Since its inception, Bitcoin has significantly grown in popularity and mainstream adoption to dominate the entire cryptocurrency market. Its popularity and continuous adoption have exponentially surged its price, making it expensive for potential retail investors. Moreover, BTC has a huge market cap making its return on investment relatively small. Bitcoin Spark has come in as a Bitcoin alternative, offering similar but advanced features at a relatively low price for retail investors.
Why is Bitcoin So Expensive?
Bitcoins had a high price tag, which can be attributed to various factors. Its limited supply of 21 million tokens is the first factor. The total Bitcoin supply correlates to the current BTC demand. The diminishing supply will cause an increase in its demand. This causes a scarcity of the asset, in turn increasing its price. Its continuous mainstream adoption also plays a key role in the BTC price surge. After realizing Bitcoin’s potential, investors adopted the digital currency driving up its demand that caused its price to increase.
What is a Bitcoin Fork?
A fork is a scenario where a blockchain project undergoes a major change in its network protocol. The result of this is having two separate versions of the original chain. A Bitcoin fork is when a project implements a charged version of Bitcoin’s protocol that can be permanent or temporary, depending on the developer’s intentions. Moreover, Bitcoin forks are developed to target specific issues facing the major blockchain network, including scalability and transaction speed. As such, these forks use Bitcoin’s original codebase but modify it by enhancing various aspects, including affordability.
Bitcoin Spark Easily Accessible
Bitcoin Spark was developed and designed by Steven Krutz and Dylan Ashford. The project aims to provide solutions to some of the challenges experienced by users in the Bitcoin network. The project was built as a decentralized platform that offers its services using the Proof-of-Process protocol. Forks provide opportunities for investors to acquire a new Bitcoin alternative at a retail price massively discounted to that of Bitcoin. Bitcoin Spark is allowing early adopters to purchase “Bitcoin” at $1.
The proprietary system rewards both miners and validation in light of confirming new blocks on the network and validating transactions. However, these awards are algorithmically calculated, having the weighting skewed towards processing power.
Bitcoin Spark application is among the network’s products that allow investors and enthusiasts to easily access the project. The application has major goals, one being allowing the distribution of mining rewards regardless of the computational power used. Like Bitcoin, the project also applies the PoW concept. However, unlike Bitcoin’s PoW consensus mechanism, Bitcoin Spark has less complex mathematical algorithms requiring less electricity and computational power. The “excess” computational power will be lent out to companies to generate income for the community members
BTCS will be Bitcoin Spark’s gas coin. All fees paid on the network for decentralized services will be sent to validators and possess similar variables to other network tokens, including contract complexity. Moreover, the smallest unit of BTCS for the Bitcoin Spark network will be 0.000000000001. This unit is called a Spark. However, there is no static base fee because the revenue streams also contribute to miner rewards.
Conclusion
Bitcoin Spark offers a viable solution to enterprising individuals who missed out on Bitcoin when it was selling at discounted rates. Bitcoin Spark is a Bitcoin fork that enhances scalability, transaction speed, security, and decentralization. Judging from the immense potential that Bitcoin still has, its alternatives, like Bitcoin Spark, will heavily reward early investors at the onset of the next bull market.
Find out more about Bitcoin Spark on:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
Photo by Kanchanara on Unsplash
Source: null tx
Source: thinkbitcoins