Read our beginner’s guide to Pundi X and how to buy NPXS in Australia.
With a mission to make buying cryptocurrency as easy as buying bottled water, Pundi X creates point-of-sale devices to allow physical stores to accept cryptocurrency as payment. The Jakarta-based blockchain startup has secured some solid partnerships and has big plans for growth in the coming months and years.
Pundi X’s native currency, NPXS, launched in March 2018. Read on to find out how you can buy, sell and store NPXS in Australia.
Where to buy Pundi X's NPXS tokens
You can currently buy NPXS tokens on the following cryptocurrency exchanges:
A step-by-step guide to buying NPXS tokens
If you want to buy some NPXS, here’s how you can go about it:
Step 1. Register with an exchange that lists NPXS
Compare the features and fees of exchanges that list NPXS in one or more currency pairs. Choose the exchange that best meets your needs and register for an account by providing your email address and creating a password.
Depending on the platform you choose, you may also need to supply your personal details, phone number and proof of ID to satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) requirements.
If two-factor authentication support is offered, make sure you enable this feature to provide increased security for your funds.
Step 2. Deposit funds into your account
The next step is to transfer funds into your exchange account so you can buy NPXS. However, as it’s currently not possible to buy these tokens directly with Australian dollars (AUD), you’ll need to first acquire a cryptocurrency listed in a pair with NPXS, such as bitcoin (BTC) or Ether (ETH). Check out our how to buy BTC and how to buy ETH guides for details on how you can obtain these popular currencies.
If you buy BTC or ETH on the same exchange, the funds will be in your exchange wallet and ready to go. To deposit BTC or ETH from elsewhere, copy the exchange wallet address for your chosen crypto, open your private wallet and send the funds to that address.
Step 3. Buy NPXS
The final step in the process is to navigate to the “Exchange” or “Markets” section of your chosen platform, search for the pair you want to trade, such as NPXS/BTC, and enter your desired purchase amount in the relevant field. Make sure you review all the details of your transaction, including the total cost, before confirming the purchase.
How to sell Pundi X
Selling NPXS requires you to follow a similar process to that detailed in step 3 above. However, you’ll obviously need to make sure you look for the “Sell NPXS” field rather than the “Buy NPXS” field, and also remember that you may not be able to directly exchange NPXS for the currency you want.
Which wallets can I use to hold NPXS?
Unless you’re planning on exchanging your NPXS tokens soon, storing them on an exchange for any length of time generally isn’t recommended due to the security risks involved. Instead, moving your tokens into a private wallet that lets you control your private keys is a much more secure option.
NPXS tokens are ERC20 tokens on the Ethereum network, so you’ll need to store your tokens in an ERC20-compatible wallet. Examples you may consider include MyEtherWallet, the Ledger Nano S and TREZOR hardware wallets, and the MetaMask browser extension.
Find out more about storing your cryptocurrency in our ultimate wallets guide.
How Pundi X works
Pundi X sets out to tackle one of the key problems facing all cryptocurrencies: the lack of mainstream adoption. Though bitcoin and an increasing range of other digital currencies now experience a higher level of public awareness, the proportion of the population that actually transacts with crypto on a regular basis is quite small.
To overcome this obstacle, Pundi X offers a platform for “consumerizing cryptocurrencies” by allowing their use in retail point-of-sale systems through a mobile app and contactless payment card. There are three key components to what Pundi X is offering:
- A mobile application. The mobile wallet is designed to make it easy for users to store their public and private keys and to manage their cryptocurrency balance. The app will allow users to buy BTC, ETH and other cryptos using cash or card, sell digital currency for cash, top up fiat money in a digital wallet, and buy utilities and services using cryptocurrency.
- A contactless smart card. This cryptocurrency payment card will be known as XPass and allow for users to pay for goods and services with a swipe.
- Point-of-sale terminals. Pundi’s point-of-sale terminals are known as XPOS and are designed to facilitate cryptocurrency payments as well as accept transactions through mobile wallets and bank cards.
Pundi X will incentivise participation by providing free hardware to retail stores in its initial target market of Indonesia. Subsequent expansion will target Thailand, Malaysia, Singapore, Japan and other regional markets in Southeast Asia in the next three years, with plans to roll out between 100,000 and 700,000 devices during that time.
The Pundi X team is based in Jakarta, London, Taipei, Shenzhen and Singapore. The blockchain startup was launched by Wokoworks Technology, a Hong Kong registered company, and held an ICO in January 2018 that raised US$35 million.
What to consider before buying Pundi X
Cryptocurrencies are notoriously volatile and also highly complicated, so you should never buy any digital currency without thoroughly researching it first. You’ll need to carefully consider the factors that could potentially have an impact on the price of a coin or token before you buy.
If you’re thinking of purchasing any NPXS, take the following factors into account:
- Supply. According to CoinMarketCap, at the time of writing (May 2018), the circulating supply of Pundi X was 61,642,599,759 NPXS, out of a total supply of 67,978,463,510 NPXS.
- Use. NPXS is Pundi X’s native token and will be used as “gas” to fuel transactions in the Pundi X network.
- Availability. As NPXS is a relatively new arrival in the crypto world, you can only buy and sell the tokens on a limited range of exchanges. This may make the currency difficult to access for some buyers and could have an impact on its overall public perception.
- Partnerships. Pundi X has secured partnerships with a number of corporate entities and cryptocurrency projects, including NEM (XEM), Stellar Lumens (XLM), Coinnest, Retainly and VeriME. In April 2018, it also announced an NPXS buyback scheme to help build a Partnership Reserve Fund.
- White paper. Want to know more about how Pundi X works, its progress to date and the plans it has for the future? Check out the project’s white paper.
- Vision. Pundi X’s goal is to attract the next billion crypto users. From the white paper: “Pundi X will help to generate demand for new and old, as well as big and small cryptocurrencies. No other online cryptocurrency exchange can bring in new cryptocurrency users from this segment and in the same number, thanks to our powerful focus on attracting the consumer market.”
Whether Pundi X has the products, the backing and the team to achieve its ambitious vision remains to be seen, so do your own research before deciding whether to buy any NPXS tokens.
Picture: Shutterstock
At the time of writing, the author holds IOTA and XLM.
