Buy Amp in the UK

Buy Amp (AMP): Amp is a token that enables instant and competitive cost [crypto] (https://www.coinjar.com/uk/learn/what-is-crypto) payments. It powers the [Flexa Network] (https://flexa.network/), a payment provider designed to enable instant and low-cost cryptocurrency transactions and also facilitates traditional payments.

The Flexa Network allows businesses to accept [payment] (https://flexa.network/currencies) in a variety of ways including in cryptocurrencies. It’s like a bridge between traditional payment methods and digital assets.

Utility token

AMP is a type of cryptocurrency that serves a specific purpose within the Flexa ecosystem.

Flexa Network

The Flexa Network acts as a bridge between traditional payment methods (like credit cards) and digital assets (cryptocurrencies).

It allows businesses and consumers to make payments using cryptocurrencies like Bitcoin or Ethereum.

How does AMP work?

Imagine you’re buying a product online using AMP (Flexa’s native token). When you pay with AMP, an equivalent value of AMP tokens is temporarily locked up as collateral. The transaction is confirmed on the blockchain, and the AMP collateral is released.

Why do investors buy AMP?

Here are a few reasons why people buy AMP.

Instant settlements

AMP facilitates immediate settlement of payments. When you make a purchase using AMP, the transaction is confirmed quickly, allowing merchants to receive funds without delays.

Collateralisation

AMP acts as collateral for transactions. When you pay with AMP, it’s locked up as collateral until the transaction is confirmed.

Competitive transaction fees

The Flexa Network aims to minimise transaction fees. By using AMP, users can avoid uncompetitive fees associated with traditional payment methods.

How Does AMP Work?

Imagine you’re buying a cup of coffee using AMP.

The user initiates payment: They scan a QR code at the coffee shop to pay with AMP.

Collateralisation: The equivalent value of AMP tokens is locked up as collateral in a smart contract.

Transaction confirmation: The transaction is broadcast to the network. Validators confirm it, and the coffee shop receives the payment.

Unlocking collateral: Once confirmed, the AMP collateral is released, completing the transaction.

How to buy AMP on CoinJar

1. Choose a reliable cryptocurrency exchange

The first step in buying crypto is selecting a trustworthy exchange or trading platform.

Here are some key factors to consider:

Reputation: Research the exchange’s reputation, security protocols, and history of handling user funds. CoinJar, for instance, has positive reviews from independent platforms like Trustpilot.

Practicality: Opt for an exchange with a user-friendly interface that suits your level of experience.

Fees: Compare fees, spreads, and any hidden costs associated with transactions. CoinJar’s fees are some of the most competitive around.

Customer support: Look for exchanges that offer responsive customer service. CoinJar’s customer support has an excellent reputation.

Number of supported Coins: Consider the variety of cryptocurrencies available on the platform. CoinJar offers a seamless experience for buying, selling, and storing crypto, with over 60 cryptocurrencies to choose from.

2. Create an account and verify your identity

Once you’ve chosen CoinJar as your exchange, sign up for an account. You’ll need to provide personal information and undergo a verification process. This typically involves verifying your identity and linking your bank account.

UK residents are required (in accordance with local legislation) to complete an assessment and wait 24-hours (see below).

3. Fund your account

To buy AMP, you’ll need to [deposit funds] (https://www.coinjar.com/uk/learn/how-to-buy-crypto) into your CoinJar account. You can use various payment methods:

Bank transfer: Transfer fiat currency (such as Pounds Sterling) from your bank account to CoinJar.

Debit or credit card: CoinJar has an Instant Buy facility where you can purchase crypto instantly with a card. Simply link your card and proceed with the purchase.

4. Purchase AMP

Once your account is funded, choose AMP. Specify the amount of AMP you want to purchase. Take a look at the fees associated with the transaction. Press the confirm button, and voilà! You now have AMP in your CoinJar wallet.

5. Protect your investment

After purchasing AMP, you have two options.

Keep it on the exchange: If you want convenient access for future trades or exchanges, leave your AMP in your CoinJar wallet.

Transfer to an external wallet: For added protection, consider transferring your AMP to an external digital wallet.

CoinJar Wallet: CoinJar provides its own wallet service. It is convenient, however being an online wallet there is a risk that it may be a victim of a cyberattack. Online wallets are also called “hot wallets”.

External Wallets: If you want to hold on to your Bitcoin for a while, you can transfer your Bitcoin to an external wallet. Hardware wallets are also known as “cold wallets” (like Ledger or Trezor) and these are effective for long-term storage as they are offline and seriously difficult to hack.

CoinJar has been operating since 2013. CoinJar keep the vast majority of customer assets in cold storage or private [multi-sig wallets] (https://www.coinjar.com/uk/learn/how-to-store-crypto) and maintain full currency reserves at all times.