Looking for flexible crypto solutions, token staking, and dynamic collateral in a changing DeFi ecosystem? Well, you might be interested in taking a look at Amp. Amp states that it wants to “take money to the 21st century’’ and seeks to do this by providing you with a variety of blockchain-based DeFi solutions via an interface that is sleek and easy to use. So in this guide, we are going to delve a little deeper into the background of this project, its native token, and, of course, provide you with a handy guide on how you might get some AMP tokens of your own.
What is AMP?
First, announced in early September of 2020 and chaired by CEO Tyler Spalding, AMP is a DeFi crypto platform that offers you a variety of different trading options that focus on dynamic collateral verification, partitioning, and management. In this sense, the AMP token can be best described as a collateral token.
Amp seeks to use its protocol to assist users in enacting quick and reliable collateralization while decentralizing the risk associated with architectures unique to the Amp protocol layer. This architecture uses smart contracts and algorithms to create what has been described as a “lock, release, and redirect” system that boasts the trustworthiness of the collateralization. Potentially making financial decisions safer and potentially more profitable to its users.
This system operates via the ERC20 standard and is found on the Flexa Network, which is also chaired by CEO Tyler Spalding. Since its release, this project has been enjoying an active community and a consistently high degree of user traffic.
Now that we’ve provided you with a little background on the project, let’s go through how you might get some AMP of your very own.
Step 1: Register on Fiat-to-Crypto Exchange
Let’s get started!
First, purchase a cryptocurrency that is a little more popular, and then we can trade it for some AMP later. Generally, we try to use one of the most prominent cryptos, such as Bitcoin (BTC) or Ethereum (ETH). In this guide, we will be using Bitcoin.
Next, we will have to find ourselves a Fiat-to-Crypto exchange that suits our needs.
We always think it’s a smart idea to investigate, contrast, and compare the various cryptocurrency provider/fiat exchange prices that are available and to look for the provider that is most appropriate for you and your particular requirements. The sheer number of exchangers available might make choosing one a bit challenging. Therefore, we want to suggest that you take your time, browse around, choose what best suits you, and then go from there.
But for our example, we would like to suggest our very own CryptoWallet for your Fiat-to-Crypto exchange.
We think our service is quick, reliable, and intuitive to use for both crypto aficionados and newcomers alike. So take a look at either the Google Play Store or the Apple App Store to download the CryptoWallet App to your desired device.
After completing the application is installed on your specific device, carefully follow the on-screen instructions. It is necessary to create a profile, create a password, provide some basic data, and take some further security precautions. After signing up, choose “deposit” from the account menu, then adhere to the on-screen instructions to link/send some fiat money to your new CryptoWallet Account using your current fiat bank account.
There will be a short delay between sending funds from your bank account to your new CryptoWallet account, but it shouldn’t take too long.
The next step is to purchase some BTC.
Step 2: Buy BTC with Fiat Money
Your fiat money will then be available for use once it is visible in your CryptoWallet account, and your next step will be to buy some BTC with it.
Find your way over to the trade tab within your app and select BTC and the amount you wish to purchase, and then click ‘Confirm.’ Following a brief confirmation period, your new BTC as well as any additional fiat funds will be accessible in your CryptoWallet account.
Using some of the more well-known and popular exchanges like TrustWallet, MetaMask, or CryptoWallet means you will have access to a wide range of crypto token price charts, asset trading tools, and often real-time market data.
We recommend becoming familiar with these and paying careful attention to their informative aspects, as doing so may help you to make financial decisions that may be more favourable and, if appropriately comprehended and utilized, may result in better financial decisions and maybe even more money in your bank account.
Step 3: Transfer BTC to an Altcoin Exchange
The following step is to register an account with a separate altcoin cryptocurrency exchange that provides the BTC/AMP trading pair now that you have your Bitcoin.
The tricky part will be choosing an alternative exchange. Just like traditional exchanges, altcoin exchanges provide a range of pricing, degrees of liquidity, and trading options.
In the case of AMP, there are many different exchanges available. A few examples of alternative coin exchanges that offer AMP are Binance, Coinbase Exchange, Gemini, KuCoin, Bitstampe, Bittrex, Gate.io, and Houbi.
But for example, we will be using Binance.
But don’t worry if you decide to make another selection; the fundamentals of the purchase procedure should essentially remain the same, even though there could be some variances among exchanges in terms of the items, prices, and regulatory standards.
Before you can begin trading, you must create a Binance profile and fill out all the required information. These are all fairly standard requirements, including basic information, KYC practices, and common safety precautions that will be required.
Your next step is to transfer some BTC from your CryptoWallet account to your Binance account, which can then be used to buy AMP.
Select “deposit money” from Binance’s main page after you’ve registered an account and Binance will provide you with an address which can be inputted into your CryptoWallet account.
In your CryptoWallet Account, select the amount of BTC you wish to trade, input the provided Binance address and select send.
After a brief confirmation time, the BTC will show up on your Binance account, which you can then trade for AMP. Enter the trade amount, select the BTC/AMP trading pair, and then click “Confirm” to complete the purchase.
Last Step: Store AMP Securely
Now that you have some AMP tokens, the next step of the crypto journey will be to select a wallet system to store your new cryptos.
While some people choose to leave their funds on exchanges, it is strongly encouraged to look into wallet systems both for security and convenience.
Since AMP is an ERC20 token, you have many different options to choose from. These include MetaMask, TrustWallet, Krystal, Argent, Coinbase Wallet, and a variety of hardware wallet options such as the Ledger series.
On the Binance interface, click “withdraw money” to take your AMP out of the exchange. As per Binance’s instructions, the following step is manually entering or carefully scanning a QR code that contains your new current wallet address from whatever provider you have selected.
Your AMP will appear in your wallet following a quick verification.
CryptoWallet does not yet host AMP despite offering a wide variety of options and having a high level of security. However, we like to think of CryptoWallet as something of a one-stop shop app system that caters to a variety of crypto needs. While it doesn’t currently host AMP, we still recommend keeping an eye on our product in the coming months.
Can I buy AMP with cash?
AMP coins, like the vast majority of altcoins, cannot be bought in an immediate on-to-one sense using fiat money. Cryptocurrencies like BTC, ETH, or USDT must be first purchased and then later exchanged for the desired alternative coin. For this, you need both a Fiat-to-Crypto exchange and an altcoin exchange. Visit our provided guide to get a detailed view of how to do this.
Are there any quick ways to buy AMP in Europe?
AMP transactions may appear more challenging than typical cryptographic transactions because of the extra phases. However, if we follow the guidelines we’ve provided, we can guide you through each stage. Thankfully, the aforementioned guidance complies with all applicable EU rules and legislation.
Are there any alternative platforms to buy AMP or Bitcoin with credit cards?
AMP is an altcoin and therefore a little different from other cryptocurrencies in that it cannot be bought with fiat money. Instead, you might purchase and exchange AMP for a cryptocurrency like Bitcoin or Ethereum. Visit the guidelines above to learn how to do this.
In comparison, you can quickly purchase Bitcoin and some other mainstay cryptos with a credit card by browsing for a cryptocurrency trading service that accepts credit or debit cards. eToro is one business that offers this service, among others.