To date, nearly 10,000 cryptocurrencies are listed. Undeniably, they are revolutionizing the world’s financial future. You have inevitably heard of the most famous ones like bitcoin or Ethereum. In this article, we will talk about the FTX Token crypto and its token with the acronym FTT. Whether you’re a crypto-enthusiast, this article will detail these must-know features.
Detailed presentation of the project and its associated crypto.
Origins of FTX Token
The FTX crypto platform was born in 2019. To be more precise, it was in April 2019 that Alameda Research created the FTX token crypto. Since then, it has continued to surprise its investors positively. It has had a meteoric rise. Its co-founder and CEO had the ambition to make crypto asset futures and derivatives easier to have. It was from this ambition that FTX Token was born.
In concrete terms, what are FTX and FTT?
To popularize as best as possible, FTX is a cryptocurrency exchange tool. It is presented as an exchange platform specializing in futures contracts and crypto-asset derivatives. Despite being specialized in a specific area, the FTX Token platform allows you to make ordinary transactions. For example, you can buy bitcoin there and transfer it to your wallet.
FTX is much more concerned with derivatives. To better understand, derivatives are products used in trading that derive value from cryptocurrency assets. These products can be traded under different contracts. We have perpetual contracts which are contracts whose expiration date has yet to be decided beforehand. On the other side, we have futures contracts. These are contracts with an expiration date.
These contracts allow fixing the price of the asset at a specific date, thus obliging the parties to honor their commitments, regardless of the changes in the price of the object of the contract. What is FTT? To be brief and as clear as possible, the FTT is the token of the FTX. In effect, it is the FTX Token. This may still need to be explained. Remember that the FTT or crypto FTX Token is the main currency FTX uses to make transactions.
The team behind the FTX Token project
One thing we know for sure is that the FTX project has benefited from the intelligence of several human brains. Even though everything is dematerialized, humans are at the forefront of 2.0 currencies. If we are commenting on this company today, it is first of all thanks to Mr. Sam Bankman-Fried. Young mathematician, he knew how to define beautiful ambitions and nourish them by doing the right thing.
Indeed, Sam Bankman-Fried (SBF) was helped by Gary Wang. Together, they created Alameda Research, a trading company that will participate a lot in the emergence of the crypto FTX Token. It is important to notify you that the team behind Alameda Research is the same team behind the FTX Token crypto. Big names like Sam Bankman-Fried, Gary Wang, Nishad Singh, Dan Friedberg, and Jen Chan led it.
Can we mine or stake the crypto?
The basic principle of cryptocurrency wallets is mining. Mining your cryptocurrency is the same as increasing its power. Many crypto-enthusiasts are therefore wondering if it is possible to mine FTX Token. To date, it is not possible. This is because the construction of the FTX Token crypto is different from other cryptocurrencies.
On some sites, you will be offered to mine your FTTs. They are not really mined. It is cryptocurrencies like Motero that are mined instead and turned into FTTs. Still, feel like mining FTT cryptocurrency? There are alternatives to do it more easily and safely. To do so, you can mine cryptocurrencies like Dash. Then, you will exchange them for your FTX Token crypto.
FTX Token staking: possible?
According to Binance Research, “Staking is the process of holding funds in a crypto wallet to support the network operations of a blockchain. It involves locking up one’s crypto assets to receive rewards. In most cases, the project uses staking as a way to encourage users to participate in the operation of the blockchain. The main interest of the users is, of course, to make profits. Usually, it is risky to practice Staking. This is because cryptocurrencies that offer to stake usually need to be more trusted. The answer is yes when asked if it is possible to stage FTT. It is indeed possible to stake your FTX Token crypto.
How do you do it?
- Step 1: Choose your FTT pair by going to the FTX Token cryptocurrency website and clicking on “markets.”
- Step 2: Click on “FTT” in the top bar
- Step 3: Scroll down to “FTT Staking” and click on “Stake.”
- Step 4: Set the amount and click on “Stake.”
Which wallet to store your FTT crypto?
The word wallet comes from English. Literally, this word means purse or wallet. In cryptocurrency, a wallet refers to a storage space for the coins one owns. The wallet can be likened to a secure storage space for your own coins. So, which secure storage space should you choose?
There are a variety of wallets that are equally good.
- The wallet in the form of a mobile app is one of the most convenient and fastest ways to use your crypto FTT coin. Indeed, with this type of wallet, you can quickly check your coins and use them in a supermarket or any other business that accepts payment by FTT.
- The desktop wallet is the wallet installed as software on your computer. It is more secure than the wallet in the form of a mobile application, provided that the computer on which it is installed is well protected from viruses and malware.
- The hardware wallet: This is a very secure backup technique. The backup will be done on a chip by a device that can work independently from a computer.
- Hybrid wallet: This type of wallet can be useful, like all the others. However, it also runs the risk of being hacked.
To store your FTT coins, there are several wallets that are available. For the security they offer, we suggest the hardware. More precisely, the French wallet Ledger Nano X. Let us specify that the Ledger Nano S will do the trick. It is important to remember that these wallets offer very good performance and are now among the most recommended.
Where to buy the FTX Token crypto?
It can be challenging to buy cryptos when you’re just starting out in this business. To buy FTX tokens, you will have to go to specific sites. What are these sites? Here is a selection of four platforms that will surely help you in your quest for e-currencies.
FTX itself has provided for the purchase of its tokens for dollars. Once you log in to the company’s website, you need to make a few clicks, and you’ll be the owner of some coins. It is important to note that, at this time, no platform allows you to buy FTT coins with the Euro.
Binance! This is a name that comes up repeatedly when we talk about cryptocurrencies. This platform is one of the most powerful instruments for buying and exchanging coins. It will allow you to acquire FTT coins at a rather interesting cost. The great satisfaction, according to the comments of its customers, is that Binance has very competitive prices coupled with great security during transactions.
Huobi Global Platform
This group helps you acquire FTT coins. It is a site founded in China. It is among the largest cryptocurrency trading platforms. Although the transaction fees on this site are relatively high, its security and track record make it bypassable.
This is a platform related to Tether due to its common management. It is a platform used by millions of traders. Thanks to its bitcoin exchange services, it has positioned itself among the best trading sites in the world. The good news is that it will bring its expertise to your service to help you get crypto FTX tokens.
Follow the price of the FTX token crypto.
It will be wise to follow this crypto’s price and information before you get into it. Making observations, analysis, and drawing relevant conclusions is the first step toward a great trading adventure. This 2.0 currency is volatile and necessarily speculative. If you have time, the future is yours. It is not advisable to invest money in order to withdraw it in the short term.