Jump to content

ILCoinDev

Members
  • Content count

    45
  • Joined

  • Last visited

About ILCoinDev

  • Rank
    Member

Profile Information

  • Wallet Address:
    1MynKLdJ6ng6Vhnt6hvapz9sbjeBxcJdXz
  1. ILCoinDev

    ILCoin

    Do you know about the new ILCoin/Bitcoin wallet? Check it out! We made it compatible for both cryptocurrencies in anticipation of our upcoming Smart Contract release later this year! https://play.google.com/store/apps/details?id=ilcbtc.wallet
  2. ILCoinDev

    ILCoin

    YOU CAN MINE BITCOIN ON YOUR LAPTOP Or, any other cryptocurrency you want to mine… Of course, your mining results will always depend on the variables such as internet connectivity restrictions, power consumption and local costs, the laptop you are using for mining, the mining software, the value of the coin, the mining difficulty, ect… Having said that, it is completely reasonable to mine about ten cents (USD) of Bitcoin in 24 hrs using a mid-ranged laptop and a downloadable program such as NiceHash. The bad news comes in the form of maintenance costs. Electricity costs and computer degradation are the biggest of these costs. Not to mention the computer will need to perform that task 24/7 and thus will be a dedicated computer for that task… There is, however, an easier way. Cloud mining using a service that provides its own specially-tuned mining processors and cloud mining software is a potentially rewarding solution. Cloud mining eliminates many of the negative aspects of mining cryptocurrency while providing a viable way of investing money into mining coins; particularly cryptocurrencies that have a large per-coin value. Of course, you will have to do your homework before you begin trusting your hard-earned money with potential scammers or Ponzi schemes. Investigate the company and find out what people are saying about them.
  3. ILCoinDev

    ILCoin

    DIFFERENCE BETWEEN A CRYPTOCURRENCY AND A TOKEN If you go to a state fair, you use currency to buy tokens to ride the rides. Those tokens are only good for attractions at that particular fair and are non-transferable for the fair in the next state. They are not worth anything at the nearby theme park nor are they valid at the subway. They serve one purpose and one purpose only at a single location. In most situations, you cannot even return the tokens you did not use for a refund of your money. You could, however, sell the tokens you did not use to another buyer. The buyer should be well aware that they are only worth something at that event and their value is not translatable to anything else outside that location. Using this example, we can see that the currency has value even without the token; it may be used in many places. The token only has value in a specific place, but that value is totally dependent on the value of the local currency. With this in mind, you can easily see the difference between cryptocurrency and tokens. Many times, even on cryptocurrency exchange applications, the difference erased and the terms are used interchangeably.
  4. ILCoinDev

    ILCoin

    2FA Two-factor authentication (2FA) is when you have a second, completely unrelated account somewhere else that is tethered to your primary account for confirmation of changes made. Let’s look at an example: Email 1 is used to create an exchange account. Email 2 is set for 2FA. Every time a change is made to the exchange account email 1 was used for, a message is sent to email 2 requiring extra action to confirm the change was intentional. Changes could be sending coins, purchasing coins, logging in, logging in from another IP address, or a variety of other reasons; usually 2FA is configurable. The trick to making a secure 2FA account is to combine 3 different elements: knowledge (something only you know), possession (something only you have), and inheritance (something only you are). A smartphone (possession) that unlocks using your fingerprint (inheritance) and utilizes an application that gives a random 2FA code (knowledge only the person observing the phone will have) can combine all three of these factors. Practically any type of account can be tethered to the account requiring two-factor authentication. In fact, the further derived the secondary confirmation account is from resembling the primary account, the better. It is more secure to have a mobile application for 2FA if the primary account is connected to an email and vice versa. However, there is a dark side to this security. If you have been reading all of the other posts, by now you will know that convenience is not secure. Be forewarned that making an account too secure may cause it to become an inconvenience. You should investigate the recovery process for a 2FA-secured account before doing business with the exchange. If you lose your smartphone (or it becomes otherwise inaccessible through theft, destruction, or other means) and the only 2FA tether is by means of an application within said device, you may have a difficult time convincing the exchange that you are the owner of those cryptos contained within their exchange.
  5. ILCoinDev

