Starting From the Begin - SmartCashsteemCreated with Sketch.

in smartcash •  7 months ago

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It appears that in an eagerness to join #smartcash for "the masternodes craze" based on our posting or maybe enticed by the perceived promise of the #smartnodes, and our obvious passion many have failed to take advantage of

the major benefit of the information age - easily available information, access to read readily available information

Smartcash has a website: https://smartcash.cc/ On here there are links to every aspect of smartcash' ecosystem in details communicated in simple language. If having read everything you can you still have some question then in the top right hand corner of our site are links to our social media groups


SmartCash' website with links to all topics


If for some reason you are more fluent in another language, that is no problem we have got you covered. The #smartcash website is also available in many languages. If we have not translated to your language yet then this is a good time to get a translator added to your browser to translate to your desired language.


SmartCash website available in various languages

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Now that we have shown you where to get accurate information in your desired language, it is time to go back to the begin.
Smartcash is NOT

  • An ERC20 token.
  • Not on another coins platform or blockchain - Smartcash has its own blockchain, explorer and ecosystem
  • It is not a staking coin - all smartcash comes into being from the activities of the miners -POW mining
  • Will not work with any other coins wallet

#Smartcash is a GPU mineable cryptocurrency, that is mined using the keccak algorithm. This means your ASIC miners for Bitcoins or Litecoins will not mine smartcash. To mine smartcash you will have to get the relevant miner and configure with the relevant values. More detailed mining information to get started in Get SmartCash menu on the site.

One of the main attractions for many including myself to smartcash is the smartrewards. You would think that seeing this is a major draw to smartcash everyone who has invested in smartcash especially one who has gone all the way to setting up a number of nodes will at least take time to understand the primary workings of smartrewards. Sadly this is not the case so I will break it down again.

SMARTREWARDS Important Facts

DATE
25th of every month - Why is this important?

  • This is the date that determines what amount is used to calculate your smartrewards
  • This is the date of the snapshot - You MUST have a minimum of 1000smarts to earn a smartreward payout
  • 25th to 25th of the next month - This is the period in which you do not withdraw, or take out or move to another address to remain qualified for a smartreward payment
  • 25th is the day all obedient smarties are rewarded with smartrewards and the next circle starts.

A simple definition of a withdrawal if it reduces the previous balance for a even a fraction of a second and is a record on the blockchain

AMOUNT
To talk about amount I have to first of all check the understanding that there is no difference between Wallets and Addresses An address can be likened to an account which has its transaction recorded on the blockchain. A Wallet is a collection of addresses. This means your desktop wallet has about 1000 smartcash addresses ( I understand more can be generated if you used them all up. I have not tried that yet). Why is this relevant? SmartRewards are earned for holding at least 1000 smarts in a single address that you control the private keys
If you have bought smartcash at various times to build your holdings. There is a high probability you may have used different addresses.

Looking at your wallet balance you will see a large balance which you expect to qualify you for smartrewards only to be disappointed month in and month out now you are convinced it does not work or worse still its a scam


Take time to look at your transactions list, if your coins are fragmented across many addresses send all to one address or several ensuring each address qualifies -1000 smarts or more, then wait to see the compounding effect of #smartrewards.

WITHDRAWALS
There is an old saying You can not eat your cake and have it or a scientific Newton's law action and reaction are equal and opposite Both of these are true for qualifying for swart rewards.

  • You can not withdraw from an qualified address without missing out on a cycle of smartrewards
  • Action Withdrawal = Opposite reaction - NO SmartRewards

A lot of people who have failed to educate themselves throw tantrums, whine and curse when they find themselves on this side of the argument. You have seen me debate this point when I set up my first #smartnodes and more recently the last smartnode after the April's #smartreward's payments.

We may have all heard the saying "code is law" well the jury is still out on that, however with the rules around smartrewards that is the case. It is written into the code so unless the code changes your expectations for how it should work and forgive your errors would not cut it. No kicking and biting will help your case just wait for the next cycle and remember that anyone who would build a house must first count the cost.

CONCLUSION

Information is available out there ignorance is no excuse, while out there in the world you may have a lawyer plea your case here in the crypto space there is not always that option to recover from some errors. Get yourself educated on the basic of bitcoins, cryptocurrencies and blockchain understand it, a good resource I used was the 99bitcoin.com video series. If that is too technical for you go on YouTube and find one that suits you, there are even 6 year olds teaching about this!

Finally, if you do not understand it enough to communicate it to another person DO NOT INVEST, study until you do.


