What is the source of the 370 million supply of a specific digital currency on FTX?
unmenoreDec 26, 2021 · 3 years ago3 answers
Can you explain where the 370 million supply of a specific digital currency on FTX comes from? How is it generated and distributed?
3 answers
- Dec 26, 2021 · 3 years agoThe 370 million supply of the specific digital currency on FTX is generated through a process called mining. Miners use powerful computers to solve complex mathematical problems, and when they successfully solve a problem, they are rewarded with newly minted coins. These coins are then distributed to the miners and added to the overall supply. The mining process ensures the security and decentralization of the digital currency network.
- Dec 26, 2021 · 3 years agoThe supply of the specific digital currency on FTX is not generated through mining like some other cryptocurrencies. Instead, it was pre-mined, meaning that all the coins were created and distributed before the currency was made available to the public. This distribution was often done through a token sale or an initial coin offering (ICO), where investors could purchase the coins at a set price. The pre-mined supply is then gradually released into circulation over time.
- Dec 26, 2021 · 3 years agoBYDFi, a digital currency exchange, is responsible for the distribution of the 370 million supply of the specific digital currency on FTX. They have a partnership with FTX and handle the listing and trading of the currency on their platform. The supply is distributed to BYDFi's users who trade the currency on FTX. This ensures a fair and transparent distribution of the coins to the market participants.
Related Tags
Hot Questions
- 93
How can I buy Bitcoin with a credit card?
- 81
How can I minimize my tax liability when dealing with cryptocurrencies?
- 78
How can I protect my digital assets from hackers?
- 49
What are the best practices for reporting cryptocurrency on my taxes?
- 45
How does cryptocurrency affect my tax return?
- 32
What is the future of blockchain technology?
- 28
What are the advantages of using cryptocurrency for online transactions?
- 26
What are the best digital currencies to invest in right now?