    ILCoin

    HOW TO AVOID GETTING SCAMMED So, you’ve found a decent cryptocurrency you are sure you want to invest your money into. Now, let’s discuss a few ways to keep that investment secure. You can never fully trust online security with your money. We are living in a technological age. Perhaps the security is near flawless, but even your own computer can betray you. Anything from cookies, keyloggers, or maybe even an unintentional click could land you in some hot water. For purposes of this article, let’s assume your computer is safe to use (no malware to steal your data and you have a good firewall/antivirus). The thing you must always remember is this: It can be convenient, or it can be secure. Convenience and security are complete opposites. If it is easy for you, it is going to be easy for anyone who wants to steal FROM you. It may be convenient to store all of your passwords in one file stored on your desktop, but it will also be easy to retrieve all of your passwords if a hacker put forth the effort to get just a single file. Remember, convenience is not secure. The first step to financial security is always going to be Two-Factor Authentication (2FA). I know. It’s an absolute pain… but a necessary pain. 2FA is when you have a second, completely unrelated, account somewhere else that is tethered to your primary account for confirmation of changes made. The next article will be written regarding 2FA. Another piece of sound advice: Don’t keep money on exchanges. People are losing millions and millions keeping money on exchanges that become hacked. I can hear the rebuttal now. “But if I don’t keep the money on the exchange, I have to pay the transaction fee twice and wait twice as long to make a transaction because of the mining confirmations.” Convenience is not secure. Keep a small amount you could potentially stand to lose on the exchange. The majority of your money should be kept on a wallet that is offline, or at the very least, not related to the any exchange; such as our ILCoin web wallet. Send increments to the exchange’s wallet when you need to recharge it a little. Never share your private key. I know this one sounds obvious, but you’d be surprised how much this occurs. I wouldn’t even give a back up of my private key to my wife. Why, you ask? You know the importance of that key, but she may not. Also, keep your finances stored on different devices within different wallets. “But then I can’t see how much I have in total. Or I will have to make many different transactions from many different wallets on many different devices to make different purchases!” Convenience is not secure. Use a hardware wallet or another cold storage option. Keeping your money connected to the internet at all times keeps your money connected to potential hackers at all times. If your money can not be transferred electronically without first connecting a device physically to your computer, you are eliminating a huge possibility for anyone to steal your hard-earned assets. Only someone there in the flesh could be a potential threat. This is where you store your investments; the cryptocurrency you plan on saving and watching grow. One more piece of advice: Don’t click on Google Ads. Google Ads are usually the first search result at the top of the list in a search utilizing the Google Search Engine. They are paid ads that are disguised as search results ensuring they will appear at the beginning. Most people believe that the search results are in order of relevance, and the ads take advantage of this fact. Convenience is not secure. Double-check the URL of any search result before accessing the web site. It could be linked to a site that installs malware just by visiting the domain. In fact, don’t click on anything that you aren’t specifically using or aren’t sure where it goes to. This includes banner ads, search results, and other kinds of re-direct hypertext links.
  6. ILCoinDev

    ILCoin

    IS CRYPTOCURRENCY A MONEY OR AN INVESTMENT? …or both? While originally designed to be used as an alternative to traditional currencies, we find that a lot of users involved with cryptocurrency do not spend it; instead, holding on to it as a means of investing money similar to the stock market. Investors will purchase them and follow their trends and market value just as they would the items in a stock portfolio. Most cryptocurrency users will utilize cryptocurrency as both an investment and a money; saving a large portion for investment purposes and assigning another portion to be spent freely. Some cryptocurrencies have seen the investors (not the spenders) as a dilemma. Not that it’s a bad thing to only invest in cryptocurrency, but without contributing to the liquidity of a currency, the overall value and usefulness can be affected significantly. To counter this, some cryptocurrencies have implored added features or gimmicks that promote spending and not saving. Recently, ILCoin has become a part of the FreiExchange market for cryptocurrencies. Freicoin is their resident currency and has a demurrage fee (1). “Demurrage forces freicoins to circulate at deliberately high rates. Separation of money's roles as store-of-value and medium-of-exchange allows money to flow when it is needed, in good times and bad.” The demurrage fee for Freicoin is a flat 5% yearly fee which is automatically deducted from each currency owner and is used to help reimburse miners. This will ensure owners of the coin will use the coin and not just sit on it and lose 5% each year. 1) http://freico.in/
  7. ILCoinDev

