Bitcoin Black Coin: A Coin of the People, By the People, For the People?

The technology side of current cryptocurrencies and their projects seems to be doing well. However, the actual distribution of Altcoins and Bitcoin is still a problem. Like with fiat currencies, the elite still owns 90% of the Altcoins and Bitcoin. What’s more, the price of the Altcoins depends on Bitcoin which follows that if you control the latter, you control the majority of the Altcoins. The market then is rife with price suppression and manipulation. There is a need for a method for preventing manipulation of market prices and even exposing it.

Bitcoin Black versus Bitcoin

Bitcoin Black is a coin, with an instant community, driven by a cryptocurrency that is focused on fair distribution, airdropped to a million users without a fee. The total maximum supply for the coin is slightly over 34 billion and all of it will be distributed gradually but the main part will go to the introduction of rewards in the app and merchant adoption. Unlike Bitcoin, Bitcoin Black is not mineable, meaning that it requires less energy and will be more decentralized given time.

The goal of the cryptocurrency is to be the crypto of the people, for the people, by the people. The intention of the coin was that it is adopted to be used as a peer to peer payment system to give the people back the power. Bitcoin has failed at giving people power because its value comes from the use of the ecosystem. Where Bitcoin transactions are expensive and slower, Bitcoin Black aims to be faster and affordable.

The main reason people are active in the Bitcoin ecosystem is that they want to get rich quickly and retire, storing some coins in the hope that they will be more valuable in the future. This differs from the spirit of the cryptocurrency. Superior to financial gain, cryptocurrency was meant to be a tool for freedom. Bitcoin is now in a cycle that could discourage people from crypto and take away the hope the virtual currency brought. It could easily become the enemy as many people start to adopt it at the wrong time, influenced by the media.

Bitcoin is also affected by cycles that discourage participants from cryptocurrency and Bitcoin Black alleges to do things differently to change the world. The intention for Bitcoin Black is not to get rich fast, but to give better value transfer, a convenient system for paying, faster settlements and means for merchants to get money without needing a third-party, giving the people power.

If it goes as planned, Bitcoin Black will be a way for transferring money all over the globe without any fees which will allow people control over their money and make payments simple. The 1% Bitcoin elite who are taking advantage of the structure of the ecosystem will not be able to do that with Bitcoin Black.

The benefits

To solve the problem that is now common with Bitcoin as was with fiat currencies where wealth is not well distributed, Bitcoin Black is focused on:

1. Fair distribution

The Bitcoin Black coin is to recently airdrop to an initial minimum of one million wallets. No one founding member owns more than 0.5% of the supply. Because of the way it is set up, it will not be possible to abuse the airdrop. Anyone who signs up will get 3600 free coins after filling out a form with security layers. So far, Bitcoin Black has airdropped to over 164 countries and there are 234452 airdrops pending.

2. Mass adoption

The first airdropped coins were sent to actual users. These users will get to transfer money with the ease of sending a text message. The appeal of the coin is its promise of being a cheaper method for paying for services and goods which is to encourage participation is the ecosystem.

There is also an incentive during the introduction which is critical to network growth. A number of coins are given in a free airdrop to try the ecosystem out. After the first million participants apply, there will be other rewards to offer incentives for another 30 million users.

The multilingual capabilities of the coin are a big part of mass adoption, entry and ease of use. There are close to 7.5 billion people in the world and it is estimated that only 360 million of those speak English as a first language. The Bitcoin Black website, rewards dashboard, and support will be available in over 24 languages at the start and more languages will be introduced along the way. Some of the initial languages include Arabic, Javanese, Chinese, Malay, Persian and Yoruba. The rewards dashboard will be in Portugese, Spanish, Hindi, Arabic and Bengali among others.

3. Simplicity for users and instant transactions without fees

The payment system will be free and instant. It will not rely on any third-parties.

4. Low energy consumption and high efficiency

The benefits of Bitcoin Black are more decentralized because there is no mining. For the same reason, they are more scalable than Bitcoin and many other altcoins. It has a smaller blockchain size because of its block lattice infrastructure that saves the account balance (gigabytes) instead of transactions (terrabytes). Less intensive storage is possible because only the balances are stored.

Bitcoin mining burns millions of dollars in energy every year. This is expected to keep worsening with time. Bitcoin Black’s block lattice is 100 000 times less energy consuming than Bitcoin.

5. Ease of access

Entry is simple. Newcomers to virtual currencies will also get an opportunity to involve themselves in the ecosystem, encouraged by free coins as samples. Multilingualism will allow a broad reach of more than English users.

6. Stable prices

Because Bitcoin Black has a fair mass distributed currency whose supply is spread, it will create reduced volatility by synchronizing pumps and dumps which will stabilize the price and end the price manipulation common with other cryptocurrencies. Before the airdrop reward distributions, and ICO rewards, the members will be allowed to sell or hold. Members who refer the most people will get to sell coins to high net worth individuals who cannot participate or have capped their purchase amount. This helps to stabilize the ecosystem and helps the seller get a higher amount instead of dumping to an exchange. The buyer also gets to buy a huge volume at lower prices instead of driving the exchange prices up.

Additional considerations

The founding team and community

The Bitcoin Black founding team prefers to remain anonymous in Australia because the project is meant to be community based. They want to remain so to let things run without interference and to remove any threats of the ecosystem shutting down and people having to comply with government branches threatened by the power from the people. The project has to be launched and managed autonomously.

The main members are allocated through airdrop rewards. The ones who share the airdrop with most people will be the major coin holders – 110 people who believe in the project. This will mean that the majority of the project will not be controlled by a billionaire who will have the future of the ecosystem in their hands and will get to manipulate the prices at will.

Up to the ICO, the project is to rely on four of the anonymous members who will stay involved in the first foundation. They allegedly are knowledgeable in the field and have the relevant experience to execute the project until the community is structured enough to be able to take over. Other Bitcoin Black foundations are expected to be formed as the member volume increases. Essentially, there are no owners.

Social media

The social media profiles for the Bitcoin Black community will also be run by the community. The admins will be participants in the pre-sale who will receive bounties whenever they manage things correctly. If official social accounts get abused or used for purposes different from helping the community, a new official channel will be set up and given to a new member. It is encouraged that anyone wanting to create one does so, but they have to send a request for approval and once approved, the channels will be published.

The verdict

The only disadvantage for the block lattice is that commercialized third parties who want to collect transfer fees will not be able to do so because the transactions are free.

Bitcoin Black has taken on a huge challenge. To attempt to make a truly decentralized ecosystem is something that is yet to be done successfully. So far, governments have found their way into the virtual world and rules have been imposed that interfered with the original goal.

It will be interesting to see whether a financial ecosystem managed by the community could work. Plenty has been said against the 1% running the world and having monopoly of wealth, but one has to agree that they have to have done at least one thing right that things would run as they are. Who knows, perhaps that is what holds society as we know it together? Or maybe not; it remains to be seen with Bitcoin Black.