With the crypto market seemingly rebounding, a prominent Bitcoin (BTC) whale recently forecasted a bullish winter for Bitcoin Spark (BTCS).
When is Bitcoin the most bullish?
While the Bitcoin price is affected by many factors, it tends to be most bullish around the time of its halving events. Approximately every four years, the reward for Bitcoin miners is cut in half. This means miners receive fewer new Bitcoins for their efforts. Bitcoin halvings thus create scarcity by reducing the rate at which new Bitcoins are generated. This scarcity effect, combined with anticipation and growing demand, triggers a surge in Bitcoin’s price in the months leading up to and following a halving event. Historically, the halving events in 2012, 2016, and 2020 have marked the beginning of significant bull markets for Bitcoin and the entire crypto industry.
Will Bitcoin go lower?
Bitcoin’s limited supply of 21 million suggests potential value appreciation over time, that’s why it’s compared to gold. However, while the chances of Bitcoin going lower are slim, other cryptos might surpass it in the future. Bitcoin’s transaction throughput is incredibly low, which leads to high gas fees, especially in peak periods. Additionally, Bitcoin’s Proof-of-Work (PoW) mining process has raised questions regarding centralization and environmental degradation due to the specialized equipment and significant energy required. Furthermore, the Bitcoin network has no other built-in use apart from being a P2P system for transferring BTC.
Bitcoin Spark (BTCS): The next Bitcoin (BTC)?
Bitcoin Spark is a new crypto project inspired by Satoshi Nakamoto. It seeks to solve Bitcoin’s drawbacks institute new features that set it apart, and position it for greater success. Nonetheless, the crypto does maintain some of its predecessor’s attributes, including having a maximum supply of 21 million.
The Bitcoin Spark network will have a significantly higher number of nodes, enhanced individual transaction capabilities per block, and reduced block time. These changes result in faster transactions and lower fees. Bitcoin Spark will also support smart contracts. It will have an integrated smart contract layer that reaches finality on the main network while allowing for multiple programming languages to be used, both high-level and low-level. This multi-layered design maintains scalability while promoting the diversity of the developers, smart contract styles, and decentralized applications (Dapps) within the network.
Bitcoin Spark also solves Bitcoin’s mining difficulties. Having a larger number of network nodes greatly reduces the investment required by miners and opens up BTCS mining to a wider range of users. Additionally, Bitcoin Spark uses a proprietary consensus mechanism known as the Proof-of-Process (PoP). The PoP rewards miners for validating blocks and contributing the processing power of the mining devices to the network. To ensure a fairer distribution of rewards, the PoP is combined with an algorithm that exponentially decreases rewards per additional power. The Bitcoin Spark development team will offer an application that enables users to mine BTCS by permitting access to their device’s processing unit.
The Bitcoin Spark application will be compatible with Windows, Linux, Mac OS, iOS, and Android devices. To ensure security, it will operate in a virtual environment isolated from the device’s operating system functions. The app will also adjust itself to the resources it is able to use on the device, accounting for overheating, battery life, and concurrent usage needs. This significantly reduces the work and power required for mining BTCS, making it possible and profitable for anyone with a smart device.
The processing power contributed by miners is rented out to the network’s clients, who use it for high CPU/GPU tasks like video rendering and running scientific simulations. This ensures that the energy used in mining BTCS has a valid purpose in the real world. Those using the network for remote computing will be required to pay with BTCS, which is then transferred to the mining pool. The revenue will supplement and reduce the BTCS minting rewards, meaning if more revenue is generated within Bitcoin Spark, the BTCS minting endpoint moves further. Thus, BTCS miners will be able to remain constantly profitable in the long term.
Reviews of Bitcoin Spark suggest it’s a revolutionary project that solves Bitcoin’s limitations. Notably, the project’s launch is set for November 30, 2023. Thus, many investors are flocking to get in on the ground floor, with the project’s Initial Coin Offering (ICO) heading to its fourth phase.
For more on Bitcoin Spark and its ICO: