Bitcoin Silver, or BTCS, promises to offer tokenized bitcoin on the Ethereum blockchain. Find out what that means today in our review.
What is Bitcoin Silver?
Bitcoin Silver is a new cryptocurrency built on the Ethereum blockchain. The currency claims to be a tokenized version of Bitcoin, built on the Ethereum blockchain however, Bitcoin Silver isn’t just another bitcoin clone. The currency also offers direct fiat to BTCS conversion and direct BTCS to cryptocurrency conversions in 193 countries.
Bitcoin Silver is currently going through its crowdsale. As of November 20, the company has sold 14.86 million of the total 15 million BTCS tokens available.
Today, the price of Bitcoin Silver sits at around $0.002 per token. At launch in October 2017, Bitcoin Silver was selling at a high of around $0.11. The price plummeted over the month of November, and it appears to have bottomed out.
There’s a total supply of 50 million BTCS, although the initial BTCS announcement thread claimed there were only 21 million Bitcoin Silver in circulation.
How Does Bitcoin Silver Work?
Bitcoin Silver may appear to be a legitimate cryptocurrency at first glance. The currency makes bold promises about “making bitcoin decentralized again.” The developers use many of the same arguments as Bitcoin Gold’s developers, claiming that today’s miners have too much power.
However, based on everything we can find online, the currency isn’t a legitimate project with active development goals. The Merkle has called Bitcoin Silver “a horrible joke” because “it uses the exact same mining algorithm as Bitcoin Gold” and “aims to create value out of thin air.”
One of the best ways to confirm that Bitcoin Silver is a bad project is to look at their Bitcoin Talk announcement thread. The thread has virtually no details about the currency and how it works. It vaguely mentions various features and benefits – but doesn’t explain how they plan to achieve those goals.
For example, the announcement thread explains that they want “to make bitcoin mining decentralized again” to align with Satoshi’s original vision. To do that, they’ve changed the algorithm from SHA 256 (used in bitcoin) to Equihash (used in hard forks like Bitcoin Gold). Through this system, the developers claim Bitcoin Silver will offer “an opportunity for countless new people around the world to participate in the mining process.”
That announcement thread lists no Bitcoin Silver exchanges, wallets, pools, or additional information about the cryptocurrency.
Bitcoin Silver does have a whitepaper. It’s just 8 pages long (one of the pages is a title page, and another is the table of contents). The whitepaper mentions no technical details about the project. It’s difficult to understand anything the company is trying to achieve.
The Bitcoin Silver Token Sale
Bitcoin Silver’s token sale began with a pre-sale from October 16 to October 23th. The general crowdsale is taking place from October 24th to November 20th.
By January 24th, the company hopes to launch its first Bitcoin Silver wallet. By March 5, they’ll launch their desktop application. A “Launch Partner Initiative” is scheduled for July 2018, which is when they’ll partner with mobile devices, telecom companies, money transfer agencies, and international salespeople to promote the use of their currency.
15 million Bitcoin Silver tokens were sold during the crowdsale. Depending on where you look, the currency either has a total supply of 21 million (the same as bitcoin) or a total supply of 50 million. It’s not totally clear where the remaining tokens went. However, the Bitcoin Silver announcement thread claims they’re having a token distribution event similar to Bitcoin Cash, where anyone who holds bitcoin private keys is entitled to receive Bitcoin Silver.
Who’s Behind Bitcoin Silver?
There’s no information about the developers of Bitcoin Silver available at the official website (BitcoinSilver.io), nor is there any specific information in the whitepaper.
The whitepaper vaguely mentions “an incredible team consisting of financial experts, blockchain developers, telecommunication influencers, international law experts and local business ventures based in Europe, Africa, and Asia.” However, there’s no specific information about any single developer involved in the project.
Bitcoin Silver does not appear to be a legitimate cryptocurrency project. It seems like an identical project to Bitcoin Gold – including the same goals and same hashing algorithm – with nothing unique to bring to the table.
The price of Bitcoin Silver has plummeted since launching in October 2017, dropping from $0.10 down to a fraction of a penny by November. There’s also come confusing over the launch of the currency, including the total supply, the roadmap, and any technological information about the chain.
Ultimately, Bitcoin Silver claims to build bitcoin on the Ethereum blockchain for faster speeds and better scalability. However, it’s not totally clear where this project is heading, or how it’s going to achieve any of its goals.