FREQUENTLY ASKED QUESTIONS
WHAT IS HEX ?
- A free cryptocurrency for Bitcoin holders that allows savings.
- HEX pays 20% annual interest plus a lot of extra benefits. First 50 weeks you could get 300%+ returns if you lock your coins for that period.
- HEX mixes both best uses of cryptocurrency today: store of value + fast wealth building. Bitcoin has failed as a currency but has succeed as a store of value, which in fact is 10 times more valuable.
- HEX is an Ethereum token build in an inmutable code.
- HEX improves Bitcoin in many fields: More secure, faster, no forks, fixed code, promotes coinlocking and avoids dumping, it has an inflation model that promotes long coin locking periods...
- HEX has the BEST currency Game Theory all around.
- More information about HEX ( HEXcoin / BitcoinHEX ) in the HOME section
HOW DO I CLAIM MY HEX ?
You have to SIGN A MESSAGE from the WALLET THAT CONTAINS YOUR BITCOINS and attach an ETHEREUM ADDRESS where you will receive your HEX, that signature you have to paste it in the Official Website which is: HEX OFFICIAL WEBSITE
- WHAT to sign and HOW to do it is explained on these TUTORIALS on the CLAIM YOUR HEX section
- If your Wallet does not appear, follow any tutorial, it is a simple and standard process.
- If your wallet DOES NOT ALLOW SIGNATURE, follow this TUTORIAL
- You will need an Ethereum Wallet to deposit your HEX. If you do not have follow this TUTORIAL
WHEN DOES THE CLAIMING PROCESS STARTS ?
On (DATE NOT RELEASED) the HEX team will take a Snapshot of the Bitcoin blockchain, that will allow to know wich wallets have how much bitcoin AT THAT EXACT MOMENT.
At that time all those who own Bitcoin in a Wallet with their own access keys have the right to claim their HEX for free.
WHEN CAN I CLAIM MY HEX ?
- If at the time of the Bitcoin Blockchain Snapshot you had your coins in your own wallet.
- Even if you do not have your Bitcoin any more. If on the (DATE NOT RELEASED) you had your bitcoin and you have your Wallet seed words you can claim. You can even buy Bitcoin and have it in your wallet on the day of the Snapshot and then sell it again.
- Starting from any amount of Bitcoin. You do not need a whole Bitcoin to claim, you can do it from 0.00000001 BTC
- If your BTC is on a HardWallet like Trezor or LedgerNANO. You can claim them from the HardWallet itself (with Trezor you need to do it through Electrum).
- For greater security you can claim your coins without being connected to the internet. You can also use a proxy and claim your HEX to your ETH address anonymously.
- If your Bitcoins are in different addreses you will need to carry out the claim process for each of them. On the other hand your Ethereum address to get your HEX can be the same.
WHEN I CAN NOT CLAIM MY HEX ?
- If on the (DATE NOT RELEASED) you did not have Bitcoin.
- If you bought Bitcoin after the snapshot date or sold it before the date.
- If you had your Bitcoin in an Exchange or any other financial entity.
- If more than 50 weeks have passed since the date of the Snapshot. Remember, for each week that you do not claim you lose 2% of your coins until loose everything at the end of week 50.
HOW MANY HEX I GET?
10,000 HEX for every 1 BTC .
Plus many other bonuses paid only to the savers (stakers).
All the non claimed coins will go to the stakers. At the end of the 50 week claiming period you can end up with several times the initial amount, it depends of how many people claim their coins.
There is a 50% penalty to HEX claims from accounts over 1000 BTC. There is a 75% penalty to HEX claims from accounts over 10.000 BTC.
HOW DOES HEX SAVINGS WORKS ?
- To perform all the saving functions you will need to install Metamask in your browser.
- To start the SAVINGS MODE in your Ethereum account you need to pay a few dollar cents worth of Ethereum so that it is processed by the Ethereum blockchain. To end the SAVINGS MODE you will also need few ETH cents.
- You can start your savings mode with any amount of HEX you want. You can use both free coins and purchased coins.
- You can have several savings accounts and you can have them for different lock up periods. From 1 week to 50 years.
- It is not possible to change your lock up periods.
- It is not possible to add HEX to your locked up stack, you must create a new savings account.
- It is not the same to lock 5 times at 20% interest for 1 year periods than to save for 5 years at 20% interest per year, the benefit of a 5 year comitment is 100% higher.
