A new cryptocurrency has taken the world by storm and people are wondering if Elon Musk owns it. Can you really make money off of Ratcoin? Find out everything you need to know about Elon Musk’s ratcoin right here!
What is ratcoin?
Elon Musk’s ratcoin? The head of SpaceX, Tesla, and the Boring Company has made a name for himself in recent years as one of tech’s biggest names. However, not everyone knows that he also runs a crypto-currency mining company called RatCoin Mining Inc. So what is RatCoin? Is it a good investment? Does Elon Musk own any of it? And can you make money by buying shares in them now?
What does Elon Musk have to do with ratcoin?
A lot. He owns a huge amount of it, and is encouraging other people to buy it. This post will answer questions about Elon Musk’s ratcoin. First, though, a little background on ratcoins: what they are, why people like them so much—and why that might be dangerous for you as an investor. In case you’re not familiar with them, here’s a quick rundown of what ratcoins are: A ratcoin is essentially any cryptocurrency (think Bitcoin) that has been pre-mined before its release date; essentially anyone who wants to can buy into it before anyone else can get their hands on it. So, who would want to get involved in ratcoins?
Who created ratcoins, anyway?
No one knows. Or, if they do, they aren’t talking. Since its inception in late 2012, ratcoins have earned a reputation for being anonymous and untraceable. Whether that’s true or not remains to be seen (and tested). But if we want to understand Elon Musk’s involvement with ratcoins, we need to understand what a ratcoin is, why it exists and how it got started.
How many ratcoins can you mine in total?
The total number of coins that can mine is 100 billion. The number of coins mined per day depends on how many people are actively mining, and goes down as those miners switch their hardware to mine a more profitable coin. Estimates range from 50 million per day to a mere 2 million ratcoins daily. On average, 30 million ratcoins will be mined each day. At current prices, that translates into $300,000 in mining revenues – yes it may take days or weeks to get there (or never), but if you have free electricity it should eventually pay off handsomely!
What are the risks involved in mining and buying ratcoins?
There are no direct risks involve with mining or buying ratcoins. However, if you’re buying ratcoins on an exchange, it is possible to get scammed. You’ll need to avoid storing your coins on a centralized cryptocurrency exchange. Always buy ratcoins using a decentralized software wallet, such as myEtherWallet or Jaxx. Otherwise, by storing your currency on an exchange, you’re putting yourself at risk of losing everything in case that platform is compromised (hacked). That said, owning coins directly gives you more control over your assets and gives you more options for selling them at any time. There are several other risks too (such as price volatility), but they apply generally to cryptocurrencies as well; they don’t represent specific problems with ratcoins specifically.
So, does Elon Musk own RATCOIN? Does it make a good investment? He certain not list as an owner of RATCOIN on any legal document that we could find. We’ve also look at what he owns and is investe in, such as Tesla and SolarCity, and there doesn’t seem to any correlation with RATCOIN. It would seem that Elon Musk has little if anything to do with RATCOIN but rather wishes he did since his name has made him something of a superstar among Crypto-lovers and their investors alike.