Meet Bitcoin Plus: The Next Big Cryptocurrency
Bitcoin Plus Coin is one of many cryptocurrencies. Bitcoin currently dominates the cryptocurrency market, but altcoins cannot be ignored as they mature. They represent tough competition. However, there is a coin that its founders claim cannot be called an altcoin. Meet the Bitcoin Plus coin – the next big cryptocurrency.
The history of Bitcoin Plus coin dates back a few years. In early 2014, the coin launched through an ICO (initial coin offering) on the Poloniex exchange. However, it turned out that the ICO was not used to finance the cryptocurrency but the original developer. He fled southwards with the monies invested.
New Team Leaders
Later, the Bitcoin Plus coin went through what was dubbed a rehab period. Two dedicated community members formed a team and hired a coder to develop a wallet. They also implemented a sustainability plan.
Yule Mills, one of the Bitcoin Plus team leaders, explains: “The original developers created a great coin.” He went on to mention that due to their ulterior motives, they soon gave up the coin.
Mills added that he was the original investor and loved the project ever since he first heard about it in May 2014. He elaborated: “I think it’s Bitcoin, but reincarnated with many improvements and unique features, hence the ‘Plus’ in the name of the coin.”
How the Cryptocurrency Will Change the Market
The new Bitcoin cryptocurrency has developed strongly, especially during the last year. Originally, XBC was just a proof-of-stake coin. However, some recent updates included the ability to secure the network using proof-of-work methodology.
That is why Bitcoin Plus is now known as a hybrid PoS/PoW. This term means that if the network ever faces a serious problem, the currency can continue to operate manually. The proof-of-employment mode is activated for a short time.
Bitcoin Plus has one million coins in circulation, in comparison to 21 million Bitcoins. It has a much faster block processing time and can handle eight times more transactions than Bitcoin.
Mills highlights the Bitcoin Plus annual commitment of 20 percent until all 1 million coins are staked. In his opinion, this feature alone drives the market into action. The cryptocurrency’s value rose from $0.08 in January 2016 to a high of $131 in 2017, a significant increase.
Bitcoin Plus Eliminates Scalability Issues
There is an opinion that what is good for Bitcoin also has a positive effect on other cryptocurrencies. However, what about the problems Bitcoin is currently facing? Are they relevant to the rest of the cryptocurrency systems?
Scalability has always been a problem for Bitcoin. Lately, the network has shrunk its capacity, transaction fees have increased and processing speed has dropped significantly. The SegWit (segregated witness) vs. BU (Bitcoin Unlimited) debate ran a few months ago and ended with some hard forks for the cryptocurrency. How do these block games affect Bitcoin Plus?
Faster Processing and Larger Blocks behind the Bitcoin Plus Coin
Certainly, the average transaction processing time for XBC, at just 60 seconds, is shorter than that of Bitcoin. The Bitcoin Plus network can process ten times more transactions every ten minutes. Also, the block size of 1.5 MB is much larger.
The average transaction size of Bitcoin Plus is very similar to its predecessor. Each block can handle up to 3,030 transactions, which equates to 50.5 transactions per second. The Bitcoin Plus team ensures that it will be a long time before users will need to worry about scalability issues.
Community Participation in the Development of the Bitcoin Plus Coin
The current team consists of several community members who operate the website and the BitcoinTalk forum. In addition, they run the Block Explorer and the 24/7 nodes, to ensure the sustainability of the coin.
The team is open, approachable and transparent in its intentions. Seemingly, the team members try to involve the community in the development of the coin. Additionally, they suggest ideas for updating the voting network and report in detail on progress.
Does all this represent absolute freedom, flexibility and consensus? With everything that Bitcoin Plus involves, we can expect a successful project outcome. Isn’t that what cryptocurrencies are all about?
Technical Details of the Bitcoin Plus Coin
Bitcoin Plus is based on a peer-to-peer network. Its creators cannot make changes without the prior consent of all members of the community. The platform is a fully decentralized and autonomous system that works independently of any external factors. It relies on community members to support its work.
Conclusion on the Bitcoin Plus Coin
Bitcoin Plus has established itself as a promising and reliable platform. Its advantages include constant community support, a fast operating speed and a favourable reception in the crypto-exchange markets.
Deficiencies include the lack of truly high-profile projects based on the platform. The coin deserves attention, but only time will tell whether or not it will succeed. Were it not so successful, Bitcoin could be considered an altcoin. Instead, it is a force to be reckoned with and one that could soon be in wider usage.