Bitcoin Green is a proof of Stake focused cryptocurrency which offers a more scalable, environmentally friendly, and faster solution compared to Bitcoin. As the name suggests, Bitcoin Green is an environment-friendly alt-coin which emphasizes on highlighting the sustainability issues associated with traditional cryptocurrency mining.
According to research done by Bitcoin Green community, Bitcoin mining burns more energy than 82% of countries in the world. The energy consumption problem is a significant factor that contributes to Global Warming. Proof-Of-Work mining activity is hurting the environment, says the BITG team. Bitcoin Green addresses these problems by switching to ‘Proof of Stake’ protocol.
‘Proof of stake’ is an alternative process for transaction verification on a blockchain. A PoS system requires the user to show ownership of a certain number of cryptocurrency units. In the PoS system, blocks are said to be ‘forged’ or ‘minted,’ not mined. PoS claims to be a highly efficient consensus algorithm that solves sustainability and scalability problems of PoW protocol.
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Bitcoin block size is 1mb, while Bitcoin Green offers block size of 2mb. ‘Block size’ indicates how many blocks can be solved within the specified limit and a ‘Block time’ refers to how long it takes for the hash power to find a solution to the block hash. The average time needed for Bitcoin is 10 minutes and, in some cases, it goes well above that time interval. Due to this, the Bitcoin network generally sees congestion. An increase in size allows the BITG to double the block time Bitcoin operates with usually. BITG, therefore, can handle double what BTC can and thus provides faster transactions. Average time to process a transaction for BITG is 60 seconds.
Faster transaction would also mean a lower fee. Bitcoin charges a hefty price for mining with an average transaction costing $1.25. Bitcoin Green, however, has an average transaction fee of only $0.01.
Another area of improvement is in regards with Transactions per Second. Transactions Per Second (TPS) is the number of transactions completed per second by a blockchain system. Bitcoin handles only 7 TPS while BITG can handle 154 TPS. This is made possible through the masternodes that are online and the stakers.
The Bitcoin Green team enunciates why ‘proof of work’ protocols aren’t good for overall adoption. BITG is a better peer to peer currency because of its fast transactions and frictionless use. The BITG team say that the cryptocurrency will become the backbone of a new exchange known as Stakebase.com, an exchange dedicated to PoS projects. Stakebase will allow a user to stake right on the site and trade cryptocurrencies.
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Bitcoin Green has a limited supply of 21,000,000 which is equivalent to that of Bitcoin. BITG is priced at $0.251871 with a market cap of $1,880,226.
