Cryptocurrencies won’t go very far without adoption, and that is predicated on reliable applications for consumers, businesses, and financial institutions to use. Pundi X (PUNDIX) is one of a number of projects working on related infrastructure and use cases for crypto point-of-sale (POS) transactions, with the end goal of creating a crypto payments network for retailers, payment companies, and governments.
- Pundi X is a project focusing on blockchain-based point-of-sale (POS) systems.
- The platform launched in 2021 and has a market cap of $125 million as of Oct. 7, 2022.
- PUNDIX, the native coin of the Pundi X chain, can be bought on both centralized and decentralized exchanges, including Binance, Upbit, and Uniswap.
Pundi X is a project working on the deployment of blockchain-based POS systems. The team has been working with retailers, payment companies, and governments to establish a broad cryptocurrency payment system, and it currently operates in more than 30 markets around the world.
Since its launch in April 2021, Pundix has been through many developments. The crypto market crashes haven’t done the token’s value any favors, and it continues to chase after the initial high it reached during the early weeks of its launch. As of Oct. 7, 2022, PUNDIX has a market cap of approximately $125 million.
How to Buy Pundi X
Learn how to buy PUNDIX here, including where you can buy it and how you can safely store it for the long term.
1. Choose a Platform to Buy Pundi X (PUNDIX)
The first step in buying any cryptocurrency is choosing a platform to make the trade. This often involves choosing between a centralized exchange or a decentralized exchange, and each has its pros and cons. The former allows you to purchase crypto with fiat and is generally more intuitive, while the latter can be more secure and private.
Pundi X is available on a number of popular centralized exchanges, including Binance, Bithumb, ProBit, and Upbit, among many others. As for decentralized exchanges (DEXs), Pundi X is available on Uniswap, one of Ethereum’s most popular DEXs.
When choosing a DEX, keep in mind that every platform has some risks associated with it. Make note of whether an exchange has a license to operate, its history of security exploitations, the opinion of users, and the history of management decisions.
Whatever you choose, always remember that you must follow the laws of your jurisdiction. This includes the legality of actually acquiring crypto and the taxation laws surrounding crypto assets.
2. Create an Account on Your Chosen Platform
Once you’ve selected an exchange, you’ll need to create an account on the exchange. This is a fairly straightforward process that will likely require some Know Your Client (KYC) information for centralized exchanges. Think of it as similar to opening a bank account, though much quicker.
The information you will have to provide will include your full name, address, and identification, and you may also have to provide taxpayer identification information such as a Social Security number or primary account number (PAN) card. Some exchanges will impose limits based on how much KYC information you have provided, so you do want to provide the required data for the fullest experience. You also will have to verify your account, which can take anywhere from a few hours to a few days.
Decentralized exchanges are simpler to use than centralized ones, as you’ll only need a compatible wallet like MetaMask. Once you have any such cryptocurrency wallet, you will be able to connect to a DEX like Uniswap via an extension and trade PUNDIX.
3. Add Fiat or Crypto Into Your Account Wallet
You will, of course, need some capital to get started with trading. This process is a little different for centralized and decentralized exchanges.
For an account on a centralized exchange, this will require you to deposit fiat currency, which you can do after you have provided all the mandated information. Most exchanges will offer deposits via a bank transfer or a debit or credit card, and there are a few limitations when it comes to minimum deposits. Because there are fees associated with each trade on a centralized exchange, you may want to deposit a sufficient amount to avoid fees adding up.
Decentralized exchanges already will require you to have crypto to place a trade. If you do already have crypto, you’ll have to transfer it to your MetaMask (or any other wallet) address, after which you’ll be able to make the trade. If not, you’ll have to purchase some on a centralized exchange and send it to your wallet. A good choice for the crypto asset to deposit would be Ethereum (ETH), and remember to keep some extra to account for gas fees.
4. Start Trading for PUNDIX
Once you have the fiat or crypto you need, you can start placing a trade for PUNDIX. This process should only take a few minutes, and the actual transfer may take anywhere from a few minutes to a few hours.
On a centralized exchange, head over to the trade section—the interface looks different from exchange to exchange—and search for PUNDIX. Select the amount you’d like to buy, and you should see a screen asking about a fiat payment option. Enter all the details and confirm the trade. The transfer will be made and reflected in your account soon.
Do note that some centralized exchanges will not let you purchase all cryptocurrencies using fiat currency. One way to work around this is to purchase a stablecoin such as Tether (USDT) using fiat, and in turn, using that to purchase the cryptocurrency. In this case, you will have to first place a fiat currency-based trade for USDT, then swap USDT for PUNDIX.
For a decentralized exchange, the process is different in that once you’ve connected your wallet, you will be asked to pair PUNDIX with the crypto you’re using to make the trade. Assuming it is ETH, you’ll be trading some ETH for PUNDIX. As you follow the steps, you will be asked for a few confirmations from MetaMask. Accept these, and you should see PUNDIX in your wallet soon.
5. Withdraw PUNDIX Into Another Wallet
After you’ve made the trade, you can transfer PUNDIX out of your centralized exchange wallet or self-hosted wallet if you wish. You may want to do this for safety, and hardware wallets are often a good choice for the long-term storage of cryptocurrencies. To do this, you will have to choose the withdraw option and enter the address to which you wish to send the PUNDIX.
What are altcoins?
"Altcoin" is a combination of the two words "alternative" and "coin." It is generally used to include all cryptocurrencies and tokens that are not Bitcoin.
What is stablecoin?
A stablecoin is a digital currency that is pegged to a reserve asset like the U.S. dollar or gold.
What is blockchain?
Blockchain is a distributed ledger technology that consists of a growing list of records linked securely.
The Bottom Line
Buying Pundi X’s coins does not differ much from the process of acquiring other cryptocurrencies that you may want to trade. Once you’ve bought some and stored it securely, you are ready to join Pundi X’s efforts to harness blockchain technology for POS transactions to facilitate financial inclusion.
Investing in cryptocurrencies and other initial coin offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date when this article was written, the author does not own the cryptocurrencies mentioned above.