A Beginner´s Guide to Buying, Selling, Using, and Mining Wings:
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It will come as a shock to no one that Jamie Dimon, the CEO of America’s largest bank by assets, JP Morgan Chase, does not like Bitcoin. What may come as a surprise is that the outspoken CEO is actually a fan of the blockchain technology behind Bitcoin.
One huge benefit of cryptocurrencies is how quickly transactions are processed, especially overseas. This is one item Dimon and his team explicitly mentioned. In a time when global transactions can take as long as 15 days, a few hours’ time seems like a fair trade.
Another advantage of cryptocurrencies is their flexibility. Many coins are bridging the gap between investment vehicles and usable currencies that have a purpose in everyday, regular life. One cryptocurrency rising in popularity is Wings. This cryptocurrency, which launched in January 2017, has several unique features that make it a fascinating coin to use.
First and foremost, Wings is defined as a blockchain. Blockchains are transparent databases that store a history of all transactions that occur. The database or ledger is decentralized, meaning it functions independently from a central authority that manages its operations. The decentralized nature of blockchains means that all users can audit and subsequently validate all transactions.
Wings can also refer to the blockchain platform’s tokens (WINGS). These are used on the Wings blockchain DAO (Decentralized Autonomous Organizations) platform to help invest in, create, and manage other blockchain projects.
Wings also has an online Reddit page where many users post helpful articles and tips about the coins. Interested parties should browse the Reddit page, which contains a host of topics with varying degrees of expertise required.
Wings cannot be purchased with fiat currencies like USD, GBP, or Euros. Rather, Wings buyers need to create a crypto wallet, which is essentially a digital bank account that stores a user’s crypto assets. Then, after finding an exchange that sells Wings, they must register their wallet and fund an account with cash or a credit card. Next, buyers need to purchase Bitcoin or Ethereum with a fiat currency. After obtaining Bitcoin or Ethereum, users can trade for Wings on a compatible exchange such as Bittrex.
To turn Wings into cash, sellers need to follow the reverse process of the one described above. The first step is to sell Wings coins for Bitcoins or Ethereum coins. This is essentially converting Wings into BTC or ETH. Next one must turn their BTC or ETH into the fiat currency of their choice, whichever currency they want to cash out in.
Finally, the proceeds are transferred to a traditional bank account where they can be withdrawn from an ATM in cash. The entire process, though it requires a few extra steps, is very easy and straightforward.
One of the more popular uses of cryptocurrencies is as an investment vehicle. Because cryptocurrencies are decentralized, they aren’t subject to ever-changing central bank monetary policy. Thus, in this sense, they aren’t subject to typical exchange rate risk like fiat currencies are.
The case is no different with Wings coins. Wings has the potential to provide investors with suitable capital returns. Additionally, because its value ebbs and flows with supply and demand, Wings is also in a position to increase rapidly in price if and when cryptocurrencies gain traction with the general public.
Those who fear market volatility are free to sell their Wings tokens and convert them into something less risky, or use their Wings tokens for things like Wings poker. Those who want to protect their coins from fraud and theft can take extra steps to secure their crypto wallets.
One unique use for Wings coins is their function as a token on Wings’ blockchain platform. This proprietary platform, which ‘seeds and nurtures a community dedicated to the launching, backing and promotion of new projects proposals’ hopes to continue the growth of budding blockchain industries.
The focus is on DAOs, or Decentralized Autonomous Organizations, and getting them the funding they need to succeed. Within the platform there are two primary parties. First, there are DAO members who hold Wings tokens and forecast on project proposals. DAO members receive additional Wings tokens from future campaigns. The second party is the DAO creators. Creators provide a framework for DAO formation, management, and communications. When the two work together, DAO projects are met with increased success.
When mining a cryptocurrency, a person undertakes a process whereby transactions are verified and added to a blockchain. These persons, called miners, solve a set of problems or tasks related to pools of transactions called blocks. After the tasks are completed, the blocks are added to other blocks, creating a blockchain. One of the biggest benefits of cryptocurrency mining is the fact that it provides transparency and validation to an already decentralized system.
Once a block has been verified, miners receive compensation in the form of coins or tokens. They can use what are called mining calculators to determine the profitability of a block. These calculators can also gauge a miner’s ability to complete the tasks for a given set of transactions
Miners will either mine solo or in a group, called a mining pool. Mining solo results in a higher profitability percentage. However, harder takes usually take longer and some are entirely impossible for individual miners. Mining in pools typically yields a lower profitability percentage, but increased earnings output can lead to higher overall gains.
Currently, Wings cannot be mined.
Unfortunately, Wings coins cannot be mined. Users must use other tactics to maximize their gains. As with other cryptocurrencies, the market cap of Wings increases as its price rises and decreases as its price falls. Investors must determine their profits by tracking investment returns, much like one would for a common stock position. It is also possible to mine other coins like Bitcoin and Ethereum and convert those coins into Wings via an exchange.
Like other cryptocurrencies, Wings faces a scaling problem. This could be a longer-term issue for a platform whose purpose is to help facilitate crowd sales and blockchain product creation. However, many are actively working on solutions, as this problem is one that plagues all cryptocurrencies, not just Wings. Overall, the mood is optimistic--after all, who would have thought blockchain technology could come so far in just a few years?
Wings brings a variety of important qualities to the table. First, it is an alternative investment vehicle like its cryptocurrency peers. Second, Wings tokens can be used to create, manage, and join emerging blockchain projects. The platform allows users to make investments beyond simply trading its coins.