Tag Archive: dogecoin

Free Altcoins! – A Guide To The Best Faucets

Altcoins can be more fun and rewarding (as well as risky) than Bitcoin. There are quite a few altcoin faucets springing up and we’ve listed some below. For Bitcoin faucets please see our other guide here.

Don’t forget if you are an absolute starter you’ll need a wallet and address so you can store your coins. For altcoins you could do worst than open an account at Bleutrade and get wallet addresses provided for all your altcoins.

Free Altcoin Faucets
Site Reward Comments Rating Link
Moon Litecoin Varies You claim when you want 5 stars visitsite
Free Dogecoin Varies Up to 500000 Doge every hour! 5 stars visitsite
Moon Dogecoin Varies You claim when you want 5 stars visitsite
Field Litecoin Varies Claim every 5 minutes or you decide! 4 stars visitsite

What’s the fuss about Latium?

Latium Coin Crypto Logo

Anybody who reads this blog will know that I’m a big fan of cryptocurrencies that have something different to offer.

Latium is one such currency. Like another favourite of mine NXT, Latium can’t be mined and relies on 2 channels for value and growth. The first channel is the affiliate or referral network. Nothing much new there unless you dig a bit deeper.

[Edit July 5th: The Latium system had a big problem with bogus sign-ups and many genuine referral campaigns had their earnings approved before the loophole was detected. In many cases these ‘approved’ earnings were removed from existing users wallets, leaving a lot of bad feeling on the forums. If you do use a referral campaign to acquire affiliates then please bear this in mind. The admins claim the system has been improved]

Firstly you get 5 coins just for creating an account and downloading the wallet and then you accrue coins by referring others up to a maximum of 99 levels. Don’t forget the first 5 coins are free so this can’t be considered a pyramid scheme.

Secondly and perhaps crucially, if you choose to store the coins in your downloaded wallet rather than trade them they will accrue interest for you. This is clever as it creates a value/need for the coin.

This minting is explained on the website

Minting is performed automatically by the Latium wallet only if the wallet is online and connected. There is no additional work or requirements to mint your Latium. Once your Latium has been confirmed, you will start generating “coin age.” Once your coin age exceeds six hours, your coins will be available to mint new blocks. When you mint a block, the coins used will be placed “at stake” and will remain at stake until 48 blocks have minted. Coins that are at stake are unavailable for transfer. After the 48 blocks have been minted, your initial coins along with the interest gained by minting will be available in your balance.”

At the moment on coin-swap the value of 1 Latium is 0.00009000 BTC – not a bad start – although with a new pre-mined coin the value could fluctuate wildly and any artificial buy orders could soon have an effect.

With any take up or online transaction traction we could see Latium becoming another Doge but with less draw on energy bills because of the absence of any mining need. Definitely one to watch.

Read more on Latium and sign up here.

Major Miners Altcoin Mining Pools

beatlecoin

For the first in our series of Mining Pool reviews we’re looking at a newcomer to the scene. Major Miners offer (from what i can gather) – 5 alt coin mining pools:

http://hkc.majorminers.com/ HongKongCoin (SHA256)

http://pcn.majorminers.com/ ProCoin (Scrypt)

http://bea.majorminers.com/ Beatlecoin (Scrypt)

http://lyc.majorminers.com/ Lycancoin (Scrypt)

http://vmp.majorminers.com/ Vampirecoin (Scrypt)

The homepage at Majorminers.com is a simple wordpress blog and the first thing i noticed was an absence of links to the mining pools. You can find them by rummaging around but a simple menu or category list would certainly help.

The pools cater to some of the lesser known ‘fun and profitable’ altcoins. All the pools look fairly stable although could do with a few more miners, so point your equipment at some of the pools listed above and give them a try.

They have a 1-2% fee and offer 10% block finder rewards on some coins. Data centres are located in Europe, Asia and East + West Coast USA.

About the currencies:
Beatlecoin – (BEA)The main appeal seems to be the limited number available. Only 1 million coins will be issued. More info at the Beatlecoin website.

HongKongCoin – Following the success of Auroracoin (the cryptocurrency of Iceland) HongKongCoin (HKC) is a SHA256 algo coin designed for quick business transactions in Hong Kong. There is also a specially designed App on the website to facilitate trading use.

ProCoin – (PCN) – Is limited to 1 Billion coins and claims to be a business friendly coin. 2% of the coins are being given away in a pre-mine during March/April 2014. More details here.

