Take this journey with me, as I share with you my knowledge about this amazing coin I have stumbled upon, called SmartCash.
What is Smartcash?
SmarCash is a relatively new crypto, launched about eight months ago, forked from ZCoin, with some very ambitious goals. Unlike STEEM, they are not an inflationary coin. You can mine SmartCash. At the moment, as per coinmarketcap, there are 1,398,005,749 SMART in circulation with the maximum possible number of coins being 5,000,000,000 SMART. At the moment, they are ranked around 80 in Market Capitalization.
SmartCash has a very clean looking and user friendly web wallet, as well as desktop wallets. They are merchant oriented, focusing on providing fast transactions(instant pay), they reward HODL, using a smart rewards system and they have a very promising road map. For general information about the coin, visit https://smartcash.cc/
Smartcash community on Steemit
One of the best things about SmartCash is community. They are active on redit, discord, twitter and STEEMIT of course. What caught my eye, were @flauwy posts, here and here, about this coin and its immense potential to be adopted by the STEEM community. You can start getting involved with SmartCash here on steemit by posting about this currency and get rewards. I will not be getting into details about the rewards system, as you can read all about it here, here and here.
Why invest?
I am very new to the crypto world and to be honest, I don't have the kind of liquidity required to invest in some of the bigger coins out there, so I am looking for up and coming ones that have the potential to be great. I have neither the skills nor the time to day trade, so for the moment I am a HODL-er. SmartCash is my second investment, after my initial STEEM purchase. I am very hopeful about these two, I believe they have a very bright future. I love coins that have a well defined use case and I also love that both STEEM and SMART offer passive income. As far as STEEM's passive income, there are many avenues that optimize this income. I went the route of bidding bots, and created @slimwhale. SmartCash offers a passive income to everyone that holds at least 1000 SMART.
Smart Rewards
This I believe is the best thing about SmartCash and it will be a key driver of long term growth. To put it simply, it is a system that rewards investors and long-time holders. In order to qualify for this, you need to have at least 1000 SMART in your address and hold it from the 25th of each month (that's when the snapshot happens) to the other. Your wallet will be credited proportional to your holding. The amount depends on how many coins were mined during that month. So how much you ask? Generally speaking, 15% of the new coins generated in the blockchain will go to this and be divided among eligible accounts.
Still not convinced?
There are many exciting cryptos out there and the recent market dip has presented us with some very exciting investment opportunities. I strongly believe SmartCash to be one of these. The decentralized architecture, the instant transactions and all the projects outlined in the road map make this coin a sleeping giant. The all time high for SMART was at around 2.8 USD and when the market recovers we will definitely surpass that price point. In the meantime, you can invest and start earning those passive rewards I was mentioning or start making Smart here on steemit using @smartcash!
How to purchase SmartCash
Purchasing SMART is as easy as buying STEEM. All you need is a SMART wallet and some other crypto, bitcoin for example. Than go to cryptowolf and exchange your bitcoin for SMART. It's as easy as that, no account needed, a system that is similar to blocktrades. Here is a step by step process:
Step 1: buy bitcoin
I won't go into much detail here. Lot's of folks own bitcoin and you can find a lot of tutorials on how to exchange fiat for bitcoin. A popular solution to buy bitcoin is coinbase, as they offer a very quick solution. For some reason, coinbase cannot be used with banks from my country, so I use cryptopay. It is just as easy to buy bitcoin using their service and I have used them multiple times with no issues.
Step2: navigate to cryptowolf's interface for buying SmartCash
As I mentioned, I believe that cryptowolf has the most hassle free method of buying SmartCash. On cryptowolf main page scroll down and you will see a section aptly named Buy | Sell SmartCash:
Click on that and you will be redirected to a simple form. You will need to fill the Deposit coin. You have multiple choices here, I used bitcoin for convenience. In the receive field, choose SmartCash. Then input the amount of BTC you wish to exchange. The amount of smart you will receive will auto fill. The next steps are important! You will need to copy paste your SMART address in Receiving Address ID field and your BTC address in the Refund Address ID input field. If for some reason the transaction fails, you will receive your BTC back to that refund address. This is how the form should look like at the end:
Click next and you will see the BTC adress were you will need to send the funds. Send the funds, click and that's it! Wait for the transaction to finish and you will receive your SmartCash.
FInal thoughts
I hope you are excited as I am about SmartCash. I wanted to express my feeling about this coin and present you with some useful info at the same time. As with any other crypto, remember to not invest more than you can afford.
Sources
I gave used @flauwy meme entry as the thumbnail for this post, I hope he does not mind. You can find a link to that post here