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MinexCoin launched its protocol with the hope of restricting the high pricing swings often seen in the cryptocurrency markets. The developers claim that their blockchain technology has the potential to limit the volatility levels of its MNX coin by either:
Increasing or reducing its supply.
Adjusting the interest rates it pays to those holding MNX.
Read our step-by-step guide below to find out how to buy MNX.
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
A step-by-step guide to buying MinexCoin (MNX)
You can buy MinexCoin (MNX) from any of the above exchanges. Livecoin offers direct fiat currency pairs, as well as fiat currency deposit facilities. As of February 2018, the majority of market activity can also be found at Livecoin.
Here’s how to buy MinexCoin on Livecoin:
Create a Livecoin account. Go to Livecoin’s site and click Open a trade account at top right. Choose a username, enter your email address and select a strong password.
Once you confirm your email address and log in to your account, you will choose a four-digit PIN.
Deposit funds into your account. Click Deposit at the top of the screen. Under “Fiat Balance,” click the blue Deposit button next to “USD.” Choose a third-party payment processor from among Perfect Money, Payeer and other options, carefully reading the funding method each offers. (Learn more about deposit options and fees in our guide to Livecoin.)
Follow the instructions for depositing money through your payment method. Once your money hits your Livecoin account, you’re ready to purchase MinexCoin.
Buy MinexCoin. Hover your mouse over the Buy/Sell button in the top menu, and click Trading. Type “MNX” in the search box to the left to see a list of available currency pairs, and choose MNX/USD.
Scroll to the blue “Buy MNX” box. You’ll see “Market order” active by default, which means you’ll trade at the current market price.
Enter the amount of MNX you want to buy to see your updated USD equivalent. To complete your trade, click the blue “Buy MNX” button.
MinexCoin price graph
How to sell MinexCoin (MNX)
Like buying MinexCoin, you can sell this coin through any of the exchanges listed above.
With Livecoin, you sell your MNX back to USD or for another cryptocurrency, using the red “Sell MNX” trading box.
Which wallets can I use to hold MinexCoin (MNX)?
As MNX was not built on top of the Ethereum blockchain, it is not compatible with the more commonly utilized ERC20 standard. Instead, you will need to download the bespoke wallet from MinexCoin for Windows, Linux and Mac OS.
While a mobile app for Android is available, developers expect to release an iOS version in early 2018.
Which wallets can I use to hold MinexCoin (MNX)?
As MNX was not built on top of the Ethereum blockchain, it is not compatible with the more commonly utilized ERC20 standard. Instead, you will need to download the bespoke wallet from MinexCoin for Windows, Linux and Mac OS.
While a mobile app for Android is available, developers expect to release an iOS version in early 2018.
How MinexCoin (MNX) works
Launched in 2017, MinexCoin aims to design a cryptocurrency with the capacity to avoid market volatility. By installing supply-and-demand regulations on top of the bitcoin protocol, MinexCoin’s developers claim that have the required framework to keep MNX stable.
MinexCoin users can benefit from:
Central bank ideology. To stabilise MNX, MinexCoin’s developers have designed an economic strategy similar to that of a central bank. According to MNX’s white paper, the network limits the MNX exchange rate at 5% of the previous day’s closing price, either altering the interest rates it pays out to MNX savers or intervening by purchasing or selling coins.
Autonomous algorithm. MinexBank is the technology that supports MNX’s stability mechanism. Developers claim that MNX holders can access e-commerce, currency exchange and investment services through the MinexBank client. By ensuring that liquidity levels are high, MinexCoin argues it can limit volatility of the coin.
Savings account. Users can temporarily freeze their MNX coins in return for fixed interest payments in the form of MNX.
MinexMarket. After MinexMarket’s release later in 2018, the MInexCoin community will be able to buy and sell goods and services in return for MNX. Developers are also planning to release a debit card to ease the stability of the trading platform.
Real-world applications for MinexCoin (MNX)
MNX holders can use the services of the MinexMarket by buying and selling products or earn coins through a MinexBank savings account. Users can also send and receive coins wallet-to-wallet.
Because the MNX coin operates through the bitcoin client, its transactions are validated through the proof-of-work consensus model. This means each transaction is independently verified on the blockchain ledger.
What to consider if buying MinexCoin (MNX)
Cryptocurrency markets are highly speculative, and so you should conduct your own research before purchasing MNX. There’s no guarantee that MinexCoin’s antivolatility model will protect your purchase.
Other factors to consider before purchasing MinexCoin include:
Technical specifications. According to MinexCoin’s white paper, the total supply of MNX is capped at 19 million coins. The block time target is pitched at three minutes, and through the proof-of-work consensus model, miners can potentially earn 2.5 MNX per block reward. This is further supported by the Equihash algorithm protocol.
The MinexCoin team. CEO and founder Boris Shulyaev claims to have a plethora of experience related to blockchain technology, including owning one of the largest mining farms in Europe. The management team is supported by advisers that include the Kiev National Polytechnic Institute and Kiev National Economic University.
Future developments. According to its annual targets published in February 2018, the MinexCoin team plans to launch its decentralised MinexExchange and debit card capabilities in early 2018, releasing the MinexMarket platform later in the year.
Market Forces. Ultimately, much like any commodity you can buy, sell or exchange, market forces will determine MNX swings. It remains to be seen how effective the MinexBank intervention strategy will be in response to high trading volumes on third-party exchanges.
Frequently asked questions
Yes. Livecoin offers a direct USD pairing against MinexCoin, and you can fund your account using a debit card.
Technically, yes. But MinexCoin runs on the bitcoin client, which means that mining now takes a lot of energy.
The MinexCoin team provides details on various mining pools that you can join to share resources.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Jing Jun Ma is a tech and data expert with more than a decade of experience in digital marketing and programming. He wrangles data to make it useful for consumers facing a decision.
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