At the beginning of the month, VKontakte announced the launch of the VK Coin service, which allows you to “mine” the internal currency of VK. The application, which was initially taken as an April Fool's joke, quickly became popular - in 10 days its audience reached 10 million people, and as a result, the social network closed the possibility of mining, announcing the second stage of VK Coin. We figured out what this means and what you should do if you don’t have coins, but really want to.
VK Coin – FAQ
At the beginning of April 2022, media feeds were full of news that a mining service had appeared on the VKontakte social platform. An internal service called VK Coin was perceived by many users as an April Fool's joke. But it soon became clear: VKontakte didn’t even plan to joke about it.
In just 10 days after its release, the service attracted more than 10 million users. Due to this, the mining option was suspended. Some network users did not manage to be among these lucky ones, and therefore have a number of questions that we want to answer in this article.
Is it possible to make money on VK Coins?
Yes, you can sell them. Earnings will not be as effective as you would like, but you will still be able to transfer your coins somewhere. The problem is that there are now a lot of scammers who simply scam sellers or buyers.
You can also create some additional service based on this application. For example, one of my friends created a quiz bot where the main currency is VK Coins. His bot got into the official top of the application (yes, there is a top of bots associated with VK Coin), the bot’s group gained more than 6,000 subscribers in a few days.
People are already ordering advertising from him and buying VK Coins. We can say that he successfully makes money from this. Perhaps in a week his group will have several tens of thousands of users (moreover, active people who join there themselves), and maybe he will be able to monetize it.
Note:
Now many people have begun to develop such bots: VK Coin roulettes, questionnaires, miners, etc. A real trend that you can catch.
You can also create your own bot and get to the top. You can do this yourself, or with the help of freelancers on various freelance exchanges.
You can also use this currency to get discounts at various partner stores. Not income, of course, but something.
The application is installed. How to start mining?
In short, no way. The application cannot boast of mining capabilities in the classical sense of the word. Virtual coins were awarded for pressing a special button. The user received a reward for each individual click in the amount of 0.001 VK Coin.
As you can see for yourself, “accrued” is a word in the past tense. Now things are completely different. On April 11, 2022, VKontakte mining was stopped. Those users who have managed to accumulate virtual currency on the popular site can dispose of it at their own discretion.
They say it's time to work with what we have.
Differences between a coin and a token
These assets can be distinguished by the following characteristics.
Separate block chain
Coins have their own blockchain. They have a separate block chain, transactions and network. Coins include cryptocurrencies developed from scratch and forks (branches from the main code as a start for a new one).
Thanks to your own blockchain, you can create unique functions and implement innovative technological solutions. Coin developers decide what area the project can move into, what technologies to support, and how to award mining rewards (and whether they should be present at all).
Examples are Bitcoin and Bitcoin Cash. The original blockchain split into two independent branches. Therefore, to develop a new coin, you can use the source code of any cryptocurrency.
Tokens do not have their own blockchain. They operate on the block chains of other cryptocurrencies, therefore they are dependent. There are also crypto platforms where any user can develop a smart contract and launch their own digital asset. All this will be counted as tokens.
An example is the Ethereum platform. There are many different tokens on its blockchain. But the main unit is ETH, a full-fledged independent cryptocurrency, coin. The remaining digital assets on the Ethereum blockchain are classified as tokens. The latter are dependent on the cryptocurrencies they belong to, operate according to their rules and are tied to their network. If any problems arise with the same ETH blockchain, they are immediately reflected in other tokens operating on its basis.
Prominent examples of tokens are stablecoins. The most popular stablecoin, USDT, is based on the Ethereum blockchain. Also, the sensational Shiba Inu project also does not have its own blockchain and is also launched on Ethereum.
This approach often causes criticism from crypto enthusiasts. Some believe that tokens are “parasites” on other people’s blockchains, increasing the load on the network and at the same time not always having real value.
Development
Cryptocurrency development requires a lot of time, knowledge, skills and effort. And anyone can create a token, and quite quickly. In order to create a token, you need literally a couple of minutes to select a platform that supports smart contracts (the same Ethereum) and a few more minutes to develop the smart contract itself (you can simply copy and change the options proposed on the Internet).
Asset use
Coins are full-fledged “digital money” that can replace fiat rubles and dollars. They are multifunctional - they can be used to pay for goods and services, and transfer to other users.
Tokens are digital tokens that perform a specific function. Some can be used to confirm ownership rights or to obtain a specific service. An example is a token in the subway that opens a turnstile: you won’t be able to use it to pay for an order in a cafe.
There are tokens that are backed by fiat currency and tied to their exchange rate - stablecoins. The goal is to replace fiat currency in crypto trading.
Mining digital assets
To obtain a coin, you can use mining, forging or staking. Sometimes developers do not implement the mining option, but this is a special case.
You cannot mine or obtain tokens in any other way. After all, they do not have their own blockchain and network to support which the miners would be given a reward. Typically, all available tokens are released at the same time. But in some cases, their additional release is possible thanks to some functions of smart contacts.
So, we can compare coins with a building that is located on the foundation (blockchain), and tokens with a superstructure to it.
How to withdraw or spend Coins?
Previously, VK Coins could be spent on accelerators. They allowed you to earn more “coins” for each button press. Then the owner of the coins could transfer them to publics or to his friends on the site. This is a great way to promote them in the rankings.
