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What Is PIVX?

Dec 26, 2022
3 min read

This blog post will cover:

  • What is PIVX (PIVX)?
  • Where did PIVX (PIVX) come from?
  • What are the advantages of PIVX (PIVX)?
  • What are the disadvantages of PIVX (PIVX)?
  • How to buy PIVX (PIVX) on SimpleSwap?

What is PIVX (PIVX)?

PIVX, or Privacy Instant Verified Transaction (PIVX), is a decentralized, open-source cryptocurrency. It is based on the principle of anonymity of users. PIVX cryptocurrency is a fork of DASH cryptocurrency that uses only the best aspects of DASH and Bitcoin. The work of the PIVX cryptocurrency is currently based on the Proof of Stake protocol, but for the first half year the Proof of Work protocol was used.

Where did PIVX (PIVX) come from?

The project began its way from PoW mining, but in August 2016, it switched to PoS. Now PIVX works on the Blackcoin cryptocurrency PoS 3.0 protocol and is based on the Bitcoin Core 0.10.x code base. PIVX uses a two-tier architecture with master nodes for decentralized management and improved anonymity.

Being the anonymity is one of the “chips” of PIVX, its creators do not reveal their names. The cryptocurrency entered the market on February 1, 2016, with the name Darknet (DNET), but was soon renamed PIVX (Private Instant Verified Transaction).

When creating the coin, the developers chose the blockchain-community service as their main goal. The priority is fair and transparent management of the system by its participants.

What are the advantages of PIVX (PIVX)?

  1.  Platform is decentralized as possible
  2. High speed transactions
  3. The first POS digital asset that has anonymity at the level of the Zerocoin protocol

What are the disadvantages of PIVX (PIVX)?

  1. Low popularity

How to buy PIVX (PIVX) on SimpleSwap?

Let’s say you want to buy PIVX. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  1. For example, you want to swap BTC for PIVX. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  2. Select PIVX in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. PIVX will be sent. Be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to PIVX exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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