With Bitcoin performance dwindling beyond expectations in the last few weeks,crypto traders have channeled their attention to other altcoins so as to make profits from the on-going bull season.
But despite all these, Bitcoin remains the manager of the crypto space as it remains the most valuable crypto asset. This is actually based on the impending mass adoption that is currently being predicted by crypto YouTubers like Bitboy, Dappuniversity etc
But besides all these fanfare and excitement, Bitcoin has so many flaws starting from its lengthy transaction time to its expensive gas fee. All these are as a result of its small blockchain size which can only contain and transfer limited data in a long period of time.
But above all these flaws is a bigger one which is the manipulation of Bitcoin's price by the elite. Such elites are the whales like Elon Musk, Grayscale and other hedge funds. They hype the asset to get the lower investors to rush in due to FOMO and then they dump to crash the price. The wait for a lesser comfortable price, buy back and then repeat the action.
This inarguably makes Bitcoin much of a centralized system than a decentralized one because of the 3rd party control over it. This 3rd party control over it is simply based on the fact that 90-99% of Bitcoin asset is owned by 1% of its users and these users are simply the elite.
Another notable reason for these manipulation is the mining of Bitcoin which requires alot of energy and of course alot of money. This means that only the elite with alot of money can mine to get Bitcoin (That's why they have a lot of the asset) thereby controlling the hashing power.
This is because in some Bitcoin mining platforms,like Bitmain, money is required to buy the hash at a given rate (hashrate) and also speed up the nonce-hash combination through sophisticated method which gives you an amount of the asset.
All these go ahead to flaw Bitcoin's importance in the crypto space and makes it nothing but a get-rich-quick asset. Apart from being an asset with a store of value I don't think there's another usage its blockchain can provide.
This is actually where Bitcoin black come in to rescue the us.
Bitcoin Black
Disclaimer: This is not in anyway an advertisement of an asset or project
Bitcoin black is an asset which is aimed to give back the power to the people. This is because everything about money has always been about the people.
But How Does It Intend To Do This?
Through P2P transactions. This is a mode of transaction which allows the transfer of asset or payment from one person to another. By doing this,power is then given back to the people due to the absence of a 3rd party. Bitcoin black also intends to extend this by allowing and creating a passage for merchants to recieve payments for goods from customers.
Scalability Issues
Bitcoin black will also solve the general blockchain issue of scalability of network. Most blockchains are not scalable. An example is the utility crypto , Ethereum which reveals the reason for its exorbitant gas fees.
This makes most blockchains rely on a 3rd party for their transactions. This problem is based on the block size of some blockchains which can only allow a limited amount of nodes to run at a given time. The bigger the faster (Like BCH),the lighter the faster too.
The problem also lies in the storing of account balances of the transactions on the blockchain. This prevents scaling.
Bitcoin black intends to correct this by creating a lighter block even with billions of transactions. It will also store its account balances on the network making the scalability very efficient.
Bitcoin black also intends to solve other cryptocurrency problems like;
1. Eliminating mining which makes most blockchains apparently centralized
2. Elimination exorbitant transaction fees by creating a fee-free instant transaction
3. Reduction of the unnecessary high amount of energy used by PoW ( Proof of Work) projects among other impending problems.
Bitcoin black is currently in voting to be listed on binance and is aiming to hit 1million community users at which it will also distribute its tokens via an airdrop that involves downloading the BCB wallet.
At this juncture, I'll advise you DO YOUR OWN RESEARCH (DYOR)
Have a nice bullish weekend ahead ✌️🤗
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