First of all, go here: http://devtome.com/doku.php?id=devcoin. Download/install the Devcoin wallet.
Then, go here: http://devcoin.org/get-devcoin.html.
You’ll see a link for “earn Devcoins by writing”. Click on that. At the very top of that page is a really good “getting started” link to learn more about how it works.
There are four steps you need to go through to get set up:
- Get the Devcoin wallet
- Request an account on Devtome and give them a sample of your writing
- On your userpage, post your wallet address so you can get paid!
- Write your articles
That’s it.
You can write fiction, non-fiction, poetry…whatever. They do have requirements such as no plagiarism, erotica, scammy stuff, etc. And they want good formatting. No crap!
I was even able to take a few articles that I posted on one of my websites and repost them to my Devtome account for credit. I did provide a proper reference to my site, which is even better for me!
What they don’t want is a bunch of outsourced garbage, poor formatting or grammar, copying/pasting some PLR articles that you have, or anything else where they think you are trying to game the system.
For Round 31 (see the devtome page for what that means), I wrote six articles.
Two were copied right from one of my blogs. They don’t care as long as it is YOUR work and you can reference it. I even had to edit those posts so the admins could see that it was really mine.
One article was basically me rambling on about fantasy football . It ended up being the longest of my articles, and it was fun to write.
One article was something I had posted on my Dropbox as fiction fodder. I had a crazy dream one night and remembered most/all of it, and so the next morning I put it all down on paper (i.e. Word) and saved it to my Dropbox in case I wanted to use it for a short story at some point. Well, I did.
The last two articles were short stories (two or three pages each) that I wrote and posted on fictionpress.com years ago. Again, I had to verify that they were actually mine and I wasn’t stealing them from someone else, but once I did that I posted the source as a reference and they were accepted.
How You Get Paid
Take a look at the Generation Share section here: http://www.devtome.com/doku.php?id=earn_devcoins_by_writing
I won’t go into details (it’s all on the site) but in round 31 everyone got 144,810 DVC per share. And at the prices at that point in time, each share was worth about $61.
Devcoins are paid out each round to various groups. The admin gets a cut each round. They give shares to people who do marketing. They give shares to Devtome writers. They also have bounties and ratings. I’m not even sure what all those entail as far as how you earn with them. All I’m concerned about is the Devtome writers’ shares.
That is a DVC countdown clock. It shows the shares earned per round and other info. On the bottom you’ll see this:
You’ll see for Devtome that there were a total of 512 shares allotted. So for everyone that had articles during the last round posted and approved on Devtome, you got a certain percentage of that 512 shares.
First of all, they look at word count. The more words, the more shares, plain and simple.
But recently they have instituted a popularity index using Google Analytics. So if your article on Devtome gets a lot of views and people stay on your page longer than for other articles, that article is worth more. So if you write good stuff that people want to read, you’ll get rewarded for it.
The takeaway here for me at least is that I want to post longer articles. First of all, if people actually are reading the articles, then they will obviously take longer to read my (longer) articles. At least longer than a short piece of flash fiction. And so my popularity index rises.
They have the formula all broken down, but we don’t need to go into details here. Just know that if you write crap, people will immediately see this and stop reading, and you will get even less of a share, even if it’s a longer article. Garbage in, garbage out.
So write high-quality, longer articles about interesting subjects and you’ll be fine.
If you consider that I published only six articles, two of which were copied/pasted from my blog, three of which were written years ago on another site (all proper references sited of course), and only one was written in about 30 minutes as more of a rambling, you’ll be shocked to see how much I earned for less than an hour of work.
On the countdown site referenced above, you can put in my devtome username and round (31) to see how many shares I got. Here’s a screenshot:
So you can see that I got 7.0 shares. Since each share was worth about $61 at the time that the round was over, I made $427. Who else wants to make $427/hour in their job?
Actually what I earned was 144,810 DVC per share x 7 shares = 1,013,670 DVC.
At this exact moment, one DVC is worth $0.00054, so that equates to $547. Nice, huh?
Getting Paid
Now comes the bad news. Well, not really. I’ll take $527 for an hours’ worth of writing any day.
If you look at the countdown page (http://dvccountdown.blisteringdevelopers.com/) you will see that the payment round won’t be complete until Feb 27. That’s because of how altcoins are processed. Each block is only so long and they each have to be mined so that all the transactions get approved. That takes time.
So by Feb 27th at the latest (my transaction could be confirmed today or a couple weeks from now) I will get 1,013,670 DVC sent to my Devcoin address.
To see if I’ve got paid, I run the DVC wallet on my PC every few days. It syncs all of the latest transactions and if mine were in the latest blocks, then I will see those DVC in my wallet.
If you look at the countdown page (http://dvccountdown.blisteringdevelopers.com/) you will see that the payment round won’t be complete until Feb 27. That’s because of how altcoins are processed. Each block is only so long and they each have to be mined so that all the transactions get approved. That takes time.
