As a beginner in the crypto space, it can seem like a labyrinth task just to simply buy some Bitcoin, or any of the various alternatives. There are so many scammers out there, eager to assist you, its not surprising people are scared to buy into cryptocurrencies.
The starting place for most of us that founded The Faction was Coinbase.
Coinbase is by far the easiest way to buy, use, and accept bitcoin. You will need to verify a bank account to withdraw funds from the platform, but this is mainly to prevent fraudulent activity. To avoid paying high international transaction fees, you can use a platform such as Revolut to send Euros as a bank transfer to your Coinbase account.The following crypto currencies available to buy at Coinbase are: Bitcoin, Bitcoin Cash, Ethereum, Litecoin.
Once you have opened a Coinbase account, you will automatically generate wallets for all of the above currencies, and will have the ability to send and receive funds, either to other people, or to other exchanges, should you wish to buy other available currencies such as Ripple, NEO, Achain, Cardano etc... You can find more information about other exchanges on our Discord < --- Click here to join our server.
You will start with a fairly low weekly card limit for purchases, but can use the bank transfer option to send larger volumes should you wish (Euros Only). This will also give you the option of purchasing Bitcoin via GDAX (Global Digital Asset eXchange), which is a peer-to-peer exchange linked to your Coinbase account.
The first time you visit GDAX is a bit of a whirlwind and takes some getting used to. We will be more than happy to help you with this feature to make sure you do it right. Here you can either buy at market price or select a buy or sell price of your choosing, which means if the price reaches your chosen number, your order will fulfil.
Disclaimer: The Coinbase link is a referral link and will give you $10 worth of Bitcoin free when you buy $100 worth. Great news is that we get $10 worth too, which we use to help develop our community to better serve you. Your $10 worth of free Bitcoin will fluxuate in value, alongside your $100 investment.
Our referral link: https://www.coinbase.com/join/5452c460bcf90438b6000001
Masternodes can be a great way of generating a passive income by earning rewards in a particular staked coin and requires a lot less effort than purchasing and maintaining mining equipment. Rewards of a mined block are usually shared 50/50 between the miner and the masternode owner. Rewards vary depending on what currency you choose and will also be affected by the amount of masternodes online.
What is a Masternode? Also known as bonded validator systems, masternodes are a series of servers that underpin a blockchain’s network. They are responsible for enabling specific services that miners under proof of work cannot accomplish. Much like proof of stake, masternodes rely on staking a certain amount of a given currency within the currency’s network.
Setting up and running a Masternode The best way to run a masternode is by using the cold wallet & virtual private server (VPS) system. This way the wallet stays on your computer and is not stored on the server, making your coins less vulnerable to theft by hacking.
Most masternodes will have a simple step-by-step guide to follow to set your up, and you don't need to be a coding master to get started.
What you need:
Laptop/PC - The spec of machine you have isn't that important, as long as it has enough hard drive space to install the crypto wallet.
The Guide - Your step-by-step instructions to set up the masternode application and configure your desktop wallet.
Desktop Wallet - You will download this from the development team's website. If the coin has been in existence for some time, it may take a long time to sync the blockchain. Check the developer's Github page or other online resources to see if they have a recent block sync you can download - saves a lot of time.
PuTTY - This is an application that will enable you to access your VPS remotely from a laptop or PC. You can download from their website: https://www.putty.org/
VPS - The team here use Vultr which has an easy to use interface. All the masternodes we run are done using a Linux server, Ubuntu 16.04 x64. A 40GB SSD server with 2GB of Memory costs $10 per month and can comfortably run three different masternodes.However, most have a file swap function, allowing you to use a 512MB Memory server ($3.50 per month). Please see file swap guide below.
Currency - You need to stake a minimum requirement of coins which will vary depending on which masternode you are running. Most coins have a fixed requirement i.e 1,000 coins exactly - so make sure to have enough coins to cover transaction fees.
Tip: When using PuTTY, the right click function of the mouse acts as "paste".
Once configured, you can add the details of your node to the monitoring section of Masternodes.online which will allow you to monitor the status of your masternodes and see an overview of your daily, weekly, monthly and yearly income, without having to load up your wallet.
If you run in to problems with the masternode set-up, you should be able to get some assistance from the developer's community pages such as; Telegram and Discord. It can take a little while to set up, so a bit of patience is required.
Once set up, it usually takes around 24 hours to fully sync your node into the pool and start generating rewards. Most will start as "pre-enabled" before becoming "enabled". If you get "Watchdog-Expired" error, it usually means there is an issue with the sentinel application within your masternode configuration.
A sentinel is an application built within the masternode that can identify and fix problems for you, and also restarts the masternode once you successfully mine a block.
Things to bear in mind when investing in masternodes:
- What exchanges are the coins available on? If you've never heard of these exchanges, question whether or not it is not just a dump coin.
- What is the current price? Has it recently jumped in price? Wait for a strategic buy-in level. Crypto coins are very volatile and prices fluctuate massively, this will also affect the value of your masternode investment and also your potential income.
- How old is the project and who is behind it? Do they have a proper use case, or are they just running a masternode?
- Do they have a whitepaper?
- What social media platforms are they using and how active are the core team within these channels?
- What is the ROI? Does it seem to good to be true? It probably is...revert to the above checks before jumping blindly into a coin that is showing a 2000% ROI!
We'll be taking time to review individual masternodes and even run some ourselves to get a better idea of how easy they are to start-up and whether they truly are a means to a passive income.
Here is a list of masternodes that are currently being run by members of the faction, where links are enabled, you will be taken to an online guide:
- Hemp Coin (THC)
- CrowdCoin (CRC)
- Chain Coin (CHC)
- Innova (INN)
- Social Send (SEND)
- Solaris (XLR)
A couple of us from the Faction were lucky enough to win some Triggers (TRIG) Masternodes during a Twitter bounty. We very much look forward to getting these up and running.
Please remember to always do your own research before making any investment decisions. We are not advising you to do any of the above, but simply offering an insight to what we have learned and what we are doing ourselves.
The Memory File Swap
2GB of RAM is in fact required to run most Masternodes, however, we can use some of the physical storage to add the additional RAM required by implementing a file swap.Copy and paste these commands into PuTTY before the masternode installation to create a swap file:
- sudo fallocate -l 4G /swapfile
- sudo chmod 600 /swapfile
- sudo mkswap /swapfile
- sudo swapon /swapfile
- sudo nano /etc/fstab
At the bottom of the file, copy and paste the line below that will tell the operating system to automatically
use the file you created.
- /swapfile none swap sw 00
Exit using the following commands: Ctrl+X, Y, Enter