Blackcoin Review & Guide
As legitimate investment assets, cryptocurrencies are gaining in popularity. It’s clear that blockchain technology is the future of money payments. This is evident with banks integrating blockchain technology, airlines accepting crypto payments, and news networks dedicating columns to Bitcoin-related news.
Blockchains are used to transfer digital assets between different points. More than 2000 cryptocurrency rely on them. Blockchains are not all created equal. Some are more flexible than others. Some, such as Ethereum, offer multiple services.
Every cryptocurrency aims to solve a common problem with blockchain technology. Some coins have been around since the beginning, and they are able to solve all the problems that new coins seek to solve.
Blackcoin is a cryptocurrency. It was created more than four years ago and has many capabilities that few other coins can match. To overcome the problems faced by Proof of Work coins such as Ethereum and Bitcoin, the coin uses a proof of stake algorithm.
Although it may not be as popular as some people think, Blackcoin deserves more attention.
What is Blackcoin?
Blackcoin, a peer-to-peer decentralized network, was launched in 2014. Blackcoin uses a Proof of Stake system, which is different from Bitcoin. It verifies transactions that pass through its payment protocol.
Blackcoin was one of the first networks to use a Proof of Stake algorithm. BLK, its coin, is used to settle transactions on the network. Blackcoin was created to provide an alternative to Bitcoin’s energy-consuming Proof of Work system. It was also designed to eliminate middlemen from cryptocurrency networks: miners.
Each transaction that is verified by Bitcoin miners earns them a fee. When there is high demand for Bitcoin transactions, the fee can range from $1 to $50. Many traders find the fees for Bitcoin transactions prohibitive.
Bitcoin miners work together to verify transactions in pools, as competition for Bitcoin mining increases its difficulty. They also centralize Bitcoin in the process. Mining pools must vote for any changes to the Bitcoin protocol. This will defeat the notion of decentralization.
Proof of Stake mining algorithms give the ability to mine coins to anyone who holds it. Blackcoin miners invest in the coins’ success, rather than individuals purchasing expensive miners. They participate in the mining process by staking coins. Staking coins is the act of securing coins in a wallet during a specified time period.
A coin’s stake is a good thing. It prevents inflation and keeps the coin in demand. The number of coins that a miner has can determine whether they are chosen randomly or based upon their transactions.
Blackcoin offers a 1% annual return on your investment when you stake your coins. You will receive $100 after 12 months if you purchase $10,000 worth of blackcoins. Sometimes as high as 8%, you can earn more when there’s a lower demand to mine and stake BLK coins.
Blackcoin gives investors greater control than Bitcoin. They not only earn money by holding coins but also avoid the high miners’ fees incurred by PoW system like Bitcoin’s.
How Blackcoin works
Blackcoin was built on the same foundation that most cryptocurrency. Blackcoin’s core is a distributed digital leadger that records all transactions using Blackcoin cryptos. BLK coins can be represented using addresses encrypted with cryptography.
Two addresses are available for each BLK crypto: a public and private. The private key/address proves that you own the coins. It also allows you to withdraw them through cryptocurrency exchanges. Blackcoin can only be used to make payments if you first buy BLK coins from an exchange that supports them. Two of the most well-known exchanges are Poloniex and Bittrex.
Personal wallets are used to stake blackcoins as well as all other coins that use PoS. Blackcoin offers a desktop wallet that supports BLK coins, but there are many other wallets that can support the cryptocurrency. However, you will need to enable the Staking option in the settings of the wallet.
Unlocked blackcoins can be staked as many times as you like. The coins can only be used for a limited time after being staked. It helps you verify transactions made by other traders. Verification is performed automatically and takes only a few seconds for a Blackcoin transaction to be verified.
Blackcoin traders have to pay a small fee in order for their transactions to be verified. These fees are paid later to those who stake their coins. All transactions records are made public via the Blackcoin payment protocol.
It is worth noting that stakes of BLK coins are free. Blackcoin desktop wallet is free to use. If you decide to purchase hard wallets, however, you might have to pay.
You can use Blackcoin BLK to top up popular online casinos balances. Just use your favorite wallet to send coins to address that you can get in your casino account profile.
What is minting?
Minting can be used interchangeably with staking. This is the term that refers to mining a Proof of Stake-based cryptocurrency. PoS cryptocurrency networks can verify transactions faster by having coins staked. The network will usually confirm payments faster if you stake more coins.
Netcoin, a cryptocurrency network, pays you more if you stake more coins. For example, if you stake 1000 netcoins you get a reward of 4 percent. You earn 6% if you stake 10,000 coins.
You can also mint blackcoins, as we have already said. Blackcoin’s minting reward is dependent on how much demand there is. You will earn less if you stake coins in low demand. Your reward will increase if you stake coins in high demand BLK transactions.
Blackcoin price growth
Blackcoin was listed on the exchanges on February 22, 2014. Blackcoin was listed on exchanges at $0.012. Its price doubled in two months. For one month, the coin was valued at above $0.2, but it lost steadily over the next year.
Blackcoin investors who bought the BLK crypto in February and April 2014 were required to keep their coins for at most 3 years in order to realize profits. Blackcoins were traded at $0.15 to $0.13 per year.
Blackcoin surged from $0.17 to $0.5 in a matter of hours on May 27, 2017. You could have earned more than $4,500 if you had $1000 invested that morning. Blackcoin’s price remained above $0.5 for nearly a month before it experienced a four-month correction. Blackcoin cryptocurrency trading was halted at $0.2 after the market correction.
Mid-November 2017, when nearly every cryptocurrency was growing in value, the cryptocurrency started to gain value. Blackcoin’s market capital increased from $28 million in November to $87 million December 23rd.
Blackcoin reached its highest ever peak price on January 10, 2018, after trading opened at $0.8. The coin then hit $1, and went up to $1.3. The market correction that followed affected almost every cryptocurrency. The correction for Blackcoin seems to have been extended, as it lost value over the next three months.
The coin’s value increased by 50% for a short time between March and April. The coin took on its current negative price movement, which is just above $0.13.
Although the coin has experienced a bearish trend for most of its existence, there have been times when blackcoins investing could have yielded huge returns. For example, if you had $1000 invested in BLK coins at beginning of 2017, you could have made $25,000 the following year. BLK was worth $0.02 in January 2017. Its price was $0.02 in January 2017. By June 24, 2017, it had risen to $0.5, an increase of 2,400%.
Blackcoin has offered few opportunities for earning in 2018, but they did exist. The BLK coin was worth $0.3 after the January 2018 market correction. Blackcoin’s price had risen more than 50% to $0.51 by March 1.
In March, another market correction took place and the coin’s price fell to $0.19. Blackcoin traded at $0.3 again by May. Blackcoin favors long-term investors and swing traders more than day traders.
Blackcoin was one of the first cryptocurrency networks that adopted a Proof of Stake mining algorithm. The network was launched in 2014 and has been around for longer than Ethereum or many of the most popular cryptocurrencies.
The hard cap at $75 million ensures that the coin is always in high supply. Staking is the method of mining blackcoin. Every person who has BLK coins earns a 1% return. Regular stakes will bring you a higher return.
The block time for the cryptocurrency network is just 64 seconds. Blackcoin’s blockchain allows transactions to be completed in a matter of seconds. This makes it more efficient than many other networks.
The BLK coin can be found on 17 cryptocurrency exchanges. Although the price of the coins has fluctuated wildly, long-term Blackcoin growth is positive.
We are grateful that you have read our Blackcoin guide. You can find more guides and reviews about cryptocurrencies on this website.