What is Bitbean (BITB)?
Future of BITB Cryptocurrency and know how to buy BITB

#1 - What is Bean Cash?

Bean Cash is one of the older class of cryptocurrencies, intending to become the world’s most ‘super-green’ digital currency. The coin’s launch in 2015 was welcomed by an enthusiastic community because of its similarities to fiat money, which we’ll discuss below.

Bean Cash: The Basics

  1. Bean Cash is a re-brand of BitBean which acts as a digital currency and network that allows value transfers and value creation. Its cryptocurrency is denoted by the symbol BITB & has a total supply of 50 billion coins.
  2. Bean Cash was launched on 13 February 2015 with a maximum block size of 20MB. It was issued without any premining or ICO. Bean Cash uses a Proof of Stake algorithm which implements 20MB blocks. This provides scalability to its users as the blockchain can handle more transactions with faster transactions.
  3. It uses static block rewards through its unique Proof of Bean (PoB) system that is more efficient and cheaper than Proof of Work systems. This also provides speedy transactions & scalability to the blockchain.

 

#2 - What are the Benefits of Bean Cash?

Bean Cash Development

  1. The only known team members are Tom C. of Albany, NY and Shawn K. of New Hampshire. The other team members’ have been kept anonymous to maintain security.
  2. The original lead developer left the platform completely shortly after launch in 2015 after which the new team fixed the initial bugs & has been leading the way forward since.
  3. Bean Cash’s organisation has a regular company structure with the board of directors.
  4. After a short Proof-of-Work phase in which 10,000 blocks were issued through energy efficient SHA-256 ASIC, it switched to Proof-of-Stake mining.
  5. Bean Cash will soon launch a new algorithm, called Proof of Resource (POREs) in late 2018 to let its users earn additional BEANs by sharing resources with the network through the Bean Cash Core nodes. POREs is expected to be implemented as an alpha level software stack in the v2.X branch.
  6. Bean Cash is free from the control of central banks & is also not affected by exchange rate fluctuation.

Bean Cash Technology

  1. The use of Proof of Bean (PoB) technology rewards "SPROUTs" to users in the active full node i.e. those who help in building the network.
  2. Users can earn interest and greater value on these SPROUTs. It also secures the network as users hold virtual beans instead of hash power.
  3. Bean Cash uses Smart Contracts to fix and re-enable the dormant Op-codes in its protocol.
  4. The Bean Cash blockchain also restores Bitcoin’s original Bitcoin Op-codes & can add new ones while building higher level language and environment on-top. This way Bean Cash increases its market penetration.

Features

  1. 1 block can be staked in 6 hours using the Proof-of-Stake/Proof-of-Bean algorithm. Users are rewarded 1,000 virtual beans for every static block. So users can process transactions but not hoard them as coins can either be staked or minted on opening the wallet.
  2. Bean cash verifies, validates in 20 seconds & settles transactions in less than 60 seconds. It also lets users transact amount that can be as low charges can be as a fraction of a cent.
  3. Bean Cash transactions prevent third party risks as there are no chargebacks or delay in payments since once the payments are processed, they cannot be reversed.
  4. Low transaction fees & provision of quantifying profit via staking are the main value propositions offered to merchants using Bean Cash as a payment method.

How to become a member of Bean Cash?

  1. Individuals can become a member by investing 1% or more of current monetary supply & actively SPROUT i.e. stake in Bean Cash. All stakeholders have the power to influence the network’s market and stewardship.
  2. Members must make a one time donation/payment of 250,000 BEAN to this address “2WcY6PfocpVHi23rGceWCn4F4b4UrWSPhw”
  3. An authentic e-mail id, handle/account name of Twitter, BitcoinTalk, or other Social Media & a brief introduction is required for verification.
  4. It also has a consensus & ownership mechanism which gives early access to beta software releases. Members also get access for collaboration of the model 7 to tier-2 level tools.
  5. Members can also avail of 5% discount on the entire product range on beanstore.co (as & when applicable).
  6. In addition to this members must donate 1,000 BITB every month to continue membership and must also actively stake & maintain the monthly balance of 1% current monetary supply.

 

#3 - How to Buy and Store Bean Cash?

How to buy Bean Cash

Bean Cash can be purchased from multiple exchanges like Bittrex, UPbit, Local Bitcoin Cash, Coin Exchange, etc.

With the BITB cryptocurrency being available on multiple exchanges, it can get difficult to get the best price for your transactions. Which is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the Bean Cash cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for HSR. It makes it possible for investors to invest in BITB coin and also store it securely using a Hshare wallet. This way you can choose the best deal for you!
  2. CoinSwitch provides a medium for BITB exchange. With CoinSwitch you can also buy, sell and trade over 275 cryptocurrencies for BITB.

Bean Cash Storage

BITB tokens can be stored in Bean Cash wallet which can be stored on any of the following with a private key:

- Mac OSX

- Windows Vista, 7, 10

- Linux

- Digital Cash Generator "Paper Wallet"

Users should ideally lock the wallet before starting re-blocking since it can lead to a conflict with a block being selected and may also lead to sprouting before the actual transaction is confirmed.

 

#4 - What is the future of Bean Cash?

Also Read: Complete Analysis of Bitbean | Live Bitbean (BITB) Price Charts And Predictions

As of June 2018, its market capitalisation stands at $10 million. The total supply of the Bean Cash cryptocurrency (BITB) is 50 billion BITB.

With scale-ability, speed and lightning fast transactions, Bean Cash is very well placed to be at the centre of the shift to users wanting to use it as a means of exchange and store in Bean Cash wallet. Priced at around $0.0099 in April 2018, it rose at a fairly rapid rate to touch over $0.04 developers in June’18.

Many analysts suggest it will eventually grow to $0.02 by 2021 due to its increasing adoption by merchants from various sectors.

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

0.006963

0.006974

0.006595

0.006840

204,050

17,642,200

May 01, 2018

0.010266

0.010336

0.009589

0.010277

686,844

25,521,600

April 01, 2018

0.007278

0.007635

0.006568

0.006860

542,083

17,744,100

Feb 01, 2018

0.009536

0.009678

0.007249

0.007831

264,433

22,329,100

 

#5 - How is Bean Cash different from other cryptocurrencies?

As discussed earlier in this post, Bean Cash has multiple standout features making it unique from most other cryptocurrencies.

  1. Bean cash maintains the integrity of its blockchain because it did not hard fork from any cryptocurrency or had a transaction roll-back.
  2. The PoB technology constantly limits inflation & has a unique 'anti-pump' mechanism in the markets that also maintains liquidity. Hence, equilibrium between network security and market prices. So, it is a stable currency as compared to its peers.
  3. It is 10-30 times faster than Bitcoin and can support a network with more than 1,300 Transactions per second. This way it is also able to effectively compete with the likes of PayPal.

 

#6 - Should you invest in Bean Cash?

  1. Bean Cash is a transaction-centric and superior form of currency that provides online purchase options and payment alternatives, especially micro-transactions with traditional brick-and-mortar merchants. This can help with Bean Cash’s mass commercial adoption.
  2. The coin lets its users earn greater value by retaining than by selling BEANs to fiat currencies. This potential to revolutionize diverse fields is immense which can be exploited by investors to give it another bull run.
  3. Bean Cash is a convenient payment option for international customers who cannot use other payment methods like PayPal or credit cards. Because of its growing merchant acceptability, the coin may seem to have a good long-term potential.
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