The cryptocurrency space is filled with all kinds of coins, each with a different vision. Diamond coin, DMD, is an established coin which was developed specifically for stable wealth accumulation. It operates on a hybrid proof of work (mining)/proof of stake algorithm with a current minting rate of twenty-five percent. It is also scarce (only 4.38 million DMD will ever be produced), has a thriving community as well as a built-in mechanism for placing consistent buying pressure on the trading platform. All these reasons make Diamond an excellent coin to invest in.

This tutorial will focus on how to invest in Diamond. It is not to be taken as investment advice. Please do your homework and remember to only invest what you can afford to lose.

Step 1: Install and encrypt the Diamond QT wallet Go to the Diamond coin website and navigate over to "wallets" to find the wallet that is compatible with your system. Download the wallet, and then run the wallet file. This will install the wallet on your computer. Leave the wallet open for several hours to a day to download the Diamond block chain. Once the block chain is downloaded and the wallet shows it is fully synchronized, encrypt the wallet. Click on [File], then [Settings] and follow the directions to set a secure passphrase for your wallet. Do not lose it.

Step 2: Get some Diamonds The most straightforward way to obtain DMD is to buy it on the BitTrex trading platform. You can register an account and deposit some Bitcoins to trade for DMD.

Step 3: Withdraw the Diamonds to your wallet You can locate your wallet's DMD address by clicking on the [Receive Coins] tab. Copy the address and use it as your destination address in your BitTrex withdrawal.

Step 4: Unlock your wallet for minting Nine days after you have made your first deposit, unlock your wallet for minting. Click on the [Unlock Wallet] button and enter your wallet passphrase at the prompt. Make sure the [For minting only] option is checked. Leave your wallet unlocked and running until your deposit mints, as indicated by a Diamond icon.

Step 5: Activate coin control Once your deposit mints, it will take another nine days for those coins to mint again. You can either close your wallet until then, or you can leave it open and running. Once your initial deposit mints, it will be split into two inputs. You can see the inputs by activating coin control. Under [Settings] select [Options] and check the Coin Control option.

To view your inputs, click [Send coins] and then the [Inputs] button. It will bring up a list of all the wallet inputs. Select [List mode] to see each one. You can then sort them by date, number of confirmations or any of the other headings. If you ever want to withdraw coins, you want to use coin control to send the coins with the least number of confirmations in order to minimize loss of potential minting rewards.

Step 6: Repeat steps 2 and 3 until desired amount of Diamond is reached Diamond coin value typically ranges from 25 to 35 cents on CoinMarketcap. Based on that and the current 25% minting rate, decide how many DMD you will need to accumulate in order to reach your wealth building goals. Then keep buying DMD when you can.

Step 7: Set scrape address once your investment goal is reached Once you have reached your DMD accumulation goal, one option is to cash out the minting rewards. A scrape address makes it easy to automatically separate minting rewards from your principal balance. Select [Receive Coins] to see your addresses. Add an additional address. Set the new address as your original address's scrape address by double clicking on the [Scrape Address] field next to it. All minting rewards generated by your original address will now go to your scrape address. When you are ready to cash them out, you can then select them to be sent to BitTrex using coin control.

Happy wealth building!

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