Disclaimers: I am now paid to research and write about TEXITcoin. My wife and I own both TEXITcoin and we are miners of TEXITcoin. We wish to begin trading TEXITcoin.
In the last week, I attended a few Libertarian conferences, and I was invited to speak about TEXITcoin and cryptocurrencies. I also manned the TEXITcoin booth this Monday, and I was there to answer people’s questions. When the other person is standing on their feet, there is a great need to get to the point quickly, which is different than what I’m used to as a writer.
There are well over 3 million cryptocurrencies to choose from, so why choose TEXITcoin?
Excellent question. Most cryptocurrencies fail to ever get off the ground because the founder will try to pre-mine between 30% to 50% or more of the coins himself before letting anyone else buy-in. That level of greed is self-evident, so the coins go nowhere.
In contrast, TEXITcoin has only mined 7% of the coins available so far, and about 460 people are now all signed up to be miners, and the number of miners is growing fast with about 36% more people in the last 30 days. That’s impressive growth!
Even with so few people on board, the coin has a market cap of about $2-3 million dollars worth, of about 22 million coins at about 10 cents a coin, which gives it a rank in the top 4000 to 5000 cryptocurrencies, ranked by market cap.
The people involved give the coin the value.
So it’s already doing very well. And it’s only been around for about 8 months.
As a startup, it’s amazing so far. It already trades about $10,000 worth per day, which is about 100,000 coins. The miners are producing 90,000 coins daily, so it’s quite liquid for being such a startup.
TEXITcoin (TXC) is already listed on 4 cryptocurrency exchanges, with more listings in the works.
All of these details are fully transparent, and fully disclosed, and can be seen on their website, texitcoin.org
TEXITcoin is run by Bobby Gray, who has worked at American Open Currency Standard, and he understands the theory behind introducing currencies. He has even manufactured copper tokens for use in fairs around the country!
Why is crypto even taking off? What’s the deal?
One of the reasons why gold is considered better money than silver is that gold is more portable because it carries more value for its weight. An ounce of gold is around $2500 per ounce, while an ounce of silver is around $30.
In contrast, you could put millions of dollars into a single bit of encrypted code, and you could further translate that code into about 12 words that you could memorize. In other words, crypto is infinitely light and so portable, it can’t even be detected if you were to use it to transport your wealth with you across borders.
Gold and silver have been money, in part, because they are scarce. This also works against them, because most of the world has no access to gold and silver dealers, and thus, can’t buy them.
In contrast, anyone in the world with a cell phone can get on a crypto exchange, and buy some kind of cryptocurrency. Gold and silver will never be that easy to access for purchase. Because of my prior bias, this was a hard truth for me to understand and realize. I was a gold and silver dealer!
Another one of my initial mistakes was to compare crypto to silver. The better comparison is to compare it to currently circulating currencies.
Paper currencies around the world tend to go down in value. The US currency is generally regarded as among the best in the world, but it, too is going down in value at alarming rates.
In contrast, cryptocurrency is regarded as “MONEY GO UP” technology.
Bitcoin is already a monster currency at nearly $2 trillion in market cap. If it takes over the world it is still not likely to go higher than $10 trillion. But even if it goes up fivefold from here, it’s more attractive than currencies going down in value.
But a start-up crypto, that is run better than bitcoin, has the potential to go up perhaps 100 times or even 1000 times higher. As a start-up, it can also crash and burn and go to zero, but that seems less likely as people continue to join fast.
Bitcoin has flaws. It costs from $4 to $100 to send a single dollar of bitcoin. That’s super inefficient. Bitcoin also uses 0.5% of the world’s electricity and uses up far too much computing power.
In contrast, anyone with the “TXC Wallet” app can even trade TEXITcoin to another person’s phone instantly, and completely bypass the exchanges, literally using it as a circulating currency!
We just tested this, and my wife sent me 1000 TEXITcoin from her phone to my phone. The “trade” or “payment” took 10 minutes, and there was a fee of about 0.00001% or something super low.
See more at the website: TEXITcoin.org
If you decide to buy into the mining plan, note the following rules about how cryptocurrency, in general, is mined, and the specifics about how TEXITcoin is mined. About 90,000 TEXITcoins, plus or minus about 12%, are available to be mined each day. Next, those coins are distributed among all of the miners, based on the percent of the hashpower of the network that you own. IE, if you own 100 hashpower, and if the network is 180,000, then you get 100/180,000 x 90,000 coins daily. Currently, this is about 50 coins a day, more or less, depending on the difficulty and variance of mining that day. At 10 cents a coin, this is about $5/day on the $1000 mining buy-in. This implies that as the network increases in size, or doubles in size, your payout in TEXITcoin will be cut in half. This creates scarcity, which should help increase the value of the coins. Furthermore, the number of people who have joined in the last month has increased by about 36%. To compensate for the declining percentage, TEXITcoin has an affiliate rewards program for telling others, and they limit mining as it’s a permission based only network in Texas only, with limited buy-ins per person.
My first article: “Why We Bought Texitcoin”:
I have been asked (and paid) to poke holes in TEXITcoin, or better yet, deeply study it and come to my conclusions as to the validity of their opportunity and overall plan. I have a long history as a well respected independent researcher, and I am tasked with both understanding and presenting my feedback and views to my own readers, and with the TXC team, as they hope that they may make improvements where necessary, and/or use my work as a tool to further bolster their claims.