And whether you choose to call them fun, ridiculous or bizarre we have Lycancoin & Vampirecoin. Lycancoin is a cryptocurrency for lycanthropy & werewolf enthusiasts. It was designed as part of a 3 coin set which includes Vampirecoin and Zombiecoin. The danger of the ‘wacky’ crypto’s is that they really need a reason to exist. We’ve seen with Flappycoin how quickly alt crypto’s can start to devalue and struggle.

For the remainder of 2014 I think we’ll see a thinning out of the multitude of cryptocurrencies with only the strongest business models surviving. There’s always a chance, however, that something will survive against the odds. Dogecoin is living proof of that!

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CEX.IO introduces Multipool

One BTC coins

One BTC coins (Photo credit: zcopley)

Cloud BTC and conventional Scrypt (ghash.io) mining site CEX.IO have introduced multipool mining alongside their existing offering of Litecoin, Auroracoin, Feathercoin and Dogecoin.

Unlike other multipools the ghash.io system allows users to convert their block rewards profits to BTC on the fly, thus avoiding the need to exchange on cryptocurrency exchange sites.

Currently in beta, the pool has had some teething troubles with zero payouts on certain coins although the community forum explains that the beta stage will not be 100% trouble free and they are asking for bug reports.

We tried the system and liked the automatic conversion to btc. Multipools have been criticised as damaging the real world possibilities of certain coins and creating havoc with valuations but while they exist it makes sense for miners to make the most from their equipment.

Find out more at CEX.IO or read the support article.

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Dogecoin raises $55,000 to sponsor NASCAR driver

Dogecoin Nascar Sponsorship

Nascar fans have donated 65 million dogecoins to enable driver Josh Wise to compete at the Talladega Speedway. Fans on Reddit picked out Josh as a driver in need of support.

Over 1200 donations of around $41 were made and converted into dollars with a special rate from Moolah the online crypto exchange.

The car will now be called #98 Moonrocket and will make it’s debut on May 4th in a Sprint Series Cup Race. Dogecoin continues to defy it’s critics with practical real world examples of the value of having a community supported alt coin.

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Getting Started With Bitcoins & Litecoins

Bitcoin Miner

There are numerous guides online about bitcoin mining, equipment, mining pools etc but a lot of the information is one way. The first question should be what do you want out of bitcoin?

We’re not all geeks, the same as we’re not all investors, so I’ve broken this guide down to cater for 3 types of potential interest in bitcoin:

1. Dabbler You are interested in mining (or accumulating) bitcoins but you don’t have the time or inclination to buy equipment, compile software or really do anything too techie!

2. Techie You are comfortable with computers and want to get your hands dirty by investing in hardware, reading tech blogs and github articles on getting maximum performance from your gear. You want to be a real bitcoin miner!

3. Investor You’re a small or large investor and you just want to trade in bitcoins like any other stocks and shares.

Hopefully you’ll fit into one of those categories. If you don’t please let me know and i’ll revise this document accordingly.

THE DABBLER

So you don’t have time or can’t be bothered with the techie stuff? No problem. Cloud mining is increasing in popularity. Cloud mining websites allow you to ‘rent’ equipment or buy hashing (mining) power.

The benefits are numerous. No expensive hardware to buy or set up, no electricity costs to worry about, the potential to mine 24/7 without the stress of keeping your gear in check and also less of a worry about interruptions to your internet connection.

Sites are available that will allow you to mine SHA-256 currencies (like Bitcoin) or Scrypt based currencies (like Litecoin). It is not within the remit of this article to advise on which currencies are the most profitable to mine, but based on the mining power you buy you can use online mining calculators like the one at Coinwarz before you start out.

Keep in mind that profitability can vary depending on the current level of difficulty and the number of coins already mined (as well as market sentiment ofcourse).

cex.io is a bitcoin commodity exchange that allows you to mine bitcoins by buying (or trading) their hashing power with other users. It can be fun and rewarding if you trade at the right times. Your dashboard will show you how many coins you have accumulated in real-time. The site automatically mines Namecoins, Devcoins and IXcoins at the same time as bitcoins and you can also use your own mining hardware at their ghash.io mining pool. Litecoin, Dogecoin and Auroracoin mining are also either already running or in development. You can also buy Future Hashing Power at reduced rates to use at time triggered intervals.

Another site Hash Profit concentrates on scrypt, scrypt-N and x11/13 based currencies. Unlike cex.io the mining pools at Hash Profit are private so you can’t use your own hardware. They claim to mine the most profitable coins to maximise your return. They allow you to trade for KHS (hashing power) or simply deposit bitcoins to fund your account.

