What is BitSend (BSD)?
Future of BSD Cryptocurrency and know how to buy BSD

#1 What is BitSend?

BitSend – The Basics

  1. BitSend is digital cash, much like any other cryptocurrency. Another addition to the enormous cryptocurrency market, BitSend functions as a deflationary currency through a Bitcoin Core 0.14 based peer-to-peer network at its core.
  2. It is a decentralized form of currency, working as an alternative to the local currencies, with universal acceptance for online transactions. The team defines it as a long-term project aimed at making digital cash available for the generations to come.

BitSend Development

  1. The BitSend project was initially named “LimecoinX (LIMX)” by its first developer. The project’s second core developer, Chris, renamed it to BitSend and there began the creation of this digital currency.
  2. Chris has worked in the development of several altcoins such as BitCore, BitCloud, and more. Together, the team boasts of a combined experience of over 35 years in blockchain development.
  3. The currency was launched and began trading in 2014.

 

#2 – What are the benefits of BitSend?

BitSend Technology

  1. BitSend is similar to cryptocurrencies such as BitCoin and Ethereum. It works with the Xevan algorithm for mining. It is available for mining for the next 33 years without any block halving i.e. you can mine BSD coins at today’s rate for the next 33 years.
  2. Its main components are the BitSend Core 0.14 wallet and the SPV wallet. The BitSend Core 0.14 wallet functions on the SegWit technology. This technology calculates the transaction identifier (txid) and removes any redundant malleability in the transaction. It is also expected to increase the capacity of transactions because of the difference in the block weighting for different parts of a transaction on SegWit.
  3. SegWit simplifies the signatures required for making a transaction, thereby, reducing its weight. It removes the signature data in the transactions to increase the block size limit on the blockchain.
  4. New BitSend wallets will function with the hierarchical deterministic key generation. They can, thus, restore all the private keys till date. It will regenerate the keys even if they have not been backed up.
  5. BSD also employs the cuckoo cache technology to store more signatures and speed up the transactions. This way, the validation process is also faster resulting in quicker block downloads.

Transactional Process

  1. BitSend transactions work the same way as any other cryptocurrency. Users have to create a wallet with their BitSend addresses that keep a record of all the transactions and the amount balance.
  2. Every user has an address as the public key that works with a private key. These two keys are required to make any transaction through the wallet.
  3. After a transaction has been signed, the network verifies that the user has not used the coin(s) before by scanning the ledger.
  4. Once this scan is complete, the transaction is added to a block and is finished.

Unlike local currencies, digital currencies such as BitSend offer you the freedom to make transactions to and from anywhere in the world. BSD coins can also be backed up on hardware wallets, preventing the threat of frauds. All the information available on the blockchain network is transparent to everyone, with only personal details hidden. The transaction fee is very low, making it a cost-efficient medium of payments.

 

#3 - How to buy and store BitSend?

BitSend coins can be purchased with a credit or debit card or PayPal as well. It is available for purchase on exchange platforms like Cryptopia, HitBTC, Bittrex, and Upbit among others.

  1. One of the best options to purchase BSD coins is from the largest cryptocurrency conversion platform, CoinSwitch. With 300 altcoins, cryptocurrencies, tokens and over 45,000 exchange pairs all at one place, CoinSwitch offers you a fully integrated experience. It has a simple interface and lets you compare all the prices to get the best deal.
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your BSD cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

Storage

Storing BSD only requires you to have an online cryptocurrency wallet, such as MyEtherWallet. Create your account and set up your wallet on their official website. Once the wallet is ready, upload some ETH to purchase BSD coins. Exchange ethereum for BSD and you have a safe storage ready for your coins. BSD can also be stored in hardware wallets like Ledger Nano S. It offers more security along with backup and restoration.

 

#4 – What is the future of BitSend?

BitSend was launched with the aim of creating digital cash for multiple generations, with the facility of user anonymity and peer to peer transactions. It is comparatively new in the crypto market and is yet to establish itself firmly. The German coin company has, however, partnered with a number of exchange platforms to increase its coin’s strength.

  1. The team is working to update the wallet from 0.14 Core to 0.16 Core. It will offer better compatibility with the master nodes. The algorithm is also set to be upgraded from Dk3 to smooth 64_15.
  1. BitSend is integrating with Electrum. It will function even without blockchain sync, allowing users to access it from their mobiles.

  2. The team is working with businesses in Germany to push for adoption across the country as well.

Also Read: Complete Analysis of BitSend | Live BitSend (BSD) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

0.270718

0.280680

0.254953

0.262576

45,992

5,321,430

June 01, 2018

0.522781

0.537902

0.505758

0.514008

23,310

10,105,300

May 01, 2018

0.775572

0.796068

0.743765

0.784544

117,989

14,735,400

Mar 01, 2018

0.913794

1.07

0.905684

1.07

989,478

16,749,600

Dec 01, 2017

0.772008

0.913941

0.742536

0.906324

133,054

13,386,900

Aug 01, 2017

0.283854

0.339994

0.249728

0.288105

44,552

4,524,510

 

#5 – How is BSD different from other cryptocurrencies?

BitSend is more or less the same as other cryptos and altcoins in the market. There are some features, however, that make it stand out from the rest.

  1. Bitsend works with masternodes that store and provide the users with the blockchain. A masternode is, in simpler terms, a group of networks that provides a decentralized system of transactions without any threat of attacks from low-cost networks.
  2. BSD was also unique for using the SegWit technology in its wallet until Bitcoin adopted it. This feature makes the transactional process lightweight and easy.
  3. When compared with other platforms working with masternodes, BitSend’s hardware requirements are minimal. It benefits the operators and organizations that do not have access to latest hardware but wish to work on a blockchain platform.

 

#6 – Should you invest in BSD?

  1. BitSend, with its current team of core developers, has been working for 4 years now. The company has been considerable improvements in its currency over this period of time.
  2. The German company, with its team of 10 core developers, brings together an experience of 35 years in the crypto ecosystem. It is focused on interacting with its community to develop its technological infrastructure. Its emphasis is also on a fair distribution of coins.
  3. BitSend is a viable option for a long-term investment of 5 years or more. It is expected to rise exponentially from its current price of $0.2399 to an 853.12% increase to $2.2869.
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