Some things you need to know before you get started
If you decide on getting started with Auxilium, there are a few things you should know. Auxilium likely offers a different means of transaction than you are used to. It’s important to do proper research before starting your “Auxilium journey”.
To make sure you don’t make one of the common mistakes, please take the time to read the below points. Auxilium should be treated with the same care as your regular fiat wallet or bankaccount, or even more in some cases.
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Knowing the platform
Auxilium is the coin of philanthropic cryptocurrency company Auxilium Global. There are many differences between cryptocurrencies. Like some are coins and others are tokens. All coins and tokens are cryptocurrencies, but not all cryptocurrencies are coins. Logical you might say. However, there are many misconceptions in the cryptocurrency space while the difference between a coin and a token could be enormous. Auxilium is a coin with an independent blockchain and network, this means it does not rely on another network. All tokens, which make the majority of cryptocurrencies, do rely on other networks. The matter of fact is that in the core Auxilium has the same functionality as Ethereum, thus is also a coin with a platform that can create tokens. This means it’s possible in the future tokens can be created within the Auxilium network which will naturally contribute to the scale of Auxilium as coin.
Securing your wallet
In real life you keep your wallet secured at all times. You wouldn’t leave your wallet behind in a restaurant or let people see your security-pin when withdrawing money from the bank. Auxilium makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your AUX/money. New technology also comes with security concerns that need to be taken serious. Auxilium can provide very high levels of security if used correctly. It’s good to keep in mind keeping your wallet secured is your responsibility at all times.
It’s recommended to use one of our wallets for safekeeping of your coins and to create a separate copy of your keystore file that contains your blockchain address. Keep a copy of your password also. Recommendation: don’t store the password on the same device as the copy of your keystore file. When using a third party wallet, like the one provided on an exchange, always make sure to use two-factor verification. Be aware that you could lose your coins for instance if the exchange stops existing.
Auxilium price is volatile
The price of an Auxilium is not stable. A unpredictably increase or decrease of the price over a short period of time is not uncommon. A still young cryptocurrency economy results in sometimes illiquid markets. Small buy and/or sell orders will have a significantly influence on the price of an Auxilium.
Another major factor that explains price movements is the trend the market or a specific cryptocurrency is in. You can distinguish a bulltrend (positive, more buyers than sellers) and a beartrend (negative, more sellers than buyers). If the same trend is seen, with nearly all cryptocurrencies, over a longer period of time, these can be called bullmarkets or bearmarkets. Nearly all cryptocurrencies will be affected the same by such markets. Even though Auxilium makes progress a bearmarket might push down the price in the opposite or unexpected direction. On the other hand progress can be magnified in a bullmarket resulting in a price explosion.
In line with these findings it’s fair to state keeping your savings with Auxilium is not recommended at this point. Auxilium should be seen as a high risk asset. You should never store money that you can’t afford to lose with Auxilium.
Auxilium transactions are irreversable
An Auxilium transaction can’t be reversed. Once a transaction is made and confirmed by the blockchain it’s “set in stone”. It can only be refunded by the person receiving the funds, so take care to do business with people and organizations you know and trust, or who have an established reputation.
Transactions don’t start out as irreversible. Transactions need to be confirmed. The amount of confirmations needed to fully confirm a transaction depends on the service you are using to transact Auxilium. The rule of thumb is the more confirmations needed the more secure the transaction will be, but also the more time it will take to complete. Each confirmation takes between 1 and 10 seconds (our blocktime). If you choose to pay a lower transaction-fee it could take longer getting the first confirmation.
Auxilium is still evolving
Auxilium is an experimental new currency. Constantly evolving and making improvements, but also comes across new challenges. Auxilium is taking it one step at a time to make sure you experience as little issues possible caused by the hurdles we need to take. However, you might experience some issues. That’s all part of the development. Please be prepared for problems and consult a technical expert before making any major investments. Keep in mind that nobody can predict Auxilium’s future as nobody has a crystal ball.
Taxes and regulations
Auxilium is not an official currency, like the US Dollar or Euro. Nevertheless, most governments still require you to pay taxes on anything that has value, including cryptocurrencies like Auxilium. It’s your responsibility to ensure that you adhere to tax and other legal or regulatory mandates issued by your government and/or local municipalities.