AMP: The Key To Crypto Payments In 2023

AMP aims to secure blockchain payments with fast finality, and I can say it’s the most efficient and to-the-point cryptocurrency in the market. It only tries to decentralize crypto transaction risks by collateral pools, nothing more, nothing less.

Imagine you want to buy a t-shirt using your crypto balance. If something fails during the transaction process or all confirmations are not filled, you still need to pay the merchant whatever the t-shirt’s price.

So if anything goes wrong, AMP will help you make the transaction and buy the t-shirt using its collateralization backed by liquidity pools called collateral pools for securing crypto payments.

Who created AMP?

Flexa created AMP in September 2020 as a collateral solution to its payment system. Flexa is a blockchain-based payment system like Visa and Paypal based in New York City. It supports cryptocurrencies.

It’s already partnered with 30,000 merchants and businesses throughout the world. Flexa has created a payment app named SPEDN for secure payment solutions.

It is growing fast, and with the help of AMP, it will grow even more. SPEDN needs KYC tokens for signup and further usage. Flexa was founded in 2018 by four crypto enthusiasts, and the most famous is Tyler Spalding.

He is an MIT and Harvard graduate of aerospace engineering and has the experience of working at some of the largest aerospace companies, namely Lockheed Martin and NASA. Flexa has had three private sales of its native token named FXC and has gained over $14 million. Some of the big venture capitalists like Pantera Capital have invested in Flexa.

Flexa created AMP with the help of Consensys, aiming to develop a protocol that their FXC couldn’t already do, and its smart contract wasn’t flexible for further changes. So Tyler Spalding, Flexa’s CEO, decided to create a collateral token for fast and secure crypto payments. Two major Flexa partners are Gemini pay and Coinbase Commerce.

These merchants are still limited to the United States and Canada, but Flexa will expand its ecosystem beyond these countries and reach out to merchants worldwide.

The most crucial difference that Flexa has with other crypto payment protocols is that once one pays for something using crypto on SPEDN, Flexa protocol automatically exchanges the paid cryptocurrency into whatever fiat money the merchant wants.

Flexa gets help from its two major partners, Gemini and Coinbase exchanges, to convert crypto to fiat currencies during payments as they do so using these two exchanges. Using Gemini and Coinbase exchanges to convert crypto to fiat or vice versa is a very scalable and straightforward solution.

These big exchanges have expanded worldwide and have fiat bank accounts in centralized economies. So Gemini, Coinbase, and Flexa could bring crypto payments to the masses as it seeks more supply and demand. Flexa is not open source despite AMP because it’s a for-profit company. SPEDN also needs KYC confirmation.

What does AMP do?

On the other hand, AMP is a decentralized payment solution, a collateral token, and is open source despite Flexa. Companies, blockchains, and startups can use AMP’s source code and protocol to create fast and secure payment systems with cryptocurrencies or use AMP tokens to reduce transaction risks.

AMP aims to act as collateral for crypto payments. Imagine you want to buy a donut using Bitcoin Cash, which is possible right now on the SPEDN app. If the price for a donut is one BCH, then AMP creates collateral of two BCH, which is more than what’s required, to secure the payment with the help of collateral pools.

How does AMP work?

If anything goes wrong during the payment process or the crypto crashes, be it a chain halt or a hard fork, the network will convert the AMP into fiat, and the protocol makes sure that the merchant gets paid.

Even scalable and promising blockchains like Algorand or Stellar go under crash, and it’s sometimes inevitable due to the lack of technical maturity in blockchains and cryptocurrencies. AMP can become highly reliable collateral and assurance for any crypto payment or asset transfer.

Remember that the collateral locked in the smart contract must be slightly more than the money you are paying. Collateral Partition is a subset of AMP tokens locked for a transaction as collateral.

So AMP tokens in collateral pools have specific partition addresses in the Ethereum blockchain that can contain smart contracts with different rules for implementation.

As of now, there is nearly $2 billion AMP in the collateral pool, and it means that they can support $2 billion worth of transactions and collateralizing payments. Flexa is the first collateral on the AMP protocol that trades in the Flexa network and is secured and collateralized by AMP.

