The Flexa Network and AMP Cryptocurrency| Using SPEDN App Convert Digital Coins into Fiat Money.

2 min read

What Is Flexa?

Flexa is a cryptocurrency payment network that makes it easier for merchants to accept crypto payments. Users can hold their crypto on an app called SPEDN, from which they can automatically convert their coins into fiat money during the payment process simply by scanning a code with the payment terminal. Transactions conducted via the app are instant and carry smaller fees, a massive advantage over most direct cryptocurrency payments.

Cryptocurrencies have many advantages over old-fashioned money: they don’t depend on one entity to be made or controlled. However, they cannot be used at most retailers because it can be difficult for merchants and companies to handle payments with them.

Depending on which cryptocurrency you use, it can take quite some time to complete a transaction. Bitcoin, for example, can require more than 10 minutes, and even after the transactions have been processed, there is still a chance of an accidental fork in the proof-of-work blockchain.

For a transaction to be safe and absolute, multiple following transactions must also be processed on the blockchain. Waiting half an hour for payment at the grocery store to go through is not an option.

Additionally, since companies still have to pay their expenses in fiat currency, they would also have to convert the crypto they receive into fiat. The value of that crypto could change when it takes to do so.

Collecting digital currencies that need to be spent later is very risky for merchants. It is a problem because payments must be convenient for cryptocurrency to become mainstream. Flexa solves both issues and could be an essential part of making crypto mainstream.

When you make a payment with Flexa, it immediately converts your crypto into fiat and sends it to the merchant; it takes only a few seconds. This approach makes it very easy for sellers to accept crypto because they don’t need to sell the coins themselves to get fiat. So far, Felxa supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, ZCash, and more.

Another thing that could help make widespread adoption possible is that merchants don’t need special hardware or expansive software to accept Felxa transactions. Any physical point-of-sale terminal can do the trick. That’s why a growing list of 41K stores in the U.S. and Canada have adopted Flexa—it’s just easy for them to do so.

Surprisingly Flexa’s entire payment process is cheaper and less complicated than a credit card payment.

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The AMP Token

AMP is the native utility token of the Flexa network. It is used as temporary collateral until the cryptocurrencies are converted into fiat. See, selling crypto for money can take a few minutes because the cryptocurrency transactions that are part of it need to be confirmed by their blockchain. Because most coins can be very volatile, their value could drop drastically before a transaction is complete. That’s why Flexa payments need some collateral to ensure they are backed up. If the crypto conversion into fiat fails, some of the provided AMP is sold instead.

The collateral doesn’t have to be provided by people who want to spend their Bitcoin or Litecoin via the Flexa app but by any AMP holders who wish to earn rewards to pool their tokens. The rewards come from the fees that come from using Flexa.

Originally, Flexa had a token called Flexa Coin, but to avoid their token being treated like a share, they replaced it with a new token. One billion tokens are distributed per year to AMP holders that provide their tokens as collateral as a further incentive. The current circulating supply is 42,227,702,186 AMP.

The value of AMP depends on the success of the Flexa network. The more transactions are processed with Flexa, the more fees can be earned, and the higher the demand for AMP will become. Since the max supply is capped, the value will likely grow. 

Cryptocurrencies are on the rise, but they need to be more convenient to use, and Flexa offers some solutions to their problems so that the AMP token could become a very promising investment in the next few years.

Source: https://toughnickel.com/personal-finance/The-Flexa-Network-and-the-AMP-Cryptocurrency

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