Is there a chance swipe (SXP) will survive?
This is a question that has been on my mind since the whales pumped up the price of SXP to $1,000. It also comes with some pessimistic arguments that Swipe X Bitcoin (SXBT) may not be in a position to survive. In this article, I will discuss whether or not SXBT has a chance of surviving and what those chances are.
But first, let’s talk about what would cause SXBT to die off. Many people say it would have something to do with their high transaction fee which currently stands at 0.25%. This makes it more costly for traders than traditional exchanges such as Coinbase Pro, Gemini and Binance.
This argument is not convincing though. Traders will still want to use cheaper platforms than the aforementioned exchanges which means that the high transaction fee would not be an issue.
The second argument is concerned with the lack of listings on SXBT. At the moment, there are only trading pairs of SXP/BTC, SXP/ETH, SXP/BCH and SXP/XRP.
As a result, there are only a handful of coins available for trading. This doesn’t seem like a big deal until you consider the fact that SXBT plans to introduce new coins constantly in order to leverage on their high transaction fee and attract more traders.
What is Swipe (SXP) and how does it work?
SXP is a decentralized exchange that allows users to build their cryptos on the Swipe platform. The platform was established in late 2013 with the intention of building an easy to use and secure crypto exchange platform for the mainstream community. Although SXP has not been updated much, it has still managed to spread and get the attention of many cryptocurrency enthusiasts.
Currently, SXP’s goal is to be the most cost-efficient and safe cryptocurrency exchange platform on the market. In order to achieve this, they have made sure that all of the activities on their platform are secure and also able to record everything accurately. For example, when you deposit funds in SXBT, you need to specify a private key as part of your deposit.
Swipe (SXP) news and price drivers
There’s not too much SXBT news these days but that doesn’t mean the price doesn’t move. Earlier this month, SXP experienced a significant price increase on South Korea’s Bithumb exchange. In fact, it was so significant that many traders were actually able to get an immediate buy order at $0.531 which was higher than the mid-term support level of $0.521 and the next resistance level of $0.574.
This caused the price to move up to as high as $0.572 on October 9th where it stayed for over 24 hours before it eventually went back to its previous trading level at Bittrex at around $0.541 (data source: coinmarketcap).
Apart from the price increase on Bithumb, SXP is also getting support from the community. This is because they have been begging the developers to make SXP compatible with Android and iOS mobile devices. The developers are currently working hard to ensure this becomes a reality and it should be soon if they come up with a solution fast enough.
Will Swipe Bitcoin survive?
All things considered, I think that SXBT will survive because of their unique transaction fee which makes SXP more appealing to everyday traders who just want to make quick trades without getting burned by high transaction fees. Additionally, they also have a shopping card where users earn 10% commission every time they use their platform.
It’s also important to note that SXP is not a new exchange and it has been on the market long before many of the other projects were introduced. Most importantly, it can be used as a bridge between Bitcoin and Ethereum which makes it a great platform for traders. All in all, SXBT is definitely an exchange worth keeping an eye on because of its unique and extra passive ways of getting income from trading.