    ILCoin

    GIVING GIFTS THAT GIVE Birthday, Christmas, Mother’s/Father’s Day, Valentine’s Day, Weddings, House Warming Party, Baby Shower, Naming Ceremony of Child, Bayrams, Epiphany, Bar/Bat Mitzvah, Tet, and New Year’s Day are just a few of the occasions where gift giving flourishes. Depending on where you are from on this planet, different gifts are considered acceptable for different occasions. On most of these occasions, money is a completely acceptable, if not impersonal, gift. Giving the gift of cryptocurrency would be, in this author’s opinion, a step above a monetary gift of another kind; especially if the recipient does not know how to use cryptocurrency. It could spark an interest in them. They may want to learn all about how to use it if not just for the moment so they can convert it into a governmentally issued fiat currency. Even still, this creates more fluidity and daily volume for your preferred cryptocurrency thereby helping to increase its value. Or it could be that their gift of cryptocurrency suddenly doubles in value; effectively increasing the value of the gift they receive. This could, in turn, also stimulate the recipient to want to invest even more into their account. Watching their invested gift grow even further could motivate them to also give cryptocurrency to others. Advertisement by word-of-mouth is one of the most powerful ways to spread information about a product. Some words of wisdom for those considering giving the gift of cryptocurrency this year: Don’t give wallets to people you aren’t willing to teach about cryptocurrency. If you give the gift, be prepared to follow through with the learning experience. In the end, we all benefit from more people knowing about cryptocurrency. Regardless of who you give the cryptocurrency to, place an expiration date on the gift. Tell them they need to transfer the cryptocurrency to another wallet before a certain date. This will ensure they know enough about the money to create a new wallet and make a transfer. This will also ensure that anyone without an interest in the product won’t put to waste perfectly good coins. How will you prevent the coins from going to waste? Keep back up information (including the expiration date) about each wallet you give. If by that date they have not completed their end of the gift giving experience, there is a way for you to recover the funds. No, I’m not saying steal from your loved ones. I’m saying some people just don’t have an interest in cryptocurrency. This also helps to prevent a lost wallet if they lose the back up information. Remember, they are newbies just learning how to use cryptocurrency. This year, share your love for cryptocurrency with your loved ones!
  8. ILCoinDev

    ILCoin

    BACK UP YOUR WALLETS! It would be nice to collect the amount of money lost in cryptocurrencies. It isn’t even necessary to include the money from scams. Nor do we need to include the money from bad investments. To become incredibly rich, all that would be needed is the non-recoverable money people have lost while safely stored inside their undisturbed wallets; wallets that will remain undisturbed. Forever… Because the owner lost the password/private keys/storage device/mobile device/all of the above. An article has already been posted here regarding paper wallets. Many, many articles have been written in the past few years by many different authors covering how to safely store, back-up, and recover your wallet. You wouldn’t open a bank account and then neglect to write your transaction PIN down some place safe. Neither should you create a digital wallet for storing digital assets without saving the information some place safe. Back-up your wallets! Do it now! Store your password, recovery phrase, and private key some place safe. Or… store them each in different safe places. If using one of ILCoin’s online web wallets, do not forget to save your URL! We can not find it if you do not.
  9. ILCoinDev

    ILCoin

    SCAM COIN OR… SOMETHING MORE? How can you tell if it’s worth your time/money? The market cap of cryptocurrency as a whole has grown in the past year; it now stands at over 400 billion dollars. As that cap grows, the number of scammers has grown with it. More and more people are falling victim to cryptocurrency scams due to the amount of crypto newbies that are just getting started the cryptocurrency world. As such, it is difficult to decide which cryptocurrency or token is a good investment. The internet is full of people who believe they know a scam coin when they see one. Do some quick searching and you will see that when it comes to scams, everyone is an expert. There are even people who say every cryptocurrency is a scam, and they won’t buy anything unless it is with cold, hard cash. At the time of writing this article, there are over 1500 cryptocurrencies listed on coinmarketcap.com and not even ILCoin (it’s a conspiracy) is one of them. While it isn’t always clear which are scams and which are true cryptocurrencies, it is fair to say there are a few general guidelines which you should always take into consideration. Company name changes are a huge red flag. Some developers/development teams change their company or product name to accommodate for the latest news trend. ILCoin, in the past, was a commodity currency. Hey, it seemed like the right thing to do in a time when cryptocurrencies didn’t have anything backing them except someone’s promise that it was real. However, even though we have since-then changed our policy, earned an independent value, and undergone an internal shift in managerial structure, that doesn’t mean we change our name. ILCoin bought two years ago sold by ilgamos is still the same ILCoin today. When a company spends more on its public relations (PR) and marketing than it does on its development, you need to watch out. This is the kind of cryptocurrency that will have a website to sell you the crypto but will not even have a wallet online; much less an offline, mobile, or desktop wallet. ILCoin isn’t very widely publicized. While a heavy dose of PR is in our plans, we firmly believe that the development should be sound first. What would we promote? Promises? It is better we boast about our developmental achievements. Any time the investment strategy of a token or cryptocurrency heavily promotes recruiting your friends/family and promises to reward you for doing so, beware. There’s nothing wrong with a company wanting you to share the information about the company with the people you know. Word-of-mouth advertising is an incredibly effective way to spread news of your product. When you get guaranteed rewards for recruiting, that’s when it smells of trouble. As a developer of ILCoin, this author can testify first-hand how difficult it is for a cryptocurrency exchange market to put attention to your application to become a part of their site. There is an article written on that very subject called “Becoming Part of an Exchange Site.” However, not being part of an open exchange is considered a red flag. This is because the self-proclaimed cryptocurrency may not even have enough back-end development to be compatible with an exchange. An investigation should be undertaken before deciding whether or not you should place your trust in a cryptocurrency with this limitation. If you cannot find simple information about a company? You may be heading for problems. Without finding a company’s street address or information such as where they registered the blockchain, it would be unwise to become involved financially. Any time basic details are missing, there is a red flag. Depending on who you speak to, there are TONS of reasons more why you shouldn’t trust a cryptocurrency. Most of those reasons are grey areas and subject to bias. Others, are situationally-based or conditionally-based. For example: · Big Premine ILCoin is a centralized, decentralized hybrid and we do not allow outside mining. There is an article about it called “De/Centralization.” · Owners/Devs have big walles A lot of times, the development teams are early investors in their own work purchasing a lot of their own coin for next to nothing when it is first released. Is it wrong to believe in and invest in your own product? · Daily trading volume way bigger than market cap · Lack of website, or website down for days · Owners/Devs failed at one coin, created another Depends on the previous cryptos they were working on. Were they legit or scams themselves? · Coin uses same exact source code with same parameters like another coin Starting out with a source code that resembles another cryptocurrency isn’t a bad thing. An exact copy of said cryptocurrency probably is, but even ILCoin is based from the code of Bitcoin; highly modified, but based off of Bitcoin. · Scam warnings posts being deleted from the forum · Invisible team, No project Members of our team can be viewed on our website at ilcoincrypto.com. You may notice there are only three shown on the website. Not everyone who wants a job wants to be in the limelight. This author chooses to remain anonymous and go by the title ‘ILCoinDev’ because fame of any type does not suit me. · The company professes to be dedicated to a noble, altruistic cause There can be great causes out there, but make no mistake: No one works for free without expecting some kind of beneficial outcome. Cryptocurrency is a great idea and has changed how money works, but it is also a business. · The company’s operations are located in a foreign country It is hard to believe people put this on their list of red flags for a cryptocurrency. Everyone is a foreigner to someone. Americans are foreigners to Europeans. Europeans are foreigners to Koreans. With cryptocurrency being constantly penalized legally in an ever-increasing number of countries, sometimes the base of operations is best suited within another jurisdiction.
  10. ILCoinDev

