The Cryptocurrencies are the new financial tool, on which everyone had their eyes on for investing and grow their money. In the market, investors can find to invest in the cryptocurrency’s giants like Bitcoin, Ethereum, etc., also, one can use the opportunity to invest in some newly emerging cryptocurrencies.
One such growing new financial tool in the market of cryptocurrency is the HEX Cryptocurrency. The new cryptocurrency is recently launched and already making the buzz in the market. Most of the news about the HEX Cryptocurrency consists of criticism creating controversies, but there is also who praise the HEX model and its legitimacy.
It seems the market is quite divided into two halves for the HEX Cryptocurrency, let us try to understand more about this new Cryptocurrency:
What Is Hex Crypto Currency?
Richard Heart is the Man behind the HEX. He is very outspoken from the launch of the HEX Cryptocurrency. Richard Heart also provided his counter-argument over the criticism the HEX Cryptocurrency is getting, which we about to talk later in the article.
First, let us understand how the HEX works. HEX is launched as the world’s first high-interest blockchain certificate of the deposit (CD). It means the user needs to create a wallet to invest and then a user can stake the percentage of their tokens, to avail interest on it.
By investing in a HEX Cryptocurrency, a user is said to enjoy up to 3.69% interest on payment they have made, in case of 99% of the token are staked the user can get and hefty return of up to 369% return.
Although the return looks eye candy to many people and a good return for taking a risk of staking about 99% of their total supply that is paid out in tokens, one needs to understand that the HEX returns are dependent on its token’s market value. Investors must remember the value of his/her token will depend on the market value of the HEX at the time of maturity.
What is so different about the HEX Crypto Currency?
Well to be honest it is not something that many of us are not aware of. HEX Cryptocurrency can be termed as the fixed deposit for the cryptocurrency world. Just like in Banks, you can make a fixed deposit to get a return. The deposited funds are blocked until the maturity period is reached and clients get their principal amount along with the interest back.
The HEX Cryptocurrency works on a similar method used by banks for fixed deposits. The only change is it is for the cryptocurrency which market is very volatile on which the value of the HEX token will depend.
Uniqueness to Another Cryptocurrency like Bitcoin
Unlike bitcoin, a HEX Cryptocurrency is not mine by the miners. As there are no miners involved in HEX Cryptocurrency, HEX Cryptocurrency provides token to a user depending on the amount they stake. People are competing for the stakes with each other rather than who mine more cryptocurrency. Therefore, it is up to people if they want to sell the HEX Cryptocurrency as people also lock their stakes.
Criticism against HEX Cryptocurrency
The HEX Cryptocurrency had seen a few criticisms. The most common of which is “HEX Cryptocurrency is a Ponzi Scheme”.
The Richard Heart sums this argument very well. He explained, though their scheme uses a similar referral and bonus system like MLM is used. However, the value of the HEX Cryptocurrency is dependent on the market, which works on supply and demand.
Hence, people’s payout will depend on the supply and demand of the market. Also, HEX Cryptocurrency uses blockchain technology, which makes people’s investments safe and secure.