Hypercash Coin (HC) Review: A Masterstroke or a Pipe Dream?
Hyping up anything is a risky business. It generates excitement and commands attention, but you’re also setting yourself up for a big fall if you fail to meet expectations. So, what were the founders thinking when they came up with hypercash? Is HC coin the real deal, or is it another flash in the pan? Is it a new investment trend? Let’s find out.
Introducing hypercash coin
Launched in 2017, the Australia and China-based cryptocurrency hypercash makes big promises and claims that are so ambitious that some critics have gone as far as calling it a scam. Its quietness on Github commit since 2017 doesn’t do its reputation any good either.
But there seems to be a glimmer of hope that has thousands of supporters holding on for dear life (HODL), even in the face of a consistent drop in value over the years.
While critics insist that hypercash is bound to fail because the technological challenge is too great, the supporters are not backing down. They believe in the benefits of transactions between blockchains promised by hypercash enough to stake their time on it and earn interest on crypto.
What is hypercash coin?
Hypercash is a decentralized and open-source cross-platform cryptocurrency. It’s a highly secure network featuring quantum-resistant signature technology designed to facilitate the exchange of information between blockchains and blockless-based systems.
Simply put, hypercash is a decentralized cryptocurrency that aims to serve as a conduit for communications between blockchain and other networks. It promises to facilitate transactions between the Bitcoin and Ethereum blockchains and other non-blockchain networks.
Hypercash coin’s price history
Like every cryptocurrency in the market, hypercash coin has had its fair share of price jumps and slumps. Hypercash’s price climbed quickly and had the 14th highest market cap of any coin after raising over $53 million with its initial coin offering (ICO) in 2017.
Hypercash’s price hit its all-time high of $43.17 by August 2017 but went down to $5.20 a year later. It’s been on a rather steady decline ever since, with occasional signs of growth. In a moment of optimism, hypercash’s price jumped to $2.94 in April, from $0.94 a month earlier, only to hit its all-time low of $0.11 in June.
Today, hypercash‘s price is $0.60. With a 24-hour trading volume of $3.07 million on some cryptocurrency exchanges and a market cap of $26.6 million, hc coin holders may still have hope of making a profit as it gets closer to delivering on its promises and start compound interest investments.
How hypercash coin is used
There are a few ways you can use your hypercash coins within the limitations of cryptocurrency today. Also, the limitations increase because hypercash is what the cryptocurrency community regards as an altcoin. Altcoins are alternative coins to bitcoins.
To use hypercash coin, first, you need to choose a secure crypto wallet to store your hc coin, then you need to get hypercash coin from a cryptocurrency exchange, and decide the best way to spend it for your use case.
Choosing a wallet
You can either use the hypercash wallet or any other wallet that supports cryptocurrencies to store your hypercash. It’s advisable to use an offline wallet, like the Ledger Nano hardware wallet, for an extra layer of safety.
Getting hypercash coin
You can get HC coin in several ways. You can receive it as a gift and payment for services or mining. However, the most common way to get hc coin is by purchasing it from a crypto exchange.
As with most altcoins’ fate, you need to buy bitcoin first, then trade it for hypercash on your preferred cryptocurrency exchange. It’s pretty simple, you just:
- Sign up on an exchange
- Buy bitcoin
- Trade bitcoin for hypercash on Binance exchange
Hypercash is available on major exchanges, like Bithumb, Binance, and the Huobi exchange. You won’t have any problem purchasing it from your favorite exchange.
While most people use cryptocurrency as a store of value, you might be interested in making purchases using hypercash coins. You can absolutely do that too.
You just need to get accustomed to exchanging your hypercash for bitcoins or litecoin vs ethereum at the point of purchase. This is because most merchants only accept bitcoins and some more established altcoins like ethereum.
The good news is that once you get the hang of it, you can use cryptocurrency debit cards like Coinbase and payment networks like Flexa that automatically convert bitcoin to US dollars while processing your payment.
Hypercash is on a mission to change this process with its cross-platform exchange, Hyper exchange. This will cut the middle-men out and ensure faster coin conversions, among other benefits.
The problems hypercash aims to solve
Apart from being a highly security-conscious platform with its investment in quantum-resistant signature technology, hypercash aims to solve the problem of interoperability and cryptocurrency transaction privacy.
A quick note, its quantum-resistant signature technology ensures that hypercash coin transactions are impossible to hack if quantum computers become a reality.
Interoperability of cryptocurrencies
Right now, you cannot directly inter-transact between the Bitcoin and Ethereum networks. Cryptocurrency exchange services are needed for inter-transactions. These exchanges are usually slow, expensive, and centralized, thus defeating the purpose of cryptocurrency.
Hypercash’s solution is to work as a side chain for blockchain and directed acyclic graph (DAG) currencies by creating two concurrent networks, a blockchain-based network and a DAG-based network.
The two networks will then work together to create interoperability between blockchains and cryptocurrencies. This will make inter-transaction between different crypto lending platforms possible.
Wouldn’t it be convenient to transfer bitcoin to ethereum wallets without dealing with cryptocurrency exchanges?
Privacy of cryptocurrency transactions
Hypercash offers two types of wallets; a white wallet where addresses are accessible to the public and a black wallet that allows confidential transactions. This ensures its privacy-centered users have the option to conduct transactions anonymously.
To achieve this level of privacy, hypercash has deployed zero-knowledge proof protocol, which effectively masks the identity of both sender and receiver by using advanced cryptography to verify transactions while keeping transaction information private from miners. This results in blocks that do not include personally identifiable information.
With quantum resistance technology integrated into its code, hypercash provides an extra layer of security for its transactions.
While its market performance might not scream impressive, hypercash is on a mission to change the world of cryptocurrency investment as we know it–and that’s no small undertaking. Hypercash currently gives weekly development updates to its followers via its official Twitter handle.
With your knowledge of hypercash now, is hypercash a stroke of genius or a pipe dream? Well, you tell us! Make sure you avoid the usual mistakes and choose the right crypto investment strategy by cluing yourself up on the basics though.
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