What is PIVX?

Sep 13, 2022
2 min read

This blog post will cover:

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

What is PIVX?

What is 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 come from?

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?

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).

What are the disadvantages of PIVX?

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.

How to buy 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:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select PIVX in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient’s Address. PIVX will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to buy PIVX.

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