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Learn More About Smartcash:
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@Nitego

Thank you for visiting me. Do you have any tips and trips to share? I like to hear from you all. Please leave a comment, upvote and resteem

My Smart Address: SXYEPzkF9QBsKnyFQwJVdZwe5rJsL94Re9

Please Read My Other Articles
Spring Resolution - Keep Walking
SmartReward and Node Reward = Another SmartNode
Smartcash in my preferred upvote on Steemit
The Face of Kindness
New Hardware Wallets - Coming Soon
BarterDex - Trading with SmartCash
My SmartNodes Update - 60 Days
Kaspersky Lab Hardware Wallet - First Impressions
400 Followers Celebration Contest - SmartCash Giveaway
Reaching My Goals On Steemit - Weekly 250
When a Dip is not really a Dip
EOS Registration Deadline Approaches -Tips for Trezor Users
Anarchaforko First Time Experience - Notes from Acapulco
Smartcash RoadMap Updated
SmartCash Coming To A Shop Near You
SmartNodes - Stay the Course
It's Raining Smartcash
When the going Gets Tough
How to Invest in SmartCash part 1 -for Non Geeks
How to Invest in SmartCash part 2 - for Non Geeks
Introduce your Teens to smartCash
SmartCash Coin of the Future

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Thanks for the post @nitego. I recently made my first investment into Smart Cash. The idea of running a Smart Node, like you mentioned, is very attractive! I still don’t have the minimum investment yet, but will be there soon. Until then I’ll try to collect the Smart Rewards. Thanks again for the post! Resteem

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@brettcalloway thanks for reading my post and the resteem. That was completely unexpected. With regards #smartcash I too started by building my rewards till I had enough for a node. It helps to understand what you are getting into, for example new nodes now have an initial waiting time of at least 20days before they can qualify for node rewards. Node rewards on the other hand comes at a frequency determined by the total number of nodes on the #smartcash network.

Thank you! Smartcash has a spectacular future in store. With so many competing currencies, smart is set apart, it has unique features unlike any other.

Information is available out there ignorance is no excuse

This is so true. If you can't find an answer on the website, there are plenty of enthusiasts that can answer almost any question. @ironshield

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Σ$$$ Tipped @ironshield Σ5 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.146 USD per SMART. Current value of the tip is $0.73 USD. To find out more about SmartCash, please visit https://smartcash.cc.

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Thank you @cryptoscout, that's awesome! I feel smarter already! @ironshield

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Glad to be of help.

Such detailed articles are a gem in our community. Great job! :)

Congratulations on the best article of the week always a pleasure to read your articles and to be part of a community with so many interesting and motivated people. Much love @cryptoscout.

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@cyptoscout I just realized I won! I assumed you where giving your opinion. Thanks.

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I believe so... ;-)

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Σ$$$ Tipped @cryptoscout Σ70 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.146 USD per SMART. Current value of the tip is $10.22 USD. To find out more about SmartCash, please visit https://smartcash.cc.

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Thank you so much @smartcash for taking me so many steps closer to reaching my 1000 Smart.

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@crptoscout Congratulations to you too. Well done.

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Thank you.

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Σ$$$ Tipped @nitego Σ300 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.146 USD per SMART. Current value of the tip is $43.80 USD. To find out more about SmartCash, please visit https://smartcash.cc.

I was doing some research on coins that could bringing in passive income by setting up nodes and found SmartCash. Interesting write-up and I shall keep studying on it.

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@fr3eze Thanks for visiting my blog. With #smartnodes you get 2 income stream

  • Smartrewards (every address with at least 1000 smarts get a share of the 15% blockreward paid out on the 25th) To qualify address must hold the smarts from the 25th to the 25th monthly with out withdrawals
  • NodeRewards 10% of the blockreward shared among all the #smartnodes. New nodes have an initial wait time of about 20.5 days. After this time they qualify to earn node rewards. The more the nodes the less the frequency each node would get paid. The current frequency is about 9 to 10days. If you have more question ask and i would respond.
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New nodes have an initial wait time of about 20.5 days.

Means I have to wait for 20.5 days to receive my first noderewards?

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yes to qualify and from there the usual wait time applies. So you could get paid on day 21 or 25. This process is still new so I have only done it once. I am current on day 10 of my initial wait.


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I don't like when I got nodes rewards and when I want to form another node I lose rewards on all nodes.

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@oldtimer thanks for visiting my blog. I fully understand your not liking it. The fact is you do not miss out on Node rewards you still get that. It is the #smartrewards you miss for one cycle. In business its called opportunity cost The good thing is knowing this we can choose the best time to withdraw from our nodes just before snapshot or just after either way you will still have to choose which smartrewards to forgo.

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Thank you for the explanation.

I love how active the SmartCash community is here on Steemit and this grassroots marketing support is one of the reasons I really like the prospects of the coin.

Keep up the great work!

Great post, so much valueable information! You know we both share a love for smart cash!

I am a huge advocate of SmartCash. I can't wait for their new privacy coin!

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@sequentialvibe Me too! I wonder what other features we should expect.

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Σ$$$ Tipped @nitego Σ30 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.153 USD per SMART. Current value of the tip is $4.59 USD. To find out more about SmartCash, please visit https://smartcash.cc.

Congratulations @nitego! I got here through @smartcash's winners update.

I got a question for anyone here, is it possible to run smartcash miner on a regular laptop with NVIDIA graphics(GeForce MX150)? Thank you! @johannrandall

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@johannrandall, Thank you, and welcome to my blog. The best place to get answers for all aspects of mining is on the #smartcash discord- mining support. https://discordapp.com/invite/BDUh8jr
I really have no experience in this area.

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You're welcome! Enjoy the rest of the day!

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Very nice post @nitego , i have heard a quote which say "information learned is more valuable than information given" and i have been following this line of thinking.

Information is everywhere and it comes to us to learn more about it before any precipitate conclusions.

Thank You to post about this topic and to give more information on SmartCash characteristics and how SmartRewards works. I know it will shed a light in some people doubts and make their look for more information about it.