When Bitcoin entered and exploded the market of centralized Fiat currency, the world awaited a revolution. And it started with the recession that followed in 2009, that made most people distrust and hate the banks and government. It gave an all new face to digital currency. After the dot-com boom in early twenty first century, digital currency took the world by storm. Bitcoin, the most popular digital currency or cryptocurrency of the world, was started in 2009, after which many others followed. The algorithm on which Bitcoin works is PoW (Proof of Work) algorithm that requires high processing power and a lot of energy. The electricity is used at a massive scale in Bitcoin mining farms, which is affecting the environment. If Bitcoin mining continues, there will be a lot of pollution as it somehow depends upon non-renewable resources and fossil fuels.
To curb this problem, BlackCoin founders created this sustainable and green cryptocurrency called ‘BlackCoin‘, also known as BLK. BlackCoin cryptocurrency works on PoS (Proof of Stake) algorithm, which does not require a high processing power or has high demand of electricity. Where a typical Bitcoin transaction takes around 10 minutes to process, BlackCoin takes hardly a few seconds, only because of the algorithm difference.
BlackCoin has three main features, apart from the ones listed above –
You can buy BlackCoin (BLK) from any big exchanges that support it. Some of the popular names being – Coinbase, Poloniex, Bittrex, Upbit, LiveCoin etc. To buy BlackCoin (BLK) you can either use your regular government issued currency or you can also convert any cryptocurrency to BlackCoin, like Bitcoin or Ethereum. BlackCoin (BLK) is easy to store in the online exchanges, but storing them online can be dangerous. Experts recommend using other methods for a long-term storage, rather than online exchange because of the risk of hacking. There are many offline wallets that support BlackCoin, one of them being PayBlk itself. The original BlackCoin Wallet is highly recommended only because of its robust support system and easy to use functionality. The users can download the wallet from the official BlackCoin website. It will take some time to download the entire blockchain, but after that one time investment, it is easy to use. Paper Wallets like Trezor, KeepKey and Ledger S Nano are also good to store cryptocurrencies if you plan to hold on to them for years to come. These offline wallets work like a charm and only require the user to remember a private key to access the wallet. They are secure and have a solid support and recovery system in case the user forgets the key.
BlackCoin is better than Bitcoin in many ways, the primary one being – decentralization and autonomous control to every user. Where Bitcoin community has a heavy domination from the miners who are a small group of people controlling more than 50% of the currency. Any change in Bitcoin network would require complete consensus, which is tough to implement. With this, the situation becomes equally dangerous as well for the small investors and holders. Hence, BlackCoin can emerge as a powerful currency of future, provided it sticks to its principles and core values that ensure decentralization and anonymity.