In view of the volatility of today’s currency exchange markets, trading and transacting using conventional coins and notes has become less secure.
Are Digital Currencies Secure?
Many people feel that there is no better system of carrying out money transfers than the use of digital currencies.
Many digital currencies are not only secure, but also provide the much-needed anonymity that is desirable for online money transactions.
However, it should be noted that only a few crypto currencies provide absolute security and anonymity.
Nevertheless, digital currencies like BlackCoin and Groestlcoin have performed tremendously in addressing these issues.
WHAT IS GROESTLCOIN?
Groestlcoin has been around since early 2014 in the crypto currency space. It uses the proof of work system (POW) to facilitate secure online money transactions.
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Previously, the proof of work system was regarded as relatively expensive and time-consuming. However, the Groestl algorithm makes mining less tasking. Additionally, by utilizing this digital money system, it is possible for anyone to mine effectively, and on any platform.
WHY THE GROESTLCOIN CRYPTO CURRENCY?
The Groestlcoin system has made it easier for users to mine effectively, while conserving resources. In fact, one does not have to use sophisticated hardware, for the system works on old CPUs too.
Additionally, it is A S I C – free, making decentralized mining and fair distribution possible. With decentralized mining, sending and receiving money has never been easier.
By utilizing the Groestlcoin crypto currency, users can transact in a safe and secure environment, while maintaining their anonymity.
HOW GROESTLCOIN WORKS
Groestlcoin transactions are implemented through mining. The Groestlcoin proof of work algorithm uses an iterated hash function, built on two fixed permutations. These two permutations secure the Groestlcoin network by providing a strong resistance from cryptanalytic attacks.
Additionally, this system provides greater hashing results with minimal power consumption, further bridging the efficiency gap between old CPUs and advanced GPUs.
WHAT IS GREAT ABOUT GROESTLCOIN?
The Groestlcoin hash algorithm is a first in the proof of work system, and Groestlcoin prides itself in being the first digital currency to utilize this innovative algorithm.
Below, Youtuber Brian Hoffman discovers Groestlcoin
This algorithm consumes less power per hash making it applicable across various platforms including old CPUs. Moreover, it releases less heat and noise, creating a favorable environment for mining.
Users do not have to worry about security and privacy issues, as the Groestlcoin has one of the strongest and most secure networks in comparison to other crypto currencies. Additionally, it is readily available and user-friendly.
The influx of A S I C in the crypto currency world has worked to limit decentralization of mining. However, Groestlcoin systems are ASIC-free, meaning that miners do not have to compete with other users who possess several greater GPU systems.
It is not surprising that the Groestlcoin has received much acclaim from different quarters in the digital currency world.
HOW MUCH IS AVAILABLE?
Considering the fact that Groestlcoin uses a decentralized system, the currency is readily available. Miners can make instant transactions using any type of computer systems.
The current circulating supply of Groestlcoins is 67,242,223 (April 17, 2017)
WHERE TO TRADE
Buying and selling of the Groestlcoin is available on several exchanges including:
As much as every digital coin has its upsides, the downsides also exist.
There is no digital currency (yet) that provides absolute anonymity and security. However, the Groestlcoin has achieved much to make up for most of these downsides.
The proof of work system which was initially taunted to be expensive and time-consuming is now looked upon in a different perspective thanks to Groestlcoin.
‘Groestlcoin has eliminated all the costly hardware requirements and tremendously reduced the time spent on mining.
Digital currencies are undoubtedly the currencies of the future. With so many digital currencies coming up seemingly every other day Groestlcoin takes its place as one of the leading currencies in the crypto currency space.
Plans are already underway to implement a Groestl algorithm that has features similar to the Advanced Encryption Standard. The aim of this proposed design is to develop an algorithm that utilizes both the hash function and block cipher.
The future looks bright for digital currencies, and Groestlcoin is definitely a part of it.
Written by: stroebel
Cryptolix Trader Notes on Groestlcoin
Groestlcoin has seen a huge surge of buying interest over the last month or so. We often see this kind of chart action right before a HUGE move in price. (see Monetary Unit – MUE)
Of course the best time to buy would have been in the beginning of 2017, but the chart action gave a good hint that the price was going to go much higher in early March. Since then the price has surged 500%.