Bitcoin Interest offers a rare opportunity.
Ever thought of being paid for keeping your money? Bitcoin fork gave birth to bitcoin gold and bitcoin cash, perharps you missed them, but here is a great opportunity to own in any quantity of your choice a very promising cryptocurrency.
Bitcoin Interest (“BCI”) is a frictionless global payment system focusing on three key areas Technology, Community, and Savings.
A payment system that has a new integrated savings technology that allows its users to park their coins and earn interest.
This is just like the traditional banking, where you earn interest for keeping your money in the bank, but this one is great in the sense that it is decentralized
Bitcoin Interest will fork January 22nd, 2018 at 11:59 PM GMT, or at block 505083. So get ready!
Bitcoin Interest claimed to be built using the latest technology, focusing on speedy frictionless transactions.
Hence making it possible for Bitcoin Interest to handle many transactions per second while reducing the bottlenecks and lag of the legacy version of Bitcoin.
The BCI community claims to recognize miners and to treat them with respect in other to achieve a robust ecosystem.
A statement in the BCI official website has this to say:
“Bitcoin Interest is an enhanced Proof of Work (“PoW”) Equihash algorithm and will start off with a much lower mining difficulty than Bitcoin allowing the miners in our community to benefit from higher rewards.
By utilizing GPU mining, we will see a more decentralized network as we will not be excluding any of the smaller miners.
Bitcoin Interest wants to minimize the advantage that specialized hardware miners (such as ASICs) have over commodity hardware setups.”
The savings technology allows Coin holders to park their holdings and earn weekly or monthly interest payments in the form of Bitcoin Interest (“BCI”) coins.
Unlike bitcoin which does not offer any form of interest for holders, users/holders of BCI can earn interest payments in a decentralized manner by parking their Bitcoin Interest(“BCI”) coins for a set period time.
The BCI team explains how it works; here is an extract from bitcoininterest.io:
This is achieved through what we call, “Enhanced Proof of Work” using the Equihash algorithm. The interest pool reward will start at 1.08 BCI coins and will decrease to 0.54 BCI coins as our block height increases. This setup will ensure that interest payments are always available for those that choose to participate in parking their BCI coins.
The interest rate depends on two things: How many BCI coins you park, and how many other BCI coins are parked in the active interest round.
After parking your coins, our system will continuously check to ensure that they are parked for the entirety of the interest round.
At the end of the round, the system will proportionally distribute the balance of the interest pool to those who parked their coins.
As an example: If I was to park 100 BCI coins for the entire duration of the round, and there were a total of 1000 BCI coins parked, then I would receive 10% of the interest pool balance once the round has finished.
When you decide to park your BCI coins you agree to not move your coins until the current round has ended.
If you choose to move your BCI coins before the round has ended, you will not receive an interest payment which is why it is in your best interest to lock in your coins for the duration of the round.
Each block that is solved generates 12.5 BCI coins to reward the miners, and with every block that is solved an additional 1 BCI coin is generated and placed into the interest pool to facilitate interest payments.
The Weekly interest round uses 30% of the interest pool balance for payouts while the Monthly interest round uses the remaining 70% of the pool balance for payouts.
Bitcoin Interest was created to provide you with a safe, decentrilized and profitable alternative for storing your wealth.
Bitcoin interest will retain 1 million Bitcoin Interest (“BCI”) coins which may be utilized in the following ways:
1. Funding the monthly interest pool for the first year with the following amounts:
First Month: 5,000 BCI coins added to the pool
Second Month: 4,000 BCI coins added to the pool
Third Month: 3,000 BCI coins added to the pool
Fourth Month: 2,000 BCI coins added to the pool
Rest of Year: 1,000 BCI coins added to the pool only if the pool is below 3,000 BCI coins, other wise no BCI coins will be added.
2. Paying costly exchange fees to list Bitcoin Interest (“BCI”) trading pairs.
3. An extensive marketing campaign to promote early adoption of Bitcoin Interest.
4. Continuous Bitcoin Interest improvements and development costs.
5. Paying ongoing server maintenance costs.
To claim your BCI coins after the fork, insert your BTC private key into your BCI wallet. Another option would be to transfer your BTC to an exchange that will be supporting the Bitcoin Interest fork at launch and simply hold your BTC there. They should credit your account automatically after the fork. Please contact the exchange to ensure they will be supporting the BCI fork.
HERE ARE THE TOP MEMBERS OF THE TEAM
This tabular analysis shows the similarity and the difference between BCI and some others.
The following exchanges now support or about to support BCI
The official website for Bitcoin Interest is https://bitcoininterest.io