    ILCoin

    DIFFERENCE BETWEEN COMMODITY AND FIAT MONEY The US Dollar is backed by two things: the US government and the people who believe it has value. In times past, the US Dollar was a commodity money; meaning, it had a physical backing of gold. If you wanted, you could even decide to exchange the currency for actual gold. Since about 1971, the US government stopped this policy due to the fact that, when times are tough, people horde valuable resources. If your currency is backed by a precious resource, such as with commodity currencies, the flow of economy slows drastically as people don’t want to let go of their money. Since the 1970’s, the US Dollar has been a fiat currency. As mentioned in the first sentence, it is backed by the value of the issuing party and the trust that it is worth something; not its worth in gold or silver. Since the Federal Reserve has more flexibility to control supply and demand of currency, it is more able to limit the impact of major economic shocks, such as the financial crisis of 2008-2009. It's fair to argue that the Federal Reserve's efforts to limit the impact of economic crisis could have unforeseen long-term effects, based on the additional money that has been put in circulation, versus a gold or silver standard that limits how much money circulates. However, using a commodity standard has historically had a much worse, opposite effect during crisis as people horde it. So long as the government can keep the balance of supply and demand stable, fiat currency is the better choice between the two. As cryptocurrency enthusiasts, we can take key factors away from this information. Cryptocurrency is much like fiat currency in that its value is backed by the issuing party and the trust in its users that it is worth something. It has yet to been determined whether its limited supply is a strength or a weakness in comparison to its fiat relative. In the beginning, ILCoin was backed by gold; following the golden standard. Now, it has severed that bond and has its own independent value and is backed by its community, development, and development team. We strive to make ILCoin revolutionary. Some of the upcoming developments (now in development) will be game-changers…
  11. ILCoinDev

    [GIVEAWAY]200,000 BitcoinToken Raffle

    @ILCoinDev
  12. ILCoinDev

    ILCoin

    BITCOIN IS ONYMOUS, ILCOIN IS ANONYMOUS If you get fiat currency as change from your grocery store, does it matter who had it before you? Knowing that money was previously used to purchase pornography, drugs, or used to pay someone for a corrupt deed, would you not accept it as change and use it to provide for you and your family? If you owned a flower shop and a known member of the mafia wanted to order flowers for his mother, would you turn away the business because the money might have been gotten through ill-gotten means? What the money was used for isn’t what matters. What matters is how you got it and how you use it. Attempts to limit the Bitcoin blockchain come about which have the intention of flagging accounts that are tied to “illicit” activities. Chainalysis, Elliptic, Skry, and now Bitfury’s Crystal are all such programs which have the aim of limiting blockchain activity. Bitcoin was built upon the idea that you don’t have to trust a person to receive money from them. The blockchain assures you will receive what is rightfully yours in a transaction. With a currency that has no borders, such as cryptocurrency, who is to say that money was gotten legally (or illegally) since not all laws apply to every country? ILCoin still believes in anonymity. ILCoin still believes that you have the right to trade with whomever you choose. It should be a freedom that all people can express. Our blockchain is completely anonymous and limits users from perusing around transactions. If you know the wallet address, you can monitor its actions. But, that is information privy to the users of the address. It is none of our business, or anyone else’s, where you get your money and how you plan to spend it.
  13. ILCoinDev

