What is ICX?
How to Buy ICX
ICX was once a top rising crypto coin a couple of years ago. This made the icon easy to look for in the marketplace. The icon can be bought in several ways including converting major digital coins on online cryptocurrency conversion services and tapping the services of prominent online crypto exchanges.
The latter is the easiest way to acquiring ICX these days. If you are considering trying out an online crypto broker, below is a step-by-step guide to purchasing ICX securely.
- Choose a legit broker – when choosing a crypto broker, consider several qualities of a broker to look for which should include security, availability in your area, transparency, low fees, and commission, etc.
- Sign up with a brokerage account of your preference – another consideration that you should mind when choosing a broker is its account offerings. Choose the account that suits your trading preference, experience, and trading capital.
- Choose a funding method – after securing an account, you will have to fund your account based on the account type that you signed up for. Choose the most convenient payment option for you.
- Place an Order to Buy ICX – Decide on the most opportune time to buy ICX tokens. Consider studying market orders and limit orders prior to placing your buy order.
- Store your ICX coins – the last and most important step after purchasing ICX coins is to securely store them by using a virtual wallet. The Best ICX wallet will be discussed in the latter part of this article.
ICX Value and Price
According to coinmarketcap.com, Icon’s current price is set at $0.319950 (USD). Its market cap is at $175, 217, 044 while its 24-hour volume is currently at $27, 024, 236. As of date, its circulating supply has reached 547, 638, 769 ICX. At present, the coin ranks 46th in the top 100 cryptocurrencies in the world. This has gone too far from its rank in January 2018 at the 15th spot.
In 2018, ICX had its all-time high reaching $12.64 USD while in January this year it posted its lowest exchange rate at $0. 106937. Since January 2018, ICX’s price has plunged to almost 9000%.
Despite partnership and linkages to big Korean firms with billion-dollar worth (including Dayli Financial Group), Icon still suffers from a lack of increased public attraction and is considered as one of the sleeping giants among the crypto coins.
ICX has a set of total supply at 842, 761,908 with almost half of it circulating now in the ICO network for public consumption while the other half is kept for future plans and development.
Interestingly enough, ICX coins are unlike any other digital coins which are created digitally. ICX coins have ongoing inflation and deflation balances instead. The inflation setup is that up to 20% of the total volume can be issued on a yearly basis. For deflation, transaction fees are set at 0.01 ICX which are stored back to a secured pool.
As an altcoin, Icon’s price fluctuations were also positively correlated to the price movement of Bitcoin. However, recent figures defied this historical trend and made Bitcoin’s price and altcoins’ prices independent and uninfluenced from each other. These days, there are controlling factors that drive the price of an altcoin which include upgrade and promotions, listing on prominent crypto exchanges, and partnerships with influential people or companies.
ICX Advantages and Disadvantages
Let’s probe into the pros and cons of ICX as blockchain technology and as an investment in general.
Pros
ICX coin has a unique business model as it aims to form a system unifying administration and integration of limitless numbers of any size of blockchains. Seeing itself as a digital nation, Icon aims to ‘hyperconnect the world’ by providing a massive platform that will enable various blockchain technologies to interact with each other and connect linkages through smart contracts.
Using Icon’s loopchain technology, people from various industries can be connected and perform transactions in one network. More so, the Icon blockchain supports DEX or Decentralized Exchange. DEX enables different cryptocurrencies to link independently and uses the Banner Protocol to identify the exchange rates.
With its focus on interoperability, Icon has posed other several technical advantages over other blockchain technologies. Some of them include:
- An easier process of monetary value transfer and data sharing between the available cryptocurrencies due to its interconnectivity features.
- Each blockchain community is connected to each other but still acts according to its own established system policies.
- Lower transaction fees are guaranteed since other parties acting as an intermediary were no longer involved during transactions as direct connections are established.
- Icon is targeting to use its technology as a viable option to operate in day-to-day transactions
Another glaring advantage of Icon is its partnership with big Korean companies. Apart from that, it also supports international organizations. The ICON foundation which is based in Switzerland is a non-profit organization linked with Icon. This is a good opportunity for the digital coin to be introduced internationally.
Cons
On the flip side, the Icon technology might face several adversities as it tries to establish as bridging blockchain technology. Here are some of them:
- As it tries to allow as many blockchain communities, the Icon blockchain may experience difficulties balancing its loading.
- The issue of scalability is another point of concern as the blockchain platform allows transactions to be verified by other nodes that could limit the transactions.
Another issue that we should look into is market competition. The interoperability world is gaining new service entities time after time. With this development, Icon will have to compete against more blockchain technologies and remain afloat in the markets by introducing developments and new features.
The South Korean government is also in the business of imposing strict measures to counter non-verified trading and other ICOs operating. Strict regulations may impede Icon from achieving short to mid-term potential.
Lastly, the total token supply of ICX is relatively higher than other tokens plus its 20% maximum annual inflation.
Best ICX Wallet – how to choose?
There are several wallet types to securely store your ICX coins. It can be in the form of a Bluetooth hardware wallet, a desktop wallet, or even a mobile wallet. Let’s find out how to choose the best wallet for ICX tokens.
If you are a new crypto trader or holder, the best thing to look for an ICX wallet is one that has a user-friendly interface. The key to choosing the best ICX wallet is the fact that it will allow you to take charge of your private keys at all times. With this, you can be assured that you are the only person who has access to your wallet.
A good ICX wallet provides you with clear features of its primary functions. It should contain clear and direct instructions and has multilingual support to aid you in an easy understanding of its use.