It’s worth noting that you’ll need some Bitcoins and a digital wallet to start mining on these platforms so if you don’t want to risk sites like ebay for this you can purchase bitcoins at Coinbase (US) or Bitstamp (EU).

You’ll need to provide detailed ID information to open an account at Coinbase or Bitstamp so be prepared. If you’re still keen to get involved then everything is explained in detail on the respective sites. cex.io’s guide is particularly user friendly.

THE TECHIE

Asic Miner Block Erupters and Anker Hub

Let’s face it, Geeks are the new hipsters and having your own mining farm is more impressive than owning a vintage corvette. If you want to mine SHA-256 currencies like Bitcoin and Peercoin you are going to need some powerful gear.

At the low end, ASIC USB BLOCK ERUPTER miners running at 330-336 mh/s used to be the choice for hobbyists and bedroom miners but the increasing difficulty and newer technology has lessened their appeal. Get in at the start of a new currency and these miners could still make you money. Many farms were established on these miners and multi-slot hubs supporting 7 or more miners could generate 2.5 gh/s or more.

Antminer U1

In January (2014) Bitmain’s Antminer U1’s arrived on the market. They were similar in operation to the ASIC block eruptors but crucially each could mine at up to 2.2 gh/s (the equivalent of 6 or 7 Asics). The price of the Antminer U1 (as of going to press) was around $45 (£30) – a price comparable to the ASICS in December 13. (This shows how fast technology moves and how you need to be careful with your hardware investments).

High end gear like the Antminer S1 Blade (Speed up to 200 gh/s), Butterfly Labs Monarch (600 gh/s) and KNC Miner’s Neptune (3000 gh/s) have set the standard for advance mining farms.

If you want to get started, we’d recommend the Antminer U1. They can be picked up cheaply and you only need a suitable USB hub to attach to your computer to get started.

Next you’ll need suitable software to control the actual mining. CG Miner or BFG Miner are open source projects with versions for Mac (OSX) and Windows and Linux. It should be pointed out here that you’ll need to be comfortable in the command line or Terminal (mac) to get these compiled and/or running.

If you are on a Mac you can download and get started with CG Miner here. The same page also has a GUI version of the software called Asteroid which is super simple to setup and use.

Windows users can head over to the github repository.

Another great piece of software to enable mining of SHA-256 and Scrypt based currencies and is available in all flavours (OSX, LInux and Windows) is MultiMiner. The website and installation guide is super easy to use.

For Scrypt based currencies you will need a powerful GPU in your PC, or better still build a custom rig for mining Litecoins, Dogecoin, Feathercoins etc

You can possibly use your existing graphics card but your mining power will probably be small unless you have a high end gaming computer. Top spec GPU’s to consider are the AMD Radeon R9 290X or the 7990.

Once you’ve set up your gear you’ll need to download a wallet or use an online wallet before you can start mining. These links above have downloadable wallets for LitecoinDogecoin, and Feathercoin. For Bitcoin you can download the wallet from the official site here or use an online wallet at a site like Blockchain.

Once you have downloaded your wallet you’ll need to wait for it to sync with the network. This can sometimes take a few days so be patient. Make sure you encrypt your wallet and use strong passwords (see our security guide here).

We’re nearly ready to start mining! Solo mining is unlikely to be profitable unless you have a mining farm full of mega equipment, so the best policy is to join a mining pool. Here you’ll be mining with masses of other users and you’ll find blocks easier. You point your mining equipment to your chosen pool using information supplied by the pool.

You can input this information in the terminal/command line or create a batch file to do it for you. Each mining pool has full instructions for implementation.

There are myriad mining pools. We’ve successfully used Bitminter for Bitcoins. Dogechain pool for Dogecoins and of course CEX.IO’s ghash.io for multi mining.

There’s a full comparison list of Bitcoin mining pools here. For Litecoin pools check this list.

Happy mining!

THE INVESTOR

If you simply want to trade Bitcoins on the financial markets you can do so by creating a free account at Plus500 who have a great website and mobile app so you can trade on the move.*

Bitcoin prices are very volatile so short term gains (and losses) are very possible. Before Christmas the Bitcoin price peaked at over $1000 but it is now down to around $620. Ripe for the canny investor.

We hope you’ve found this guide useful. For a full list of Cryptocurrencies visit the Bitcoin Wiki.

