I don't have to explain the mess that commies made in Venezuela. We all know about that. But the best people to tell that story is the good sensible citizens of Venezuela who are on steemit and on the ground getting dragged into this farce that they are forced to take part in. If you want to ask what the hell is going on in Venezuela, ask @vieira or @manuelmendez These people are more reliable than any other news source on the planet. You can follow the following link to learn some history about how things came to the current state and do one more important thing.
https://steemit.com/history/@vieira/how-venezuela-met-socialism-brief-political-history-1-5
There are 5 parts and after reading those 5 I invite you to use Wikipedia and research about the same topics. There will be some serious differences, especially regarding the sentiment.
How am I going to help......
I'll share my knowledge with the world. What each individual do is their choice. Given access to good information, the intelligent people will take intelligent actions resulting in favorable future consequence. I have been self-studying Economics for over 3 years and I've been into crypto since mid 2017 and I've been studying it full time while living with my parents being a highschool dropout. I'm an ENTP and I'm quick to spot problems and I have an obsession with efficiency. As an outsider I'll try to give my ideas about dealing with certain problems.
Everybody knows how important cryptos are for people in countries with high inflation. So it's only natural that people get into the most popular crypto, BTC which a consider a relic that belong in a museum. I've heard about the mining in Venezuela. Mining is the simplest way to get cryptos without any exchange KYC etc. But not all mining is equally profitable. Please use the following link to your heart's content:
https://www.coinwarz.com/cryptocurrency?sort=profitusd&dir=desc
The mining HODL
Let me tell you a personal story. Obviously I don't like the bankers and governments that create crony capitalism and commies. I want to help the fight against big governments and privacy encroachments. Even though I think Monero (XMR) to be a terrible product (which is an entirely different post) the CryptoNote algorithm it use is ASIC resistant. So I got into https://minergate.com/ and got the easy to install 1-click Miner. This is themost dummy friendly crypto mining process ever. It's as easy as getting yourself anew media player over the internet and running it.
Since Monero was profitable and the enemy of my enemy is my friend, I was mining it while picking XDN as a merged mining pick. This method allows me to mine 2 coins at once and out of all the options, XDN was the coin with most upside. I was mining XDN as it was going down so much that the marketcap was at $9 million. and a coin was at 0.0013 USD and later the XDN went to almost 10 cents which was almost a X75 increase.
Mining difficulty adjust itself as the prices fluctuate. It'd be harder to mine new coins but your previous stash would worth a lot. This hybrid of mining and investing is a great way to make some profit.
Why PoS is the Best for Venezuela
PoW Mining happens where electricity is cheaper and mining requires some external investment. PoW mining is also easier to spot and track down. With PoS your investment itself is your mining rig (sort of. it depends). Now link this with the above trick and you get PoS minting HODL. You pick a coin that is sure to blow up to moon and stake with it. PIVX is an excellent candidate. Why?
- You can stake with just 1 PIV
- Small marketcap of half a Billion
- Excellent tech and proven performance
- Tons and tons of additional features
- Some crazy good accomplishments
- Great helpful community
- It's a Dash Ripoff
- Excellent UX and more coming
- Mobile Apps that are easy to use
- 50% higher rewards for zPIV
That's just a few and the final point is very important. The info I could find said that over the course of time the staking rewards are ~5% per year (which could go higher or slightly lower: http://pivx.cryptonode.co). Being the world's first PoS Zerocoin implementation their amount of zPIV circulating is low. So they are giving you higher rewards for staking zPIV.
Think about mining yourself a privacy coin like Zcash or Zcoin. Now think doing the same with PoS. Your mining will be private. Your spending will be private. PIVX uses the world's most efficient Zerocoin implementation making the Tx fees extremly low. Above all PIVX is designed from ground up to be used as a currency. The wallet has an address book which can be used to leave out all the trouble associated with complicated wallet addresses. The block time is 60 seconds and the block size is elastic (means scaling friendly) and features 1.3 second Tx if you are willing to pay 10 times more fees which are still few hundred times lower than what you'd be paying with BTC
NEO and https://smartcash.cc/
NEO is an indivisible coin that generate divisible asset called GAS. Think of it like buying a house generating rent. You can check this site: https://neotogas.com/ and my experience is that the returns can greatly fluctuate. It's also a 9 Billion USD coin built for smart contracts. It's not specialized to be used as Digital Cash. But there is one great advantage. You can go to https://www.reddit.com/r/NEO and get the NEON wallet from the right sidebar and after you deposit your NEO, you'll be getting your GAS and you are not required to use an internet connection up and running. Just deposit and HODL. It's a simple Lite software and even a child could do it. So I thought I'll mention NEO.
