How to Buy Clam Coins

The price if CLAM coins has been rising rapidly lately, and I’ve been getting asked by friends, how they can buy clam coins? Clam coins are a type of crpyto currency, like bitcoins, but instead of being mined by proof of work, clam coins are mined by proof of stake. This means that miners who help update the blockchain are provided with mining rewards based on the amount of clam coins they have on the mining client. This incentive is 1 new clam coin per minute rewarded proportionately based on stake.

The easiest way to buy clams is to find a friend who already has some, and then offer to buy clams from them. They can also store your clams if you are new to blockchain wallets. Most of us don’t know anyone with clam coins, so below is a description of how a Canadian can buy clam coins.

Since there is no direct market between Canadian dollars and clams, Canadians who want to buy clam coins have to first buy bitcoins and then exchange them for clams. There are two main ways Canadians can exchange their dollars for bitcoins, one way is to use QuickBT. This method works if you want to buy a small amount of bitcoins (under 0.05 btc) and you have an account with a bank that’s part of the Interac Online network.

For all other Canadian users, QuadrigaCX is the best exchange. I’ve written a blog post on how to use QuadrigaCX, please use my link so I earn some affiliate revenue.

Once you’ve figured out how to use QuadrigaCX, and you’ve purchased some bitcoins, you’ll need to open an account at Poloniex which is one of the largest crypto currency exchanges. The market for btc/clam on poloniex is the most liquid. When you’ve transferred your bitcoins to your Poloniex exchange account, you can trade them for clams.

Once you have your clams, you have a few other options. Clam coins have very limited use as a medium of exchange since there are very few places to spend your clams. Leaving your clams sitting on a Poloniex address is fine, but you won’t receive any interest this way, and with the way the clam blockchain is built, your clams should be worth slightly less as time goes by (because of the way mining rewards are provided).

I think the best/easiest way to use your clams is to open an account with just-dice.com. This is a dice site that is the main place for users to keep their clams. Just-Dice will provide depositors with the mining reward and you can also be part of the site bankroll and be an investor in the ups and downs of this gambling bankroll. The returns from gambling are small, but the returns from mining clams are still large. So I think the best place to put your clams is at Just-Dice if you are a new user.

Another choice is to lend your clams to other users on Poloniex. You can do this manually or run a bot if you’re good with a little programming. There are open source Poloniex bots available on Github. The challenge with lending your clams on Poloniex is the rate of return is currently low. Mining your clams is a more profitable right now

If you want to make mining profit of your own, the best thing to do is setup and run the mining client. A friend of mine wrote a Gist that describes how to setup the mining client. If you can use a linux terminal, its pretty straight forward.

RiskingTime

2 Comments

    • Hi, you’ll first need to buy bitcoins, and then exchange them for CLAMS on Poloniex of Bittrex, then move them to your miner or another site that will give you the mining yield

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