“Magic Internet Money” is a new cryptocurrency created by the guys at Cryptonator.io. MIM offers its investors a unique opportunity to earn passive income from their online activities. The platform allows you to make money from watching videos, reading articles, and downloading apps.
If you are looking for an easy way of earning money online without making any effort then Magic Internet Money is what you need! Detailed below is a quick guide on how to buy Magic Internet Money (MIM).
A quick guide on buying Magic Internet Money token
Poloniex has been one of the best exchange platforms for cryptocurrencies for quite some time now. Whether it be Bitcoin, Ethereum, Ripple, Litecoin, etc. they’ve done really well when it comes to providing a secure user experience. However, if you’re not familiar with buying MIM on Poloniex, there may be some things you don’t know. Here is how to get started.
Step 1: Deposit funds into your account
First thing’s first. You’ll need to get yourself a bit of digital currency before you can deposit money onto Poloniex. Most people buy Bitcoin which is usually the safest option but there are plenty of different providers including Coinbase, CEX, Coinmama, LocalBitcoins, Gemini, Bittrex as well as many others.
Step 2: Click ‘Funding Options’
On the left-hand side of the screen under ‘Funds’ select ‘Deposit Methods.’ You’ll see a list of options here depending on where you want to send your cash from. In order to transfer funds from another wallet, you should choose ‘Bitcoin/Altcoin’.
Step 3: Select the amount of BTC or ETH you wish to deposit
You’ll notice a drop-down menu above ‘Amount’ once you’re selected your bitcoin or ether address. Simply enter the number of units you wish to transfer and hit confirm. Once confirmed the funds should appear within a few seconds and you can begin trading immediately.
Step 4: Purchase Magic Internet Money
Finally, you will need to make sure that you use your Bitcoin or Ethereum to buy MIM. You will be able to find the trade option on your dashboard. There, make sure you pick the correct trading pair, for instance, BTC/MIM. This allows you to buy the amount of MIM that is worth the Bitcoin in your account.
Exchanges to buy MIM
Poloniex
This exchange is known for offering quality service to crypto traders. It’s mostly preferred due to its low trading fees and registration is quite easy and fast. Users can expect a wide range of cryptocurrencies and several services. Some of those services on offer include margin lending support and margin trading support. The only downside is that it does not accept fiat currencies.
Step-by-step Buying Guide
- Sign up ur sign-in on Poloniex
- Go to your wallet and click on buy
- Choose your preferred crypto and specify the amount you want. You will be able to see the fees that apply
- You will then be redirected to Simplex.com to proceed with your purchase
eToroX
This platform was launched in 2007 and has grown to be one of the most trusted brokers due to its safety and security. Recently, it started offering cryptocurrency trading and most traders prefer it due to its user-friendliness.
Step-by-step Buying Guide
- Sign up for an account at eToro
- Verify your account
- Fund your account
- Buy your coin
Sushiswap
SushiSwap is an online cryptocurrency trading platform where you can buy and sell cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero, Zcash, Dogecoin, and others.
Sushi Swap is a decentralized peer-to-peer network that allows anyone to trade directly with other traders without having to rely on centralized exchanges.
Sushi Swap uses a unique algorithm called “Swap” that enables users to swap their cryptocurrencies instantly at zero cost.
Step-by-Step Buying Guide
- Sign in to your account
- Make sure you have funded your account
- Navigate to the Buy tab and purchase your desired coin
Trader Joe
However, Trader Joe’s has now added cryptocurrency trading services to its online store. TraderJoe Exchange makes it simple to buy & sell popular coins without needing to leave the store.
The exchange is currently only available for Ethereum, Magic Internet Money, and Bitcoin with plans to add support for more cryptocurrencies in the future. Trader Joe crypto Exchange will also be launching an iOS app soon which means customers can use the app to make purchases from within their stores.
Step-by-step Buying Guide
- Sign up for an account at Trader Joe
- Verify your account
- Fund your account
- Buy your coin
Bitfinex
Bitfinex was established in 2012 and from then on it has been the right choice for many traders around the world. Offers proper functionality and determines good market price alerts, bookings, and trading techniques. A Bitfinex App is official and there for the traders to utilize. The application is flexible meaning that it can be used on many devices. Just create an official Bitfinex account to get started with long-term trading.
Step-by-step Buying Guide
- Create and verify your account
- Select MIM from the list of deposit currencies
- Select the destination Bitfinex wallet
- Agree to terms and conditions
- Complete transaction
Solarbeam
Solarbeam is a blockchain-based trading platform built specifically for cryptocurrency traders. That means trades can be executed faster, cheaper, safer, and more easily than ever before!
As the world’s first ICO-powered exchange, Solarbeam is building a new way for people to buy and sell coins while also making sure every trade is safe and transparent. In other words, Solarbeam is changing the way people interact with each other online!
Step-by-step Buying Guide
- Sign up for an account at Solarbeam
- Verify your account
- Fund your account
- Buy your coin
How Magic Internet Money project is different
Real-time earnings
Earnings are paid out in real-time. This means that after every minute spent on the website you will start getting earnings. No waiting around or having to wait hours to get your first payout. Every second counts.
