π Complete Guide to Onyxcoin (XCN)
Everything About Onyxcoin That Even Beginners Can Easily Understand
Hello! Let's take a closer look at **Onyxcoin (XCN)**, which has recently been gaining attention in the cryptocurrency market.
I'll explain it step by step so that even beginners to cryptocurrency investment can easily understand. I will share my own experiences and reviews from actual users to help you make wise investment decisions.
π‘ What is Onyxcoin (XCN)?
Onyxcoin is a decentralized digital currency based on blockchain technology. The biggest feature of this coin is that it provides **fast and safe transactions**.
When you actually use it, you will feel a huge difference compared to existing bank transfers. Bank transfers usually take several hours to several days, but Onyxcoin transactions are completed in seconds. In addition, since you can trade directly without a middleman, the fees are much lower.
Traditional bank transfer
• Processing time: hours to days
• Fees: High (2-5%)
• Operating hours: Limited
• Intermediaries: Required
Onyxcoin transfer
• Processing time: 5-10 seconds
• Fees: Very low
• Operating Hours: 24/7
• Intermediary: No Need
This advantage will be especially noticeable to those who frequently send money overseas. While the existing overseas remittance fee is usually 2-5%, with Onyxcoin, you only have to pay a fee that is almost negligible. I have also received payment in Onyxcoin while working as a freelancer overseas, and it was really convenient.
π The Interesting History of Onyxcoin
2014 - Project Start
The Journey That Started When Venture Capitalist Adam Ludwin Founded Chain
2015-2019 - Growth Period
Attracted over $40 million in investment with support from major companies like Nasdaq and Citigroup
2021 - The Great Transition
Connected with J.P. Morgan's Onyx division, the current Onyx token (XCN) is born
November 2024 - A New Beginning
Another turning point as JP Morgan rebrands its blockchain unit to Kinexys
What's really interesting is that this project started as a simple startup and was connected to one of the world's largest investment banks, JP Morgan. Looking at this background, we can see that Onyxcoin is not just a speculative coin, but a project with actual technological prowess recognized in the financial sector.
In particular, the fact that conservative financial institutions such as JP Morgan are actively investing in blockchain technology can be interpreted as meaning that they highly evaluate the potential of this technology.
⚙️ How does it work? (Technical Principles)
Do you find blockchain technology difficult? I'll explain it simply.
Comparison of Transaction Processes
Existing Bank Transfer: I go to Bank A → Bank A's central server → Bank B's central server → Recipient
Onyxcoin Transaction: Transaction I send → Network participants verify → Recipient
Network participants act as 'watchdogs', transparently recording and verifying all transactions. This way, no one can tamper with the transaction history, while protecting privacy.
π Transaction Speed
Most transactions are completed within 5-10 seconds. This is much faster than Bitcoin (about 10 minutes) or Ethereum (about 15 seconds to 2 minutes).
π Security
The distributed network structure provides excellent resistance to hacking and system failures. Even if one location is attacked, the entire network is safe.
π° Fee
The fee is very low because there is no intermediary. You can feel the difference especially in bulk transactions or overseas remittances.
π Accessibility
You can trade 24 hours a day, anywhere in the world, as long as you have the Internet. You are not restricted by bank business hours or public holidays.
π️ How can you use it in real life?
Onyxcoin's applications are wider than you think. Here are some real-world use cases:
π Online shopping and payment
Many online shopping malls now support Onyxcoin payments. In particular, you can save on currency exchange fees and overseas payment fees when purchasing from overseas shopping malls. More and more sellers on global platforms such as Amazon and eBay are accepting cryptocurrency payments.
πΌ Freelance work payment
It is especially popular among freelancers working with overseas clients. It has lower fees and is faster than PayPal or Wise. It is used in various fields such as translation, design, and programming.
π€ Smart contract function
In addition to simple remittance, conditional transactions are also possible. For example, you can create a smart contract such as ""Automatically pay upon completion of the project."" This can greatly reduce the possibility of disputes in the middle.
π Small donations or tips
It is also useful for content creators to receive small donations from fans. The fees are much lower than the existing method. It's getting more and more popular among YouTubers and streamers.
Actual user review: When I worked with an overseas client, I received payment in Onyxcoin, and it was really convenient. Usually, bank transfers take 3-5 days and charge a fee of $30-$50, but Onyxcoin was completed in 10 seconds and the fee was less than $1.
π’ Where can I trade?
Onyxcoin can be traded on various exchanges. Learn about the features of each exchange:
π₯ Binance
Advantages: The world's largest exchange with high liquidity and discounts on fees based on trading volume.
Features: Provides simple trading for beginners and advanced trading modes for experts
Fees: 0.1% (discount when using BNB)
π― KuCoin
Advantages: Specialized in trading a variety of altcoins and quick listing of new coins
Features: Staking, lending
Commission: 0.1% (discount when holding KCS)
π‘️ Bittrex
Advantages: US exchange known for its excellent security
Features: Strict coin listing review to trade only high-quality projects
Commission: 0.25% (fixed)
π°π· Korean exchanges
Check if trading is possible on Upbit, Bithumb, Coinone, etc.
Advantages: Supports Korean, direct KRW Trading
Note: Listing status may change at any time
⚠️ Notes when selecting an exchange
• Security level: Check whether 2FA (two-factor authentication) is supported and whether cold storage is stored
• Customer service: Check whether quick response is possible in case of a problem
• Trading volume: Check whether liquidity is sufficient (may be traded at a disadvantageous price in case of a quick sale/quick payment)
• Fee Structure: Compare deposit and withdrawal fees as well as trading fees
π₯ Active Community
One of the biggest advantages of Onyxcoin is its **active community**. It's really important to check out the community atmosphere before investing:
π± Telegram
Features: Real-time information sharing and discussion
How to use: Price change notifications, breaking news, community voting
Participants: Approximately 50,000+ (global)
π¬ Discord
Features: Direct communication with developers
How to use: Technical questions, check development progress
Advantages: Voice chat Participate in live AMA sessions
π¨️ Reddit
Features: In-depth analysis and discussions
How to use: Long-form analysis articles, investment strategy sharing
Subreddits: r/onyxcoin, r/cryptocurrency
π¦ Twitter
Features: Latest news and updates
How to use: Official announcements, partnership news
Recommended follow: @OnyxProtocol (official Account)
In the community, you can get a variety of useful information beyond simple price predictions, such as technical analysis, project roadmap analysis, and sharing of real-world use cases. In particular, guides for beginners and Q&A sessions are held regularly, so if you have any questions, don't hesitate to participate.
Community participation tips: At first, it's better to just observe and get a feel for the atmosphere, and when asking questions, ask specifically. Rather than ""Will the price go up?"", ask specific questions such as ""I wonder how recent technology updates will affect the price"" to get a better answer.