When Bitcoin entered and exploded the market of centralized Fiat currency, the world awaited a revolution. And it started with the recession that followed in 2009, that made most people distrust and hate the banks and government. It gave an all new face to digital currency. After the dot-com boom in early twenty first century, digital currency took the world by storm.
Bitcoin, the most popular digital currency or cryptocurrency of the world, was started in 2009, after which many others followed. The algorithm on which Bitcoin works is PoW (Proof of Work) algorithm that requires high processing power and a lot of energy. The electricity is used at a massive scale in Bitcoin mining farms, which is affecting the environment. If Bitcoin mining continues, there will be a lot of pollution as it somehow depends upon non-renewable resources and fossil fuels.
To curb this problem, BlackCoin founders created this sustainable and green cryptocurrency called ‘BlackCoin‘, also known as BLK. BlackCoin cryptocurrency works on PoS (Proof of Stake) algorithm, which does not require a high processing power or has high demand of electricity. Where a typical Bitcoin transaction takes around 10 minutes to process, BlackCoin takes hardly a few seconds, only because of the algorithm difference.
- The first and foremost feature of BlackCoin is its anonymity. It is open-source project having a support by powerful investors. Being open source, it invites users from across the globe to come and participate in the network. The users only need to use BlackCoins, and manage the transactions to use this currency, and be an active member of the community.
- Another thing that makes this network and community different from all other cryptocurrencies out there is its guarantee of reward. Other currencies heavily depend upon a lot of factors. Bitcoin and Ethereum face price hikes and drops regularly, and the value depends upon public demand and supply heavily. Whereas, BlackCoin guarantees 1% to 5% annual return, something that no cryptocurrency has so far been able to promise.
How is BlackCoin better than Bitcoin (BTC)?
- BlackCoin (BLK) like other digital assets is decentralized, but it is true to its nature, because one or a few miners’ communities do not control the coin. Bitcoin is heavily controlled, despite being decentralized, which is not the case with BlackCoin (BLK).
- BlackCoin (BLK) uses Legionnaire feature that allows users to have stealth addresses, and provides complete anonymity to its users. With Bitcoin, if the users share their address anywhere on social media, they become vulnerable and their safety over the network becomes really easy to compromise. Whereas, BlackCoin provides stealth addresses that remain anonymous and change after every transaction. Even if shared on any public forum, your coins on the network will be secure.
- Mining process is expensive, and not everyone’s cup of tea. That is where PoS algorithm steps in and allows all users an equal status. PoS works on ownership of coins, rather than providing control to only those with high computing power.
- Transaction fees that BlackCoin (BLK) network charges is negligible. Currently it stands for, around 0.0001 BlackCoin and has a low inflation rate of about 95%.
Some Noteworthy Features of BlackCoin (BLK)
BlackCoin has three main features, apart from the ones listed above –
- Iris – Iris is a multi-signature wallet with a support for multiple coins. Using Iris, users can create their own assets on the blockchain network. Currently, Iris wallet is only in its testing phase.
- PayBlk – It is a BlackCoin Wallet, hand-crafted for individuals and enterprises. You can download it from Google Play on Android mobile phones. All you need to do is scan the code like PayPal, and make the payment in an instant. The technology it employs, makes it impenetrable and impermeable in nature, hence completely secure and theft-free.
- BlackHalo – It is a decentralized exchange, just like Coinbase, Mt Gox and others. It allows the users to create 100% unbreakable smart contracts, by enabling double deposit on both sides. Without any middle-men, or Escrow, you can now create contracts that are reliable and trustworthy. BlackHalo also enables users to switch currencies. You can convert your BlackCoin into Bitcoin if you wish to, just with the click of a button.
- BlackSight – BlackSight is an open-source Blockchain explorer that allows users to write web-wallets and decentralized applications that require more sophisticated blockchain queries than provided by blackcoind RPC.
Buy BlackCoin (BLK)
You can buy BlackCoin (BLK) from any big exchanges that support it. Some of the popular names being – Coinbase, Poloniex, Bittrex, Upbit, LiveCoin etc. To buy BlackCoin (BLK) you can either use your regular government issued currency or you can also convert any cryptocurrency to BlackCoin, like Bitcoin or Ethereum. BlackCoin (BLK) is easy to store in the online exchanges, but storing them online can be dangerous.
Experts recommend using other methods for a long-term storage, rather than online exchange because of the risk of hacking. There are many offline wallets that support BlackCoin, one of them being PayBlk itself. The original BlackCoin Wallet is highly recommended only because of its robust support system and easy to use functionality. The users can download the wallet from the official BlackCoin website. It will take some time to download the entire blockchain, but after that one time investment, it is easy to use.
Paper Wallets like Trezor, KeepKey and Ledger S Nano are also good to store cryptocurrencies if you plan to hold on to them for years to come. These offline wallets work like a charm and only require the user to remember a private key to access the wallet. They are secure and have a solid support and recovery system in case the user forgets the key.
BlackCoin is better than Bitcoin in many ways, the primary one being – decentralization and autonomous control to every user. Where Bitcoin community has a heavy domination from the miners who are a small group of people controlling more than 50% of the currency. Any change in Bitcoin network would require complete consensus, which is tough to implement. With this, the situation becomes equally dangerous as well for the small investors and holders. Hence, BlackCoin can emerge as a powerful currency of future, provided it sticks to its principles and core values that ensure decentralization and anonymity.