Deep Speculation – Monero (XMR) competitor Ultranote (XUN) listed on Stocks.Exchange
We previously covered a deep speculation prospect with UltraNote (XUN) and gave an opportunity to earn free tokens from the Dev team. The team also promised big news on the exchange front with 10 applications out with hopes of news of an exchange announcement soon. Today we got the news that officially XUN was added in exchange for Bitcoin (BTC) at Stocks.Exchange.
— Ultra Note (@Ultranotecoin) December 1, 2017
Trading has been ongoing now three hours with both buys and sells although currently the number of sellers outnumbers the number of buyers. You can still be part of the coin giveaway and earn 150 free XUN by following the directions in this post. There are more exchanges to come in the future to include some of the larger exchanges to help increase liquidity.
When any new coin first is listed there is usually a bump in interest. Remember, Ultranote (XUN) is a privacy based coin in the mold of Monero (XMR). The benefits to UltraNote are that no pre-mine occurred. There are many community members with more coins then the devs. They are a clone of the blockchain technology behind Monero allowing the team to focus on the other projects rather than developing the blockchain. With the Monero crypto comes anonymity.
How to buy Ultranote (XUN)
Admittedly, we at cryptogazette had never heard of Stocks.Exchange as it is not one of the top exchanges but new coins have to start somewhere. The only trade available currently for XUN is BTC:XUN. Within the exchange you cannot swap ETH:BTC which prevents saving some transactions fees by sending a cheaper coin like LTC or ETH to swap for BTC then to XUN. I know, confusing, right? What this means is at the moment it can be a bit pricey to purchase XUN. Despite this, we wanted to show just what it would take to purchase Ultranote (XUN) so here goes.
First – Source some Bitcoin. There are a myriad of ways to source Bitcoin (BTC). We went one of the common routes that we knew would not end up in a scam. Coinbase is the largest method of purchasing BTC using ACH or CC/Debit cards in the US. We logged in and set up to purchase $200 worth of Bitcoin. Via ACH the fee is a reasonable $2.99 but the coins would not be available until Dec 9, a full 8 days after our purchase. That would make for a boring end to the story so CC/Debit card purchase it is. Only issue is the $7.98 fee for the same $200 purchase. Available instantly though, yay.
Second – Send BTC to Stocks.Exchange. Just as with other exchanges, Stocks.Exchange has wallets in your account for each coin you can send in and trade. After creating an account we found our BTC address (1K28b23vUsF9p8Wd9L5pb9zy2XTZVsc7rS if you want to search or donate to support poor writers) and copied the address. Back to Coinbase to set up a transfer to our exchange wallet. More Fees?!?!? Now we are paying $4.05 in fees to transfer $100 to Stocks.Exchange. this is not an exchange fee, this is the mining fee to confirm the transaction and part of the reason Bitcoin has limited wider adoption. The fee is the same if we send $5 of $5000. Really frustrating but in the name of journalism the story would not be complete if we stopped here. BTC sent. 6:14PM local time.
Third – Wait for BTC to Arrive. Perhaps the most frustrating part. Bitcoin is slow. Very slow. 15 minutes after our transfer request and not even a first confirmation. We paid $4.05 to send this money and nothing so far. While waiting we turned on some old The Happy Painter re-runs and painted some happy little trees. And kept waiting. Good thing we are not trying to buy dinner. We would be washing dishes by now to pay. Eventually it showed up although I did take a break and watch a movie as I was not interested in staring at my computer monitor. Just another plug for Litecoin (LTC).
Fourth – Trade BTC for XUN. As with all news coins the price starts higher than where it settles eventually. At time of posting the going rate from sellers was about 0.00000050 BTC:XUN or about half a cent per XUN. Most times it will muddle along until the next big news event from the dev team.
Fifth – Wait for appreciation. Remember, this is speculation. This is an infant just launched type coin but it is a good lesson in how coins are brought to market slowly with a dev team who believed in the project and is following through on plans to get listed.
Invest wisely. Read more from the UltraNote (XUN) whitepaper and consider sending Ethereum (ETH), Litecoin (LTC), Monero (XMR) or similar much fast coin if you consider investing. Head over and check out the mining stats now that an exchange is available. Hopefully next step is to the moon!!