What is BitBar (BTB) Crypto Beginner’s Guide
BitBar combines two unique projects – the FairNova project and RareCoin project, to produce a cryptocurrency which can serve as an excellent substitute to the Bitcoin. The Novacoin is the basis of the technology behind the BitBar while some of the RareCoin features are also available on the currency. Using a proof of work scheme running on the Scrypt algorithm. Every 10 minutes, a reward of 0.15662 BTB is available on a block.
In addition to providing members of the community an opportunity through which they can acquire BTB for free, the mining process is also an excellent means of securing the network. a wallet client is the first requirement before you can start mining. Receiving, sending, and storing BitBar is only available through a BitBar wallet. There are various wallets available for different operating systems such as Linux and windows. All you need to do is to install the wallet client.
You can begin mining as soon as the installation of the wallet is complete. You will have the option of becoming a part of a mining pool or simply opting for solo mining. Lots of users compete for each BTB block which can make it quite difficult for solo miners. On the other hand, when you join a mining pool, you can be sure of steady returns although they are often much smaller. There are also situations where pool mining become the only option. This is usually common in the case of users who use consumer-grade hardware in mining.
For every solution which a user submits, they receive a payment from the BitBar mining pool. Participants in a pool get a share of the coins earned by a miner for a solution which they send. The number of shares which a miner sends is also used in calculating the rewards for every possible solution. As the mining frequency of your computer increases, so does the number of coins you receive.
There have been continuous changes to the difficulty rate on the network and it presently has a 16 blocks difficulty adjustment setting. One of the main features of the cryptocurrency is a reward calculation and difficulty which is fast and continuous.
It is important that every miner, while mining, should keep a record of profits they are likely to earn. Depending on the specifications of your hardware, it is possible to get mining results using the BitBar calculator. Simply input all the information which it requests and it will give an estimate of the profits you will make.
For anyone who is trying BitBar for the first time, then there are various BitBar faucets online which can be of use. They are also excellent for anyone who is new to the cryptocurrency community.
Bter and Cryptsy are the only exchanges offering BitBar (BTB) trading. The trading of the cryptocurrency is against the Bitcoin. The cryptocurrency is much weaker than the Bitcoin considering it is newer and not as stable as the Bitcoin.