By now chances are you more than likely have at least heard of Bitcoin. Bitcoin was the first cryptocurrency that emerged on the internet on January 3 rd 2009. Since then thousands of others have hit the market. But here we will tell you about the next biggest, greatest, and “Greener” cryptocurrency to emerge on the market. Move over Bitcoin because Bitcoin Green is here. And Bitcoin Green plans on solving the inherent problems of bitcoin.
First Of All What Are Bitcoins?
Bitcoins are a form of digital currency or cryptocurrency. Unlike traditional currency that is printed or minted. Bitcoin is mined from computers all over the world. But the basics of what Bitcoin mining is you turn your computer into a mini miner. And you become part of the network that solves complex algorithms. That is used to verify all Bitcoin transaction that occurs over the network.
Every time your computer as part of the network. Finds and solves one of these algorithms. Which happens about every 10 minutes you are rewarded for the time and energy by receiving a small portion of Bitcoin. This is the method that new bitcoins are made. And is based on the proof of work method to create the new bitcoin. For a more detailed explanation of bitcoin mining GO HERE.
The Problems With Bitcoins.
Bitcoins have 3 major inherent problems in my opinion. When bitcoins first emerged its big “selling” points were payments would be fast, convenient, and cheap. But we have seen anything but that. Don’t get me wrong bitcoin is still a good way to get started in cryptocurrency. But Bitcoin Green plans on solving these 3 inherent problems with bitcoin.
High Network Fees:
When Bitcoin was first conceived it was intended to have fees that would be well below $1. And more often than not to be less than $0.10. This made it very appealing to most bitcoin supporters. This would have often made it less than merchant processing fees most vendors paid to accept credit card payments. (If you are looking to upgrade your merchant processing account and have the ability to accept all the latest in payment methods. Including Cryptocurrencies GO HERE to learn more). But because bitcoins popularity has overseeded the networks ability to handle the growing demand. These fees have skyrocketed lately.
As a result of that, the bitcoin network is a totally different one. The fees have skyrocketed from the predicted $1 a transaction. And now has an average of $28 a transaction which is a far cry from $1. So much for Nakamoto’s vision of bitcoin being a platform for small casual transactions. Because at over $20 a transaction it is impossible to support the small transactions.
Slow Performance:
Again another inherent problem with bitcoin that Bitcoin Green is going to solve. Is it’s slow performance. It takes an average of 10 minutes to create a new block on the blockchain. And its thought that the network can only manage about seven transactions per second (TPS).
This is extremely slow compared to others like. Etherium can do 20 (TPS). IBM blockchain even tops that at 1,000 (TPS) and even more impressive is Ripple. Which can do 1,500 (TPS) and that’s impressive compared to bitcoin.
Massive Energy Consumption:
No one can really be sure how much energy bitcoin mining consumes every year. But in a recently released study conducted by Alex de Vries says that Bitcoin mining consumes 24 THw of energy that is as much as Ireland. To really make matters worse, the study estimates that Bitcoin’s energy use is doubling every six months. By the end of 2018, Bitcoin could use as much as 67 THw or the annual energy consumption of the Czech Republic.
How Bitcoin Green Can Improve On The Original Bitcoin.
Energy Consumption:
As we saw above by mining bitcoin (which is considered proof of work) making new bitcoins can consume large amounts of energy. Bitcoin Green is based on proof of stake algorithm to create new coins. Which is a lot more energy efficient. Because you don’t have all the mining for them going on.
Very much different than the proof of work concept. Where the miners are rewarded by the algorithm by solving mathematical problems that result in the validating a transaction. Which results in the creation of a new block. This method takes energy to accomplish. With the proof of stake method the creator of a new block. Is chosen in a deterministic way. That is dependent on its wealth as known as stake.
FASTER TRANSACTIONS:
Achieving 154* (TPS) which also includes the support for InstantSend. This is far better than the bitcoins alleged 7 (TPS).
LOWER FEES:
Bitcoin Green will have much lower fees than the over $20 transaction fee that bitcoin currently has. They will have extremely low fees with an average transaction fee. One that will be less than a few cents.
GREEN PROTOCOL
Drastically improves on Bitcoin’s outdated SHA-256 proof-of-work consensus algorithm.
HIGHLY SCALABLE
The Green Protocol allows BITG or (Bitcoin Gold) to be far more scalable than Bitcoin in its current form. This is great for those looking for a better option when it comes to cryptocurrencies.
MASTERNODE MINING
Masternodes secure the BITG network and in turn, receive rewards.
Getting into Staking and starting your own portfolio of Bitcoin Green is easy. I have found an amazing way to start, and you don’t have to be a Tech genus to do so. BITGEX a cryptocurrency exchange for the “Green” crypto’s makes it easy. They did all the hard work for you with the way they have it structured. So GO HERE to get started today. And learn how early registration can get you reduced Staking and transaction fees.
Response Magic