What Is Mincoin?
Mincoin (MNC) is a cryptocurrency that was launched in 2013. It is an alternative to Bitcoin, with a few key differences. Mincoin uses the scrypt algorithm for mining and has a block time of only 60 seconds, compared to Bitcoin’s 10 minutes. This allows transactions to be confirmed much faster than other cryptocurrencies. Additionally, it has lower transaction fees than most coins and its total supply is limited to 84 million coins – four times less than Bitcoin’s maximum available coins at 21 million.
How Does Mining Work?
Mining Mincoins requires specialized hardware such as GPUs or ASIC rigs which can handle the intense computational power needed for this type of coin. The process involves verifying transactions and adding them into blocks on the blockchain ledger; miners are rewarded with newly created MNC when they add new blocks successfully onto the chain. Because of its short block time, miners must work quickly in order to solve complex mathematical problems and generate new blocks before anyone else does – thus earning rewards from each successful addition of a new block onto the blockchain ledger.
How Do I Buy/Sell Mincoin?
The easiest way to buy or sell any cryptocurrency is through an online exchange such as Coinbase or Bittrex where you can purchase MNC using fiat currencies like US Dollars or Euros directly from your bank account or debit/credit card. Alternatively, you could use decentralized exchanges such as Bisq which allow users to trade cryptocurrencies without needing personal information associated with their accounts – allowing for more privacy-conscious trading activity if desired . Lastly, peer-to-peer marketplaces are also becoming increasingly popular; here users can connect directly with one another via forums like LocalBitcoins in order find buyers/sellers who accept payment methods that suit them best – including cash payments in some cases!
