Is CoIntellect Legit?
Back in August, I reviewed a new cloud hashing service called CoIntellect. They are a Dogecoin based service specializing in mining contracts. Little did I know that the same article would quickly blossom into one of the most popular and controversial posts in DailyDoge’s history. After having been incorrectly cited on a number of websites, I figured I would chime in for a second time and clear the air. I also saw this as a good opportunity to answer the countless readers who have all asked the same thing: is CoIntellect legit?
You can go about reading the Bitcoin Storm App Review that is available online because this CoIntellect has become a huge venture where people are aspiring to get mining contracts in a jiffy despite there being stiff competition among the various companies and DailyDoge too doesn’t have a very good reputation among the citizens that would inspire the latter to take up the service even with Bitcoin makers giving their stamp of approval.
I’ll save my readers the trouble of describing what CoIntellect does and discuss exactly what CoIntellect is. CoIntellect is essentially a Cost Per Action (CPA) platform. Remember those services back in the day like CashCrate and CashLagoon that gave you money for filling out surveys? CoIntellect is pretty much the same thing albeit with a cryptocurrency spin on it. The exception being that users mine rather than fill out surveys and/or offers. Once you understand this, the business model begins to make a lot more sense.
What about their software?
Having understood the information above, it becomes much more clear why they would offer their own mining software. How else are you going to appeal to those unfamiliar with cryptocurrencies? Would you take the time to code some easy-to-use graphical software or just wing it and allow the success of your business to depend entirely upon your userbase’s ability to run the mind-blowingly intuitive cudaminer? Not to mention they don’t even require you to use it.
Mining contracts are considered by many to be “muddy waters” — for good reason too. The profitability can be unpredictable and hash rate is generally viewed as a depreciating asset. However, that doesn’t mean contracts can’t be profitable. Back in August, the price of Dogecoin saw more than a 500% increase in value. Needless to say, owners of mining contracts certainly were not complaining.
Regardless, buyers should take into consideration a number of factors when deciding which contract provider to go with — one of them being the duration of the contract. Ideally, you want to avoid “lifetime” contracts due to the quick devaluation of hash rate. Often times the “lifetime” duration of these contracts is sold as a fairy-tale bonus to entice the buyer. A good example of this are the mining contracts sold by Cryptsy and Cex.
It’s a fairly interesting concept and I am eager to see how the business plan pans out over the years. Will we see more businesses adopting a similar model? Remember, catering to just the cryptocurrency community wont get you very far. Catering to the entire CPA demographic has the potential to not only grow one’s business but to promote the widespread adoption of cryptocurrencies. If these guys are getting people on board who otherwise would not have been interested, that is fine by me.
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