In the beginning, users could purchase a single bitcoin for as low as eight cents. Today, a little over ten short years following the cryptocurrency’s launch, one bitcoin is valued at 36,000 US dollars, leaving many individuals without the means to afford that kind of investment in its wake. More than 18 of 21 million Bitcoins have been mined since the currency's origin, and many people are looking for where to go next. Large mining gigs continue to gather all the proceeds, leaving small crypto miners at a crossroads as they have little to no room to compete. With that said, the future of Bitcoin is looking grim for many of us. But, what if we had a second chance to invest in Bitcoin for its original price? Enter Bitcoin Networks. Now, developers have collaborated through Smart Contracts with Binance Smart Chain, one of the fastest and most affordable blockchain technologies in the industry today. Bitcoin Networks is a new-and-improved version of Bitcoin. It's the first-ever mineable token that is giving everyone in the cryptocurrency enterprise a fair chance at decentralized finance. To give you an idea of how Bitcoin Networks operates, we’ll dive deep into the cryptocurrency realm—discussing coins, tokens, and mining—and explore how this innovative, mineable token can impact the future of both cryptocurrency and the world itself.
In the field of cryptocurrency, there are two distinct types: crypto coins and crypto tokens. While the terms are often used interchangeably, they serve well-defined and separate purposes concerning mining. Coins are developed using blockchain technology—a customized operation that allows for digital transactions. Coins themselves are the backbone of cryptocurrency; they enable users to use them solely for financial purposes. Coins can be used to purchase goods or services, or users can transfer them within the system. Unlike coins, tokens are not their own blockchain. Instead, they’re created and added on top of an already-existing chain. Tokens cannot technically be issued as money, but they represent physical assets or utilities and still hold market value. Anyone can create tokens, and they provide roughly the same functions as coins—although they can typically only unlock capacities within the network in which they thrive. Bitcoin mining is the process of validating transactions using mathematical equations and extensive computer programs. A new block is added to the chain with each authenticated transaction, releasing new cryptocurrency into circulation. That said, mining is essential to Bitcoin’s existence. Nonetheless, while coins are mineable, tokens are not—they are re-circulated through the network as users create and purchase them. That’s where Bitcoin Networks comes in.
Launched on May 28th, 2021, Bitcoin Network is, like Bitcoin, a decentralized, secure cryptocurrency token formulated to piggyback off of the Binance Smart Chain (BSC) algorithm—one of the most trusted and well-performing blockchains. BSC operates on a parallel with Binance Chain, offering users a peer-to-peer technology that is decentralized, secure, and fast, with considerably low transaction fees. In contrast to Bitcoin’s proof-of-work protocol that allows any user to mine Bitcoin, Bitcoin Network works on the proof-of-stake consensus, which requires users to stake their amount of Bitcoin Network tokens to validate transactions. Mining rewards are directly proportional to the number of tokens held in a validator’s wallet. It is an auto-reward generation system, using the blocks within the Binance Smart Chain to distribute rewards to validators. The Bitcoin Network is simple—any user can earn tokens. So long as a validator holds tokens in their digital wallet, they will automatically receive a portion of that amount as a reward. The network does not require any specialized equipment or knowledge regarding the mining process.
With Bitcoin’s current mining situation, most profits flow directly into the pockets of large mining farms. Bitcoin’s proof-of-work consensus supplies rewards to miners who complete the computational puzzle and verify transactions first. Big mining farms have the necessary equipment and brainpower required to complete verifications quickly. In other words, it’s nearly impossible for small mining gigs to have a fair chance at earnings. Bitcoin Networks’ primary mission is to make tokens easily accessible and economical for anyone. By lowering transaction times and fees, the Bitcoin Networks protocol enables anyone with a virtual wallet a fair chance to earn by disallowing the concentration of tokens to grow within the same select hands. People globally can hold tokens and earn rewards every thirty minutes without the need for expensive or specialized equipment.
Additionally, the mining process of Bitcoin Network tokens
is entirely eco-friendly. While cryptocurrency might seem
like a clean practice, the energy needed to sustain mining
farms is far too excessive.
As the system is decentralized and not controlled by any single entity, it is also community-driven and completely energy efficient. Bitcoin Networks can be accessed and mined from any device, including smartphones, personal computers, laptops, and even electric vehicles, without the need for any expensive, energy consuming devices or machinery. Bitcoin Networks ultimately encourages less energy use and will significantly reduce the cryptocurrency carbon footprint derived from coin mining.
From its birth, Bitcoin opened the economy up to a life-changing investment opportunity. Now, Bitcoin Networks is providing people throughout the world a repeat in history. In addition to its valuable and essential attentiveness to fulfilling an equal mining opportunity for all, the mining innovation will render Bitcoin advocates everywhere the ultimate shot at considerably reducing crypto fossil fuel emissions without sacrificing the currency itself or its quality. Say goodbye to inefficient coin mining; the future of cryptocurrency mining is finally here, and they call it Bitcoin Networks.