What is Clams?
A Beginner´s Guide to Buying, Selling, Using, and Mining Clams:
An In-Depth Clams Guide by Black Chip Poker
Cryptocurrency Home | Clams
There was a time when only a few hundred blockchain transactions happened each day. Believe it or not, the last time this occurred was in 2011. Currently, there are several hundred thousand blockchain transactions that take place every day, and the number is expected to continually rise. It may be the number of coins available, or perhaps the remarkable nature of blockchains—whatever the case may be, blockchain technology is growing at a rapid pace.
In a clamoring market, many current and potential coin investors are asking, “How do I know which coin(s) to choose?” There are a variety of factors involved in making such a choice, and oftentimes investors will hold and use multiple coins. One coin that deserves attention is Clams (CLAM). This cryptocurrency was created in August 2014 and should be considered by potential cryptocurrency investors.
What is Clam?
At the very fundamental level, Clams is a blockchain. This means Clams is an auditable database or ledger that keeps a record of all transactions that take place on said database. They are like an infinite scroll that records an entry for each transaction that occurs. By nature, blockchains are decentralized—all users can access and audit the blockchain, and it isn’t controlled by a single party or government.
Information about Clams is mostly found online, particular on its Reddit page. Expanded definitions, discussions, and posts from developers can be found here. Other websites like CoinMarketCap can provide users with helpful data on price movements and exchanges.
How Do I Buy Clams?
Currently, and likely indefinitely, CLAM coins cannot be bought directly with fiat currencies. Rather, users must register an account with a cryptocurrency exchange like Poloniex or Bittrex. Then, they must fund their newly created account with cash or with a credit card. After this, they can use the funds in the account to buy Bitcoins, Dogecoins, or Litecoins.
Once users have one (or more) of these cryptocurrencies in their blockchain wallets—a type of digital bank account—they can exchange the cryptocurrency for CLAM coins. In this case, it is very similar to how one would exchange dollars for pounds when travelling from the U.S. to England. After the exchange is made, there will be CLAM coins in the wallet.
How Do I Turn Clams into Cash?
In order to exit a Clams position, one needs to first sell their CLAM coins in exchange for Bitcoins, Dogecoins, or Litecoins. Next, the coin(s) in question must be turned into a fiat currency like USD or GBP. Once this exchange has taken place, users can then transfer the proceeds from the sale to a traditional bank account where the cashout can be completed by withdrawing funds from an ATM.
How to Use Clams
One of the primary uses of Clams is as an investment vehicle, similar to the way one would invest in stocks or bonds. There is the opportunity for price appreciation and even a dividend-like component through mining (more below) that can yield investors with handsome rewards.
To invest in CLAM coins, users must purchase them through an exchange and hold them in their wallet. From their wallet, users can trade their coins in anticipation of price movements, or they can follow a buy a hold strategy. The goal is to increase the value of a position by buying low and selling high when the time comes.
As a decentralized blockchain, CLAM coins are also free from overbearing monetary policy enacted by central banks. They are less prone to traditional exchange rate risk, which can be extreme when central bankers make their moves.
Another use for Clams is as a peer-to-peer currency. In this case, CLAM coins function more like traditional fiat currencies—they are used to settle transactions between two parties. The difference is that the middleman like a bank or credit card company is cut out.
What is Clams Mining?
When a user mines a cryptocurrency, they are undertaking in a process whereby the transactions that take place with the cryptocurrency are verified then added to the blockchain. There are a variety of ways that this can be done—the two most popular ways are Proof of Work (PoW) and Proof of Stake (PoS). In a PoW scenario, miners, either individually or in groups called mining pools, solve a complex set of problems associated with a block. Once the block is solved, miners are rewarded for their work. They can use mining calculators to determine how much processing power they need to complete a block, as well as how profitable a job will be.
In PoS mining, users take a backseat approach to mining. Instead of using computing power (which costs time and money) to solve a set of problems, users simply keep their wallets running, and there is a drawing each minute where the winner is rewarded with a new minted CLAM coin. The chances of winning are increased the more CLAM coins one holds—in this case, it is similar to playing the lottery.
In Proof of Stake mining, users are incentivized to keep their clients running, as there is an easy monetary reward for PoS mining. Additionally, the compensation helps mitigate price volatility by replenishing the coin supply that is lost or destroyed by users. Clams follows the Proof of Stake mining consensus.
How to Mine Clams
Clams are not mined by downloading high quality mining software and upgrading a computer to have top-of-the-line processing power. Because Clams follows the Proof of Stake consensus, users must simply keep their system up and running to participate. Proof of Stake mining is therefore much more passive and requires less processing power.
All users need to do is download the Clam Client, and once synced with the network, the process can begin. CLAM coin owners will grow their positions by being algorithmically selected to receive one CLAM coin. The more coins one has, the more likely they are to be chosen.
How will Clams Scale?
An examination of Clams price chart shows that its value and volume have gone up significantly since its inception in 2014. But this raises a question of scalability, something that all blockchains have troubles with. Will Clams be able to increase the number of transactions it can process per second? Clams can scale as more users join the Clams network and contribute to their processing power. Since CLAM coins were initially sent to all active users of three popular cryptocurrencies, Bitcoin, Litecoin, and Dogecoin, Clams is positioned with a uniquely advantageous position in terms of potential user adoption and scalability.
CLAM coins are a tempting investment opportunity for cryptocurrency enthusiasts. They have a three year history of success, which is particularly welcoming in an age where new coins sprout up all the time. Additionally, CLAM coins have seen large price appreciation over the years, though past performance is no guarantee of future gains. All in all Clams is a great investment choice for cryptocurrency investors. CLAM holders can also use the token to play crypto poker