What is BumbaCoin (BUMBA) Crypto Beginner’s Guide
There are over hundreds, if not thousands of ways, for a person to make a little money on the side through cryptocurrency. While this wasn’t always the case with altcoins, you can find just about any crypto project to mine or invest in. Bitcoin, Ethereum, and Litecoin have provided sound coding platforms for many types of altcoin offshoots to develop successfully.
While many people chase after the next high paying altcoin project there are other lower stake ways to earn altcoins for later trading purposes. From taking part in a massive mining pool or simply putting a little money into a budding altcoin, you are bound to find something that suits your needs.
Once you’ve figured out what cryptocurrency to partake in the next problem is how to use it, where it can be used, and whether it is a secure altcoin or not. Many altcoins on the current exchanges have made it their goal to be the next “it” payment coin, otherwise known as utility coins. While this sounds great for those who missed the boat on Bitcoin, it can make other altcoins nervous.
Not only does this bring more competition, which is healthy, it also brings about many questions. How can one know if a cryptocurrency is a secure payment option? Does the intended cryptocurrency have a sufficient market for its use? Does it rely on centralized means or can it operate in an open-source decentralized way?
Many cryptocurrencies often begin on the basis of Bitcoin’s coding and later decentralize due to bitcoin’s own shortcomings as a centralized payment currency. But not all altcoins who come away from Bitcoin are reliable, sustainable or even worthy of investment.
BumbaCoin: A Retro Smiley Face for Your Next Cryptocurrency Investment
BumbaCoin is one of the few altcoins that have taken their roots from Bitcoin’s coding. Unlike Bitcoin, BumbCoin sticks to a decentralized method of storage and exchange of its cryptocurrency. There isn’t much information on the developing team for this particular altcoin which can definitely raise a few red flags for any future investors.
However, despite the lack of information about the BumbaCoin platform and its poorly made website, the cryptocurrency does seem to be functioning with a loyal BumbaCoin network community. The platform does offer a fast network for transactions. Pair this with the future innovations, this cryptocurrency is definitely showing some potential in becoming a medium-grade payment cryptocurrency.
The major goals of this project are to be a payment altcoin for the various services and goods that will soon be offered on the official BumbaCoin website. The cryptocurrency does offer a high-level security standard making it a potentially reliable payment altcoin. It currently offers a few ways for people to earn this particular altcoin as well.
How Does BumbaCoin Work?
BumbaCoin is mainly a proof of stake altcoin using an x11 algorithm and a 2 BumbaCoins earned per block system. It can be bought on Cryptopia and Tradesatoshi cryptocurrency exchanges. People can also earn free tokens by taking part in bids, signing up, using games or taking part in its faucets.
Other ways people have managed to score BumbaCoin is by trading services on some of the Bitcointalk and Cryptopia forums.
Final Thoughts on BumbaCoin
Despite the limited, goofy appearance of the BumbaCoin website, it does offer potential investors links into its source code, wallet, and more. This is a sort of cryptocurrency that is great for beginners. However, despite cryptocurrencies popularity as of recent, this particular altcoin has a long way to go before it seems like a worthwhile investment.