BUX Token Price (BUX)

The philosophy behind Buxcoin is simple. The founder of the project is surprised that despite numerous automated technologies it’s still hard to transfer money to people located in other parts of the world. Though banks and financial organizations seem to develop the financial sector, they create a lot of barriers for people and companies that actually curb this development simultaneously. The transactions are expensive and take much time. The mission of Buxcoin is to disrupt such a state of affairs.

The project’s whitepaper says that Buxcoin was created to allow people to send funds to each other directly with the final target to replace fiat money with digital currencies. The document also states that the team has enough technical expertise and competence to attain this goal.

The three main aspirations mentioned on the website are security, privacy, and decentralization. The network is private and decentralized thanks to the PoW mechanism.

Buxcoin’s technology and platform

Buxcoin’s peer-to-peer decentralized network is based on the concept of digital ledger. In accordance with the system where PoW and PoS are combined, the platform supports both staking and mining.

The cryptocurrency uses a Scrypt-based algorithm, which is more secure and less of a target to hackers’ intrusion thanks to its fundamental code structures. Usually, the 34% attack which can reduce the income of stakers poses a threat to PoS-based cryptocurrencies. But the improved Scrypt algorithm ensured excellent results of Bux-loop security that blocks out automatically all those who try to get a major share of 34%+. The validators reaching 20% of total coins receive a warning from the system.

Buxcoin application represents a piece of software that is run on a smartphone or any other hand-held device. The simplicity of the two-step procedure makes mobile payments completely secure. Users just need to swipe their card and type the PIN-code. The Buxcoin payment can be received by displaying the QR code from the Buxcoin wallet app. The other party can just scan the smartphone or just to touch the two phones in case NFC radio technology is switched on.

Buxcoin pays much attention to security and implements the multi-signature feature to protect users from fraudulent activities. It implies the necessity to sign a transaction by 3 or more parties involved in the process instead of 2 on Bitcoin and other similar cryptocurrencies. Buxcoin has super-fast transaction speed with no lags or delays. Two-factor authentication and safe seed storage employ advanced cryptographic methods. Also, the bottleneck attack is excluded with the flow of 7,000 tx/sec delivered by the platform.

Buxcoin cryptocurrency can be used as a payment method by merchants or as a financial asset. The members of the community can send, receive and trade Buxcoins anonymously. International transfers are instant and secure, there are no limits to the amount transferred. Also, the transfer can be done at a zero fee for a receiver. Even if the charge is taken by some wallets, the fee remains nominal and is only needed to increase the speed of transactions. Users can select the fee and set it in accordance with the amount transferred. Also, the company behind the project developed a cold storage wallet facility for Linux and Windows users which is used for offline storage to remain secure.

Another problem that Buxcoin aims to resolve is associated with cryptocurrencies based on the Proof-of-Work mining mechanism. Purely PoW-based cryptocurrencies have their own flaws as the mining process is very complicated. It requires costly hardware and software, not to mention technical skills. Besides, heat is emitted during mining therefore the equipment should be often cooled. A considerable hashing power is needed to generate a new block as the equipment has to solve millions of mathematical puzzles. As a result, for those who mine PoW-based cryptocurrencies such as BTC electricity bills are very high. Buxcoin solves this problem by combining PoS and PoW mechanisms.

The users are rewarded for their stake in accordance with the amount of Buxoin staked. Also, the longer you keep the stake the higher is your reward. To get rewards, one should keep 50 buxcoins on the wallet for at least 8 hours.

Other details

Buxcoin has a total supply of 500 million BUX. 350 million coins are pre-mined and distributed through the exchange. 150 million coins are supplied through staking.

The release of Bux Qt wallet (staking) took place in May 2018. UPayCard Withdraw Option appeared 4 months later in September. The company has also launched its own cryptocurrency store named BuxSuperStore in the same month.

The company partners with Bitsolives that provides investment solutions for Buxcoin users. It also develops automated trading systems and FX trading solution for global financial markets.

Buxcoin Team

The core team was formed by academicians, tech experts, and entrepreneurs. Being motivated by the idea to remove the flaws in existing crypto coins, they have gathered together in 2015. This is how a new coin appeared. This story is all that can be found about them as their names are not mentioned on the site.

In fact, Buxcoin raises a lot of red flags for savvy investors. There is no Github repository to assess the code and it’s not open. There is no team of developers listed on the site. The design of the affiliate program resembles the Ponzi scheme.