What is Grimcoin (GRIM) Crypto Beginner’s Guide
Considering its announcement in October 2017, Grimcoin is still quite new to the crypto community. It uses the Script hashing algorithm while running as a proof-of-work (PoW), now proof-of-stake coin. Although it was announced on the Bitcoin forum backbone October, the coin, which whose main design focus was the gambling industry, made its debut in November 2017 for its first use as a cryptocurrency for gambling.
After a transaction is executed, it takes an average of four blocks for the transaction to be confirmed on the network. This makes the Grimcoin confirmation process much faster than that of Bitcoin. During the premine of the coin, of the total 23 million GRIM coins available, only 10% were released. Exchange listing fees, giveaways, promotions, and airdrop were some of the major activities which the amount generated from the premine was used for.
There is a downloadable Grimcoin wallet for users running a Mac, Linux, and Windows operating system on their computer.
Can I make profits with Grimcoin?
If you’re looking at the coin in terms of popularity, then this coin does not have a widespread recognization. On the other hand, the opportunities for profits which the coin offers are numerous.
The yearly staking interest which is available with Grimcoin remains unmatched. This makes it a good investment consideration. Having GRIM coins in a wallet and then staking the coins can yield users a 525% interest. On the 31st October 2017, the Grimcoin network moved from the proof-of-work algorithm to the more favorable proof-of-stake algorithm. This was at the block number of 5000. This means that users can get 525 GRIM coins every year for staking 100 coins in their wallet.
The implementation of masternodes is another project which the Grimcoin developers hope to complete on the blockchain network of the Grimcoin. As an investment opportunity, this improves the appeal of the Grimcoin network. On the decentralized network of a cryptocurrency, A masternode serves as a form of server. The DASH network was the first to introduce the use of a masternode.
The rewards for anyone hosting a masternode is excellent. A percentage of every currency generated on blocks which on the masternode is provided as crypto rewards to the host. Although you don’t need a mining hardware which is too expensive to host a masternode, you need to provide a large number of GRIM coins on the hosting machine for the purpose of staking. Once the masternode implementation is completed by the grimcoin developers, the exact amount of Grimcoin for hosting will be released.
For anyone looking to trade Grimcoin, as of the time of compiling this article, it is listed on two exchanges. These are Stocks.Exchange and Trade Satoshi. Although more rise in the value is expected in 2018, the value of GRIM is around $0.002333. Grimcoin also has a total market capitalization to the tune of $263,000.
Like most of the available cryptocurrencies available, purchasing Grimcoin is not as direct as exchanging for fiat currency. You first go on to purchase Bitcoin before you can exchange the Bitcoin for GRIM on any exchange offering the coin.