Unless you have been in a cave for the last few years, you should have heard the term Bitcoin, a form of cryptocurrency. The inventor is Satoshi Nakamoto. In 2009, Nakamoto released the algorithm, and made occasional comments online, then vanished. {He or she never indentified him/her self.} This video is a basic introduction to Bitcoin.
https://youtu.be/Hi_vePeEHhs
This website will help the average person understand the concept of mining. Here is an introduction to mining video.
Because mining has become more difficult, the average person cannot purchase the equipment and electricity needed to mine bitcoin. Enter the concept of a mining pool. The concept is legitimate. Hundreds or thousands of people put money into a pool to buy high end equipment in a centralized location with low power costs. They share the coins received in the process.
Coinomia is using the mining pool concept with a network marketing component. In other words, some of your payment into the system goes toward paying a recruitment fee. I joined as a free member to gain access to their back office. Here is screen shot from the back office.
This seems to be a unique way to earn income in an emerging market. However, I have 2 concerns that need to be addressed before I put my money and recruitment efforts into the program.
The website does not list the ownership or management team behind the program. I want to know about their business history and any cryptocurrency experience. There is no information about the mining operation.
I found another company within this industry. Review the Genesis Mining website, they do list their company officers and show a small portion of their mining operation. I have yet to see one picture or video of the Coinomia mining operation.
I may decide to put in $100. However, I urge a cautious approach until more information is provided.
This is a time to do your research and consume as much credible content as possible.
Cryptocurrency is becoming the next global trend. Just don’t lose your shirt while you try to gain coins!
Additional references:
How to choose a Bitcoin or Ethereum mining contract
How to identify a Bitcoin or Ethereum cloud mining scam
Cloud mining vs traditional mining: How to minimize risks
This channel focuses on Dash coin. However, the basic blockchain training is very helpful.
Footnote: I do not fully understand the concepts of pool mining and cloud mining. There may have been some mixing of these concepts in my post.