What is a SIBcoin?
SIBcoin is a cryptocurrency. In general, this is just another coin among hundreds of others, but it is noteworthy that it was developed in Russia, a country known for its high levels of state control. Many in Russia do not understand why the local government is investing so heavily in the development of a national cryptocurrency if one already exists and it can be easily supported.
Siberian Chervonets (SIBcoin)
What is Siberian Chervonets? Well, it’s a decentralized payment system that is free of intermediaries. Its regulatory function is performed by an available mathematical algorithm. In general, all transactions occur directly between users. The transaction information is also stored for each user and is constantly updated.
The cryptocurrency itself is referred to as the “”national accounting unit”” in Russia. It should be a popular phenomenon in which all people can invariably mine for Chervonets. All coin statistics are publicly available and all payments are made in accordance with banking secrecy – nobody will ever know about your transactions within the system.
The SIBcoin cryptocurrency was launched on May 9, 2015, 01:00 Moscow time. The algorithm is X11 Ghost, with a maximum number of coins of approximately 24 million pieces. It is being mined on the GPU, with the CPU being able to be mined at the beginning, but the complexity of mining has become too high for the CPUs.
The SIBcoin wallet
You can download the wallet for storing Siberian Chervonets on the official website of the cryptocurrency. There are versions for the platforms of Windows, macOS, Linux and Android. The open source code is on Github. Choose your version of the wallet and start the download.
Then everything is pretty much standard; double-click and the program will be installed. You must agree with everything and specify the installation folder. After the installation, the wallet is loaded.
It’s a standard wallet for a cryptocurrency; nothing beyond the norm. Everything is very simple and understandable.
Registration of the browser wallet
To install an additional wallet on the computer, you can use the browser version of the SIBcoin wallet. You go through a very simple and fast registration process, which is also your authorization.
The browser version supports all information about your account balance, like a normal wallet. You can immediately buy and sell SIBcoin. The following types of deposit and withdrawal features of the wallet balance are available:
- BTCE CODE
- From your mobile (in rubles only)
You can also create a “”multi-sig”” address on the website. This is a multi-signature transaction that is used when more than one signature is required for the transfer. There is another special feature for those who want to earn on this cryptocurrency and can’t cope with the temptation to sell them when sold off on the stock exchange (for example, when prices drop).
This feature is called “”Time Locked Address”” – a special command is used to set a timeout for locking the cryptocurrency on the wallet. You can’t pull back or sell everything you have there until the time comes from the Time Lock command.
Many feel that this is a very useful feature, especially in recent times, when cryptocurrencies were heavily sold off! During clearance sales, users can create time blocks so that they can spare their nerves.
Mining Siberian Chervonets
Compared to Bitcoin, the mining of Siberian Chervonets is easy and doesn’t require large expenditures for equipment and power. Is there a secret to success? Well, if you’re keen to get involved, it’s important to understand that mining every cryptocurrency is a business that requires knowledge and technical skills!
All the rest will naturally evolve. You could previously SOLO mine – such a feature was initially installed. However, the complexity of mining on the CPU became unsustainable, so the mining function on the GPU was implemented.
Siberian Chervonets mining pools are Siberian Chervonets 2 percent, Supernovas SIBCoin 1 percent, Zpool 1 percent, LOUHIMO.CLUB 1 percent.
Many people wonder how to buy Siberian Chervonets. As described above, with the popular online payment systems, you can buy and sell coins through your wallet. However, there are other ways to buy SIBcoins. The second option is a cryptocurrency exchange.
The Chervonets coin can be traded in pairs with BTC, RUB, USD, LTC and DOGE. As you can see, these are the most popular currencies for buying the cryptocurrency. The exchanges on which this cryptocurrency is traded are Yobit.net (BTC | RUB), Livecoin.net (BTC), C-Cex.com (BTC | USD | LTC | DOGE) and Bloombit.net (BTC).
As you will see, all exchanges are multilingual, and using or trading should be straightforward. Such giants as the Poloniex exchange and Kraken do not yet support SIBcoin. However, experts predict that this will be temporary and that the cryptocurrency will soon appear on many popular exchanges.
The third option
Finally, the third option for the acquisition of SIBcoins is the exchange service of digital currencies. Many recommend using a Bitcoin exchange service, but unfortunately, no service supports this cryptocurrency. The list of exchange services will, therefore, only consist of those divulged by the company itself. These are not many and they are not well known.
One exchange service has a very interesting name – Shekeli.io. The main exchange service is Coinex.im. These are the only two exchange services for SIBcoin.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.