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Devtome Earnings for the Layperson
“Help! I'm a writer and I have no idea what you're talking about with blocks and chains and tribbles and I don't know how much money I'm making or how I can use it!”
It's okay. Even if you are not a programmer, you can participate in Devtome and be able to use your earnings for tangible goods and services with basic internet literacy.
How Shares Are Paid Out
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.
The number of 'receiver lines' is basically the number of shares, which is a combination of Devtome writing, bounties, administrative work, and mining. You can see the historical statistics of how earnings are distributed. Payment is made as blocks are generated, so on the first payout block (see Round Earnings and Payouts) the Payee 1 will receive one of their shares. The script will go through Payee 2, Payee 3, and so on, until all payees have been paid their first share, then it will start over. Someone who only has one share will only get paid on the first go round, someone with twenty shares will get paid on twenty different blocks as the round robin continues. As the payout blocks go on, there are typically fewer payees left, so the round robin will get shorter. When you receive newly generated blocks (new Devcoins), they have to 'mature' by receiving 120 confirmations. This is to assure they are legitimate.1)
You can see the order in which blocks are paid out by looking at the receiver files for the current round. Whatever line your address is found in, add that number to the payout block. For instance, if your address shows up in rows 18 and 37, and the first payout block is 96,000, you would be paid in block 96009 (the first number is skewed because the rows technically start with #10) and 96038. The number of times you will find your address in the file depends on how many shares you earned.2) The order blocks are paid out is randomly generated (so, for instance, alphabetical order of your user name has no relevance). The receiver lines are cut at a place which changes each round, and at each even round number they are also reversed.3)
Since each block of the chain generates 45,000 coins, you will be paid in 45,000 increments throughout the round. It will appear in your Devcoin wallet as “Generated:45,000.00 Matures in x more blocks”, where x is the countdown to the 120 blocks required to validate each new batch.
Calculating Earnings in Bitcoin and USD
To find out how much your earnings are in Bitcoin and USD, you can go to a Devcoin ticker. The first one is the most user-friendly, but there are two other options.
You can also see a chart of Devcoin to USD here.
Trading For Other Currencies
It is possible with a couple of steps to turn your Devcoin into USD(or whatever your local currency is). If you have immediate financial responsibilities and this is your motivation for writing, this may be the way for you. Before you dump your Devcoins, check out How to Dump Devcoins Without Killing Their Value.
On the other hand, Devcoin recently grew 300% in value in the span of two weeks, and has the potential for an even more dramatic increase. Devcoin could be a very good investment, if you don't need money immediately. Participating in the Devcoin economy also helps increase its value, and thus what you get paid. If you do cash out of your Devcoins, you could consider saving 10% or 20% of your earnings from each round.
There are a number of cryptocurrency exchanges where you can trade Devcoins for Bitcoin (which can then be traded into USD), or other cryptocurrencies, known as altcoins.
Vircurex has the benefit of being able to trade directly from Devcoin to Bitcoin, which can then be easily traded for dollars. Since the time this article was initially posted, Cryptsy added the Devcoin/Bitcoin pair so those two currencies can be traded back and forth freely. In addition, Cryptsy offers a convenient autotrade feature. You can set your settings to automatically trade any Devcoin you deposit into Litecoin, for instance, and any Litecoin balance to Bitcoin, and Bitcoin to dollars. With the new pairing you can do the same thing with Bitcoin. You can then transfer your funds to Coinbase, which is similar to Paypal, and have the money deposited in your bank account. Cryptsy is still attempting to get approved to deal in dollars. If and when this happens it may mean less intermediary steps when dollars are desired.
Buying with Devcoin
You can also buy common goods with fewer steps by purchasing gift cards directly with Devcoin. Note that there might be higher transaction fees when the market is volatile (prices going up and down very quickly). As the market stabilizes, these fees should reduce or even disappear. As an example, many Bitcoin gift card sites charge no transaction fees, and will even give you a percentage back for buying in Bitcoin.
- Choose Your Own
- Barnes and Noble
- Neiman Marcus
- Coldwater Creek
- New York and Company
- Amazon.com cards
Buying with Bitcoin
Or you can trade to Bitcoin, and buy gift cards.
- Carries cards from hundreds of stores, and gives you 3% back in points on Bitcoin purchases.
- Allows you to buy just about anything online with bitcoin with a special bookmarklet.
Buy Directly With Devcoin
There is also a small selection of retailers that accept Devcoin directly.