Bitcoin is not just the world’s first decentralized cryptocurrency; it is also the most popular and the asset with the largest market capitalization. Bitcoin was created by an unknown person or group named Satoshi Nakamoto, and went live in 2009. Since then, Bitcoin has gone on to return thousands in percentage to investors and is the world’s best-performing asset of all time.
Proof of Work and Proof of Stake Algorithms
Bitcoin uses the Proof-of-Work (PoW) consensus algorithm and pretty much popularized this method. In simple terms, the PoW method requires that miners sort of compete against each other. With PoW, miners have to solve complex mathematical problems through serious computational processing power.
Proof of Stake (PoS) is an alternative to PoW. Simply put, PoS states that validating block transactions is not done by how well a person can solve complex mathematical problems, but by how many coins the person holds. So, the more coins held the more mining power.
There have been calls from several quarters, for Bitcoin to move from PoW to PoS. The argument has always been that among other things, the network is a lot more flexible with PoS. PoS is also much cheaper as it is more energy-efficient. This is where Bitcoin PoS (BTP) comes in.
BTP is a new cryptocurrency that basically applies the same Bitcoin code, but with a PoS consensus algorithm, instead of PoW. This way, the hefty energy expenses that come with mining Bitcoin are completely dismissed. Here are a few more reasons why you should consider BTP.
With BTP, cryptocurrency payments can very easily be incorporated into traditional channels. This means the flexibility of Bitcoin for real-world activity, but faster and much more rewarding.
Proof Of Stake
Using the proof of stake algorithm ensures that there is more decentralization. This is because people do not have to invest heavily in mining equipment and energy costs.
With PoS, the blockchain has increased efficiency. With increased efficiency, the chance of network congestion is significantly reduced. This means that cross-border transactions and fund transfers will be completed in just a few simple clicks.
The PoS consensus algorithm has no block rewards as is available with PoW. Validators earn rewards by charging transaction fees. This method makes the entire blockchain, including the transactions on it, much cheaper to run.
Bitcoin PoS Staking
Another major advantage of BTP is the opportunity for investment. Just as is possible with Bitcoin, anyone can join the BTP network and earn juicy rewards. With Bitcoin PoS, members of the community are encouraged to stake their BTP coins on the network, to earn rewards.
Staking and earning rewards on the BTP blockchain is easy, and requires just a few steps:
1. Download Full Node Wallet
Visit www.bitcoinpos.net to download the BTP wallet. The service has versions for Windows, Linux, and Mac OS. Download the wallet to begin.
2. Get Bitcoin PoS
The next step is to acquire new BTP coins. BTP coins are available via the website’s exchange service, or from other supported crypto exchange platforms. The website currently includes a live exchange function that converts BTC and BTP at current prices. At the moment, 1 BTC equals 80 BTP.
3. Stake Coins
After purchasing BTP coins, the next step is to stake the coins through the downloaded app. Staking is simply a process that allows holders to lock up a certain amount of coins to receive rewards, while directly contributing to the network’s operations.
4. Earn Rewards
After the three steps above, all that’s left is to sit back and earn rewards from the coins staked on the blockchain.
The Bitcoin PoS platform brings a new function to the Bitcoin, and also the crypto market at large. Think Bitcoin, but with a faster, more decentralized, and much more secure method with the Proof of Stake consensus. With BTP, staking Bitcoin is not only possible but only a few clicks away.
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