PIVX core wallet and alternate to Mining (Staking and Masternode)
PIVX is company I heard about, on one of the youtube videos I watched. Apparently it has a lot of good qualities and thus potential for success.
websitelink : https://pivx.org/
I will not be concentrating on the possible success of the company but how their software works and how we can benefit and what is at stake.
Last week, I wanted to buy some PIVX coins and decided to install their wallet and test it.
I thought it would be just a wallet where one would store coins but it was way more than that.
I downloaded installed the wallet on Windows Laptop.
The software warned me that it would need a lot of space on my laptop and I was not sure why.
After install, I noticed at the bottom, the wallet was synchronizing and was behind a few years(meaning it had to sync all the data that is on the blockchain since its inception).
I sent some test PIVX coins to the wallet from bittrex exchange where I bought the coins and they wouldn't show up.
Apparently the wallet had to be fully synced before my transaction would show up.
I had to wait for 6 hours for the wallet to fully sync and my transaction to show up.
I didn't understand why a wallet had to do that as I had experience with a couple of other wallets.
So this is the deal. The wallet also can do 2 more actions.
- Staking
- Masternode
This is basically an alternate version of traditional mining I am familiar with.
Staking is like putting the coins in the wallet at stake to make some money on it.
Similar to a savings account that accrues interest but with a twist. The allocation of coins is done buy an algorithm and is more like a lottery. The coins at stake wont be lost.
Masternode is a node that has 10,000 PIVX at stake and also performs masternode functionality.
Which I didn't look into as I needed 10k PIVX before I could even get started.
the concept was nice though. You invest some money and make money by providing services and commission as well for staking. if I had come across this when the price was way under a dollar. I probably would have given the masternode a shot.
As the price of the coin goes up its get very hard to become a masternode.
I sent a 100 PIVX to my wallet and it took a minute to get fully confirmed.
I turned on staking for the 100 PIVX I had in the account and left it running.
Its been a week and haven't accrued any PIVX yet.
The more money at at stake the more one can make.
Overall it was a learning experience. I later installed DASH coin wallet. PIVX is a fork(copy) of DASH
and looks and works very similar but there is no concept of Staking.
Tutorial for wallet setup and enabling Staking
Very nice friend. I think I tried something like that with a different coin. It's pretty cool, especially if ur like me and keep your computer on the whole time lol
Cool! I am planning to add an external GPU to my old laptop so it can work like a horse :)
Very good blog. I was about to start a similair discussion. The cryptospace definitely feels a bit inflated. However we also said that about the S&P 500 40 years ago Besides coinmarketcap.com there is: https://www.coincheckup.com Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. Check: https://www.coincheckup.com/coins/PIVX#analysis To watch PIVX Investment research report.