What is Bitdeal (BDL) Crypto Beginner’s Guide
Bitdeal is a decentralized platform that utilizes blockchain technology to connect small and medium-sized businesses directly with consumers. Their goal is to decrease costs for businesses and allow consumers to access products and services at a lower cost while creating a borderless, unregulated ecosystem accessible to anyone in the world.
How Does Bitdeal (BDL) Work?
Bitdeal not only wants to cut out the middleman and connect businesses directly with consumers, but to help create a shared economy. Bitdeal believes that a shared economy helps maximize efficiency and cut costs. They aim to combine elements of current shared economy platforms like Uber, Airbnb, and Lyft to help consumers obtain cheaper products and services.
Users can search for products and services on Bitdeal based on their location. Users can scroll through menu categories or search for specific products or services. The Bitdeal App allows users to view offers and promotions from multiple businesses and allows businesses to offer specific deals to consumers. Consumers can therefore ensure they are getting the best deal before completing a purchase.
When a consumer chooses a product or service they wish to purchase, they go to the vendor’s physical store and provide a scannable QR Code and then provide immediate payment. Bitdeal allows businesses to tailor special discounts to specific consumers which allows consumers to save money.
Bitdeal’s blockchain features a Proof of Work concept that utilizes an SHA-246 Bitcoin-based algorithm. The difficulty of solving a block fluctuates based on many miners are attempting to solve the hash. The implementation of a Proof of Work concept prevents a 51% attack. A 51% attack occurs when one individual owns 51% or more of a platforms coins or tokens. Since the blockchain adjusts its difficulty, an attack or takeover of the blockchain is nearly impossible. Each time a block is solved, a record of it is stored on the blockchain and it becomes immutable. In order for a hacker to take control of the blockchain, they would have to rewrite and resolve all previously solved hashes.
The Proof of Work concept powers the blockchain. Miners use their computers CPU or GPU to power the blockchain and solve hashes.
Consumers who wish to receive exclusive deals and discounts on Bitdeal must pay with Bitdeal Coins (BDL). Once a consumer accepts a deal, arrives at the merchant’s place of business, and has their QR code scanned, the merchant immediately receives payment in the form of BDL. Bitdeal aims to be a blockchain powered, cryptocurrency-based combination of websites like Groupon and Agoda.
The Bitdeal platform is a Peer to Peer network, which means that there is no governing body or centralized organization managing, controlling, or overseeing the platform or its users.
Bitdeal coins (BDL) are available to purchase on the NovaExchange and can be acquired through mining. There will be 300,000,000 BDL in circulation and the block reward is set at 50 BDL. The platform uses a Scrypt hashing algorithm, each block size is 1MB, and each block is solved in 2 ½ minutes.