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Buy Orchid (OXT) in UK With GBP | CoinJar

Orchid

OXT

£0.000GBP

Figures shown refer to the past. Past performance is not a reliable indicator of future results. Pricing data is provided by CoinJar.

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OXT

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Overview

#664

Popularity

Utility

Asset type

2019

Active since

What is Orchid?

Buy Orchid (OXT): Orchid (OXT) creates a decentralised VPN to enhance online privacy. Learn what OXT is and why people use it.

Think of Orchid (OXT) like a new type of internet privacy tool. It's a decentralised Virtual Private Network (VPN), which means it's not controlled by any single company. Instead, it runs on a network of computers owned by different people all over the world.

Why is a decentralised VPN special?

Traditional VPNs can be tracked or even blocked. Orchid, however, is harder to control because it uses a special cryptocurrency called OXT. This token lets you pay for internet bandwidth from different providers on the Orchid network.

Think of it like this. Your internet traffic is like a package. Instead of sending it through one main road (a regular VPN), Orchid sends it through many different paths (the decentralised network), making it difficult for anyone to track where it came from or where it's going.

Why do people buy OXT?

Privacy

Orchid makes it much harder for companies or governments to see what you're doing online.

Freedom

A decentralised network is harder to censor.

Potential growth

Like other cryptocurrencies, OXT's value might increase over time.

How does Orchid work for users?

Download the Orchid app, buy some OXT, and start browsing privately. The app takes care of finding the best providers and encrypting your data.

Is OXT worth it?

If you care about online privacy and want to support a decentralised internet, OXT might be for you.

Sentiment on places like Reddit seem to be that Orchid is a promising project with innovative features, however like any project, there are things that need to be improved. Many users are excited about the potential of decentralised VPNs and are hopeful that Orchid will continue to evolve.

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Frequently asked questions

Is OXT a digital asset?

Yes, OXT is a digital asset designed for use on the Orchid network.

What is OXT's connection to Ethereum?

OXT is an ERC-20 token, meaning it was created using the technical standard of the Ethereum network.

Is Orchid only for tech experts?

No, Orchid is designed for users of all technical levels. The app handles the complex parts.

Where can investors buy Orchid?

OXT is available on various cryptocurrency exchanges, including CoinJar.

What makes Orchid different from other VPNs?

Orchid is a peer-to-peer privacy network, meaning it's decentralized and more resistant to tracking and censorship.

Has Orchid received any investment from big companies?

Yes, Pantera Capital is one of the investors in Orchid.

What is the Orchid Protocol?

The Orchid Protocol is the set of rules and technologies that govern how the Orchid network operates.

How does Orchid make payments efficient?

Orchid uses probabilistic nanopayments, which allow for very small, fast payments to bandwidth providers.

How much OXT is available?

The circulating supply of OXT can fluctuate, so check a reliable source for the latest figures.

What is Orchid's market cap?

The market cap is the total value of all OXT in circulation. It varies with the price of OXT.

Can investors use OXT on other networks?

OXT is built on the Ethereum network, but it can be used to pay for bandwidth on the Orchid network.

Does Orchid offer a traditional banking experience?

No, but Orchid's payment system is similar to interactive online banking in terms of its user-friendliness.

How does Orchid work?

Orchid works by connecting users to a decentralized network of bandwidth providers, making it harder to track online activity.

Who created Orchid?

The Orchid team includes Dr. Steven Waterhouse, Jay Freeman, Brian J. Fox, and Gustav Simonsson.

Is there a time limit on OXT transactions?

No, OXT transactions are typically confirmed on the blockchain within 24 hours.

Are smart contracts involved in Orchid?

Yes, smart contracts are used to manage the relationship between users and bandwidth providers.

When was Orchid released?

The Orchid protocol was launched in December 2019.

What technology is Orchid built on?

Orchid is built on blockchain technology, similar to other cryptocurrencies.

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The performance of most cryptocurrency can be highly volatile, with their value dropping as quickly as it can rise. Past performance is not an indication of future results. Remember: Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://www.coinjar.com/uk/risk-summary. UK residents are required to complete an assessment to show they understand the risks associated with what crypto/investment they are about to buy, in accordance with local legislation. Additionally, they must wait for a 24-hour "cooling off" period, before their account is active, due to local regulations. If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.

Specific risks associated with DeFi tokens Decentralised Finance (or 'DeFi') tokens (e.g. UNI, AAVE) are crypto-assets linked to financial applications and protocols built on decentralised blockchain technology. DeFi tokens carry the following risks:Smart contract risk: DeFi relies heavily on smart contracts. Even a minor coding error or oversight can lead to a contract being exploited, potentially resulting in significant losses for DeFi tokens. Regulatory risk: DeFi operates in a decentralised manner, often without intermediaries or financial crime controls. Regulatory bodies across jurisdictions might introduce new regulations impacting the use, value, or legality of certain DeFi protocols or assets. Rug-pulls / Exit scams: Some DeFi projects might be launched by anonymous or pseudonymous teams, increasing the risk of "rug pulls" where developers abandon the project and withdraw funds, leaving investors with worthless tokens. Data/oracle risk: DeFi protocols often rely on external data sources or 'oracles. Manipulation or inaccuracies in these data sources can lead to unintended financial outcomes within the protocols. Protocol complexity: The complexity of some DeFi protocols can make it difficult for average users to fully understand the mechanisms and associated risks.

Specific risks associated with meme coins: 'Meme coins' (e.g. DOGE, SHIB, PEPE) are crypto-assets whose value is driven primarily by community interest and online trends. Meme coins carry the following risks: • Volatility risk: Meme coins can have extreme price volatility, often experiencing rapid and unpredictable price fluctuations within short periods. The value of meme coins can be influenced by social media trends, celebrity endorsements, and other factors unrelated to traditional investment fundamentals. • Lack of utility: Meme coins often lack intrinsic value or utility, being primarily driven by community interest, online trends, and speculative trading. • Market manipulation: Meme coins may be susceptible to increased risk of market manipulation including 'pump-and-dump' schemes, where the price is artificially inflated followed by a sudden crash. • Lack of transparency: Meme coins may have limited available information about their development teams, goals, and financials. This lack of transparency can make it challenging to assess the credibility and potential of a meme coin accurately. • Emotional investing: Meme coins often garner strong emotional reactions from investors, leading to impulsive decisions. Emotional trading activity can amplify losses.

Specific risks associated with stablecoins: There is a risk that any particular stablecoin may not hold their value as against any fiat currency; or may not hold their value as against any other asset. Stablecoins carry the following risks: · Depegging events: Depegging events may occur with stablecoins that fail to maintain adequate controls and risk mitigants. A depegging event is when the value of the stablecoin no longer matches the value of the underlying asset. This could result in a loss of some or all of your investment. • Counterparty risk: Counterparty risk arises when an asset is backed by collateral, involving a third party maintaining the collateral, which introduces risk if the party becomes insolvent or fails to maintain it. • Redemption risk: Redemption risk refers to the possibility that an asset's ability to be redeemed for underlying collateral may not be as anticipated during market fluctuations or operational issues. • Collateral risk: Collateral risk refers to the possibility of the collateral's value declining or becoming volatile, potentially impacting the asset's stability, particularly when it is another crypto-asset. • Exchange rate fluctuations: Stablecoins, often denominated in US Dollars, expose investors to fluctuations in the USD:GBP exchange rate. • Algorithmic risk: Algorithm risk refers to the possibility of an asset's stability being compromised due to unexpected failure or behaviour of the underlying algorithm, potentially leading to loss of value.

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