Over the past few months, we have written about various investing strategies – some that protect your downside – and others that take advantage of catalysts. The two mentioned can be used together and tend to do much better in a bullish market. But what do you do when the market is trading sideways like it currently is? You could make use of a bot and scalp multiple times per day, you could try and time a spike based on volume, or you could utilize a masternode.
I have mentioned masternodes before in a previous article and on a podcast episode, both times promising to show you have to set one up. I have been on a mission to setup my own masternode since I first wrote about it and I’m here to tell you that I found a solution that makes the installation of a masternode REALLY easy.
I was browsing through my Twitter feed as I do every day and I came across GINcoin. I can’t remember why it caught my eye but as I look at their Twitter profile banner I think I know what it may have been – “EASY MASTERNODE SETUP”.
Before GINcoin came along, the standard requirements were:
- Required # of coins as collateral
- A computer to run the wallet
- VPS (Virtual Private Server)
- Unique IP address
- Ability to enter prompts into the Command Line
The last item on the list is typically the biggest challenge for those attempting to setup a masternode and that is precisely where GINcoin comes into play. All you have to do is send them approximately $12 per month in BTC or BCH (GINcoin coming soon) and they take care of the VPS, Unique IP address, and Command Line Prompts.
On their Discord they have a really helpful installation video.
Keep in Mind
As you can see it’s as simple as following their instructions. While the GINcoin product is great, you will need some patience because there are a few steps that require a few minutes of waiting.
The first struggle I encountered before approaching the GINcoin installation process was finding a token, more specifically the token’s wallet, that was built for a Mac. Most token wallets are built for Windows machines. The GINcoin platform actually has many masternodes available that have wallets compatible with a Mac.
Many of the masternodes available on the platform are smaller projects with low volume on exchanges that you’re probably not already using. I have installed 5 masternodes using GINcoin so far and most of the tokens have been available on https://graviex.net/. Since the volume is low, you will need to break up those buy orders so that the order gets filled.
The last aspect of the installation that may come as a surprise is that even though the GINcoin platform is a simple step-by-step process, the transaction confirmations still take the same time as they normally would. For example, right now I am setting up another GINcoin masternode and most of the process I completed within 5 mins. Then, I get to the collateral transaction confirmation step and it is has been over 20 minutes so far.
All in all, I think what they’ve done here is great. While everyone is speculating on when BTC will be above $20k, I’m steadily collecting payments to my wallet all while I’m out at a bar, or watching TV. BTC will eventually climb back up to higher numbers but while it’s trading sideways, these masternodes are paying the bills.
If you’re unsure about investing in something not widely known like BTC, ETH, LTC, etc, there are cheap, low risk options. At the moment you can get a LuckyBit masternode for about $150. While the setup is easy, you may find that you have questions and that’s okay! They’re really helpful in Discord.
To check out what masternodes they have, go here. Then, to check out what the returns look like, go here.
Give ‘em a shot and let me know what you think in the comments below!