Transferring Akoin from Bittrex to a Private Stellar Wallet

by | Dec 6, 2023 | In The News, Tutorials | 0 comments

Introduction to Akoin and Its Significance

Akoin (AKN), the innovative cryptocurrency brainchild of Senegalese-American superstar Akon, stands at the forefront of modern financial technology. Born Aliaune Damala Bouga Time Puru Nacka Lu Lu Lu Badara Akon Thiam, Akon has extended his influence from music to the tech world, creating a currency that not only reflects his vision but also aims to empower the African continent. Akoin is not just a digital currency; it’s the backbone of Akon’s ambitious $6 billion project, Akon City, a futuristic hub envisioned to revolutionize living and commerce in Senegal.

An artist’s render of Akon City
An artist’s render of Akon City
An artist’s render of Akon City

The Urgency of Transferring Akoin from Bittrex

The recent announcement from Bittrex Global about winding down its operations by 6th December 2024, has put Akoin holders in a position where they must act swiftly. As Bittrex transitions to a withdrawal-only phase, Akoin investors need to move their assets to secure wallets. This guide will help you transfer your Akoin to a private Stellar wallet, ensuring your investment’s safety beyond the closure of Bittrex Global.

Akon City: A Vision Amidst Challenges

One of the buildings, partially constructed as of 2023
One of the buildings, partially constructed as of 2023
One of the buildings, partially constructed as of 2023

The development of Akon City is a testament to Akon’s visionary leadership, with the project gradually taking shape despite various setbacks, including the economic impacts of the COVID-19 pandemic. While the city promises to be a beacon of innovation and development, the journey has been anything but smooth.

Akoin’s Market Performance

Since its launch in late 2020, Akoin’s value has experienced significant fluctuations. Peaking at $0.58, the currency has unfortunately seen a decline, currently valued at around $0.003. This market performance is a crucial factor for investors to consider while managing their Akoin assets.

Step-by-Step Guide to Transferring Akoin

To get started, you’ll need a Stellar wallet. There are several options for this. I, personally, use my Ledger Nano X hardware wallet, but other options from SafePal, LOBSTR, and Trust Wallet are also perfectly fine to use.

Once you have a wallet set up, you’ll need to transfer some Stellar (XLM) tokens to it. You will only need a very small amount, 1-2 XLM will be enough. You can easily purchase XLM from either a centralised exchange such as Binance, or using a decentralised exchange like StellarX. The latter is my preferred option.

Once you have some Stellar XLM in your wallet, you’ll want to connect your wallet to StellarTerm. After connecting to StellarTerm, you’ll need to go to Assets and add the Akoin Trustline to your wallet. This will allow your wallet to process AKN transactions. The Trustline for Akoin is:

AKN-GACSHAJ2XBNKRNJEVDAII6E2EAASIAMDBCLJ3VKSZEWK3KC7Y7DPXUFX

It will cost around 0.1 XLM to add the Trustline to your wallet.

Finally, from Bittrex, go to Withdrawals, and transfer your Akoin to your Stellar wallet address.

Conclusion

Transferring your Akoin from Bittrex to a Stellar wallet is a crucial step in securing your investment, especially in light of Bittrex Global’s operational wind-down. While Akon City continues to develop amid challenges, and the value of Akoin fluctuates, it’s essential to stay informed and proactive about your cryptocurrency investments.

Remember, the world of cryptocurrency is ever-evolving, and staying ahead requires vigilance and timely action. Follow this guide to ensure your Akoin assets are safely transferred and secured.

Cheers