SmartCash is very popular and doing well on steemit so I won't talk much about it. You can gain some passive income with SmartCash becayse they allocate 15% of all rewards to HODLers. But the process requires you to HODL 1000 SmartCash and not spend it. So that's a drawback. Next is something you may not have thought about.
Passive income from STEEM
Yes you read that right. People of Venezuela or any other inflation ridden commie mess can use STEEM blockchain to post valuable things and earn. But STEEM also does allocate 15% of newly created STEEM for those who hold VESTS. The front end name for VESTS is STEEM POWER. At the current inflation level This is about 2% interest because only about 70% of STEEM is held in SP(VESTS). But if you combine this with vote selling your numbers go up.
There are 2 places where you can easily sell your votes.
https://www.minnowbooster.net/
https://smartsteem.com/
You can Login via STEEM connect and enable vote selling. You can use a slider to pick the minimum voting power you desire to maintain. You can only recover 20% VP per day. So I recommend mid 80s to mid 90s when it comes to picking a minimum VP.
Privacy, Speed and Fees are paramount. Same goes for the Ease of use
I don't need to tell you about privacy. Without privacy there is no civilization. Dash offers privacy via trustless mixing which obscure the trail left by coins making it pointless to track coins while managing full transparency. The privacy tech has never been breached. Zerocoin protocol use zero knowledge proofs and it's more of an encryption method. Inflation ridden governments aren't smart. So any decent privacy tech should hold. Except for BTC, XMR, ETH, the fees are all very low. A good UX is what helps people to get into cryptos easily.
Minergate is the perfect noob miner. If you want to trade, Bitshares is the most robust and safest exchange you can get your hands on. It uses the same tech that's used by STEEM and is capable of 100,000Tx per second and cannot be hacked or shut down without bringing down the internet itself. https://bitshares.org is the best place I know to start. To buy coin in a P2P manner here is a good place.
https://bisq.network/
If you somehow manage to get a credit card for buying cryptos https://cex.io and https://uphold.com/ are excellent picks.
Wallets
It's very important to have wallets to send and receive cryptos. You could simply make a SmartCash brain-wallet or something similar without spending a penny for HODLing purposes. But when you buy and sell stuff, you need something more easy and universal. So I'll pick 2 of my favorites.
https://jaxx.io
This one is THE multi-platform wallet. No other wallet support this many platforms along with this many coins. They've been around since 2014 and it supports 8 platforms and 54 different cryptocurrencies an counting and Jaxx has ShapeShift built-in allowing you to exchange your coins without even leaving your wallet.
Jaxx uses a 12-word “Masterseed” to help you manage the private keys to your Bitcoin, Ethereum, and other blockchain assets.Jaxx never holds or has access to your funds - they remain securely in your control on their respective blockchains. This means that if you back-up your Masterseed you will be easily able to recover your wallets if you lose access to the device they were on.Similarly you can easily pair your Jaxx wallets across any of the eight platforms Jaxx supports. Use your Masterseed to view your wallet on iOS, Android, Chrome Extension, Windows, Mac and Linux desktops.
https://www.exodus.io
This elegant monster has simply thebestUX.It's only available on Windows, Mac and Linux and only feature 29 coins at the moment. But I think it's a pretty decent amount. I must also mention that the Bitshares wallet which you can access like STEEM is pretty much a super secure wallet too. But the UX won't do that well and easy for newbies.
That should do for now. Tell me if these posts are useful and if I should be making more like this. If you can tell me why if there are any obstacles when it comes to following my suggestions, that would help these posts too. If you have anything to add. You are welcome in the comment section. It took me some hours to research and compose this post. So please spread the message. As long as you give me credit and as long as it's posted on STEEM you are free to translate any portion of this post.
