New coin on the block
We’ve recently discovered interesting new proof of work cryptocurrency, a coin called BitCash. It’s still flying under the radar, genesis block was mined only a few weeks ago. Its not yet listed on Coinmarketcap, bitcointalk announcement hasn’t been created yet and the marketing hasn’t really started. Their discord server has only 450 members. We might be early on the potential gem. But let’s explore it further.
We all know how Bitcoin and similar cryptocurrencies are still far from being easy to use and have steep learning curve depending on how deep you are willing to dive. BitCash is trying to fix some of those issues by introducing the following features:
- Public key aliases, instead of sending to a bunch of random hex characters you can send money to @jack or @dorothy
- User-friendly wallet with included one-click miner
- Private transactions
- Fast and low fee transactions
- Send to anyone through anything, even SMS works
Basically, it replicates the current e-banking solutions we all use today in a decentralized way.
“Coming soon” features presented in their roadmap include:
- Online stores integration
- E-statements printing
- Recurring payments
- Support for accounting software
- Pay bills with BitCash instantly
It has features designed for both individuals and business owners – sounds good so far. We hope they will keep following and delivering as per their roadmap.
Another interesting feature they offer is “safe privacy” – it makes your transactions private while allowing BitCash team to reveal transaction and account balance info if requested by law enforcement. The best way to explain and think about it is by comparing Monero to Bitcoin. If you are a regular user without malicious intents BitCash effectively acts as Monero for you, but if you decide to fund terrorist attacks, BitCash team has the power to reveal your transactions to law authorities and basically convert your account to Bitcoin privacy level. This feature has the potential to significantly increase mass adoption since it makes BitCash “government friendly”. You can read more info about it in the BitCash whitepaper.
Another thing we dislike about BitCash is high premine – 10% of total supply coupled with 10% dev block reward. In our opinion, both of these numbers are too high. However, staff assures us it will be put to good use such as funding listings on reputable exchanges, paying team members and the project itself.
Let’s talk a bit about the current mining situation. BitCash uses the ASIC resistant Cuckoo Cycle algorithm created by John Tromp. In the beginning it was CPU mineable but GPU miner quickly came out. Mine it with nVidia GPU’s with at least 4GB memory, AMD GPU’s aren’t supported as of yet. You can mine directly from desktop wallet or use specialized miner from zjazz. You will need to download and install CUDA drivers beforehand. If you want to start mining, visit their mining instructions page.
- Block time: 60s
- Block reward: 21.5 BITC
- Total supply: 100,000,000
- Current price: OTC trading, 500+ sats per coin
- Explorer: http://explorer.choosebitcash.com/
Ana & Petar