X1 Fiat on-ramp
The most efficient way to enter crypto.
Last updated
The most efficient way to enter crypto.
Last updated
Onboarding cryptocurrency via exchange platforms can be overly complicated, demanding significant compromises in terms of time and privacy. Typically, to start with cryptocurrency, users go through a Centralized Exchange (CEX). This process requires users to complete Know Your Customer (KYC) procedures, sacrificing their privacy. Bank transfers for funding the account might take several days. For users to achieve self-custody of their funds, they must convert fiat currency to cryptocurrency and then transfer it to a self-custodial wallet.
Users can also convert fiat to crypto through web3 wallets using service providers, though this often involves KYC verification as well. Similar on-ramping issues exist with other PoW systems like Bitcoin, but most don't utilize a memory-hard algorithm, leading to the dominance of ASIC miners. In contrast, X1's PoW approach is designed to be more democratic and accessible.
The X1 PoW on-ramp offers a streamlined, more accessible method that could facilitate broader adoption by simplifying entry into the crypto ecosystem.
With the X1 Proof of Work (PoW) on-ramp, users have a simpler process:
Create an account on a GPU rental marketplace.
Fund the account with crypto or by credit card.
Deploy a simple one-line script via terminal or through a webpage.
Start earning XNM immediately, which can then be sold, hodled, or staked for XN yield.
There's no minimum investment required; GPUs can be rented for just a few cents per hour without transaction fees. Additionally, users have the option to purchase GPUs and remain completely anonymous.
How to mine XenBlocksXenBlock hash verification provides an additional on-ramp. Anyone with a phone or laptop and spare CPU resources can participate in verifying XenBLOCK miners' hashes and earn XN rewards. Read more about decentralised hash verification.