You can use a Metamask wallet for staking on the Flexa Capacity app page. As mentioned before, there is over $2 billion worth of AMP in the collateral pool. In exchange for staking, users get a small portion of the merchants’ fees received by the network.

The fees are not much because the crypto payment apps are in the early age of adoption. This could be an issue and cause the project to fail as there aren’t enough economic incentives to provide liquidity to pools according to their small return.

In this case, if the price of AMP grows significantly, a lot of liquidity providers may unstake and sell their AMP tokens for a profit as there’s no locked staking period, which means users can unstake their tokens anytime they want. You can stake your AMP token using the Flexa network. Here is all you need to do to start staking AMP tokens:

• Open the Flexa capacity website and connect your wallet using the “Connect your wallet” option.
• Choose the option that fits you best. After connecting your wallet, use the search bar to see staking options.
• Choose the staking option you desire and click the specified stake button. The menu on the top right corner will display your AMP balance in your wallet.
• Move your cursor on AMP, and you should see the stake button, click on it. A new menu will pop up; you can select the app you want to stake and the AMP quantity.
• After you transact your AMP and receive its confirmation, your staked AMP balance and rewards will be displayed on Flexa.

Let’s have a look at AMP token distributions:

• 25% was distributed to the merchant development fund

• 25% was distributed to developer grants

• 20% was distributed to Flexa’s founders and employees

• 20% was distributed to sold during Flexa’s three token sales

• 10% was distributed to the network development fund

What does AMP provide on the Flexa network?

AMP helps the Flexa network organize payments and provide collateral for each stack of transactions using collateral partitions via a massive reserve smart contract. Collateral pools provide the collateral backup, and these collateral pools that work as liquidity pools are supported by users staking their AMP tokens with interest.

The Annual Percentage Yield (APY) is not much, but it has worked, and AMP could collect over $2 billion worth of AMP from collateralizing transactions and payments through AMP. So what AMP does is provide decentralized insurance to Flexa’s payment system of cryptocurrency transactions.

Flexa created AMP to meet its needs and bring new functionalities to Flexa’s network. If any crypto transaction for merchant payment fails, Flexa uses its collateral on AMP to cover the loss and makes sure the merchant gets paid.

AMP also can fast pace the payment system as crypto transactions sometimes take 12+ confirmations to execute. With its massive collateral pools, AMP makes a fast and secure payment system for Flexa.

If you can buy AMP on Coinbase and Binance, you could be able to trade that anywhere else. Some prominent exchanges offering AMP are:

Coinbase

Trading volume: $1,624,071

Binance

Trading volume: $593,591

Huobi Global

Trading volume: $156,551

Gemini

Trading volume: $360,690

Gate.io

Trading volume: $256,344

What are some wallets that hold AMP?

It is also possible to buy AMP from Flex’s Capacity wallet. Besides centralized exchanges, AMP is available on DEX exchanges like Uniswap, Sushiswap, and even Shibaswap.

In terms of wallets to hold AMP, you can keep your AMP tokens in hardware wallets and software wallets. Some wallets worth mentioning are:

• Ledger (hardware)
• Trezor (hardware)
• SafePal (hardware)
• Trust wallet (software)
• Metamask (software)
• Atomic wallet (software)
• Math wallet (software)

It is also good to mention that AMP is compatible with Solana tokens so that you can keep your AMP in any wallet supporting the Solana ecosystem tokens as well. Some Solana software wallets for AMP could be:

• Sollet
• Phantom wallet
• Solflare wallet
• Solong wallet

How to buy AMP?

AMP is available on most crypto exchanges due to its high demand volume. You can trade AMP on any exchanges you wish, but I will explain how you can buy this token using the popular Binance exchange.

• Sign up for the Binance app
• Deposit money using your credit card
• Exchange your cash for USDT or BUSD
• Find the AMP/USDT or AMP/BUSD pair using the search bar
• Using the trading window you can buy or sell AMP.

Caution: Be aware that online exchanges are not a safe place to keep your crypto assets. Consider transferring them to a wallet.

What companies are using AMP?

AMP is undoubtedly a good option on Flexa since 37 companies use it at different levels. You can find some mega-companies that are already using AMP and Flexa. Some prominent companies already using AMP are BMW, CNBC, Gizmodo, Fastcommerce, The Washington Post, Wired, and many more.

