Machine Xchange (MXC) is part of the MXC Foundation, soon to be rebranded to “Meta X Connect”, which is a hopeful part of the Polkadot system that aims to bring distributed computing to the emerging Metaverse and VR/AR ecosystem. With a wide range of different services and various blockchain systems, MXC is the native token of a project that seeks to carve out a place in this new market. So let’s take a look into the background of this coin, discuss its use case, and provide you with your very own guide, showing you the way to buy some MXC of your very own.
What is MXC?
MXC is the native coin of the Machine Xchange, which is attempting to rebrand into Meta X Connect. Machine Xchange is a part of the Internet Of Things (IoT) and has its eyes firmly set on becoming a bigger part of the Polkadot Parachain system. Essentially, MXC is the native token of a project that offers a large variety of different blockchain-based financial services.
One of the primary business goals of MXC is to move toward distributed computing solutions, specifically within the AR/VR and Metaverse spaces. Distributed computing can be quickly described as a system that shares the computing power of various computers to perform complex tasks. This kind of decentralized computing is very much in keeping with many of the principles that underpin blockchain technology, so it is little wonder that business models that use distributed computing are becoming more and more commonplace within the market.
The goal of the MXC is to lease out or link many different nodes of operation that can share/sell/trade their computing on a distributed system, with rewards and participation opportunities for stakeholders, operators, and coordinators of the system. Hopefully, this will create value for the network overall and value for the holders of the MXC token itself.
This project, launched in 2018 and chaired by CEO Xin Sheen Hu is modeled on the ERC20 standard and uses a Proof of Participation (PoP) system to validate and reward node operators and participants. The MXC DATA Network has made clear attempts to engage in low power usage models for mining, an issue that is taking greater importance throughout the crypto space. This Low-Power-Multi-Take Miner or M2ProMiner hopes to engage in a decentralized mining operation that can be launched via Metaverse, Augmented or Virtual Reality tech.
So with all of this in mind, let’s take a look at how to buy a Machine Xchange coin of your own!
Step 1: Register on Fiat-to-Crypto Exchange
Buying more mainstream cryptos like BTC, ETH or BNB is often quite direct, but buying MXC however, isn’t quite so simple. But there’s no need for you to be concerned. If you follow along with us, you’ll soon be trading MXC.
For this handy guide, we are going to be using Ethereum, we believe this will make the whole process a little easier to understand.
So let’s find ourselves a fiat-to-crypto exchange where we can buy ETH.
It is often a great idea to research provider rates and pick the exchange that best suits you because there are a number of exchanges to choose from, each offering a variety of services at varied pricing. So take your time, do your own research and identify the provider that best provides for your needs.
But for the purposes of this lesson, let’s utilize our own CryptoWallet because we believe it to be quick, dependable, and easy for both bitcoin enthusiasts and newcomers.
Complete the instructions on the screen after downloading and installing. A profile must be created, certain fundamental data must be supplied, and other security measures must be taken. After signing up, choose “deposit” from the account menu, then adhere to the on-screen instructions to add some fiat money to your freshly formed CryptoWallet Account using your current bank account.
Following a brief time of confirmation, your funds will become accessible on your CryptoWallet Account.
Step 2: Buy ETH with Fiat Money
So now that we have gotten the fiat currency into your sleek new CryptoWallet account, you can purchase some ETH. On the trade tab, choose the right quantity of ETH, then click Confirm. After a brief confirmation period, the amount of additional ETH and any extra fiat money will be accessible in your CryptoWallet account. This confirmation period may vary based on traffic.
When you employ cryptocurrency exchanges like TrustWallet, CryptoWallet, or Metamask, you could have access to a range of asset price charts, trading tools, and real-time market data. It is good to educate yourself on them and pay close attention to their valuable attributes since doing so may help you make more informed decisions about your spending that are more favorable and, if used properly, even lucrative.
Step 3: Transfer ETH to an Altcoin Exchange
You’re nearly there! After getting Ethereum, you may register with an alternative currency exchange and swap it for MXC.
The first step is choosing an exchange, and different exchanges provide different rates, accessibility degrees, and trading pairs. In the case of MXC, you have quite a few different providers to choose from, such as MEXC, KUCOIN, OKK, Phemex, DigiFinex, Houbi Global, and KuCoin. We shall use KuCoin in this case due to its ease of usage, accessibility, and simplicity.
Although there may be some differences in services, prices, and registration among exchanges, the fundamental flow ought to remain fairly constant.
So to get trading on KuCoin, you’ll need to register an account and fill out your personal information. This process will require information, KYC processes, and corporate standard protection.
When KuCoin alerts you that your account is ready to trade, send an amount of ETH from your CryptoWallet account to your active KuCoin account. To complete this step, select “deposit money” from KuCoin’s “funds” page. From KuCoin, you will now receive a wallet address or a QR code. Pick “transfer money/send ETH” from your CryptoWallet account after that. After scanning or typing the KuCoin address into the address area, click “Send.”
Verify that the KuCoin address is input correctly in your CryptoWallet App.
After just a confirmation time, the ETH will appear on your KuCoin account, where you may exchange it for MXC. Input the trade amount, choose the ETH/MXC trading pairings, and then click MXC to finalize the transaction.
Since you’ve been following this instruction, you should now have some MXC.
Last Step: Store MXC Securely
So we have now arrived at the point in your crypto journey where it’s time to start thinking about wallet systems.
The most popular choices include a variety of generic wallets like TrustWallet, MetaMask, and various hardware substitutes.
Select “withdraw money” on the dashboard to remove your fresh MXC currency from the KuCoin exchange. Your new current wallet address must then be submitted manually by either manually entering it or manually scanning a QR code, as instructed by KuCoin. Your MXC will appear in your personal wallet after a brief period of confirmation.
Although CryptoWallet offers a wide variety of choices and a high degree of protection, MXC is not presently hosted by it. There are various different cryptocurrencies and financial services accessible, and we believe that our handy app, exchange, and cash back reward system are certainly worth keeping an eye on in the future.
Can I buy MXC with cash?
MXC coins cannot be bought with fiat money directly, like the overwhelming bulk of alternative cryptocurrencies. One must trade a cryptocurrency like ETH or BTC on a marketplace to purchase MXC. Visit the steps previously discussed in this lesson to learn about this.
Are there any quick ways to buy MXC in Europe?
MXC transactions may appear more challenging than other cryptographic transactions due to the additional phases. However, if we follow the guidelines we’ve provided, we can guide you through each stage. Fortunately, this guide is perfectly acceptable according to EU regulations and quick and easy to follow.
Are there any alternative platforms to buy MXC or Bitcoin with credit cards?
Unlike other cryptocurrencies, MXC cannot be bought using fiat currency. A cryptocurrency like Bitcoin or Ethereum may also be bought and then exchanged into MXC. Visit the guidelines above to learn how to do this.
On the other hand, you may quickly purchase Bitcoin with a credit card by looking for a cryptocurrency exchange platform that accepts credit or debit cards. Several businesses, including eToro, offer this service.