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Bitcoin forks have gained recognition in the crypto world because they help users and investors engage with different iterations of the original cryptocurrency, BTC. That said, let’s unravel the potential for profits through high-potential Bitcoin forks like BTCS and BCH.
What is a Bitcoin fork?
A Bitcoin fork refers to a change in the protocol of the Bitcoin (BTC) blockchain, resulting in the creation of a new version or a separate cryptocurrency. There are two main types of forks: soft forks, which are backward-compatible, and hard forks, which are not compatible and lead to the formation of a new blockchain and cryptocurrency.
What is BCH?
Bitcoin Cash (BCH) is a hard fork of Bitcoin that was created in August 2017. Bitcoin Cash aimed to address certain limitations of Bitcoin, primarily focusing on scalability and transaction speed. The blockchain increased block size, allowing it to process more transactions per block, making it faster and more cost-effective for everyday transactions. Nonetheless, Bitcoin Cash maintains many other aspects of Bitcoin, including its Proof-of-Work (PoW) consensus mechanism and fixed supply of 21 million coins.
The BCH price has been painting green, and analysts predict further price increases as we head into 2024, the year of the next anticipated crypto bull run.
What is BTCS?
The Bitcoin Spark (BTCS) is the latest addition to Bitcoin hard forks, introducing several features that set it apart from its predecessors and forge a path toward a new generation of digital transactions. Nonetheless, it maintains the fundamental scarcity principle, having a limited supply of 21 million BTCS coins.
Bitcoin Spark is capable of processing a higher number of transactions per second while maintaining low fees, made possible by a reduced block time, increased individual block transaction capabilities, and a large number of nodes. Additionally, Bitcoin Spark embraces the development and deployment of decentralized applications (dApps) on its network. It incorporates a dedicated smart contract layer with multiple execution systems that all attain finality on the main network. This innovative infrastructure ensures scalability and allows for high-level and low-level programming languages, broadening the spectrum of potential use cases for BTCS.
Bitcoin Spark also introduces a novel mining concept through its proprietary Proof-of-Process (PoP) consensus mechanism. Miners are required to contribute the processing power of their mining devices to the network to confirm blocks and earn rewards. However, the PoP features a nonlinear rewards algorithm, discouraging excessive concentration of power and fostering a more equitable distribution of rewards. With a vast network of nodes and fair incentives, even miners with lower-powered devices can profitably mine BTCS. In fact, the Bitcoin Spark team is set to launch a user-friendly mining application compatible with multiple operating systems, including Android, iOS, and Windows.
The computational power contributed by miners will be rented out to individuals and institutions in exchange for BTCS, with 3% of this revenue allocated to the team for development and the remaining portion distributed to miners, including newly minted BTCS and transaction fees from confirming blocks. It positions the PoP as a groundbreaking cross between Proof-of-Work (PoW) and Proof-of-Stake (PoS).
Bitcoin Spark will also incorporate small advertising spaces on its app and blockchain explorer, which will be subject to community policing for security and purchased using BTCS. Network participants receive 50% of the advertising revenue, with additional incentives for those involved in ad monitoring.
As of now, Bitcoin Spark is in Phase 8 of its 10-phase Initial Coin Offering (ICO), offering BTCS tokens at $3.25 and providing a 6% bonus, among other benefits. The project’s team has undergone multiple KYC audits, affirming its commitment to security and openness.
The Coming Of Bitcoin Spark
Bitcoin Spark will launch at $10 in November, indicating a further 320% price increase. Analysts predict a promising future for this Bitcoin fork, pointing to its innovative technology, real-world applications, limited supply, and launch timing being close to the next crypto bull run.
Conclusion
While there’s high-profit potential through Bitcoin forks like BTCS and BCH, it’s essential to conduct your own research before investing.
For more information on BTCS and its ICO:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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