Bitcoin Black Review – Things You Should Know About Bitcoin Black
Bitcoin Black Review: Things you should know about Bitcoin Black
Bitcoin Black strives to be the people’s crypto-currency, by the people, for the people. The aim of Bitcoin Black is to be adopted as a p2p payment system which gives people the power back.
Bitcoin has failed in this, the true value comes from the practical use of the network and giving the power back to people.
The main reason people engage as price speculators in the Bitcoin economy is to get rich quick and ride the bull to the moon, putting away some Bitcoin in anticipation of $1 million in the coming year. This is far from the intended purpose of crypto-currency. Cryptocurrency can be used as a weapon of empowerment more significant than financial gain.
Bitcoin problems that Bitcoin Black solves
Existing blockchain simply don’t scale.
Bitcoin Black solution is a lightning network that is far from completion in years. Bitcoin will end up with large centralized hubs with lightning network which will become commercial. These will be big, expensive servers, and operate as banks do in our current broken money system. It will focus on a third-party commercial developing a centralized system.
In their current form, particularly PoS and PoW, a significant problem blockchain has is they cannot scale without depending on a 3rd Party. Each block in a blockchain can store only a limited amount of data, and the confirmation time for a confirmation of a Bitcoin block can also be long.
Bitcoin energy consumption and any alt-coin that is mined inefficiently and is a huge cost problem if mass acceptance is achieved. Every year, trillions of dollars are wasted on mining a method which is obsolete in technology wise.
Most of the coins out there are mining focused, an obsolete energy-hungry technology that also contributes to centralization.
Bitcoin Black will use less resources 100,000 times less than Bitcoin. Proof of Work (PoW) requires needless energy.
Costs & confirmation time
A p2p currency designed to be implemented globally must be fee-free, instant and scalable. A third party must not be needed for successful transactions. Fees have to be removed entirely. Timing needs to be instantaneous. A 3rd party involved in processing the transaction must not be required to complete the transaction more quickly.
Bitcoin Black will be fee-free and instantaneous without involving a third party.
Drawback of Bitcoin Black
The only downside of block lattice technology on which Bitcoin Black is based, is for targeted 3rd parties who want to collect fees on your transfers. Since your transactions are safe, these companies can’t collect fees on your transactions. Lightning network (bitcoin) operators will collect fees on your purchases, and will do the same in the current financial system as banks do.
Bitcoin Black Maximum Supply
A maximum supply of black bitcoin is 36 billion coins.
Innovation in Bitcoin Black
Fee free transactions are the best innovation. You can give black bitcoin to anyone at no charge. The transactions are instantaneous, and you can send money as easily as a message.
The wallets are easy to access, and very easy to use.