So by Feb 27th at the latest (my transaction could be confirmed today or a couple weeks from now) I will get 1,013,670 DVC sent to my Devcoin address.
To see if I’ve got paid, I run the DVC wallet on my PC every few days. It syncs all of the latest transactions and if mine were in the latest blocks, then I will see those DVC in my wallet.
Turning DVC into USD
Ok, so I got over a million DVC. That’s great and all, but it does me no good if I can’t spend them or convert them into something useful, like BTC or even better USD, right?
Now you see why I went through the process of online wallets and currency exchanges for Joe (my previous example).
I’m not a speculator, but if you wanted to you could analyze the charts of all of the major altcoins and see which ones have the greatest potential for gain and then convert all of your DVC into that. Or you could put it all into something more popular like LTC or BTC. Or you could cash out to USD.
For purposes of this report, let’s assume that you want to cash out to USD (or your local currency if you’re in another country).
Once I get the DVC into my local wallet, I need to find an exchange that deals with Devcoin. Fortunately, the previously mentioned exchange – Cryptsy – will allow you to buy and sell DVC for either LTC or BTC.
But right now I just have all of my DVC in my local wallet, so I need to send that to my Cryptsy account. Here is a step-by-step breakdown of the process.
1. First, you need to login to Cryptsy, then click on the Balances icon at the top.
2. Scroll down until you see Devcoin, then hover your cursor over it to bring up a menu:
3. Click on “Deposit / Autosell DVC”. The deposit address will be blank, so just click on the button to generate a new address:
4. Copy that deposit address (Note: this is my deposit address! don't copy the address on the screenshot)
5. Now open my local DVC wallet and send coins to that deposit address.
6. After six confirmations, the deposit will go through and you will see your coins show up at Cryptsy.
7. Now that you have your DVC at Cryptsy, you need to convert them to BTC.
a. Why? Because Coinbase only deals with BTC. Once we have BTC at Coinbase, we can convert/cash out to USD.
8. Click on the Trade icon at the top of Cryptsy.
9. Scroll down until you see the DVC/BTC Market and click on that.
10. Here you’ll see a box where you can sell DVC for BTC.
11. In Amount DVC enter your total. For me it will be 1,013,670. It will calculate the total BTC you can buy, the transaction fee, and the net total BTC that you will receive. For the current prices as of this writing, here is what mine would look like:
(Since I don’t have any DVC in my account (yet) it shows that I have 0.0 DVC available. )
12. Once you submit the sell order, it will have to match your sell order with other people’s buy orders and then process the transaction. Right now I see a buy order for more than what I’m selling, so this should go through pretty quickly.
13. After the transaction goes through, I will have 0.67712142 BTC in my account at Cryptsy. Now I need to send that to my Coinbase account so I can cash it out.
14. Login to Coinbase. On the left side, click on Account Settings. Above where it has your name/email/etc on the page, you’ll see “Bitcoin Addresses”. Click on that.
15. Create a new address. I like to then go into Details and give it a label. For this transaction, I would enter “DVC from Cryptsy”:
16. Copy that new address from Coinbase and go back to Cryptsy.
17. Again, click on Balances and scroll down to BTC. You should now see your balance in BTC. In my example, it would be 0.67712142 BTC.
18. Hover over where it says Bitcoin and choose “Withdraw BTC”.
19. In the popup box, enter your exact amount of BTC, which is the number in #17 for my example. Copy and paste in the new address from Coinbase in the BTC Withdraw Address. Enter your password and captcha.
20. Cryptsy will assess a 0.0005 BTC transaction fee and show you the net:
21. Once I click on Process Withdraw, the money is sent to my Coinbase account.
22. Go to Coinbase to confirm the transfer. You’ll see the balance in your account once the transfer is complete.
23. In Coinbase, click on Buy/Sell on the left side. Then in the main area of that page, click on Sell Bitcoin and enter how much you want to sell. In this example, I’m cashing everything out and not leaving anything in any of my accounts at Cryptsy or Coinbase.
24. The “pay out method” that I blacked out is just my bank account info. Once I sell the Bitcoin, I will get $536.83 transferred to my bank account.
2. Scroll down until you see Devcoin, then hover your cursor over it to bring up a menu:
3. Click on “Deposit / Autosell DVC”. The deposit address will be blank, so just click on the button to generate a new address:
4. Copy that deposit address (Note: this is my deposit address! don't copy the address on the screenshot)
5. Now open my local DVC wallet and send coins to that deposit address.
6. After six confirmations, the deposit will go through and you will see your coins show up at Cryptsy.
7. Now that you have your DVC at Cryptsy, you need to convert them to BTC.
a. Why? Because Coinbase only deals with BTC. Once we have BTC at Coinbase, we can convert/cash out to USD.
