Blackcoin is no longer the most familiar name in crypto, but this doesn’t mean that this early innovator is irrelevant. Far from it. By percentage grown, the Blackcoin price actually increased more than Bitcoin’s did in 2017. Any coin that can boast that must be taken seriously. Blackcoin, in many ways, is a sleeping giant, embodying the technology and values that have made cryptocurrency a worldwide phenomenon.
At a time when Bitcoin’s market dominance is constantly dropping and transactions growing slower and more expensive, there are whispers all throughout the industry that another cash coin is going to supersede it. Blackcoin has all the fundamentals that could make it the true heir to Bitcoin’s throne. At a Blackcoin price of less than $1 per coin, if this is even a remote possibility, Blackcoin seems like a great buy. We’ll explain why we think so below.
What is Blackcoin Anyway?
If you were to imagine the perfect cash coin, what characteristics would it embody? Here are some that we think are important:
- Proof of Stake. Bitcoin’s proof of work security model is expensive and environmentally inefficient. It also increases centralization as private interests acquire mining rigs faster than individuals are able to. Ethereum is even moving away from proof of work to the greener, more future-proof proof of stake. Blackcoin was the original Proof of Stake coin, offering their users 1-8% annual returns for staking their coins and securing the system.
Decentralization. A good cryptocurrency is a decentralized cryptocurrency. But as development influence has been increasingly consolidated for Bitcoin, and enormous mining groups gain excessive influence over the protocol, Bitcoin enthusiasts fear that decentralization is lost forever. Blackcoin is not owned by anyone. It is developed and marketed by volunteers. It is secured by volunteer investors. It’s truly decentralized.
Enormous Investment Upside. The Blackcoin price has never been much higher than $1. It’s current $0.90 is sky high compared to where the price was a year ago, but when considered alongside Blackcoin’s meager $70 million market cap, it’s easy to see how wider adoption would make this coin increase in value many times over. The market is looking for a reliable cash coin, and Blackcoin has all of the fundamentals to be just that.
Smart Contracts. In the conversation about Blackcoin vs Bitcoin, it’s important to point out that Bitcoin has yet to employ smart contracts, and Ethereum is soaring in value due to its success in this regard. Blackcoin was the first crypto to use smart contracts, and you can still develop your projects on the system. The future is smart contracts, not just digital currency. We believe that tomorrow’s leader will be able to do both.
Blackcoin doesn’t have the notice of the industry, but we all know that this can change on a dime. We rarely see technological and financial fundamentals as solid as with Blackcoin. It’s uncertain if the coin will again command its place as an industry leader (from its all time high near the top 10). The Blackcoin price is good. It’s fairly easy to turn Blackcoin to USD. It may be a bit of a gamble, but Blackcoin price has a huge potential payoff. For investors who pay attention to fundamentals, this coin really has something.
Is Now a Good Time to Buy Blackcoin?
Most analysts believe that 2018 is going to be the biggest year cryptocurrencies have ever seen! This is not hype or salesmanship; the total market cap of the industry has been increasing at such a rate that almost no coin has been unaffected, the Blackcoin price included. The rate of Blackcoin to BTC has also been on the rise in many portions of the past year. We expect this trend to repeat itself, if not always, often.
The current crypto market is often described as “irrational”. This is because people are spending millions on coins they don’t understand. This is why sensible investors buy up coins that have strong fundamental technologies and use cases. You are unlikely to find a better example than Blackcoin. When the hype cycle hits Blackcoin BLK, you’ll want to be ready.
How to Buy Blackcoin and How to Invest in Blackcoin?
If you’re still reading, you likely want to know how to buy Blackcoin BLK. Blackcoin is primarily traded on Bittrex, so that’s how we’ll show you to buy Blackcoin in this guide. The Blackcoin Bittrex relationship is an interesting one. At one time Bittrex planned to include Blackcoin price trading pairs. Could they finally introduce this one day? All speculation aside, here’s how to make a Blackcoin buy of your own.
How to buy Blackcoin with Bitcoin
First, buy Bitcoin on a site like Coinbase, then transfer the Bitcoin to your Bittrex wallet. People wanting to know how to buy Blackcoin with Paypal, or how to buy Blackcoin with credit card, will not find many options. Bitcoin is always your best bet.
Buy Blackcoin on Bittrex
90% of the world’s trading volume of Blackcoin is done on Bittrex, so this is naturally the place you want to go to get the best price. However, at this moment Bittrex is overwhelmed with demand and is not accepting new members. You can alternately try Poloniex, or wait until Bittrex opens its doors again. We hope that by the time you read this guide, Bittrex will be taking new customers again.
Step 1: Create an account. Bittrex makes this just as easy as opening a first Facebook account. You can do it!