After reaching $0.12, AMP started an uptrend on the daily timeframe as the crypto market crashed after China banned Bitcoin mining and closed cryptocurrency trading in its country. Bitcoin dropped under $30,000, and all other cryptocurrencies started dropping just on the impact.

The downtrend structure continued until AMP hit the support level of $0.020, and it’s tradeable at $0.01215 on the exchanges we have mentioned above.

What will AMP be worth? (price prediction)

We use technical analysis and fundamental analysis to predict the value of AMP. Here we have provided a complete technical analysis to predict the price and growth of AMP. We expect the most probable scenarios and show them in the chart.

It is understandable from the chart that AMP’s price in the daily timeframe is in a descending channel since the all-time high at $0.12. Since its inception, it has surged up to 700% but is now traded 90% below the all-time high, at around $0.01215.

AMP has been in a bearish cycle for almost a year. A lot of people may ask when the downtrend will end? To answer this question, we need to find support and resistance areas that create congestion of buy and sell orders. We have identified two significant support and resistance zones that could change the trajectory of AMP’s price.

You can see the heavy support zone near $0.0090 to $0.0125. AMP’s price is now fluctuating in this heavy support zone. When a price hits a support zone, it directly impacts demand volume. In plain English, you can expect higher demand volume in support zones.

If AMP breaks out from the descending channel, the 50 SMA line, and the 100 SMA line, you can hope for higher targets around the higher resistance area at $0.038 and even more. In addition, AMP is in its support zone at $0.012 and shows a positive price divergence in the MACD indicator.

But looking at the market situation, it is more probable that the price of AMP fluctuates between the heavy support line and the heavy resistance line. In a nutshell, AMP has reached near its heavy support zone and seems a good time to bag some AMP tokens.

According to Bitcoin’s dominance, the whole crypto market depends on what is next for BTC. If Bitcoin starts another bullish cycle, we can expect $AMP to see the all-time high ($0.12) again.

What lies in the future of AMP? (Forecast)

All of the cryptocurrencies are trying to survive and have a future. Finding a place among top-rated cryptocurrencies would be ideal for any cryptocurrency, but we are looking at AMP specifically. Let’s recap.

AMP is an insurance token used by Flexa. It’s a tradeoff for crypto payments, making them fast and secure. AMP has gained attention on top crypto exchanges, and it has partnered with Gemini Pay, a crypto payment platform created by Gemini exchange.

Considering its partners and supporters and its whole situation in the crypto market, it seems that it can play a significant role in making cryptocurrencies mainstream and a dominant payment method. With further marketing and development, $AMP can surge to higher levels of value.

$AMP is now in a critical support area that can be a significant launch pad for $AMP to rise. There is hope for $AMP to grow in the next bullish cycle of the crypto market. Please consider risk management and do your research before investing.

Is AMP crypto a good investment?

In my opinion, AMP is a promising cryptocurrency to invest in, and there are multiple reasons for that. First and the most important reason is that they are offering a unique technology which is so good that even some huge companies are attracted to it.

Big companies usually don’t trust new and risky projects, but AMP earned their trust. The other reason is that it has a good market cap and is available on many platforms. Overall, buying some AMP and keeping them in your wallet doesn’t hurt.

How much will AMP crypto be worth?

If you are looking for a short-term investment, AMP’s technical review showed us that there are many possibilities at the moment. Still, if you are looking for an optimistic target, $0.017 could be a reasonable target.

Can AMP reach a dollar?

AMP is now tradeable at around $0.012; reaching $1 worth of this token requires an 8,333% rise in the price! That seems a pretty distant target for this token but never say never.

How many AMP coins are there?

There are 99,225,164,238 AMP tokens out there, and 48,013,928,909 of them are in circulation. You can see more information about AMP at its panel on the CoinGecko website.

Where can I stake AMP?

You can stake your AMP token easily using the Flexa network, starting with connecting your wallet to the website, selecting the best app that suits you, and transferring your AMP tokens to the platform. You can find the complete guide in this article.

Thanks for reading! Stay tuned for more crypto content and price predictions.