ahead of Bitcoin. Well, talking about security factors, Bitcoin takes the lead but that is not a serious issue. You can expect Ethereum networks to have the same security prowess shortly. All and all, your takeaway point is that HEX gives you more profit, at least for the time being.
Know About Certain Tips of HEX Staking
HEX staking is more like a slow-but-steady race-winning scenario. Once you stake your HEX tokens, it is all about holding the stakes as long as you can. The process works something like this –
Think, if 1% of the holder’s stake, then the ROI will be exceeding 369% per year. It means the more percentage of HEX holders decide to stake, the ROI will go further down. On the contrary, the more amounts of time HEX holders hold their stake, the more chances of increased profits are there.
You can stake for a minimum of a week to a maximum of as long as fifty years. But, once it is in action, a user cannot modify it or change it.
Is There Something Like Claiming Free HEX?
Yes, if you have Bitcoin in your cryptocurrency wallets, you can exchange them with HEX tokens. You can do that for free and all you need to have is a verified wallet.
So, hello Bitcoin fans, what do you think of HEX token? Reading so far, if it seems to you that you should give this a go, then you are right buddy.