    ILCoin

    CLOUD MINING Do you know where Bitcoins come from? In a traditional economy, the governing body prints bills so that people have money. In currencies like ILCoin and Bitcoin, it is necessary to mine them to obtain them (SHA 256, POW). To do this, miners use a special software that solves complex operations and, in return, they are compensated with some cryptocurrency. This is the reward from mining (the block reward) and what causes more people to want to mine the currency. But it is not as easy as it sounds. Each time a block is forged, the mathematical difficulty of a block’s encryption increases. A PC or laptop - like the one you have in your house - doesn´t have the necessary power to mine cryptocurrencies for long. That´s why miners use special devices for this process. Avalon Miner, Antminer, or Ebit Miner are example names of special mining equipment. These devices produce a lot of hashing power and require a lot of electricity to work; making them expensive to maintain. This is the reason why cloud mining emerged. Cloud mining is the process of mining Bitcoin, or any other alternative cryptocurrency, utilizing a remote datacenter with shared processing power between any number of individual computing devices. This type of cloud mining enables users to mine Bitcoins or alternative cryptocurrencies without managing the hardware. In most circumstances, the mining rigs are housed and maintained in a facility owned by a company specializing in mining and cloud mining. Types of Cloud Mining In general, there are three forms of remote mining available at the moment: · Hosted Mining Lease a mining machine that is hosted by the provider. · Virtual Hosted Mining Create a (general purpose) virtual private server and install your own mining software. · Leased Hashing Power Lease an amount of hashing power without having a dedicated, physical or virtual computer. (This is the most popular method) What are the benefits? Here are some reasons why you might want to consider cloud mining: · No noise · No expensive electricity bills · No ventilation problems with hot equipment · Not technical issues with the mining equipment · Minor investment
  14. ILCoinDev

    ILCoin

    THE PRICE OF SHARING There are more than 2000 crypocurrency ATMs in the world spread out across 60 different countries. (1) Of those ATMs, over 900 support Altcoins. These numbers only stand to see a dramatic increase in the next couple of years. But what is the cost of interacting with them? That depends on the cryptocurrency you want to use. Matt Weinberger wanted to purchase $1 USD from a Bitcoin ATM in Las Vegas, United States of America. (2) After putting $11 USD into the ATM, he was told it still wasn’t sufficient enough to process the transaction. Due to the value of Bitcoin, the mining/transaction fee was about $40 – $45 USD at the time. Because Matt Weinberger wasn’t familiar enough with cryptocurrency, it caused him a bit a grief and a loss of $11 USD. A commonly parroted phrase within the cryptocurrency community is that Satoshi Nakamoto intended for Bitcoin to be “a fast, secure and inexpensive means of making payments without using the traditional financial system.” Although not entirely true, I can understand where the basis for this assumption comes from considering the original Bitcoin whitepaper states “The cost of mediation [of third parties] increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions.” (3) This would have been feasible to digest when Bitcoin was around the $100 USD value for each coin. Now, with the value soaring above $10,000, it doesn’t seem likely that Bitcoin can fill the niche for which it was created. ILCoin, while not yet distributed through ATMs, could be the perfect solution for filling every day transactions with mining/transaction fees averaging in the factions of a US Cent. We have the goal of making ILCoin available all over the world through ATM services. Our intention is to allow individuals as well as small and medium business to trade easily and cost-effectively using our cryptocurrency. (1) https://coinatmradar.com/charts/#cryptocurrency (2) http://www.businessinsider.com/buying-bitcoin-from-las-vegas-atm-2018-1 (3) http://satoshinakamoto.me/whitepaper/
  15. ILCoinDev

    ILCoin

    BTC OR XBT? What, if anything, is the difference between these two ticker symbols? There isn’t any difference in value because, at the same time, both ticker symbols are used to describe the same cryptocurrency. Both of them refer to Bitcoin (BTC) but are used interchangeably depending on the place you found them. For example, Bloomberg uses XBT as does xe.com. The reason Bitcoin is often shown with the ticker symbol XBT is because of the ISO 4217 (the standard for currency codes). (1) The “X” represented in the ticker symbol defines that the currency is a non-governmental unit. One could argue that the symbol should then be XBC because it is representing “Bit” and “coin.” Alas, this symbol was already in use. Hence, the final ticker settled at XBT. For now, they are interchangeable; XBT for regulatory purposes and BTC for everything else. https://en.wikipedia.org/wiki/ISO_4217
×