What is Bitstar (BITS)? Crypto Beginner’s Guide
Bitstar is a decentralized, blockchain-based cryptocurrency that was developed in 2014 as a viable alternative to Bitcoin. Bitstar’s developers have implemented a roadmap plan and set themselves targets that will extend the security of their coin, the BITS token, and help bring cryptocurrency into the mainstream as a usable day to day means of payment.
Bitstar operates off of and is sustained by a Proof of Stake (PoS) protocol; in PoS, the coin network is secured by the process of user staking. Users can hold Bitstar coins in the wallets they download from Bitstar’s website, and the longer the coins are held, the more interest they gain in the form of new coins. All users have to do is deposit coins into their official Bitstar wallet, and after 8 hours, those coins become eligible to earn interest.
Users will see that interest as it is deposited into their wallet by the network. The more coins a user holds, and the longer they leave their wallet connected to the network and running, the more coins they earn; through this, Bitstar not only sustains the creation of its coins and support of its platforms, but it also incentivizes users to download wallets and participate in mining.
Obtaining Bitstar is a simple process that anyone may perform. Interested users need only download a wallet from Bitstar’s website, or they can create a wallet themselves from the source code that is provided. Once a wallet is installed, a user can download the blockchain, then send and receive coins right away. Users may also buy Bitstar coins through several cryptocurrency exchanges, such as NovaExchange or Cryptopia.
Features of Bitstar (BITS)
Although there are many PoS-based cryptocurrencies out there, Bitstar is a very distinctive digital currency in that it is highly noted for being one of the few digital currencies that provides almost complete anonymity for transactions that involve the coin. This has given it a high level of popularity among users ever since it was launched in April 2017. To send and receive payments, Bitstar users need only make four confirmations; this is extremely fast.
The platform is highly acclaimed for its nearly-lightning quick transaction times and is among the fastest in the crypto industry. With its exceptionally rapid PoS algorithm, users can conduct transactions that take place in a matter of seconds. Bitstar also offers very low transaction rates of 0.001 BITS for every transaction.
The Bitstar Token (BITS)
The Bitstar token (BITS) is the Bitstar platform’s supported form of cryptocurrency. The coin is what is used as a means of value in transactions that take place throughout Bitstar’s extremely fast and unique network. BITS is easily and conveniently able to be traded for other cryptocurrencies and fiat currencies through several exchanges; some of the most popular exchanges on the market, such as BitTrex, NovaExchange, and Cryptopia, carry BITS. Currently, there are 19 million Bitstar coins in circulation.
Although there are many cryptocurrencies out there that are viable alternatives to Bitcoin, Bitstar stands out among them with its exceptionally fast PoS protocol that enables users to stake coins instantly. This PoS system provides Bitstar with extremely fast transaction times. With these features, Bitcoin is not only a viable alternative, but is one of the most popular crypto coins on the market.