- Once you SAVINGS MODE is FINISHED you must run END STAKE FUNCTION procedure yourself or you will loose 1% per week. Because the stakers expired shares are sitting in the stakers share pool reducing everyone else's payouts and there is no way to update the state of the system to know those shares are expired unless someone runs a function to update the network. Running functions costs a small fee, so it is the responsibility of the staker. Anyone can run the good accounting function for anyone else. A generous person could run good accounting for all the stakes every 2 weeks and no one would ever pay this penalty.
- You can take your HEX out of the savings account mode at any time. The penalty if you take out your stack earlier is 50% of the interest not received. The penalty coins are given to the stakers.
If you have 100 HEX for a period of 1 year at 20% interest rate at the end of the year you receive 120 HEX
But if you take out your stack 6 months before the end of your lock up you get 100 HEX. You loose the 10 HEX you made as interest as a penalty.
If you take out your coins after only 1 day staking, you receive 90 HEX.
If you get it out the lock up period 1 day before the you get 119.9 HEX.
WHY HEX REWARDS SAVERS ?
Long term stakers are the ones that contribute the most to the value of HEX:
- They delay inflation since the inflation needed to pay them is created at the end of the staking period.
- They risk more by suffering greater penalties if they want to take out their coins before the staking period.
- They limit the amount of coins that can be bought in the market since during the staking period the coins are blocked. That pumps the price higher.
IS HEX A SCAM ? A PYRAMID SQUEME ? A PUMP AND DUMP?
HEX CAN NOT BE A SCAM because it does not ask for anything, much less your money. Those who wish to buy HEX can do so in the exchanges as they do with any other cryptocurrency. It is up to each individual to assess whether cryptocurrencies have a future and which are the best projects to invest in.
The project is founded by well-known and respected members of the Bitcoin community who want to add value to the blockchain but who can not do it within the Bitcoin itself, exactly the same thing that happened to Vitalik Buterin founder of Ethereum.
HEX is open source. The project is externally audited to prevent code errors. The results will be made public before the date of the Bitcoin Snapshot.
It is not a Pyramid scheme because there is no middleman between the benefits of saving and you.
It is not a Ponzy scheme as it does not promise benefits that it does not already have, it does not need new people to pay the old buyers, the interests payments come from inflation.
HEX developers have done everything possible to prevent Pump and Dump events. Large Bitcoin accounts are prevented from accumulating too much HEX and potentially dumping it into the market harming investors. There is a 50% penalty to HEX claims from accounts over 1000 BTC. There is a 75% penalty to HEX claims from accounts over 10.000 BTC.
The biggest profit HEX developers can get come from making an excellent product.
WHAT DOES HEX OFFERS THAT DOES NOT HAVE BITCOIN?
Bitcoin started the revolution as the first digital currency: immutable, decentralized and distributed as peer to peer. It began without value and for 10 years it has reached a market value of $ 300 billion dollars. In 2019 it is used more as a store of value and as a speculative instrument than as a currency.
HEX is faster, cheaper and more secure in many ways than Bitcoin because it uses Ethereum as support.
ETH has never had any inflation code errors. It has a more diverse mining ecosystem (GPU instead of ASIC), ETH has a rewards program to find errors (the last Bitcoin inflation error was found by a BitcoinCash developer!)
HEX blockchain is immutable and is not subject to what nodes vote as in the case of Bitcoin so there is no chance of forks.
Bitcoin has only 3 main functions: Send, Receive and Mine.
HEX adds a savings function that rewards stakers instead of miners. It works just like a bank savings account, however user holds complete control over his asset.
The CD Certificate of Deposit (commonly called a savings account) is one of the most popular bank products. HEX is the first CD in the blockchain. However, it is much better than a CD, because a CD will not pay you more if others decide to close their CDs. HEX does.
Bitcoin on the other hand devalues its price by delivering inflation to the miners, who have to sell those bitcoins in the market to pay for electricity and equipment, causing the price to go down.
HEX is designed so that those who stack the longest benefit the most.
WHAT IF THE ETHEREUM BLOCKCHAIN FAILS ?
HEX will continue to function as long as it can perform transactions in the Ethereum blockchain, no matter how low the Ethereum price.
If the network stops working completely, HEX blockchain will be moved to one of the many networks that works with SOLIDITY as a code.
WHAT IF I LOSE THE KEYWORDS TO MY HEX ?
If you lose the access code to the address of Ehtereum that has your coins you lose all your HEX in that address.
Do not lose your keywords.
We repeat DO NOT LOSE YOUR KEY WORDS.
WHAT DOES HEX MEAN?
1 - Open Source
2 - Trustless
3 - Store of Value
4 - Censorship Resistant
5 - Permissionless
6 - Immutable
HEX addresses are also hexadecimal.