Cryptocurrency was what was launched as part of the attempt to alleviate the issues in the centralised mode of financial institutions. Launched at the backdrop of the economic slowdown that affected most part of the world, Bitcoin was what spearheaded the cryptocurrency movement. In fact, even today where we have a host of cryptocurrencies, the Bitcoin has stood the test of time and has been labelled the most opted cryptocurrency. Bitcore, a hybrid fork of Bitcoin now is making attempts to become the standard payment mode surpassing Bitcoin. What it is and what makes it one of the best options for investment? Let us check it out in a concise manner.
What Is Bitcore?
Well, Bitcore is another cryptocurrency among a host of the options we have in the crypto assets arena. In fact, it is a cryptocurrency that takes a lot of features from Bitcoin and improvises on it. It promises to offer almost all the features that Bitcoin offers you, but in addition, it has a few features that surpass Bitcoin making it a better option in comparison to Bitcoin.
The nature of being the hybrid fork from Bitcoin makes it smaller in size and a faster to mine in comparison to Bitcoin. If the claims of the company are true and come into actual reality, you can expect it to be able to mine in one year what Bitcoin can take three years.
What are the Advantages of Bitcore?
To begin with, Bitcore has a smaller block size. That would have a lot of advantages in itself. The first one in that direction would be the faster confirmations. Since each of the transaction needs to be confirmed by the nodes by the miners, larger amounts of transactions may need longer confirmation times making the merchants wait for more time to be safer.
Bitcore offers a reduced overall block time of 2.5 minutes. This ensures the faster transaction confirmations as opposed to the 10 minutes block time on Bitcoin. Moreover, they have a block size of 10 MB, thus it will be able to produce 80 MB in blocks at the time that Bitcoin may produce just 2 MB.
Another advantage that Bitcore offers include the activation of Segregated Witness, popularly known as SegWit. This ensures the following advantages –
- It improves the capacity
- Removal of the unwanted transaction malleability
- More efficient security and
- Signature covering of value
Bitcore also offers you lower transaction fees. The fee structure on Bitcore is about $0.0001 USD. This low fee structure would make it an excellent option for regular or everyday transactions. It can be the best option for micropayments, thanks to the low fees.
Is it Worth It?
Well, we would indeed consider it the best option given the advantages that it offers over other cryptocurrencies. The host of technological advancements like low fees and faster transactions would make it a great choice in its own right. As per the White Paper released on 20th July 2018 – Bitcore is focussed on being the community-driven platform. In fact, it decided to opt for distribution mode instead of going for ICO on account of community voting.
It is looking to be the new Bitcoin and we would indeed look ahead to its further development.