Welcome to my MNC (MinCoin) portal on WordPress! Here I’ll provide a basic introduction, with more Links at the bottom for further reading.
The fact that you made it here means that you’re at least curious about MNC or other “crypto coins” such as Bitcoin (BTC), Litecoin (LTC), etc. On this page, I’ll attempt to share some of the basics about MNC (and cryptos in general) for the uninitiated. From here, you can move on to my pages dedicated to trading, giveaways, mining, and MNC/crypto discussion.
First, the basics: If you’ve never heard of Bitcoin or crypto coins in general, it’s time you learned! To put it simply, Bitcoin is an electronic currency that is independent of banks and world governments. It allows anyone with access to a computer to send and receive bitcoins to/from anyone in the world with complete privacy. This website provides an extremely simple introduction to crypto coins (specifically BTC).
The reason they are referred to as “crypto coins” is that the transactions are protected by very sophisticated encryption. This leads to a very important aspect of crypto coins and the reason many people are obsessed with them: Mining. The encryption used to protect transactions is so sophisticated that the calculations required are “farmed out” to the public, meaning that people can contribute their computer’s CPU or GPU cycles towards performing them. This process is called mining and miners are rewarded with a certain amount of coin for each “block” that their computer successfully calculates. People have taken this a step further and formed mining pools, so that people can pool their computing resources and divvy up the mining rewards according to how much computing power they contribute to the pool.
What makes MNC different from Bitcoin? Basically, Bitcoin was the first crypto coin that really caught on, and following its success (one bitcoin is currently trading for around $115 US), a whole bunch of “alt coins” came out to compete with it. Since the code behind Bitcoin is open source, people would just tweak one aspect of the underlying software and release it as a new coin. This leads to miners jumping on new coins early while the difficulty is low and rewards are high, and then dumping the new coin as soon as it hit an exchange. Right now there are two major forks of crypto coins – SHA encryption coins and Scrypt encryption coins. MNC is based on Scrypt encryption, and can be mined successfully using either your computer’s CPU or GPU(s), with GPU’s typically producing far superior hash rates. SHA coins like Bitcoin are in a precarious situation because ASIC (system on a chip) manufacturers are releasing a superior new class of miners which will make CPU/GPU mining of Bitcoin almost pointless. Scrypt coins are currently safe from this ASIC threat.
A couple of Mincoin’s other attributes are low volume (10 million generated units total), and 1 minute blocks, making transactions at least 10 times faster than Bitcoin. Due to the low overall volume, people are saying that this coin could end up becoming the “platinum” of crypto coins, with Bitcoin being analagous to gold, and perhaps Litecoin = silver, and Feathercoin/Chinacoin = bronze. This all remains to be seen. However, what this means for investors RIGHT NOW is that it’s a great time to get into collecting MNC. Many of you have heard of people who mined or purchased Bitcoin when it cost around $2 per coin. Those same coins are now selling for $115… we can all agree that’s a VERY tidy profit.
So why does anyone care about these coins aside from drug dealers and people who want to do illegal things? That’s the impression the news media has given the public – that crypto coins are ideal for people who want to buy illegal things online from places like “The Silk Road.” While this may be true, more and more vendors are now accepting crypto coins as legitimate forms of payment. You can buy everything from gold to computer equipment using them.
Personally, I’m not interested by crypto coins right now because I think they’re going to suddenly replace fiat (government currency) as the standard form of online payment using escrow services like Paypal. The reason I’m interested is because they can be quite lucrative to the enterprising. There are multiple exchanges (see my Trading page) which allow you to trade crypto coins between one another and with fiat like USD or EUR, essentially allowing you to trade them in a similar fashion to penny stocks (think “buy low, sell high”). If you watch the trends, you can quickly turn a few coins into very many.
www.min-coin.org – The official website for MNC with its own set of links to the MNC wallet, exchanges, and community sites. Good starting point for MNC.
Bitcointalk MNC Info Thread – This thread on the bitcointalk.org forums (an awesome resource for all things crypto) gives basic information on MNC.
www.mnctrader.com – Similar to this site, MNC Trader provides a portal to all things MNC, with a focus on trading.
www.mincoin.pw – A MNC portal focused on mining.
www.mincoinwiki.com – Still under construction, this will be a Wiki devoted to MNC that can be edited by members of the community.