Please remember that the value of investments and the income derived from them can go down as well as up. Exchange rate movements can also have a positive or negative impact on the value of Non-UK investments. Past performance is not a reliable indicator of future returns and you may not get back your original investment. Generally, investments should be considered for the medium/long term.

You should weigh up factors such as the impact of any potential penalties and charges and the loss of possible benefits in circumstances where you may be considering cashing in or transferring an investment. If in doubt seek professional Financial Advice. Your capital may be at risk.

 

Dogecoin For Water Hits Target Early!

Dogecoin for water
An initiative to raise money for the area of Tana in Kenya which is plagued by poor water quality was recently launched by the Dogecoin Foundation and Doge4Water.

The target was to reach 40 million dogecoins in donations before World Water Day on March 22nd. Supporters were asked to donate dogecoins via the website.

The money raised will help build 2 drilling wells in Kenya, provide access to water and provide tools to retrieve and store water. The project is another indication of positive karma power of Dogecoins and their users.

Jamaican bobsled team - Sochi Winter Olympics 2014

The initiative follows the successful project to raise money for the Jamaican bobsled team. $30,000 USD was raised enabling the team to compete at the Winter Olympics in Sochi.

CEX.io
cryptsy alt currency exchange

Dogecoin Removes Cap

Dogecoin developers have announced that there will no longer be a cap of 100 billion coins. The controversial announcement has led to fears in the dogecoin community that the announcement may devalue the coin and cause a price drop. The news (announced early February) has co-incided with a rise then drop in price but falls short of the crash that some predicted.

dogecoin price chart

Chart courtesy coinwarz

The developers claim that the removal of the cap will lead to sustainability of the coin as a long term solution to online trade and allow a fairer market for a wider number of users. Launched as a ‘satire’ of the bitcoin boom the coin is called a Doge – a slang term for “dog” that is primarily associated with pictures of Shiba Inus (nicknamed “Shibe”) and captions on the social networking site Tumblr. These photos are often manipulated in graphics editing software (e.g Photoshop) and subtitled or captioned using the comic sans typeface.

Shiba Inu dog Kabosu

Shiba Inu dog Kabosu

Bitcoin forum member Dogecoin launched the currency on December 13th 2013 by posting a message on the forum entitled “Dogecoin – very currency – many coin – wow – v1.1 Released.”

Dogecoin and comic sans font

Dogecoin and comic sans font

The coin brought some ‘fun’ into the cryptocurrency world and after being dismissed by many bitcoin miners the currency grew in popularity and price. Unlike bitcoin which is mined using the SHA-256 protocol, Dogecoin is a scrypt based currency meaning that anyone with a personal computer or laptop with suitable graphics card could mine the coin.

In January 2014 Dogecoin became the most traded currency on the web. Unfortunately the coin suffered from a fork in February (this has also been suggested as a reason for the slight price drop) and the dogecoin client had to be updated to version 1.5 to counter the problem.Yet another version of the client wallet 1.6 is imminent to counter the threat of optimised mining from multi-pools (more here) where coin mining is fluidly adjusted to take advantage of exchange rates and profitability. Dogecoin blocks rewards will now be constant to protect against the ‘hacking’ by multi-pools of the doge’s random block reward system.

The dogecoin developers are determined to make dogecoin a democratic and ethical currency that cannot be exploited by large hardware intensive mining farms. The goal is to create a sustainable currency that survives long term.

To get started with dogecoin on Windows, OSX or Linux and to find out more visit dogecoin.com

CEX.io

CEX.IO adds mining support for more Scrypt currencies

Cloud mining service cex.io has added further alt-coin mining support on it’s sister mining pool platform ghash.io.

Following the pool mining capability introduced for Litecoin (LTC) the site has now added support for Dogecoin (DOGE), Auroracoin (AUR) and Feathercoin (FTC). These popular alt currencies (derivatives of Bitcoin – BTC) are currently available for members with their own hardware only. Cloud support is due to be launched in the near future.

CEX.IO has become popular as it allows users to mine for bitcoins and other alt currencies whether they have their own hardware and/or simply wish to trade/buy cloud hashing capability in order to mine coins.

Once you buy hashing power it is yours to keep with an unlimited expiry. You can also mine with your own hardware at the same time as mining via the cloud. Hashing power (sold by the GH) is traded live with other users so the price fluctuates. You can even use the coins you mine to buy further hashing power.

For further information check out the cex.io website.

CEX.io
cryptsy alt currency exchange