What is Iconomi?
A Beginner´s Guide to Buying, Selling, Using, and Mining Iconomi:
An In-Depth Iconomi Guide by Black Chip Poker
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We’ve all been approached by them. Portfolio managers. They’re the experts that handle the headache that is investing 401k’s and retirement plans. Money isn’t something to be played around with. And that’s why many let the experts handle it for them. It’s worth the fee if it means their money still grows and isn’t mishandled. It’s worth it.
The finance industry has changed more than ever within the last 10 years. With the explosion of cryptocurrencies and various stock market crashes, building wealth is a precarious endeavor. That’s where Iconomi comes in. It brings money managing into the digital currency age, helping out a lot of people in the process. It’s like a portfolio manager for your cryptocurrency investments.
What is Iconomi?
Iconomi (ICN) is an asset management platform for your cryptocurrency investments. It’s designed to be easy enough for beginners to use and sophisticated enough for experts to manage. The foundation of Iconomi is Digital Asset Arrays (DAA), allowing you to combine various digital currencies into a portfolio that allocates your resources in an advantageous way.
This platform provides users with easy access to purchasing assets, a lower entry barrier, and lower risk of investment due to the diversified asset management. Therefore, by purchasing Iconomi, you are letting network professionals use that purchase to invest in other cryptocurrencies, handling all the dirty work for you. Reddit and other popular websites are a great place to define the meaning of Iconomi.
Iconomi is also, by definition, a cryptocurrency in itself. A cryptocurrency is a digital token that represents a value of money. Cryptocurrencies are built on blockchains. Blockchains, by definition, are a digital ledger where the transaction history for a cryptocurrency is stored.
How Do I Buy Iconomi?
Sites like Kraken allow you to buy and exchange Iconomi tokens (ICN) and the process is relatively simple. After creating an account through an exchange site, choose Iconomi as the desired coin and generate a new address for the coin. Once inside your Kraken wallet, you’ll be able to trade for Iconomi using either Bitcoin or Ethereum.
Buying Bitcoin and Ethereum has become increasingly more simple. Sites like Coinbase make the transaction for Bitcoin or Ethereum remarkably easy. Even Bitcoin ATM’s exist, allowing you to buy the cryptocurrency with cash or credit card. Always be sure to watch the exchange rates to make sure you are getting a good deal on the coin. Also, it’s always recommended to test the transaction with small amounts to make sure everything is working properly before making large purchases.
How Do I Turn Iconomi Into Cash?
Ready to turn your Iconomi coin into cash? This process is also pretty easy and is also available through Kraken. After inputting your wallet address into Kraken, choose the sell feature to exchange your Iconomi back into Bitcoin or Ethereum. You can see that it’s just as easy to convert your Iconomni into Bitcoin as it was to purchase it in the first place. Once that is completed, you can head back to Coinbase in order to cashout your cryptocurrency into the fiat currency of your choice, like USD or GBP. Once that step is completed and the funds are in your bank account, a trip to the ATM will allow you to withdraw your newly acquired funds.
How To Use Iconomi?
There are two primary ways to use Iconomi. The first is as an asset management platform that helps you diversify your digital assets in a single portfolio. The platform allows for both experts and novice cryptocurrency investors alike to share success stories and strategies for investments.
Iconomi’s Digital Asset Array provides two options for users. They either can sign up as investors or managers (coming soon). Investors look at performance and market caps of the price of various coins and decide which to buy and sell based on the value. Managers will be able to work on other people’s portfolios, managing them like financial advisors do, a process we’re already familiar with. Because the tokens have real value, they can also be used to purchase regular items, be traded, or even be used for Iconomi poker.
The second way to use Iconomi is to invest in the coin itself. By purchasing and investing in Iconomi, you are storing a currency in your wallet that may grow into a healthy return on your initial investment. Investors watch the exchange rate of Iconomi into other currencies to determine when it is time to buy or sell.
What Is Iconomi Mining?
Iconomi cannot be mined in the traditional sense like Bitcoin and Ethereum. There is no proof of work or proof of stake algorithm. Rather, Iconomi is a token that allows participation in the Iconomi platform, which distribute investments into digital assets. ICN have value based on the overall portfolio. Users who want to mine can do so through Bitcoin and Ethereum, and then transfer those mined coins into ICN through exchanges (see above).
How To Mine Iconomi?
Since Iconomi cannot be mined, in the technical sense, the best way to ‘mine’ for Iconomi is to start a mining operation for either Bitcoin or Ethereum and transfer the proceeds of your mining endeavor into ICN. Miners can use a calculator to determine profitability, and then begin mining using a computer with a fast processor called a GPU.
Mining can also be done through cloud-based mining services. By creating an account and choosing Iconomi as your blockchain, you can begin to do the actual work of mining.
How Will Iconomi Scale?
It’s important to know how a coin will scale. As more people buy, trade and sell a coin, the platform has to be able to handle the number of transactions taking place. This growth is called scaling. You can see how necessary scaling discussions are by looking at the price chart of Iconomi and seeing how it has grown. Due to low overhead, Iconomi should scale well with its growth and be able to handle the large number of transactions that will come its way.
Iconomi is meant to be your one-stop-shop to enter into the cryptocurrency investing world. Instead of paying a financial advisor, you can simply purchase Iconomi and let the experts use that to grow your altcoin portfolio. The way people are building upon cryptocurrencies continues to expand and evolve, Iconomi is just one example of that.