Today, this is not the only way you can spend your accumulated funds. Now you can exchange game currency with other players using a personal QR code. And if you want, then spend your money on promotional codes from VK partners.
At the moment, VKontakte mining is frozen. But if this is your first time hearing about VK Coin, you can still earn yourself virtual money. How to do it? Go to the games section and select “Bot Clicker” in the “Store” application. To earn VK Coins, click on the blue button.
Prospects for altcoins
The prospects for an individual altcoin depend on several factors:
- Practical application;
- Uniqueness;
- Developer reputations.
When the cryptocurrency market declined, interest in the industry waned greatly . ☝️ To attract new users and customers, it was necessary to implement ideas that would be useful to businesses or ordinary users.
Practicality and uniqueness are the main factors that will influence the prospects of altcoins.
The second point that needs to be taken into account is that the cryptocurrency market is completely dependent on BTC. Despite the fact that there are more than 2000 altcoins, and Bitcoin is one, the market ratio is 1/3 to 2/3 in favor of Bitcoin. The exchange rate of alts and the interest of large investors depend on BTC.
It makes no sense to consider altcoins in isolation from Bitcoin.
Advantages and disadvantages of altcoins
Advantages and disadvantages
Availability of promising projects
Useful alts are becoming popular and developing the market and blockchain technologies
Due to the low cost of some altcoins, they can be invested regardless of income level
Scam and dishonest developers
High risks and volatility
Complete dependence on the BTC exchange rate
It is difficult to talk about altcoins in isolation from BTC . The rate is still completely dependent on Bitcoin's daily fluctuations; only large projects can be considered partially independent.
Pros and cons of altcoins
For the average user, altcoins are an opportunity to make money at the start of a new project. If you analyze the market, follow the development of technology and use current information, you can find a company that will bring 100-200-300% per annum with its ideas.
How to register with VK Pay and what to do with it?
Among the boosters there is “Creating a VK Pay account”. It gives 2 coins per second. And an extended account costs 10 coins per second. Therefore, it makes sense to register your own VKontakte wallet. VK Pay is new electronic money from the VKontakte social network. With their help, you can buy any valuables in VK, as well as withdraw them to a Visa, MasterCard or Mir bank card. In the future, the owners of the social network plan to expand the scope of the new money.
If you work and relax in the virtual world of a social network, you should consider registering a VK Pay account. Moreover, for this you need the minimum - passport data. For now, this opportunity is available only for Russian citizens. In the future, VK Pay will probably be available in other countries.
To start registering a VK Pay wallet, you need to go to the page https://vk.com/vkpay. Then:
- Create and enter a PIN code to access your wallet;
- To fully use the wallet, you need to fill out a form. This is a standard procedure when registering any electronic money;
- In the application form you must indicate your full name, date of birth and passport number. Then send it to the administration for review.
When the account is created, this accelerator will turn on in the VK Coin application and bring you 2 coins per second. If you filled out a form in VK Pay, your account in coins will automatically increase not by 2, but by 12. Now all you have to do is subscribe to VKontakte music and you will be a millionaire in five minutes.
Increasing virtual currency earnings on VKontakte
When you open the VK Coin application, you will see your account, which is initially zero. And also a button for earning money - “VK Pay”. But you don't have to constantly press a button yourself to earn currency. The app has a store where you can buy various so-called boosters. Once you purchase them, your score automatically starts accumulating. Without your participation. Don't forget that the number of coins can only grow if the application is open. By closing it, the account will not increase.
Procedure:
- Open the “Store” section in the application;
- Choose one of the items that increase your earnings by fractions of a coin per second;
- After which you will notice how the amount of coins in your account increases.
Among the “improvers” for earning your VK Coins, you can choose the following:
- “Cursor” is an initial booster that will bring you an additional share of coin - 0.001 per second;
- “Video card rack” - the amount of coins in the account increases by 0.01 per second;
- “VKontakte Server” - 0.1 Coin is added every second;
- “Video card” - 0.003/sec;
- “Supercomputer” - 0.03/sec;
- “Quantum computer” - 0.5/sec;
- “Creating a VK Pay account” - 2 coins per second.
With their help, you can significantly increase the growth of the VKontakte cryptocurrency in your account in a couple of days. And you won't need any special action. Just go to the app from time to time and buy boosters. When you purchase, the price for the next one increases. If you bought, for example, “VKontakte Server” for 50 coins, then next time you can buy the same “booster” for 65 coins. The mining button displays the number of users online in this application. What is VK Coin and what is the meaning of the currency - we figured it out. Let's now look at what VK Pay is.
Do you know how to start a conversation with a girl on VK?
The largest sales platform
Let's consider the sales of large projects that are currently trading at a price of 2x or more of the sale price. The most notable ones are Flow, Solana and ICP.
- FLOW — The most developer-friendly blockchain. It launched CryptoKitties and NBA Top Shot. At its peak, FLOW gave almost 250x.
- Solana - Scalable decentralized network for DApps. Currently on hype. The token is in the TOP 7 in terms of capitalization and has currently given a fantastic x645.
- ICP - Internet Computer Concept. Their coins were given out as an airdrop, and their price rose to $700
Sales usually take place once or twice a month, so you can participate in them periodically.
