Digital currencies are fast becoming the optimum choice for many, considering the numerous benefits that they provide. However, not all digital currencies come with the desired anonymity that most people yearn for.
As a result, cryptocurrency developers have been working round the clock to create a currency that meets all desired specifications.
Subsequent cryptocurrencies such as the ZCoin and BlackCoin have made tremendous strides in sealing numerous shortcomings found in previous money systems.
WHAT IS BLACKCOIN?
BlackCoin, abbreviated as BLK, is a digital currency that uses a proof of stake system to facilitate secure and anonymous transactions between peers. It is open-source and can be audited by anyone making it completely transparent.
Ever since its development and launch by Rat4 back in 2014, the distribution and user community of BlackCoin has grown by leaps and bounds and has established itself as a future leading contender in the cryptocurrency space.
The BlackCoin system is not only safe, but also one of the fastest in transactions in comparison to other digital currency systems.
WHY THE BLACKCOIN CRYPTOCURRENCY?
The Proof of work system, which Bitcoin uses, has been frowned upon for being expensive and time-consuming. The high costs of the proof of work system emanate from the total sum spent on mining labor and other hardware-related costs.
On the contrary, in a proof of stake system, the total sum of transaction fees is sufficient enough to compensate for bandwidth and storage space. Unlike most cryptocurrencies, BlackCoin transactions are predominantly fast; transactions take less than 64 seconds to execute. It is not surprising that many people regard BlackCoin as one of currencies of the future.
HOW BLACKCOIN WORKS
Like most cryptocurrencies, the BlackCoin system is relatively technical, but its one of the easiest to learn and make your way around.
All BlackCoin transactions are managed by a network of users. Anyone is free to join this network, as long as he or she is using BlackCoins. Therefore, as a BlackCoin holder, you are the banker. BlackCoins are generated through minting. Every BlackCoin account generates a stake interest of 1% annually to keep the system secure.
WHAT IS GREAT ABOUT BLACKCOIN?
The BlackCoin network has a number of great features, making it one of the best cryptocurrencies in recent years. The Proof of stake system allows users who stake to secure the network to enjoy unrivaled interest rates of up to 5% per year, depending on the weight of the network.
The fact that the system is decentralized makes it more secure. Previous money systems were susceptible to hacking and unauthorized access. However, thanks to the NightTrader feature found in the BlackCoin network, all these security breaches are now things of the past.
Anonymity and Privacy
While digital currencies seek to address privacy issues, not all systems work as desired. However, by using the Legionnaire feature found in the BlackCoin system, users can enjoy the ultimate anonymity that comes with stealth addresses.
Smart Contracting through the BlackHalo feature is another enticing feature found in the BlackCoin network. The BlackCoin is the first digital currency to integrate smart contracts in its system. With the BlackHalo the days of digital theft are in the past.
Low Transaction Fees
To round off its benefits, the BlackCoin has a minimum transaction fee of 0.0001BLK. Its inflation rate stands at 0.95%. Additionally, its proof of stake system eliminates the need for miners. Users have total control over their accounts, as there are no intermediaries required.
HOW MUCH IS AVAILABLE?
The initial distribution, which used the Power of Work system, had a limited supply of not more than 75 million coins. With the inflation rate of just under 1% as noted above, the current supply currently stands at approximately 76 milion coins.
Users of digital currencies are yet to appreciate the essence of the BlackCoin fully. Skeptics are of the view that the Proof of stake system is not fully workable. However, the BlackCoin has done tremendously well to dispel this notion. Additionally, the numerous benefits of using the BlackCoin makes up for most of its downsides, if there are any.
Where To Buy/Trade BlackCoin
(a trader’s view – by Cryptolix)
The majority of the buying and selling of BlackCoin is currently on the Poloniex Exchange, but there are at least a dozen other cryptocurrency exchanges where traders are buying and selling on a daily basis.
Volume has picked up over the last week or so (as of April 6, 2017) and it appears that this coin is starting to come under some serious accumulation by heavy hitters.
Our favorite place to trade BlackCoin is on the Bittrex exchange. You can see our screen shot of the One Hour chart of Blackcoin below. (chart image taken April 6, 2017)
This chart action reminds us somewhat of Monetary Unit – MUE a few weeks back before it increased in price by 1000%.
Only a few digital currencies are considered almost completely safe and provide the anonymity that is suitable for online money transactions. The fact that you can send money to anyone in the world in a matter of seconds makes digital currencies more appealing.
In view of the current and future currency prospects, it is just a matter of time before cryptocurrencies replace conventional coins and notes and BlackCoin is striving to be one of them.