With comparatively high barriers to entry and perceived public complexity associated with purchasing, trading, and storing cryptocurrency, the crypto market is still quite a ways from mainstream adoption. Only when users and investors have a direct and simple route to purchasing and transferring cryptocurrencies will the market fully realize its envisioned form – one impervious to outside manipulation and accessible by all (even Grandma Merle).
Highlighting the relative infancy of mass cryptocurrency use, a 2017 University of Cambridge study estimated there to be roughly 2.9 to 5.8 million unique active users of cryptocurrency wallets. To put this into perspective, that’s still less than 1% of Earth’s population.
Cue Oxycoin, a mobile wallet and application striving to simplify the present barriers to entry for the layman, enabling users to purchase, sell, trade, and send digital currencies.
Oxycoin’s mobile wallet supports cold storage, allowing for continuity, security, and accessibility, ultimately building on the immobile cold storage models employed by both Trezor and Nano Ledger.
To read up further on the benefits of cold storage, check out our in-depth guide on cryptocurrency wallets, and the benefits and risks associated with cold and hot wallets.
Additionally, Oxycoin tackles another core issue delaying mass adoption, this time on the development side – providing developers with essential tools and software development kits (SDKs) to build decentralized applications without having to worry about backend management.
Whether you’re just getting into cryptocurrency and looking to make your first purchase or a seasoned investor looking to track your portfolio and alerts on price moves, here are 3 reasons why Oxycoin is worth considering as your trading and storage app of choice.
1. Fiat-to-Crypto Purchases Made Easy
As mentioned above, currently the average person looking to invest in cryptocurrency has several hoops to jump through in order to purchase crypto with fiat (traditional, non-digital currencies, such as USD, GBP, and EUR). And, when it comes to actually making the purchase, it’s slim pickings. Investors have several options:
- Find an exchange that accepts debit card purchases
- Transfer via bankwire
- Purchase Bitcoin at a Bitcoin ATM
- Purchase with other cryptocurrencies
Users looking to directly purchase crypto with debit cards are relegated to just a handful of options, including Coinbase and CEX.io, both of which are centralized and have had previous security issues.
Oxycoin’s primary and driving feature is their user-friendly platform for users to purchase one of the supported cryptocurrencies with fiat – either USD or EUR, with payment options including PayPal, iDeal, and SOFORT banking. The first supported cryptos set to roll out on the OXY mobile app include: Bitcoin, Bitcoin Cash, Ethereum, Ark, Shift, Rise, Lisk, and, of course, Oxycoin.
Once purchased, users can access Oxycoin’s “Global Address Book,” a unique feature allowing users to create their own shortform username – eliminating the risk of error associated with long, alphanumeric addresses when transferring between parties. Think of the global address book as one giant crypto phonebook, where users looking to send and receive crypto can simply type in their friend’s name or username, view their wallets, and transfer funds within seconds.
And, taking note from Chinese messaging app WeChat and their usage of QR codes – which has become a primary method of transacting in China – Oxycoin will utilize QR codes for seamless P2P transfers.
2. It Fits Both Novices and Experts
Oxycoin’s website bills it as a versatile application, making it easy for both crypto novices and experienced traders to get started. If crypto and blockchain’s ultimate goal is to act as an ultimate equalizer for persons around the world, surely there needs to be a platform that accounts for the ecosystem as a whole –not in fragments.
The blockchain ecosystem needs a bridge between established investors, novices, and traditional asset classes in order to increase volume and, ultimately, adoption.
For novices crypto-enthusiasts, Oxycoin provides:
- iOS and Android compatibility
- Fiat to crypto purchases (see Section 1)
- Simple management of wallets and passwords
- Simple and easily searchable username and wallet addresses
- QR code transfers
For expert traders, Oxycoin’s mobile application offers them the option to:
- Track their portfolio and ROI
- Receive the latest industry news
- Set price alerts
- Avoid overall clunkiness and security dangers of traditional exchanges through cold storage
Oxycoin isn’t just looking at this as a small-scale operation – they’re striving to create the go-to information hub for all crypto investors, new and old, while pushing the ultimate number of active wallet users to over 10 million and market capitalization to over $300 billion. And that’s just in their first year.
And, for developers and companies looking to permeate the blockchain market, Oxycoin lessens entry limitations through their simple SDKs, enabling mobile and web applications to “make use of decentralized applications.” This is discussed further in our last section.
3. Dapp Interaction With Mobile and Web Applications
Oxycoin’s most anticipated – but yet to be implemented – feature is the release of their “Enhanced DApp SDK,” a software development kit and toolbox easing the process for non-blockchain developers who want:
- To build decentralized applications (dapps) using Javascipt
- Integrate them [dapps] into the web and mobile world
Oxycoin takes the most labor-intensive and complex process out of launching dapps on the blockchain – developing the back-end – and empowers developers to focus on what matters – building the front-end. Developers are able to forego the hassle of running their own back-end server in order to build user interfaces needed to interact with core-code (through APIs), ultimately allowing for quicker deployment, use, and monetization.
It’s also worth noting that all data is secured using the OXY blockchain, ensuring immutability and high levels of security.
Moreover, Oxycoin’s SDK provides competitive solutions for micropayments, subscription services, in-app purchases, marketplaces, and e-commerce websites, solving a core issue plaguing app developers – exhorbitant payment and transaction and operating fees, some as high as 30%.
But how? Through Oxycoin’s platform currency (OXY) which can be spent by users making in-app purchases and developers and creators looking to cash out.
What’s Ahead For Oxycoin In 2018
Most notably, as of April 23, 2018, Oxycoin has almost fully completed their brand redesign (86% complete) and typescript rewrite (76% complete), giving their product a sleeker look while sanctioning a smoother-running blockchain. And, if you’re wondering what else Oxycoin is rolling out in 2018, look no further.
- KYC screening system: Preparing the platform for full bank and regulatory compliance
- Client dashboard: Establishing accessibility through the mobile app and PC
- Newsroom: Providing fundamental and technical analysis of all cryptos traded on the platform
- Advanced portfolio tracker: Enabling custom alerts, price conversions, portfolio management, and push notifications
- Payment gateway expansion: Expanding payment gateway facilities to allow users across the world to purchase crypto
For further reading, you can check out Oxycoin’s white paper here and their roadmap here. And, if you’re looking to follow Oxycoin on social media, you can find them on Reddit, Telegram, and Twitter.
