What is RubyCoin (RBY)?
Future of RBY Cryptocurrency and know how to buy RBY

#1 – What is RubyCoin?

RubyCoin – The Basics

The cryptocurrency market has skyrocketed in the recent times. A number of new cryptos, altcoins, and tokens have come into play. RubyCoin is one such altcoin.

  1. RBY is a type of digital money used for online transactions across the world. It makes use of the blockchain technology to provide the users with complete control over their digital cash, removing the role of the third party such as banks.
  2. Like many of its competitors, RBY functions on a decentralized network with peer-to-peer sharing. It isn’t very different from regular cryptocurrencies, except for a few aspects which we’ll discuss down below.

RubyCoin Development

Jim Nguyen founded the company RubyCoin in 2009. The primary concept behind this altcoin is to create economic independence and the protection of financial data online. This Scrypt algorithm-based currency aims to enable convenient cryptocurrency transactions and to increase transparency in online data sharing of financial assets. Its ICO was launched in March 2014.

 

#2 – What are the benefits of RubyCoin?

RubyCoin Technology

  1. RBY works on the Proof of Stake (PoS) system. As an alternative to the Proof of Work (PoW) system, RubyCoin allows the wallet to create new coins on the basis of the pre-existing coins in it.
  2. The PoS system first verifies that your wallet contains RBY coins and creates new coins on its own. The number of coins in a wallet is directly proportional to its inflationary payout. For a wallet containing 100 RBY coins with an inflation of 2%, 2 coins will be added to it.
  3. This is a system of stake rewards offered to all wallets with a non-zero balance. It is added after every 1.5 minutes. Accounts with larger sums are given higher rewards. The current average inflationary payout for every RBY user is 5%.

Transactional Process

RBY coins work only with the RubyCoin wallet. The platform rewards its users for their active presence through stake rewards. The process of the transaction here is the same as other cryptocurrencies. You have to first download the RubyCoin wallet and complete the setup process. Once you are done, you can easily save and exchange your RBY coins.

Features

  1. Decentralized Network: RubyCoin works without any individual or organization at its helm. It is a decentralized currency offering complete transparency in online transactions.
  2. Privacy: Like other cryptos, RBY also offers user anonymity. All personal information is hidden from the RBY wallet’s public information.
  3. Energy Efficient: With its low-energy consuming platform, RubyCoin enables conservation of energy on the web. The transactions take place through a lightweight process and consume less energy.
  4. Security: RubyCoin has a safe ledger with strong encryption and network consensus to ensure the security of online transactions.

 

#3 – How to buy and store RubyCoin?

Storage

In order to make transactions using RBY coins, you need to have a Ruby Wallet. It is also the best means of storage for this altcoin. Download the RubyCoin wallet from its official website. It is available for Windows, Linux, and Mac OS. Finish the wallet setup and add some Bitcoins or Monero to purchase RBY coins. You can then use your cryptocurrency balance to exchange for RBY and store them safely in your wallet.

How to buy RubyCoin

You can purchase RBY right from your Ruby Wallet. Another feasible option in this regard is to buy RBY coins from crypto exchange platforms and transfer them to your wallet for storage and transactions. It is available on platforms such as Bittrex, YoBit, and Cryptopia.

  1. You can buy RBY coins with Bitcoins, Monero, and Litecoins. CoinSwitch, as the largest cryptocurrency conversion platform, offers you to exchange your cryptos for RubyCoin. You have the option to go through over 45,000 pairs of crypto exchange to choose your preferred one.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your RBY cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

 

#4 – What is the future of RubyCoin?

  1. RubyCoin works with Bitcoin. Since RBY’s launch in 2014, this exchange pair has seen a considerable amount of fluctuations in the market.
  2. RubyCoin does not have a product roadmap as yet. Its whitepaper is also unavailable.
  3. It is expected to launch a CryptoBot – Beta version in the near future. This product might bring a strong rise in RBY’s value.
  4. Its current circulation is 25,752,434 RBY coins, with a market cap of $6.9 million. This is down from nearly a year ago when it was at $8.5 million

Also Read: Complete Analysis of RubyCoin | Live RubyCoin (RBY) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

0.271099

0.309324

0.249871

0.269416

9,010

6,991,260

June 01, 2018

0.439583

0.441158

0.405016

0.405444

17,722

11,289,400

May 01, 2018

0.573675

0.629928

0.554620

0.618811

18,068

14,670,100

Mar 01, 2018

0.735398

0.796457

0.730227

0.783302

16,044

18,646,500

Dec 01, 2017

0.780561

0.864023

0.747701

0.847357

99,840

19,542,900

Aug 01, 2017

0.346273

0.361041

0.319336

0.354850

13,299

8,519,950

 

#5 – How is RubyCoin different from other cryptocurrencies?

  1. When compared with other altcoins such as HiCoin and XRP, RubyCoin emerges as a relatively weaker currency. After a sudden increase in its value in May 2018 recently, the altcoin has witnessed a steep learning curve.
  2. The feature that makes it unique is that it has no governing authority. It offers a transparent and energy-efficient system of transactions while the investors make money through their active participation.

 

#6 – Should you invest in RubyCoin?

  1. RubyCoin has been on the market for a long time now. With users as its central authority of governance on a decentralized network, it is a fairly democratised model that should work well. But it isn’t the first to such a concept.
  2. Analysts believe a long-term investment in RBY could prove profitable given that it functions like a barebones currency solving basic problems. But then, it faces competition from other, bigger cryptocurrencies as well.
  3. The team has not put out any roadmap for future developments yet. It is also lacking a whitepaper.
  4. In the context of this scenario, many investors may be understandably concerned about investing in the cryptocurrency. The coin has only dropped in value over the 1 year period between 2017 to 2018.
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