8. Click on the Trade icon at the top of Cryptsy.
9. Scroll down until you see the DVC/BTC Market and click on that.
10. Here you’ll see a box where you can sell DVC for BTC.
11. In Amount DVC enter your total. For me it will be 1,013,670. It will calculate the total BTC you can buy, the transaction fee, and the net total BTC that you will receive. For the current prices as of this writing, here is what mine would look like:
(Since I don’t have any DVC in my account (yet) it shows that I have 0.0 DVC available. )
12. Once you submit the sell order, it will have to match your sell order with other people’s buy orders and then process the transaction. Right now I see a buy order for more than what I’m selling, so this should go through pretty quickly.
13. After the transaction goes through, I will have 0.67712142 BTC in my account at Cryptsy. Now I need to send that to my Coinbase account so I can cash it out.
14. Login to Coinbase. On the left side, click on Account Settings. Above where it has your name/email/etc on the page, you’ll see “Bitcoin Addresses”. Click on that.
15. Create a new address. I like to then go into Details and give it a label. For this transaction, I would enter “DVC from Cryptsy”:
16. Copy that new address from Coinbase and go back to Cryptsy.
17. Again, click on Balances and scroll down to BTC. You should now see your balance in BTC. In my example, it would be 0.67712142 BTC.
18. Hover over where it says Bitcoin and choose “Withdraw BTC”.
19. In the popup box, enter your exact amount of BTC, which is the number in #17 for my example. Copy and paste in the new address from Coinbase in the BTC Withdraw Address. Enter your password and captcha.
20. Cryptsy will assess a 0.0005 BTC transaction fee and show you the net:
22. Go to Coinbase to confirm the transfer. You’ll see the balance in your account once the transfer is complete.
23. In Coinbase, click on Buy/Sell on the left side. Then in the main area of that page, click on Sell Bitcoin and enter how much you want to sell. In this example, I’m cashing everything out and not leaving anything in any of my accounts at Cryptsy or Coinbase.
Lather, Rinse, Repeat
The key to making this work consistently is just to keep writing. It’s really not that hard. Write about anything you want! Just don’t give them crap.
Some Caveats
Just to be up front about this, you do know that this is not a get-rich-quick scheme, right? If you have the patience to work the system and do it right, this can be a nice extra income stream for you for a long time to come.
Be aware that each round for Devcoin is about a month long. So you can write and submit your articles, and at the end of the round (about once a month). It then takes about 3 weeks to get paid. So there is some lead time, but if you keep doing this consistently, you’ll get paid monthly like clockwork.
Here is how Devtome explains it: http://www.devtome.com/doku.php?id=devtome_earnings_for_the_layperson:
After a round ends, which you can see at the Devcoin Countdown, another 2700 blocks need to be created before earnings start being paid out. Each round lasts approximately a month, then there are approximately 21 more days before you start getting paid. On your first round, especially if you posted articles at the beginning of the round, this might seem like a long time. If you post articles every round, what will happen is that you will get a steady payout every month. Once the payout block begins, your full earnings (your number of shares times how many Devcoins are in each share this round) will be disbursed over the course of the next round until all your shares are paid out, because each share is deposited individually in a kind of round robin.
Conclusion
To sum up my experience, I copied two articles from one of my blogs, reposted two previously published short stories from fictionpress.com, published a short story I just had stored on my hard drive, and then actually only wrote some ramblings about fantasy football and posted that.
Less than one hour of actual work.
Profit more than $500.
The potential here is outstanding, if you do it right and don’t try to cheat the system. But if you act in a professional manner, post only original content written by you that is useful, informative, and engaging, then this can be a huge source of income for you!
Oh yeah, one of the best parts about all of this is that if you hold your coins, whether that means the DVC that you earn, or if you hold onto the BTC or LTC (or any other cryptocurrency that you exchanged into), as the value of these altcoins rise, so does your net worth!
If I don’t cash out the 0.67662142 BTC at Coinbase and instead just hold onto it (whether in an online wallet like Coinbase, or even at an exchange like Cryptsy) if the value of BTC rises, then your coins will be worth even more.
For example, let’s say I hold onto my BTC and two months from now Bitcoin takes off and goes to $1200. Now I want to cash out because I have a need for some cash (USD), so I go into Coinbase and transfer to my bank account.
Instead of the $536.83 that I would have received if I cashed out as soon as I could, now I would get more: $1200/BTC x 0.67662142 BTC = $811.95, an extra $275.
Of course, the price of BTC could fall, too. No one knows. If you want to speculate and you think that prices will rise, whether that is short or long term, then hold on to your coins and cash out when you think the time is right. But if you need the cash and don’t want to gamble on the market, then just cash out and enjoy your payday!
Cheers!
CoinGlitch
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