What is Paxos Standard?
Paxos Standard Token, or PAX, is a cryptocurrency that is in the class of stablecoins. Stablecoins are a cryptocurrency that is backed with real-world assets, either a country's currency such as the U.S. Dollar, or with a commodity such as gold or silver. PAX is backed with U.S. Dollars, and they maintain a 1:1 ratio between PAX and U.S. Dollars. There are many other stablecoin cryptocurrencies, and they all offer roughly the same advantages to those looking to invest in cryptocurrency but don't like the volatility that is inherent in many, if not most, cryptocurrencies. These advantages include being able to do transactions 24/7, having a decentralized accounting, immutability, and providing for instant worldwide transactions.
Why Did PAX Come About?
PAX was developed, and continues to operate transparently, because of a major controversy in the stablecoin marketplace in 2018. At that time, another stablecoin cryptocurrency by the name of Tether made claims of having more than $1.8 billion in real-world assets. There were many that were skeptical of this claim, and many were convinced that Tether was inflating their numbers by essentially making up Tether coins from nothing. The detractors claimed that Tether did not actually have the real-world assets to back up their claims. Tether released a letter supposedly from a bank in the Bahamas that confirmed the amount of assets in a bank account that would have backed up the cryptocurrency.
Because of this controversy in the stablecoin world at that time, PAX was developed and put forward that they were going to be transparent to a fault. The team that developed PAX saw an opportunity to gain market share by transparently showing that they always had the real-world assets to back the useage claims they put forward. They did this by issuing and burning their tokens using a smart contract that is audited regularly. Additionally, PAX also has a well-known U.S. auditing firm verify the reserves that they have. By doing these steps, the hope is that they can build trust in stablecoins, and in particular PAX.
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What are Paxos Standard Frequenty Asked Questions?
Where does Paxos Standard (PAX) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Paxos Standard currently ranks in position 111 out of the thousands of cryptocurrencies. It is also important to consider Paxos Standard‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Paxos Standard has a market cap of $ 909,640,394, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 1,169,799,035,717, Litecoin at $ 18,189,964,816, Ethereum at $ 279,773,395,896, Tether at $ 46,530,076,281, and XRP at $ 80,978,975,009.
What is the price of Paxos Standard (PAX) today (updated in realtime)?
The current price of Paxos Standard is $ 0.999973 in USD. (The price in Euros is 0,840378 €; and the price in Bitcoin is Ƀ 0.00001600 BTC.)
What is Paxos Standard‘s (PAX) market supply?
The total available supply of Paxos Standard is 909,804,609 PAX. The total supply of Paxos Standard is 909,804,609 PAX.
What is the 24 hour volume for Paxos Standard (PAX)?
The 24 hour volume for Paxos Standard is $ 93,016,511.
How has Paxos Standard (PAX) performed recently?
Paxos Standard‘s price has decreased in the last 24 hours by -0.01%. This compares with a seven day change of 0.05%. The trading volume over the last 24 hours was $ 93,016,511. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Paxos Standard (PAX) official website?
Links to Paxos Standard‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Paxos Standard (PAX) performed well historically?
Here is a chart showing how Paxos Standard has performed historically.
Where Can I Buy Paxos Standard (PAX)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
Paxos Standard News
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- Over 10,000 blacklisted BTC from 2016 Bitfinex hack on the moveCointelegraph.com News - 6 hours agoWhile the hacker will find selling their BTC difficult, the transfers may be contributing to a volatile day in the markets. A tranche of long-dormant…