The cryptocoin market may be new and uncertain but cryptocurrencies are set to disrupt the world of finance. It is yet to be known where the technology will lead us but cryptocurrency is appreciated since it has better options than conventional money. However, there are many cryptocurrencies to choose from now that it will be confusing if you are not familiar with them. Here is a review of BlackCoin to help you out a little.
What is BlackCoin?
As a cryptocurrency, BlackCoin is developed on many of the principles used for the Bitcoin protocol. However, BlackCoin has several important changes that distinguish it from Bitcoin. The crypto currency was launched in 2014, first as a PoW (Proof of Work) cryptocurrency with zero pre-mine which meant everybody had an equal chance of obtaining coins. After it hit the 10.000th block, which indicates that mining is complete, the cryptocurrency changed into a PoS (Proof of Stake) coin.
The cryptocurrency is famous for its lightning speed transactions which take only ten seconds. Another aspect of the coin that has popularized it is the principle it operates on. Users are always required to show their bank history thus every transaction can be monitored and confirmed to have taken place at a particular moment in time. The open source software means auditing is not a difficult thing. The speed of transactions, which allows you to send money across the globe in a matter of seconds, and the level of transparency, will attract a lot of merchants as the coin grows. Lesser transaction fees will also contribute to this.
Why Proof of Stake works better for BlackCoin
The coin transitioned from a PoW phase to a PoS phase seamlessly, putting it at a better place in comparison to other cryptocurrencies. The PoW phase was about solving a math problem with intensive computations which would contribute to the scarcity and value of the coin. From this phase, the coin transitioned to a Proof of Stake protocol which is much cheaper to sustain and allows for speedy transactions. PoS also guards against whales who can influence the value of the cryptocurrency. In PoW protocol, where computer power was a major determiner, a whale could use dumping manipulate value to benefit themselves; however this would most likely work against them in a PoS protocol.
Why choose BlackCoin over other PoW digital currencies
This is mainly up to individual persons as you are free to use which ever you find serves you best. Even so, BlackCoin has some advantages over other Proof of Stake coins such as NXT and PeerCoin. While the two might have been around longer, BlackCoin does better than them in one aspect, which is transaction speed. With PeerCoin taking about 10 minutes per transaction, you can’t really pit the two against each other. The other ideal that is very important is the community behind a digital currency; these are the people who bring in new innovations and drive its popularity and market acceptance and again BlackCoin wins over the other two.
Interesting developments about the cryptocurrency
There are many things to like about a cryptocurrency with an open source software where different people can add their ideas to. The huge community that has rallied behind this cryptocurrency is shaping its effectiveness in the financial world and also increasing its popularity.
One of the developments that are noteworthy include the BlackCoin Multipool. This allows users to mine for other rewarding altcoins and then turn them into BlackCoins using a distinctive algorithm that works for exchanges like BTER, Mintpal, and Crptsy. This also encourages stability of the coin since it creates a constant buy, essentially holding off dumpers and whales.
Wallets to use for BlackCoin
The official wallet for the digital currency, BlackCoin-qt wallet, can be downloaded from the official site and takes very basic processes to set up and back up. HolyTransaction have also added it to their wallet, meaning you also get to access their exchange for BlackCoins to other digital currencies such as Litecoin, Bitcoin, Dogecoin and others. The wallet is available for Linux, Windows 32-bit and Mac OS operating systems.
Exchanges where you can use BlackCoin
Online exchanges remain the main mode of getting BlackCoin at the moment. You can choose to use BitStamp.net, one of the main exchanges for USD to Bitcoins, as your preferred exchange and convert your Bitcoins to BlackCoin. CoinBase is also a viable option for U.S customers. You can also opt for MintPal ,where you can send your Bitcoins and exchange them to BlackCoin at the prevailing market rates.
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