We are already familiar with the fact that cryptocurrency trading has become a very lucrative way to make money. More and more people are opting for, whether it is their main source of income or a source of additional income. We have had the opportunity to hear about many cryptocurrencies, and the most famous among them is Bitcoin (BTC). More about it you can find if you click to the official site.
Although Bitcoin is the most famous and also the most valuable currency, many others deserve our attention. In addition to Ethereum, Ripple, Litecoin, and many others, Primecoin has also found its place under the sun. Many may not have heard of it yet, but it is certainly worth mentioning.
What is Primecoin?
For a Primecoin (Ψ, XPM) we can say it is an open-source, peer-to-peer cryptocurrency. The symbol is the Greek letter psi (Ψ) and symbolizes the Riemann zeta function.
It is a new cryptocurrency derived from Satoshi Nakamoto’s Bitcoin, which is Proof-of-Work based on searching for prime numbers. Like any other, it is digital currency secured by cryptography. Primecoin processes payment transactions 10 times faster than bitcoin, it is designed to maintain prosperity in the mining market, but also to provide a high level of security. It is important to say that the Primecoin network is multiple compared to the Bitcoin network and that it creates a special shape of chains that are of further interest in various mathematical research. This currency was created by the group of people hiding behind the pseudonym Sunny King. It is still a very young cryptocurrency, released in 2013.
What is the difference between Bitcoin and Primecoin?
While the Bitcoin confirmation system is based on hash and all power is directed in that direction, towards maintaining one’s economy, Primecoin is useful when the system is up and running. When we talk about the speed of generation, with Primecoin it is 10 times higher than with bitcoin, and thus the confirmation of the transaction rate is increased 10 times.
When we talk about the reward for the block, and there is a clear difference – by increasing the number of coins, the reward for the block of Bitcoin decreases, while in the case of a note, it depends on the complexity of the search block.
The work of Primecoin takes the form of a chain of large numbers, and only finding a chain of real numbers becomes more difficult with increasing chain length. Three types of chain are accepted as proof of work, and they are Cunningham chain of the first type, Cunningham chain of the second type, and Bi-twin chain.
How to buy Primecoin?
In the same way you buy any other cryptocurrency (via the internet), you can buy this one, too. Bearing in mind it is still young and not that strong currency, but with good potential, it is recommendable to invest in bitcoin and Ethereum first, and then to use it to purchase Primecoin (XPM).
Where do I keep it?
Like any other cryptocurrency, this one is also kept in the wallet. Wallets can be hot and cold. A hot wallet makes a higher risk of a hacker attack. The reason for it is obvious- since it demands access via the internet, it is exposed to attacks. Another type of hot wallet is the Desktop version, which is also not safe if the computer has internet access. On the other hand, a cold wallet is much safer, but it will cost more. The hardware wallet is the best way to keep your money safe and is reliable for higher amounts. This should be considered a smart investment that will make you feel safe.
Why is it recommendable to invest in Primecoin?
There are many reasons why it is good to invest in this not so strong currency, and one of them is the fact you do not have to care about inflation. According to estimations, total supply will be 55 million dollars. Another positive thing about Primecoin is a very fast confirmation (1 minute per block).
Where can I invest in my Primecoin?
It is possible to invest in stock, shares, and practically everything, including mining. Experts say it is the fairest coin to mine. The reason for this is the fact that Primecoin algorithm is ASIC/FPGA hostile.
How to protect my investment?
To save, but also increase the virtual earnings, it is important to take into account several things. We have already mentioned that a secure wallet is crucial. Another very useful thing is buying software that will do all the work for you. With the help of artificial intelligence, this software can recognize changes in the market and react faster than any other person. If you are one of those people who trust only yourself and your instinct, prepare to be illuminated by the light of a computer screen for hours. Another way to save your investment is to invest not all in one currency but in several. This proved to be a good tactic, as there is little chance that the values of all currencies will fall at the same time. Many have recognized this and investing in lesser-known currencies as a good way to make money.
Before embarking on any type of investment that does not bring you a secure profit, but a great chance to do so, it is important that you have a limit beyond which you will not go. Although investing in a larger forest also gives you a better chance of making a profit, you should always keep in mind that you should not invest more than you are willing to lose.
Arm yourself with patience, explore all earning options, be persistent and the effort will pay off. With cryptocurrencies, it is impossible to say how much time should pass until the first earnings, because the situation changes from moment to moment so that the value of individual currencies can change several times during the day.