Easy to use
The process of generating money with Magic Internet Money is super simple. All you have to do is register for free, then set up your account, and you will be able to start making real money as soon as possible.
Variety of activities
There are lots of different types of activities available on this site ranging from watching videos to playing games, doing surveys, and more. Different tasks mean different payouts so there’s something for everyone.
Things to consider before buying MIM
Investing in cryptocurrency is a high-risk venture. If you look at Bitcoin alone, its price has gone through cycles of boom and bust, and now it seems to be stabilizing. So you need to ask yourself if this is something you really want to risk your money on. Here are things to consider before buying Magic Internet Money.
Understand the risks
This is by far the biggest consideration that most investors overlook. Cryptocurrency investment carries inherent risks so make sure you understand what you’re getting involved in. One of the primary risks is price volatility. As soon as you purchase cryptocurrency you become exposed to volatile fluctuations in value.
Some cryptocurrency values fall rapidly while others rise overnight. This means you could find yourself selling your coin just as it’s hitting its highest point at a much lower valuation than the previous day. Always do your research and look closely at historical prices to avoid being caught unawares by sudden changes.
The second big risk is theft. Hackers are becoming increasingly sophisticated which makes security paramount to prevent losing all of your profits. Make sure you take precautions to protect yourself against hackers. We recommend enabling 2FA to add an extra level of protection. Also, ensure that your holdings are kept offline at all times.
Inflation
Inflation is when the total supply of currency increases over time. The reason for inflation is usually due to government policies but there are other reasons too. For example, an increase in the supply of bitcoin may result from more mining capacity opening up which leads to greater competition.
Your Budget
Another way in which cryptocurrencies are different from normal currencies is that they cannot be created out of nothing; they require an input of energy to produce. In this sense, each unit of their currency represents work done by miners.
If you decide that you’d like to purchase some magic internet money then you need to first check whether you’ve got enough funds available. A good approach is to set aside some savings every month into an account specifically earmarked for cryptocurrency investments.
Decide Your Route
Once you’ve determined how much you want to invest, you’ll need to choose between purchasing digital coins directly or investing in exchanges. Exchanges provide a convenient intermediary service but they also have costs associated with them.
When choosing between direct purchase and exchange, you must take into account where you will be able to convert your cryptocurrency to fiat money and vice versa. If you’re looking to exchange for fiat immediately after purchase then you might be better off doing this personally, however, if you intend to hold onto your coins until later then you may prefer to buy via an exchange.
Where to store MIM token
We recommend that people use paper wallets for storage. Paper wallets allow you to generate public/private key pairs offline and safely store these on pieces of paper. This means that even if your device gets stolen, the thief won’t have access to your funds. Most major exchanges today offer paper wallets for new users.
If you’re planning to trade frequently, then paper wallets may not be suitable for you. In that case, hardware wallets such as Ledger Nano S are recommended as they protect your entire portfolio, rather than just individual coins.
When it comes to keeping large amounts of MIM safe, multi-signature addresses are commonly used. Keep in mind that these address schemes are far superior to Bitcoin’s standard addresses since it would require thousands of signatures to spend the same amount of bitcoins. However, the security measures required to access a multisig address are quite high, so these types of addresses are best suited for larger amounts of money.
Privacy and security tips
How do I keep my MIM token safe? What if there was an attack on the exchange where I stored my tokens? Well, we give you tips below for keeping your tokens private and safe.
Pick a wallet wisely
You should seriously consider whether you want to store your coins online or not. For example, some wallets such as Coinbase require identity verification whilst other services don’t. In addition to this, choosing a strong password is essential when deciding on which wallet to utilize. When setting one up, we suggest making it different from your usual passwords. You can also generate a new one every time you transact on a site rather than reusing it.
Look after your keys
When sending coins into a wallet make sure you keep a backup of your private key safe. Without this key, you cannot access your coins again. Ideally, you should write down your private key on paper and hide it somewhere secure. Don’t forget to delete these details from your device too.
F.A.Qs
What makes Magic Internet Money unique?
No gambling, no survey sites, and no scam websites. You’re always sure to get paid when using MIM to generate free online cash.
Is MIM safe?
Absolutely! The company takes security very seriously and always ensures that all of its members have a great experience. To keep things secure, it uses SSL encryption, which offers the highest level of encryption there is.
Why should I use MIM tokens instead of ETH?
The most popular ERC20 compatible Ethereum token is Ether. While MIM is based upon the Ethereum blockchain protocol, it uses its very own virtual machine which makes everything run much faster.
The MIM platform utilizes the Ethereum Virtual Machine to give us many conveniences regarding the management of our assets, smart contracts, and transactions. Because of this difference, the two cryptocurrencies serve different purposes.
Conclusion
MIM has already achieved a lot in a relatively short time, including its official listing on Bitfinex. We’d like to thank everybody who contributed – both positively and negatively – during the early stages of development!
MIM Labs aims to create a truly useful product by combining the best of the existing concepts of decentralization, privacy, and functionality into a single ecosystem. From the beginning, their vision was to help businesses easily integrate their crypto-based solutions into their current systems. This is definitely an exciting project worth looking into.
