Cryptocurrency is here. Investors and entrepreneurs across the world are making money and profit with coins, ledgers, wallets, and exchanges – the tools of the cryptocurrency trade.
Unfortunately, there are stories of investors and entrepreneurs struggling to overcome massive cryptocurrency losses. One trader lost more than $44 billion of value from an investment. Another IT worker had $146 million in cryptocurrency stored on a hard drive thrown in the garbage.
Losing money is just as easy as earning it with cryptocurrency.
We’re here to help. In this guide, we’ll take a close look at one of the newer cryptocurrencies – StartCOIN. We’ll see where it comes from, how it works, and what you can do to make money with it.
Ready to go? Let’s get started.
What Is Cryptocurrency?
For those of us still struggling to understand cryptocurrency, let’s take a quick look at how it works.
In many ways, cryptocurrency is just another type of money. Unlike the money most of us carry in our wallets, there is no paper bill or metal coin. It’s a completely digital currency, living a virtual life on servers and databases across the world.
Cryptocurrency is also decentralized, meaning it isn’t issued by a bank or government. Cryptocurrency is a peer-to-peer transaction, eliminating the need of an issuing entity to secure the transaction. Instead, cryptocurrency uses cryptography to verify, and then secure transactions. This increases the speed of transactions, removes many of the fees, and increases the privacy of users.
Cryptocurrency and Blockchain Technology
Most digital currencies use blockchain technology.
Blockchain works like a completely secure, hackproof, digital transaction ledger. The blockchain contains data and information on every transaction, including who owns the coin and what transactions it has been used in. Every block in the chain is a transaction, with cryptography securing the links.
When you own a piece of digital currency like StartCOIN, you own data in the chain. That information, which is worth a market value, is yours to spend or keep.
The “miners,” or users who are mining coins for cryptocurrency, are using computers to solve and secure the data for recent transactions. When a miner unlocks the complex, algorithmic transaction puzzle, completing the transaction, they earn a new coin. Other miners in the chain can then confirm that the transactions contain no attempts to spend the coins twice and the keys of the users match.
The secure and highly encrypted nature of blockchains provides the foundation for cryptocurrency. Blockchain is being used in other applications, like title transfers and banking. It is even providing a valuable resource for solving the refugee crisis, ensuring funds and resources actually reach the people who need them.
A History of StartCOIN
StartCOIN has an interesting, and admirable, beginning.
The digital currency began in 2014 as a joint venture between Max Keiser and Jamie Scott. Their goal was to launch a proof-of-work cryptocurrency that would become a stable digital currency that would promote and support crowdfunding. StartCOIN began by using Litecoin but has since separated from that currency. It doesn’t make use of Litecoin’s Scrypt algorithm.
In addition to StartCOIN, Keiser created StartJOIN, a crowdfunding platform. StartJOIN is the launchpad for projects and works beside StartCOIN.
New members go to StartJOIN to sign up with the currency and to help promote the crowdfunded projects. Members then go to StartCOIN to download the software like wallets and mining applications. You can also join mining pools on StartCOIN.
Now that you have a little background on StartCOIN, let’s take a closer look at how it works.
What Is StartCOIN?
Following the dream of Max Keiser and Jamie Scott, StartCOIN is designed as a digital currency to promote and support crowdfunding and charity causes. According to Keiser, StartCOIN was developed to monetize altruism.
The goal of StartCOIN is to not only provide financial backing for charitable activities and crowdfunded causes, but also support the sharing of ideas. Users join a community of like-minded, civic and progressive entrepreneurs working to make the world a better place. The community provides users feedback, support, and consultation – linking great ideas to resources. It provides media reach and free publicity.
From the beginning, StartCOIN has provided a crowdfunding platform outside the typical economy. It removes input from banks more interested in making money than helping people.
How It Works
Little is known about how StartCOIN operates, unlike other digital currencies. Much of the work of the currency is done behind the scenes.
StartCOINs are awarded by the projects that draw the most interest from users on the platform. The more donations the project receives, and the more information on the project is shared and promoted by users, the higher the donation to the project from StartCOIN.
A leaderboard displaying the top projects is updated by StartCOIN. Projects on the board, known as the Karma Index, receive a “Karma Score,” and the higher the score, the more interest there is in the project. At the end of the week, the top project is rewarded with StartCOINs.
Users can promote their ideas by joining the community, and then interacting and donating to other projects. The more interaction you have, and the more you donate, the more publicity your ideas receive on StartCOIN.
How to Buy and Invest
You can’t directly purchase StartCOIN with standard currency. You’ll need to create an account on a crypto exchange where it is traded. Then you can purchase the currency. StartCOIN is currently traded on the following exchanges:
Make sure the exchange you select is trading current StartCOINs. Some exchanges have been trading defunct StartCOINs.
You’ll need to purchase a popular digital currency to initiate the trade for StartCOINs. Currencies like BTC (Bitcoin), LTC (Litecoin), ETH (Ethereum), RUB (CryptoRuble), or DOGE (Dogecoins) can be exchanged. Coins can be purchased at sites like Bittylicious. Once you have digital currency, you can trade for StartCOINS.
Once you have the coins, you can begin using and investing them through the StartCOIN and StartJOIN program. Most transactions take around 60 seconds of block time to complete. The confirmation also requires about 60 seconds. The StartCOIN blockchain is much quicker than the blockchain on other major currencies, including Bitcoin. It uses DigiShield and automatic checkpointing to help protect transactions, helping to keep your investments safe.
StartCOIN is a proof of work (POW)-based digital currency using the cutting-edge X11 algorithm. You’ll need to download a separate wallet to store your coins. Make sure to download the wallet from an official and secure website. They can also be downloaded from the official StartCOIN site.
StartCOIN currently supports several different mining software systems, including NVIDIA Miner, AMD Miner, and a new version of the NVIDIA Miner.
It can also be mined through the following mining pools:
Please check the status of the mining pools before setting up a StartCOIN mining operation, as user movement can quickly change the outlook of a pool.
StartCOIN in the Future
So, what does the future look like? What is our expert opinion on StartCOIN?
Max Keiser, one of the co-founders of StartCOIN, has knowledge of virtual currency from his experience as the creator and former CEO of Hollywood Stock Exchange (HSX Holdings). Keiser and Michael Burns, a co-founder of Hollywood Stock Exchange, created a platform for exchanging a virtual currency known as the Hollywood Dollar which could be used to invest in entertainment.
This platform and the virtual currency it traded has since become one of the earliest digital currencies. Keiser is also well-known for his financial reports. He understands virtual currency and financial markets.
We also love the charitable aspect of StartCOIN. Providing people with great ideas a platform for publicity and funding is awesome, and a worthy cause. Connecting people with like-minded entrepreneurs is important. But, there are a few concerns we have with the future of StartCOIN:
- Research and White Papers: As of now, StartCOIN has still not shared the algorithm or strategy for distributing StartCOINs to projects. The team that works on StartCOIN still hasn’t been identified, other than Keiser and Jamie Scott, who has since left the project.
- Security: In 2016, StartCOIN was hacked and 2.8 million coins were stolen and dumped on the market to drive its price down. Since then, the coin has struggled to recover.
- Social Aspect: Some might be attracted to the social justice aspect of StartCOIN, including comedian Russel Brandwho works with the currency. Other more serious investors don’t see how the crowdfunding can make it a legitimate cryptocurrency contender.
Overall, StartCOIN has some appeal to investors and may have a bright future. There are, however, problems and concerns with the currency that should be addressed before investing heavily.