What is a BlackCoin?
BlackCoin (BLK) is a cryptocurrency. If someone had said a few decades ago that it would be possible to pay for goods and services without paper money, then everyone who heard about it would have laughed openly.
However, the development of computer technology meant that this became possible. A digital currency appeared that wasn't a paper banknote but a series of bits. At the same time, the cryptocurrency is a full currency unit with which you can make purchases and pay for services without leaving your home.
BlackCoin is one example of a cryptocurrency. What is BlackCoin and what does it involve? Everything is covered in this article.
The history of and basic information about the BLK cryptocurrency
What is the BLK cryptocurrency? We will answer this question in this article and tell you everything we know about this digital money market product. The cryptocurrency BlackCoin (BLK) is a kind of decentralized currency, and developers have provided the open source code for anyone to check.
The system works on the principle of PoS or proof-of-stake, which translates to “proof of proportion”. From the birth of the cryptocurrency to today, BlackCoin has certainly made its mark in the world of cryptocurrencies.
BLK– what is it? Where did this coin come from?
To dispel all assumptions, we'll talk about the background by introducing you to the creator of BLK.
In 2014, a programmer from Russia, Pavel Vasin, known as Rat4, decided to showcase his talents and created BlackCoin. The principle of coinage was carried out according to the idea of the creator, through PoS mining.
At the same time, coin issuing was unlimited, which meant that the BlackCoin price did not rise skywards but remained in the terrestrial context. It would be possible to compare BLK with Dogecoin, but this project is still comparatively in its infancy.
What is one BLK worth?
According to market statistics of January 12, 2018, one coin equals $0.947. It is equivalent to 0.00006822 BTC (Bitcoins). A pretty modest price, but not a bad start for a young and promising project. Incidentally, BLK was born as a result of a fork from Novacoin.
Interestingly, some pools mine other types of cryptocurrencies and later acquire BlackCoin – why? Probably because the BLK price will stabilize and demand for this product will increase.
The BlackCoin multipool combines the hardware capabilities of the members of the BlackCoin community. The hashing power of the pool is used to mine other digital currencies. BlackCoin itself cannot be generated by mining because the currency is based on the principle of PoS. This means that BlackCoin is protected against devaluation by the use of its own multipool.
Advantages and disadvantages of the BLK cryptocurrency
Now that you've learned what this cryptocurrency is, we'll discuss what is good about BLK. You may wonder why it is necessary to select this coin for the stake and not another. It should be said at the outset that BLK is a very good option for working on the art of trading and a sensible investment of funds.
Features of BLK – and these are also its advantages
The working principle of the proof-of-stake consensus mechanism allows you to earn a small but stable income from the tokens, which equals 1 percent per annum of your capital in BLK.
Transaction confirmation time is 64 seconds, making BlackCoin one of the most functional cryptocurrencies. Some other coins also have a short processing time to confirm transactions, however, their value is much lower than that of BlackCoin.
The disadvantage of BlackCoin, or a major drawback, is the price. Currently, one BLK equals $0.94 and the trends are such that the exchange rate is falling. The whole reason for this is that the developers haven't worked hard enough on some features and the competition is getting tougher.
Remember that BlackCoin itself isn't mined, because the cryptocurrency is based on the PoS principle. However, hashing can mean that other currencies can be used, against which BlackCoin coins can then be acquired. Always keep the BlackCoin client open on your device – this will give you an annual income of 1 percent.
Conclusions on the BLK cryptocurrency
In fact, the BLK cryptocurrency is not significantly different from the others, except in the price. The price is currently very attractive to investors and the administration of the wallet for this currency is understandable and easy.
It's a good option for developing your own staking skills. You can learn some tricks from experienced users and use alternative options in this form of coin mining.
The BlackCoin cryptocurrency was created on the Scrypt algorithm in February 2014 by Russian developer Pavel Vasin, nicknamed RAt4. The cryptocurrency is mining on the PoS principle. The number of coins is not limited, which may have a negative impact on the price, as is the case with Dogecoin. In terms of price, Black Coin is far behind Dogecoin.