Step 2: Check your email for the registration message Bittrex just sent you. This will take you back to the Bittrex page, but this time you will be able to login with the password and user name you just created your account with.
Step 3: Activate 2FA (2 factor authentication). This is most often achieved by downloading Google Authenticator, which will give you a unique code on your phone each time you want to login to Bittrex. This will keep anyone else from hacking into your account. Activating 2FA will make your account more secure, and less of a liability for Bittrex. In return, they’ll unlock a few more trading privileges. With or without these privileges, 2FA is always a good idea when dealing with personal or financial information on a third party’s platform!
Step 4: Check your email for a response to your verification. Once you’ve clicked the link, you’ll be able to trade on Bittrex.
How to Send Your Bitcoin From a Wallet to Your Bittrex Wallet
To buy Blackcoin at this Blackcoin price, you’ll need Bitcoin in your Bittrex wallet. First buy Bitcoin on a source like Gemini or Coinbase. If you already have your Bitcoin in a personal wallet like Exodus (highly recommended), then all you have to do is copy your Bittrex wallet address and paste it in the “Send Bitcoin” portion of your wallet. We’ll show you some images to give you a good idea of how that works.
Step 1: Head to the “wallets” page on Bittrex. Here you’ll see a wallet for every coin Bittrex offers. Bitcoin should be right on top. Click the “+” sign and you’ll see an address (highlighted in the above image). That’s your personal Bitcoin Bittrex address. Copy it and head on over to your outside wallet.
Step 2: Paste the address into your wallet. Select the amount of Bitcoin you want to transfer. Hit “send”, but always make sure to double check the address first. It will take at least a few minutes for your Bitcoins to arrive in your Bittrex wallet, but when they do you’ll be ready to buy Blackcoin.
How to Buy Blackcoin With the Bitcoin Your Transferred to Bittrex
Now that you’ve loaded up your Bittrex account with fresh Bitcoin, you’re all ready to buy Blackcoin, or any other supported currency or token you choose.
Step 1: Go to the Bitcoin Markets page and type “BLK” into the text box you see there. Click the resulting BTC/BLK trading pair link, and that will lead you to this page where you will see most of the tradable Blackcoin in the world moving from account to account in real time.
Step 2: Focus on this portion of the screen in the lower left hand bit of the screen. Here, you’ll put the price (in Bitcoin) at which you would like to buy a single Blackcoin. Put this number into the “Bid” text box. You can see what other buyers are offering in the “Bid” section on the right of the screen. If you want to buy right away, you can copy and paste the current “Ask” price, which is the lowest price at which a Bittrex user is currently willing to sell one of their coins. If you wish to get Blackcoin BLK at a lower price, you can put any price here that you want. This is known as a Limit Order, meaning that the order will only be completed if the price reaches the lower price you bid, at some time in the future.
Now select the number of Blackcoin BLK that you would like to purchase. This number goes in the “Units” text box above the “Bid” text box. When you’ve input this total number of Blackcoin BLK you want to buy in this order, you’ll see the “Total” amount of Bitcoin you will have to spend to complete the order at the bottom. All you have to do now is click “+ Buy Blackcoin” now and wait for your order to be completed. If you made a competitive order right around the price sellers were asking for, your order will probably be completed in seconds. If you made a much lower Bid, there’s no way to know how long your order will take to fill.
How to Send Your Blackcoin BLK to a Private Wallet for Safekeeping
An important part of owning any coin is storing it safely. You are allowed to keep your coins on Bittrex, but there are always hackers and other malicious parties trying to steal from exchanges like this, so storing your coins on your own computer is the safest way to go.
Head over to Blackcoin.co and click the “Downloads” navigation link. Here you’ll find several versions of the Blackcoin wallet. Download the one that works for your operating system or device preference. Install the software. Then go in and find your unique Blackcoin wallet. It will look just like the address code you used to send Bitcoin to Bittrex, but it will be different letters and numbers. Copy it and head back to Bittrex. In the “wallets” page, you’ll see your Blackcoin wallet right at the top of the pile. Hit “-” for “withdraw” and paste the copied address into the text box you see. Then hit send. In a minute (probably much less), your new Blackcoin will appear in the wallet you downloaded where they will be much more safe than on the exchange.
Final Thoughts on Blackcoin
There are those who say Blackcoin is past its prime. However, there is still a strong community around this coin and remarkably vital fundamentals. We can’t make value predictions about the Blackcoin price, but we believe that investing in strong technology is superior to investing in hype. Blackcoin is a tried and true innovator that’s accepted by vendors around the world, and supports smart contracts. It’s free to transact and the coins are affordable. We think this is a winning combination.