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Groestlcoin is a cryptocurrency that seeks to provide an alternative payment option to Bitcoin. The greatest challenge with Bitcoin transactions is lengthy block times. Therefore, transactions are very slow. The block time on Bitcoin is 10 minutes. Not many people want to wait around for 10 minutes to confirm transactions.
Therefore, Bitcoin is not applicable in many sectors. Groestlcoin seeks to solve this by providing speedy transactions. Additionally, Groestlcoin has high scalability. It can operate optimally even under immense loads. Therefore, Groestlcoin is a better payment option than Bitcoin.
Further, Groestlcoin offers the ability to transact anonymously. Transactions on the public ledger are fully transparent. However, the record only shows transactions between two abstract points. It is impossible to link these points to actual users. This is because such information remains obstructed.
Even better, Groestlcoin involves very low transaction fees. This ensures that everyone can use this currency. Therefore, Groestlcoin promotes fairness in the network. Let us see how Groestlcoin works.
Groestlcoin is a hard fork of the original Bitcoin code. It uses the same protocols like Bitcoin. However, Groestlcoin is a little different. It uses the SegWit process to save on resources. Additionally, SegWit makes the network very fast. Consequently, Groestlcoin supports speedy transactions.
Further, the network utilizes the lightning network feature. This is a second layer on the blockchain that enables fast transactions. It works side by side with SegWit to make Groestlcoin versatile and robust. Additionally, they give the blockchain high scalability.
This is something that most cryptocurrencies do not have. High scalability allows Groestlcoin to perform well under immense pressure. This is paramount in order for a cryptocurrency to support many sectors. Merchants can accept a coin that operates fast and is reliable.
Additionally, Groestlcoin allows users to transact anonymously. This is a feature to look out for if you are a cryptocurrency enthusiast. However, many fear that this may open the cryptocurrency to some malicious activities. Nonetheless, getting all these features under one cryptocurrency is very appealing.
Yes, it is possible to mine Groestlcoin. Groestlcoin uses a variation of the Proof of Work consensus called Groestl512. This is a consensus algorithm that supports ASIC mining. However, ASIC mining has its problems.
For starters, it brings the risk of centralized mining. Centralized mining may lead to some security risks and centralized control. Even so, the team behind Groestlcoin believes this is inevitable.
A blockchain can hard fork itself to become ASIC-resistant. However, Groestlcoin is the most developed blockchain using Groestl512. Therefore, all coins performing merged mining on Groestl512 depend on Groestlcoin’s hash power. If it hard forks, then it would lose this control.
Moreover, the team believes that ASIC miners would not risk attacking the network. This is because they invested a lot of money to purchase the hardware.
The block time on Groestlcoin is one minute, and the block size is 1 MB. The initial block reward was 512 coins per block. However, the reward is now down to only five coins. This amount is not subject to halving. It will remain constant onwards.
Groestlcoin boasts of having a great development team behind the project. However, the official website only provides us with names. It does not tell us the experience the team members have. Additionally, there are no faces.
Some blockchains do this to protect the decentralization of the network. Moreover, the development team is very transparent. They even put a countdown on the website to the next major update.
Moreover, the team is very engaging in various social media pages. You can find the team on Facebook, Twitter, Reddit, and Telegram. Additionally, they have an official YouTube account. They are always ready to answer any queries users have.
Groestlcoin has great security features. One of the most common types of attacks in blockchains is 51% percent attacks. This occurs when a miner or a mining pool controls more than 51% of the mining power on a blockchain. Then, they can manipulate the public ledger as they see fit. Additionally, they can block other users from transacting.
Groestlcoin has a great approach to tackle this. The network supports ASIC mining. In general, ASIC miners are very expensive. Hence, it would be extremely expensive to control more than 51 % of the mining power. It would be costly to do that. Thus, it is much better to mine for rewards than attack the network in this manner.
Additionally, the network applies hash functions, encryptions, and cryptography. These help obstruct sensitive data on the blockchain.
Privacy protocols on Groestlcoin are similar to those on Bitcoin. The public ledger keeps a record of all transactions. However, the records do not reveal any details about users.
The performance of the company is not awfully bad in the markets. The coin currently holds the 342nd Rankin market cap share. This is with a market cap of $25,071,628. This shows that the coin has great potential to grow.
Further, this currency doesn’t have great adoption. A little over half of the total coins are in circulation. In volume, the total circulating supply is 76,593,114 GRS. Additionally, the 24-hour trading volume currently stands at $8,931,479.
The coin still has a lot of room for improvement. The development has to do a lot if they want this coin to compete with the better-established coins.
This cryptocurrency has a great mission behind it. The value proposition is easy to sell to any cryptocurrency enthusiast. The coin has excellent decentralization and scalability levels. Additionally, it offers speedy transactions.
Further, it provides anonymity in transactions. These features are very appealing. They are enough to spark mass adoption of cryptocurrencies.
However, this is not enough. The team behind this cryptocurrency needs to convince the masses to adopt it. Otherwise, its performance will remain stunted in the market.
If this coin pleases you, then you can add it to your portfolio. You can do that by buying it from various exchanges. Some of the best exchanges to use include Huobi Global, Binance, Bitfinex, VCC Exchange, BitZ, and Upbit. The price of one Groestlcoin coin stands at $0.327335 at the time of writing this.
You can choose to hold the coin to sell it at a later date. For that, you can use a crypto wallet to store your coins. Moreover, you need a place to store the coins away from the exchange’s account. Some of the best wallets to use include Groestlcoin Core, GRSD, Groestlcoin wallet, Groestlcoin Samourai, and Groestlcoin Sentinel.
Groestlcoin has a great value proposition behind it. It is highly decentralized and has great scalability. Additionally, it offers speedy transactions. This cryptocurrency is very secure and reliable. It provides most of the features proposed by Satoshi Nakamoto.
However, that is not enough. The coin still needs to see enough adoption to see better success. As it stands, an investment in this coin is still a gamble. It is impossible to tell the direction its value will take in the markets.