Cryptocurrencies are far beyond their original concept, having evolved into a way of creating vast ecosystems at the fingertips of the world. Bitcoin (BTC) was the first rung on the ladder, the stepping stone to this immense technology. After that came Bitcoin Cash (BCH), designed to lighten the load and still retain the core values of Bitcoin. Now, we have reached a point where Bitcoin Spark (BTCS) has arrived, a promising new tech that could potentially challenge BCH's standing as the Bitcoin alternative, maybe even challenging Bitcoin itself.
The Genesis of Bitcoin Cash
Bitcoin Cash came into existence as a result of a hard fork from the original Bitcoin blockchain on August 1, 2017. This division was primarily influenced by the desire to solve the scalability issues that plagued the original Bitcoin network. The Bitcoin block size was initially limited to 1MB, which led to slow transaction times and increased fees during periods of high demand.
The creators of Bitcoin Cash believed that by increasing the block size, the network would be able to process more transactions at lower fees, thus enhancing scalability and utility as a digital currency for everyday transactions. Despite the change, Bitcoin Cash retains many similarities with Bitcoin (BTC), including its proof-of-work (PoW) consensus mechanism and a maximum supply of 21 million.
The Market Performance of Bitcoin Cash
Bitcoin Cash experienced an influx of interest and demand after its split from Bitcoin, reaching an all-time high of approximately $4,355 in December 2017. However, BCH faced a number of hurdles, including prolonged bear markets and doubts concerning its legitimacy and competitiveness with other cryptocurrencies. As a result, the price of Bitcoin Cash saw a significant drop, plummeting to around $600 by April 2018.
Bitcoin Cash has been unable to hold any kind of value equivalent to the initial prices in 2017. Currently sitting at under $250, Bitcoin Cash offers no real improvement on the original Bitcoin protocol. This is where Bitcoin Spark comes in.
The Emergence of Bitcoin Spark
Bitcoin Spark, a cutting-edge cryptocurrency, aims to offer users exceptional security, speed, and scalability. Bitcoin Spark shares the basic tokenomics with Bitcoin but extends the period until maximum supply is reached and incorporates several enhancements to improve Satoshi's vision, including the potential for zero fees and zero inflation.
Bitcoin Spark aims to achieve significantly improved transactions per second by reducing the time per block and increasing the number of transaction capabilities per block. The combination of these changes, along with a drastically increased number of nodes with a lower initial outlay and running costs, will also significantly reduce the fees for using the chain. This makes it a more efficient and user-friendly choice for everyday use. The ability for everyone to mine using their personal devices will increase exposure tenfold and reduce the barrier of entry to mining and earning with the Bitcoin Spark network, as explained below.
The Unique Features of Bitcoin Spark
One of the main distinguishing aspects of Bitcoin Spark is its commitment to decentralization and inclusivity. Unlike Bitcoin and Bitcoin Cash, anyone can participate in the BTCS mining process, thanks to the introduction of their novel consensus mechanism, Proof-of-Process (PoP).
PoP combines elements of Proof-of-Work (PoW) and Proof-of-Stake (PoS), rewarding miners and validators for confirming blocks and providing processing power for computational tasks. Bitcoin Spark integrates the Proof-of-Process with a unique algorithm that limits linear rewards on raw processing power or stake size, ensuring the network remains stable and rewards are distributed fairly among network participants.
The work and energy required for block confirmation are relatively low and are facilitated by an application that performs processing work in a virtual environment.
As the native cryptocurrency of the Bitcoin Spark ecosystem, BTCS will be the medium for network transactions and governance.
Investing in Bitcoin Spark
The Bitcoin Spark Initial Coin Offering (ICO) starts on 1st August, with BTCS selling at $1.50. The ICO offers investors several benefits, including token bonuses and potential profits by launch day. The anticipation surrounding Bitcoin Spark's ICO is fueled by the project's ambitious objectives, fortified technology, and potential to follow in its predecessors' footsteps.
Learn more about Bitcoin Spark here:
Bitcoin Spark is an alternative fork of Bitcoin encoded using the revolutionary Proof-of-Process technology, which allows anyone with a smart device to actively mine and participate in the BTCS network.
This content is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.
View source version on newsdirect.com: https://newsdirect.com/news/bitcoin-spark-to-challenge-bitcoin-cash-as-top-btc-alternative-152671053
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Florida Times Daily journalist was involved in the writing and production of this article.