Great informative article.
Little bit of caution on using Jaxx. I have been having nothing but problems using Ethereum on that app. Payments not going through at all or not appearing in the app when its visible on the blockchain. I'm not the only one with this issue and if you google "Ethereum not going through Jaxx" or something along those lines, you will find alot of people have this issue.
Thanks for the info. I don't use Jaxx much so I didn't notice this. Most my cryptos are not on mobile wallets.
Magnificent article. I found something new for myself. Thank you for helping newcomers to understand the world of crypto currency.
I was actually wondering if I was being too complicated or anything. I have tendency to make my explanations sound like Greek for most people.
Thanks for stopping by :-)
Woow, excellent work as always, thank you very much for making a mention, friend. Upvote, and resteem.
You earned it with your amazing work on steemit.
Good Luck!
Nice article @vimukthi, I'd like to read more. An obstacle I ran into following one of your suggestions was with MinerGate. Avira has it flagged it as a PUA because it's a "coinminer", kudos to them for pointing out the obvious I guess. Nevertheless, the Avira flags always do cause me hesitation. Maybe MinerGate can get their program white-listed with them somehow, as it's probably causing trepidation with others as well. You sure did make the program sound appealing though, seems interesting enough to try out, at some point.
The only legit complain I've heard about MinerGate is that they calculate less Hashes compared to a manual setup which is probably a drawback of it being a 1-click Miner. If you have doubts, try the Android App for a while. I mus tell you that you'd barely make anything with the Android App.
Great article! Thank you for informing me about some new coins! I am currently using Minergate on an old Dell desktop to mine Monero, but I just ordered some GPUs so I can mine some Ethereum before it goes PoS. Then I'll stake my Ethereum and find a new favorite currency to mine. As a miner I don't want to see ETH go to PoS, but many people will benefit.
You should check out https://sonm.io/ The project is very promising and it certainly has the tech to kill off Golem. It's still got a tiny market cap and they will be using your GPUs for actual processing as a part of a global fog computer.
https://www.reddit.com/r/SONM/
interesting stuff, how much can you actually make mining with a PC?
Depends on your specs. Go to this site and feed it some specs: https://www.coinwarz.com/cryptocurrency?sort=profitusd&dir=desc
You can use reddit to get an idea about how much hash power various GPUs/CPUs provide. My old laptop can do 35-45 CryptoNote hashes with the CPU running MinerGate in the background.
how much is that in USD? My computer sucks so I doubt it would be good for much.
Minergate does have an inbuilt tool that calculates this for you, just running on CPU is around $25 a year, using a graphics card you can usually do around $1-2 a day, minergate however isn't the most profitable as they have been accused of market rigging and points shaving. Personally once you feel comfortable I would just mine XMR directly as this is the most profitable at the moment and has been for a good few months now.
Good overview but you should focus on hardware wallets and securing mobile wallets as hot wallets should not be used for long term storage.
This is true for well off investors. But in a country with inflation and government coercion, The best HODL is a brain-wallet that pay you passive income for HODL. SmartCash Brain-wallet is a good example.
You can use Neo with ledger and still earn gas I don't think you need to be particularly wealthy to want to use this as it's about $100 to buy and can give you real peace of mind and even if your not wealthy now the way these things are incrementing that could change very soon
You´re simply awesome man!!! Resteemed!!!
@originalworks
Wish I could mine but no matter how hard I try to understand the concept, it just doesn't seem to stick. So I just buy and hod.
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Hello nice to meet you! I wanted to ask for your support to donate: Diapers, MILK, medicines to families, especially newborn children, who do not have the money to buy your contribution, just vote or with a retest, it's enough thanks.
here the link more plicado
https://steemit.com/help/@jesusj1/collecting-funds-for-pregnant-women-and-their-children-read-to-know-why-your-support-is-valuable-please-help
hello, @vimukthi
Upvote & Resteem
Very nice article. Keep up the good work.
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You´re simply awesome man!!! Resteemed!!!
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The news of money is all over every where, so so man need not to broke