PAX

Overview of PAX

Paxos Standard Token (PAX) is a kind of stablecoin cryptocurrency that was launched in 2018 by Rich Teo and Charles Cascarilla. This cryptocurrency is predominantly supported by exchanges such as Bitfinex, Binance, and OKEX, granting it ample accessibility for users.

PAX operates as an ERC20 token, meaning it can be stored in any wallet that supports this standard. As an asset, it reflects a form of digital money regulated by blockchain technology, bearing the promise of instant transactions and absolute transparency for all its operations.

Pros and Cons

PAX Price prediction

Over the coming decades,PAX's price is expected to experience fluctuations. By 2030, the trading range is projected to be between $1.00 and $1.00.In 2040, our forcast suggests PAX could reach a peak price of $1.00,with a potential minimum around $1.00.Looking ahead to 2050, technical analysis indicates that PAX's price could range from $1.00 to $1.00,with an estimated average trading price of about $1.00.

What Makes PAX Unique？

PAX, or Paxos Standard Token, presents itself as a digital stablecoin that is tied to the US Dollar 1:1 and is issued by the Paxos Trust Company. Unlike many traditional cryptocurrencies, whose value is driven by market supply and demand, PAX's value is kept stable due to its peg to the USD. This scrupulously regulated pegging to the USD is maintained through processes that are audited on a regular basis.

Moreover, PAX holds a unique position among cryptocurrencies as it has been approved and is regulated by the New York State Department of Financial Services, which adds a layer of trust and credibility not necessarily present with other cryptocurrencies. The adherence to such a regulatory institution is an important distinction, differentiating PAX from other cryptocurrencies which are typically characterized by their decentralization and lack of official regulation.

Furthermore, PAX, as an ERC20 token, is built on the Ethereum blockchain, a widely accepted and utilized platform. This enables PAX to take advantage of Ethereum's smart contracts, thus facilitating automatic and transparent transactions. In contrast, many other cryptocurrencies use their own independent blockchains and cannot directly take advantage of Ethereum's established infrastructure.

How Does PAX Work？

PAX, short for Paxos Standard Token, operates as a stablecoin cryptocurrency. Its working model revolves around maintaining a stable value by pegging it directly to the US dollar. For every PAX token issued, there is an equivalent US dollar held in reserve by the Paxos Trust Company, the entity that issues PAX.

Operationally, PAX works within the Ethereum blockchain as an ERC20 token. The use of the Ethereum blockchain provides the advantages of smart contracts, which automatically execute when their conditions are met, thereby facilitating transparent and trustless transactions. The PAX token can be transferred between any two wallets on the Ethereum blockchain.

Another key component of PAX's working principle is its regulatory oversight. Paxos Trust Company, the issuer of PAX, is authorized and regulated by the New York State Department of Financial Services. Regular audits are conducted to ensure every PAX token is sufficiently backed by the equivalent in US Dollars.

Exchanges to Buy PAX

1. Binance: Binance supports numerous token pairs for PAX such as PAX/BTC, PAX/ETH, and PAX/BNB, among others.

2. Coinbase: Allows trading PAX against fiat currencies like USD, EUR, and GBP, along with cryptocurrencies such as BTC and ETH.

See this link for details on how to buy PAX:https://www.coinbase.com/en-gb/how-to-buy/paxos-standard

3. OKEX: Provides PAX trading pairs with several cryptocurrencies including BTC, ETH as well as USDT.

4. KuCoin: The exchange features PAX pairing with various altcoins like BTC, ETH, and also with their native KCS tokens.

5. Coinlib: On Coinlib, users can exchange PAX with BTC, ETH, and other popular tokens.

See this link for details on how to buy PAX:https://coinlib.io/newsroom/guides/how-and-where-to-buy-paxos-standard-pax-an-easy-step-by-step-guide/

To buy Paxos Standard (PAX) on Coinlib, you would generally follow a similar process to purchasing any cryptocurrency on a trading platform. Here's a streamlined step-by-step guide tailored to acquiring PAX:

Step 1: Register on Coinlib

Begin by creating an account on Coinlib. Provide the necessary personal details, verify your email address, and complete any required KYC (Know Your Customer) procedures to enhance the security of your account and to comply with regulatory requirements.

Step 2: Deposit Funds

Once your account is set up, deposit funds into it. You can do this by navigating to the deposit section of your account and selecting your preferred method of deposit, such as a bank transfer or using a credit/debit card. Follow the platform's instructions to successfully deposit the currency you plan to trade for PAX.

Step 3: Find Paxos Standard (PAX)

After depositing funds, go to the trading section of Coinlib. Use the search function to locate Paxos Standard (PAX) by entering its name or ticker symbol. Select the correct PAX pair you wish to trade (e.g., PAX/USD or PAX/BTC).

Step 4: Purchase PAX

On the PAX trading page, decide whether you want to place a market order (buying PAX at the current market price) or a limit order (setting a price at which you want to buy PAX). Enter the amount of PAX you wish to buy or the amount of your deposited currency you want to spend. Review your transaction details and confirm your purchase to complete the acquisition of Paxos Standard.

How to Store PAX？

Storing the Paxos Standard Token (PAX) involves the use of digital wallets, similar to how you would store other cryptocurrencies. As PAX is an ERC20 token based on the Ethereum blockchain, it can be stored in any wallet that supports this standard. There are several types of wallets available that can be used to store your PAX tokens.

1. Hardware Wallets: These wallets, such as the Ledger Nano S/X or Trezor, are considered the most secure type of wallet to store your digital assets because they keep the private keys offline and are immune to computer viruses.

2. Software Wallets: Available as mobile or desktop applications, software wallets offer convenience and ease of use. Some reputable software wallets that support PAX include MyEtherWallet, Trust Wallet, and MetaMask.

Is It Safe？

When assessing the safety of Paxos Standard (PAX), several factors come into play:

Hardware Wallet Compatibility: The ability to store PAX in a hardware wallet significantly enhances its security. Hardware wallets keep your private keys offline, away from potential online vulnerabilities. If PAX is compatible with leading hardware wallets, it indicates a strong layer of security for users who opt for this storage method.

Exchange Security Compliance: The safety of PAX also depends on the security measures of the exchanges where it is traded. A secure exchange should adhere to industry-standard security protocols, including two-factor authentication, SSL encryption, and routine security audits. Ensuring that the exchange where PAX is traded meets these standards is crucial for the token's overall security.

Token Address Security: The security of the cryptographic addresses used for transferring PAX is vital. These addresses should ensure secure and verifiable transactions on the blockchain, leveraging encryption to protect against unauthorized access and tampering.

How To Earn PAX？

The Paxos Standard Token (PAX) is a stablecoin, designed to maintain a stable value by being pegged 1:1 with the US Dollar.

1. Interest-Earning Accounts: Some platforms offer interest on cryptocurrency deposits, including stablecoins like PAX. By depositing your PAX into one of these interest-bearing accounts, you can earn a return on your holdings, similar to a savings account but potentially at higher rates.

2. Staking: If the platform supports PAX staking, you can commit your tokens to support network operations and earn rewards in return. While staking is more common with other types of cryptocurrencies, some services might offer innovative ways to earn through staking-like mechanisms for stablecoins.

3. Trading: Engage in cryptocurrency trading where you buy PAX at a lower price and sell at a higher price. Given PAX's nature as a stablecoin, this might involve arbitrage opportunities across different exchanges or trading pairs.