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Diversify Your Crypto-Portfolio and Stake Moon Coin (MOON)
Published by Marty Bostick — 06-11-2021 06:06:12 AM
Moon Coin (MOON) is a cryptocurrency that has been around for over three years. They recently launched their new app, Moon Money- which will make it easier to buy and sell MOON coins. The app also makes it possible to stake your MOON in order to earn more coins. Staking crypto allows you to mine without having the need of expensive mining equipment or electricity costs. If you're interested in diversifying your portfolio, then read on!
1. What is moon coin and staking?
MOON has been around since 2014 and is a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS). This means that you can earn MOON coins by staking or mining them. Staking your crypto allows you to mine without having the need for expensive equipment or electricity costs.
2. How to set up a wallet for staking on the moon network
First, download the MOON wallet from mooncoin.com
Now click 'Create a new account.' You will be asked to create your username and password for staking on the network. After signing up you can choose how many coins you want to stake in order to mine them through staking or by mining with hardware like GPUs/AS
3. Some Benefits of stake mining with the moon coin network
+ You don't need expensive equipment or electricity to mine
+ Your coins will stake as you store them in your wallet, and the more they are staked for longer periods of time, the greater chance they have of being rewarded with MOON
- The moon network is not a high level security blockchain
- It's important that users keep their personal information and passwords safe because if someone gains access to your account it can be emptied. All funds from this account would then be transferred into another person's MOON wallet. (This happened on July 22nd)
These three points all sum up some benefits and drawbacks associated with mining moon coin through staking or by using hardware like GPUs/ASICs. Now we will look at some risks associated with it...
4. Some risks associated with stake mining and how to mitigate those risks
- Risks associated with non-MOON coins
There are risks that come from using other currencies. There is a chance that the currency will go up in value and you could lose money. One way to mitigate this risk is by converting some of those funds into MOON so it's still invested but not as much as before. Another way to mitigate this risk would be to only use cryptocurrency wallets for staking or mining instead of exchanges, which can result in hacked accounts less often than if your coins were on an exchange
- Hardware failures
Hardware failure may also affect the user's ability to mine their moon coin through stake, resulting in them losing all their balances because they couldn't make any transactions
5. The future of Moon Coin development, including upcoming features and updates
The future of moon coin is bright because they are always adding features to the software
Moon Coin (MOON) was originally launched in October 2014 as an open source project with no premine or ICOs. It uses SHA256D ASIC resistant hashing algorithm for mining which makes it more decentralized than coins like Bitcoin where GPU's dominate mining operations
It is important to remember that crypto currencies are high risk investments and can result in losing all your money if you don't take proper precautions before investing. This includes diversifying your portfolio by buying different cryptocurrencies such as MOON, hardware failures preventing stake from failing during the process.
If you want to diversify your portfolio of cryptocurrency then staking moon coin is a good option. The reason for this is that it offers rewards with no risk and has the potential to go up in value if there are more people investing in it. It’s also a great way to get into crypto without risking too much money on one currency which can make or break an investment, especially when Bitcoin is currently so volatile. You don’t have anything invested yet? Then what are you waiting for? Get started today!
About Marty Bostick
So I guess one of the hardest things to do is write about who you are and what you actually do. I mean, it sounds easy, but it actually isn’t when you get down to it. Here goes… My name is Marty Bostick (Martin when I was in trouble as a kid). I’ve been a full-time career IT professional in the database management discipline since 1989, but I’ve been a hardcore entrepreneur and Internet Marketer since the mid 90’s. I currently run a Telegram Group as a Crypto Team Build where I train others on how to earn crypto the right way. You can be part of it as well here: https://t.me/cryptoteambuild I’m married with three grown kids and three grandkids. I’ve probably done just about every facet of IT work that you could possibly think of and my nickname is to most of my friends is “Nerd Herder” ???? I am also an info-product creator with a few successful product launches under my belt now and always working on the next one.