What is Bitcoin Fast (BCF) – Crypto Beginner’s Guide
As the most popular cryptocurrency, it only makes sense that developers would be continually trying to fix many of the critical issues with the Bitcoin. The most common way is to use a Bitcoin fork, but problems with those can arise as they can continue to be slow and centralized. Bitcoin Fast is offering a non-forked version of Bitcoin that will improve the use of this popular currency.
Problems with Bitcoin & How Bitcoin Fast Solves Them
Bitcoin is considered to be the crypto standard and remains to be the most popular cryptocurrency on the market. However, its popularity has caused problems that many people have been critical of; the blockchain is backed up, causing extremely slow transaction times and high fees.
Bitcoin Fast is stepping in to improve the problems with Bitcoin without the need for a fork. As a decentralized currency, it is 10x faster than Bitcoin and other lesser altcoins, and it also offers lucrative staking options.
Unfortunately for Bitcoin users, it can take hours for a Bitcoin transaction to be approved. Bitcoin Fast is fixing this with the help of lower block times, confirming transactions in 2-3 minutes or less and making sure new funds are available immediately following the complete transaction. Speedy transactions are one of the most important aspects of cryptocurrency, as slower transaction times can cause problems for traders such as missing out on arbitration opportunities and can even just be frustrating for microtransactions. With Bitcoin Fast, the speed issues that plague Bitcoin can be easily avoided.
BCF – The Bitcoin Fast Coin
Bitcoin Fast’s algorithm employs Proof-of-Work and Proof-of-Stake. PoW offers 10BCF as a reward, while PoS is set at 25% and rewards are shared equally throughout BCF wallets.
PoS is based on weight, which is determined by coin age. The older a coin is in a wallet, the heavier its weight and, in result, the better a user’s chances are of minting new coins. Bitcoin Fast also does not require 24/7 staking. While a wallet will not receive mining rewards if it isn’t open, the amount of time it is open will not reflect the amount of coins it can receive. A person who opens their wallet for only a few hours every few weeks will receive an equivalent number of coins as someone who keeps their wallet open constantly. This is balanced by the fact that constantly open wallets will receive smaller, but more regular coin rewards, whereas wallets that are open for shorter periods of time will receive less frequent but larger amounts of coins. Ideally, leaving the wallet open 24/7 will result in a regular stream of income.
Critics of Bitcoin have been pointing out the aspects of it that don’t work for a while now, and the constant innovation occurring in cryptocurrency is quickly attempting to solve these serious issues. While there are a lot of options, from Bitcoin forks to completely new blockchain technology, Bitcoin fast is determined to offer a decentralized and efficient alternative to the most popular cryptocurrency.