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- What is Bitcore?
- Technical features of Bitcore cryptocurrency
- Bitcore (BTX) exchange rate
- Where to buy Bitcore coins
- Prospects of Bitcore project development
Bitcore project appeared in 2017 and aimed at solving some problems of Bitcoin, that each Bitcoin user could already feel by that time. Bitcore was not a “classic” Bitcoin fork, like, for example, Bitcoin Cash or Bitcoin Gold. What happens when fork is made is the following: there is a certain block in a particular cryptocurrency blockchain, and when it is generated, the division takes place, and a new cryptocurrency appears. So, Bitcoin Cash had the very same blockchain as Bitcoin before the fork and became separate after it. It was a bit different in Bitcore, and that is what makes the cryptocurrency interesting. When Bitcore was launched, a completely new blockchain with empty blocks was created, and then the necessary cordings were made, so as to allow Bitcoin holders to receive new Bitcore coins on their cryptocurrency wallets in the specified amount equivalent to their BTC savings.
Bitcore is a “pure” payment system. Like Bitcoin, this project does not make any additional “ideological” or functional offer to the market. The coin is actually rather similar to BTC, however, it has some special features designed to advance and improve Bitcoin operation. Bitcore’s total block size is 20MB (together with SegWit), blocks are generated in 2.5 minutes, the cryptocurrency has a unique Diff64_15 complexity algorithm and provides available and decentralized mining on graphic cards (GPU-mining). The maximum supply of Bitcore, as well as Bitcoin, is 21 million BTX coins. Like in the world’s first virtual currency, the reward of miners is reduced by half within each certain period of time.
The developers themselves state that another advantages of the project is a fair coin distribution. BTX is available for a wide range of miners and is not expensive, however, a fair distribution means something even more. The platform has a number of different bonus programs providing users with the opportunity to get Bitcore for free. In addition, each Bitcoin holder, who has at least 0.01 BTC on his/her cryptocurrency wallet by the specified time, receives an equivalent number of Bitcore coins. Extra coins are awarded for long-term storing and for a couple of other things.
Cryptocurrency entered the market with the price of about $6 per coin, but it quickly fell, and until the autumn of 2017 the rate did not manage to rise above $1.5-$2.5. In autumn Bitcore coins started growing steadily and reached almost $40 in November. However, by the middle of December the cryptocurrency lost more than half of its value. In 2018 the coin cost around $25-30, until in late February it began to decrease up to the current $2.19. Bitcore used to be in the top-40 virtual coins by market capitalization, however it is even outside the top-200 today.
The leader by Bitcore trading volume is an Asian cryptocurrency exchange called Bit-Z, where Bitcore is exchanged for Bitcoin and Ethereum. In addition, a popular New Zealand-based exchange Cryptopia has Bitcore trading pairs with Bitcoin, USDT, Litecoin and even Dogecoin. The coin is also listed on HitBTC, QBTC, and Exrates, where it has a pair with the US dollar.
Apparently, even the developers themselves are not quite sure about the future of the project – roadmap ends with the last quarter of 2018, and there is no information about what is going to be done after that. Bitcore is actually only a technical Bitcoin alternative, so it depends on updates and technical improvements of the first cryptocurrency and if it manages to cope with its problems, then users will probably have no interest in BTX. For example, Bitcoin’s scalability problem was partially eliminated by the implementation of SegWit – the protocol that had been already launched in Bitcore and was considered as an advantage comparing to Bitcoin. Yes, Bitcore remains faster and more available for mining, however, it is obvious that it is absolutely not that liquid and has much less users.
In 2017 Bitcore already demonstrated growth and, in general, can regain lost ground. At the same time, there are a number of competitors who not only offer solutions to improve Bitcoin, but also have a certain unique idea behind them. Today it is still difficult to say whether the project will be successful at least in the medium term, but, perhaps we will hear about Bitcore once again in the future, so this cryptocurrency may be worth checking from time to time.
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