The arrival of Blockchain technology with Bitcoin has done a lot of wonders, but a lot has just been promised. Many people extol the issue of technology, but forget the main thing: usability. Yes, there are many payment sites that accept bitcoin, but volatility, unfriendly user system and very high transaction fees are just some of the factors that hinder their overall implementation.
Fortunately, we have the emergence of new altcoins that aim to fill the promise gap established by Bitcoin. One of them, which I will present in this article, is Bitcash (BITC).
What is Bitcash (BITC)?
Bitcash is a cryptocurrency that combines Blockchain with banking features to be the most usable cryptocurrency in the world. Features present in some cryptocurrencies such as privacy, decentralization, low fees, speed mixed banking system features like: transaction logs, account names, electronic statements, accounting software integration make bitcash a great alternative to bitcoin and make it the most usable in the world. Check out some of your ecosystem features and services:
Integration with Social Media and Nicknames
This cryptocurrency also integrates with social networks, allowing you to send bitcash, for example, through someone’s Twitter handle. Or through Twitch, supporting your favorite content creator by sending BITC to him.
Plus, enough of complex and confusing addresses to send and receive. Gone are the days when you needed it. Bitcash technology lets you apply nicknames in addition to conventional addresses, making things easier for the end user.
PeerQ — Knowledge rewarded
Here’s an interesting alternative to the famous Quora community Q&A platform, released to the public in 2010. As part of the Bitcash ecosystem, meet PeerQ!
It is a platform that rewards users for sharing knowledge. You can post bounties, request small tasks or assignments, or simply ask questions and get answers from the community. This is for both the bounty hunter and the bounty manager, both can benefit.
In a way, the Bitcash team has created a peer-to-peer knowledge economy. Encouraging people’s participation, rewarding the best answers and giving usefulness to the BITC cryptocurrency.
These days, the first place people think of going to look for answers is on the internet. And why not at PeerQ? A marketplace that shares experience, wisdom and skills, all working integrated with Bitcash technology.
Each upvote means a response accepted and rewarded by the bounty organizer. Your Bitcash is stored in an internal platform wallet that can be instantly withdrawn to your personal wallet.
Instant, cheap and practical
One of the major annoyances for banking users is transaction delays that can take days and high fees for international transactions. This can also apply in the case of Bitcoin, which takes on average hours to confirm a transaction, and to speed up or have a shorter confirmation time, you have to pay an absurd fee.
With Bitcash, these problems are over. In tests, it proves to be 1000x faster than the traditional banking system and far less costly for international transactions. Compared to bitcoin, your transactions can be confirmed almost instantly and have far less fees. Plus, just like Paypal, it lets you send money to anyone around the world via chat, email or sms even if they don’t have a BitCash wallet.
1 Click Mining
One of the things people most ask themselves is how to get bitcoins. One way is through mining, but it has a boring process to set up the miner and connect to a pool for mining. This probably scares the most lay people, however Bitcash has come to make things easier by offering one click mining through the wallet downloaded by the site.
Stability
As I mentioned earlier, one of the main issues that hinder a global adoption of Bitcoin is its volatility. You can buy bitcoin at a price, and in hours, the price happens to change. This would bother many people if they wanted to make simple purchases / transfers or store value. The Bitcash team fills this gap through stablecoin Bitcash Dollar.
You have probably heard of Tether (USDT), Gemini Dollar (GUSD) and TrueUSD (TUSD). These stable currencies are all backed by the US dollar. However, it also has DAI, which is decentralized and runs on Ethereum’s network, but is not backed by the US dollar. Instead it is backed by collateral on the Maker platform.
Bitcash, Haven Protocol and Triton are projects that exploit the “mint and burn” protocol. It works by allowing both cryptocurrency and stable asset to exist on the same blockchain, as well as accepting destruction and burning of the volatile or stable asset to create or mint the opposite asset. Thus, Bitcash cryptocurrency operates at a volatile value and conducts basic transactions. Bitcash Dollar, on the other hand, operates at a static value and is cryptographically supported for cryptocurrency reservation.
Bitcash Dollar was created to address the issue of price volatility when we send third party cryptocurrencies, make shredder payments or store value. With the bitcash stable feature, there are two currencies coexisting on the blockchain, Bitcash and Bitcash Dollar in separate accounts. The Bitcash Dollar account has its own address starting with “dollar@” in front of the address or nickname. For example dollar@virtugrana for Bitcash account and @virtugrana for Bitcash account. There are functions to make sending between accounts quick and easy.
1 Bitcash Dollar = 1 USD
Technical specifications
Algorithm: Cuckoo Cycle forking over to x16R
Consensus: Proof Of Work (PoW)
Coin Ticker: BITC
Block Time: 1 Minute
Block Reward: 21.5 BITC
Total supply: Initially 100,000,000 Coins but will fluctuate upon mainnet of BitCash Stable Feature
ICO: No
Masternodes: No
Pre-mine: 9.7%
Block Reward: 10%
Emission Halving: Every 4 years (after 2,100,000 blocks)
Difficulty Adjustment: Virtual Timespan Retargeting (retargeting after every block like Dark Gravity Wave DGW for example, but with their own development, which adapts faster to changes in mining power)
Team
The Bitcash team is made up of contributors and volunteers. Some have decided to remain anonymous because they consider anonymity to be very serious. But that’s no problem, as we have many relatively promising projects, but with anonymous developers and contributors such as Bitcoin himself, made by Satoshi Nakamoto, considered a pseudonym of one or more people. Bitcash is a community-based project without ICO and without a central entity controlling the protocol, there are no official offices or employees. The network is coded, designated and run by volunteers who live in different parts of the world and are welcome and encouraged to contribute.
There is much more about this cryptocurrency, what I highlighted are some of the main positive points… To know more visit the official website link at the end of this article.
Note: Remembering that Bitcash, like many cryptocurrencies, has a new and experimental protocol, so be careful. Do not expect gains from this project by having an experimental protocol. Bitcash coins are not considered an investment in any way. Bitcash software is open source and there are no warranties. Do your own study of the project and draw your own conclusions. This material is for informational purposes only.
BitCash Official Links:
Website — https://www.choosebitcash.com/
Discord — https://discordapp.com/invite/7P4YcXU
Twitter — https://twitter.com/ChooseBitCash
Bitcointalk ANN — https://bitcointalk.org/index.php?topic=5106123.0
Telegram — https://t.me/chooseBitCash