How to claim Hex?

17th Mar 2019
|

Not investment or financial advice. This is not an endorsement or recommendation to buy, sell or hold.  The staff of this site may own the asset/s mentioned on this page. Investing is risky and you may lose all your capital. Do your own research. See full disclaimer.

We receive no direct payments from the mentioned companies. Some links on this page are affiliate links, at no extra cost to you, we may receive commissions when you use them. However, we try our best to keep our articles fair and balanced.


   

This is not a sponsored article no payment has been done to write about Hex. This information is for informational and entertainment purposes only. All content on this site is not financial advice. Kindly note, we have a Bias when writing this article, because there are affiliate links below. However, we have made the best effort to provide balanced information on Hex. The staff of NodesOfValue.com are not planning to buy Hex, they will sell a portion from any Hex that comes their way.

What is Hex?

Hex is an ERC20 token created by Richard Heart; it is essentially a crypto term deposit ecosystem. The smart contract allows bag holders to lock their coins for periods of time, in return the smart contract will pay out rewards as a percentage from a reward pool.  The reward percentage is based on the length of the claim, the amount of Hex staked and the time the stake was done.  It was launched as Bitcoin Hex, but it has been rebranded as Hex.

Hex will pay passive income to all those who stake and claim their rewards.

Learn more: Hex Review

How does Hex work?

It is a smart contract with functionalities to claim Hex and stake Hex. The claim can be done to all those holding Bitcoin at the snapshot date. Claiming is a free Airdrop. Staking which is similar to a term deposit can be done by all those holding Hex. The staking will work like a CD (Certificate of a Deposit).

How to prepare for the Hex Claim?
Your hardware or software wallet may have 1 BTC, however, this 1 BTC could be spread across many different addresses. What this means is that unless you merge all BTC in one address you will need to make a separate claim for each address.
There are three ways of claiming your Hex
1. Claim your Hex for each of your BTC addresses separately into separate Ethereum addresses. This means that each BTC address would claim into a unique ETH address.
2. Claim your Hex on each BTC address separately into the same Ethereum addresses. All your HEX claims across all your BTC address will be deposited into the same ETH address.
3. Move all your BTC in one BTC address then make one claim to one ETH  address.
Privacy implications of claiming Hex
All Ethereum and BTC addresses and transactions are public. Chain analysis is being run by both the good guys and the bad guys they monitor transactions and accounts. If you do not take care of yourself, you could be the victim of crypto jacking, i.e. being kidnapped in order to give your crypto to your captors.
If you plan to stake all your Hex, option one implies you will need to maintain staking separate accounts. If you use option one and plan to move all your Hex into one exchange, then this could also link all your Hex balances and by extension your BTC balances. With option two all your BTC addresses can be automatically linked. The cost of option three is that someone will link all your BTC addresses together. This has

How to claim Hex?

  • In order to claim Hex your BTC addresses need to be in the snapshot
  • You can claim Hex from any BTC address you have with a positive balance at the snapshot date.
  • You need to claim on each BTC address separately.
  • You can claim each address into the same ETH address.
  • Your Bitcoin does not need to leave your wallet to claim Hex.
  • The first fifty weeks of claiming Hex are crucial because
    • Speed Bonus: You earn 20% more if you claim in the first week.
    • SillyWhalePenalty: A penalty is applied to accounts holding more than 1,000 Bitcoins. This penalty is distributed to the stakers, but only in the first 50 weeks.

Steps to claim Hex Airdrop.

  1. Make sure you have the right link to the Hex site. Use a confirmed link. See here.
  2. Go to the Hex Website and familiarize yourself with it.
  3. Install MetaMask in your internet browser.
  4. Find the claim tool for Hex. Most likely this will be wallet.HEX.win or claim.hex.win, you can also check Richard Heart’s twitter for the latest on this.
  5. The claim tool will guide you through the process
    1. It will provide you with a text which you will need to sign using your Bitcoin wallet.
    2. To do this, make sure that your wallet supports the signing of messages. If your Bitcoin is on an exchange you will not be able to do this! Wallets which support signing are  Electrum.org or Coinomi(Mobile only) Trezor and Ledger.
    3. Sign the message provided by the claim tool.
    4. Paste the signature in the claim tool
    5. Press Submit.

How to stake Hex?

Hex staking will be done through Meta mask.

Things to understand:

  • Any unclaimed Hex will be redistributed to the stakers, but this will only take place in the first 50 weeks.
  • After the fifty weeks, all stakers will receive a bonus depending on how many people claimed. This will incentives people to spread the word on Hex.
  • Satoshi will most likely not claim his Hex. This bag will be redistributed to all stakers in the first 50 weeks, this will make more people claim early. Creating more hype.
  • All stakers dip into the same pool, the fewer stakers there are the larger the claim of those staking on the reward pool.
  • Anyone who stops his term deposit will be penalized. This penalty will be distributed among the stakers.
  • For every year you stake get 20% more claim on the staking reward pool.

Is Hex a scam?

Hex is being airdropped, how can stuff deliver for free be a scam? The same concept does not apply to those who buy Hex. In the Hex contract, there is a clause to pay a founder contract. This contract can be used to pay for marketing of Hex which will increase its value OR it will be used to dump Hex, which will reduce its value. See the full article: Is Hex coin a scam?

Conclusion

The earlier you claim your Hex the better.

The longer the stake the better.

Hex will provide a completely passive income to all those who stake it. Learn more: Passive income from Hex and Richard Heart.


Not investment or financial advice. This is not an endorsement or recommendation to buy, sell or hold.  The staff of this site may own the asset/s mentioned on this page. Investing is risky and you may lose all your capital. Do your own research. See full disclaimer.

We receive no direct payments from the mentioned companies. Some links on this page are affiliate links, at no extra cost to you, we may receive commissions when you use them. However, we try our best to keep our articles fair and balanced.


   

Author: Jim Reynolds
Jim Reynolds. Is passionate about finance, passive income and cryptocurrencies. He writes about his passions on NodesOfValue.com. He has worked in the tech and financial industry for a few decades. He holds a masters in business admin and a bachelors in IT. All his writings are not investment advice.


Submit a question or Suggest a passive income asset for our review:
By using this form you agree with the storage and handling of your data by this website.
Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!