wallet

Rubycoin – A precious gem for the digital age

Rubycoin logo

Recently, mid-february, a new coin has been launched – Rubycoin. As I said before, most people trading coins are not professionals that read charts all day long, study source code and technical specifications. But, this group of people is the one that really makes the price fluctuate, as per their behavior. Although, there are ”professionals” all over the web throwing predictions about the future of some coins that are influencing the outliers (of cryptocurrency business), it is still the personal opinion and feeling of ”amateurs” that decide the future of a coin.

Now, Rubycoin insipres confidence. It has a beautifully designed logo, a Windows and Mac wallet (as well as the source code), a really cool website and some good promo videos. I believe this is enough to get people’s attention and make them interested.

As soon as you get interested you need to find out more about it, how transparent is it, how active is the community and dev team and maybe some technical specs. Well, here it is:

  • The Rubycoin team is extremely active and invested in this project;
  • The community responded real well to this coin and really invested, with already a dozen pools, exchanges, faucets, articles, games etc developed;
  • The cap is exactly 60 000 000;
  • The premine is 1.2 milion (2% of the total amount possible) used for development and marketing purposes;
  • Difficulty retargets every block;
  • Block reward for the first 5 months is going to go down like this – 500, 250, 125, 75, 50.

Although there are some accusations towards the devs for the last few days, just take a minute and check it out:

http://rubycoin.org/

https://bitcointalk.org/index.php?topic=459622.1600

How to buy QrkCoins and NxtCoins?

In 2 previous posts I talked about 2 coins I like most (meaning, I see their potential [I could be dead wrong!]): QrkCoins and NxtCoins. Being new to that stuff you’ll notice not many options to buy over the internet QrkCoins and NextCoins (no options at all using currency like USD or EUR to do it directly).
First step is to get BTC (bitcoins) from one of dozens market existing at the moment. Still, doing it with a credit card or using PayPal kind of limits your options. You can get BTC from on of these places (only a few, that were personally verified):

  • LocalBitcoins
  • CoinBase
  • VirWox ( possible to do it with a credit card or PayPal, but it requires one more step)
  • BitStamp

Second step (only if you’re using VirWox) is to get Linden Dollars (SLL, Second Life Dollars), then exchange them for BitCoins. Most of the times this step takes a few minutes.

Third step is to transfer your BTC to an exhange account (for new users this step takes a little bit longer, as the transactions are verified thorougly). Here are some of them for Qrk:

  • BTER
  • Cryptsy (the one I used)
  • Coins-e

For now, the only BTC/NXT exchange market is dgex.com . It was announced the IPO on 3rd March, so it should get more popular (at least Cryptsy should start trading it). For now, dgex.com is a centralized market (irony, huh?).

Fourth step is to place a buy order on one of this exchange markets and wait for it to be completed. Actually depends on the price you are ready to offer and the price of sell orders.

Fifth step is to download a wallet on your PC/mobile and transfer your coins on it (it’s supposed to be safer than keeping them in an online wallet). Once you downloaded your wallet make sure you create a secret password to ensure even more safety.

p.s. Most of these transactions require a commission, so be ready to spare a few cents to get the coins you want.