Both Bitcoin and Ethereum have qualities unique to them. They also have their strengths and shortcomings. Bitcoinereum is a new kind of cryptocurrency that borrows from the strengths of these two major cryptocurrencies. Here is everything you need to know about this new hybrid cryptocurrency.
What Is Bitcoinereum?
Bitcoinereum is essentially a new version of Bitcoin. Its structure is strikingly similar to that of Bitcoin, but some of its key features are based on the ERC20 platform.
Like Bitcoin, Bitcoinereum will begin by generating 50 coins per user every 10 minutes. This cap is ensured by a limitation in mining resources – each miner gets only 50 calls per 10 minutes and each call is worth only 1 Bitcoinereum. Additionally, like Bitcoin, Bitcoinereum will halve its supply of coins after every four years in a bid to control supply and value. Finally, it has a total supply cap of 21,000,000, the exact figure as Bitcoin. This means that it will also take about 132 years to mine all available coins.
The Ethereum side of the Bitcoinereum comes in its hosting platform. This coin’s supply mechanism is built on the ERC20 platform whereby a smart contract is used to allow the cryptocurrency to run on Ethereum Blockchain. The purpose of this is to make mining Bitcoinereum easy and add flexibility into its utility.
Easy To Mine BTCM Token On Ethereum Blockchain
As mentioned earlier, the reason behind hosting the Bitcoinereum on the Ethereum platform is to make it easy to mine. Anyone can mine Bitcoinereum with the necessary resources. There are even two wallets designed for this very purpose.
Here is an insight into each wallet and the mining procedure:
Here is the procedure to mining Bitcoinereum with MEW Wallet:
- Open the following link: myetherwallet.com#contracts
- Go to the field labeled “Interact with Contract” and enter the following information: Smart Contract Address: 0x03df4c372a29376d2c8df33a1b5f001cd8d68b0e; ABI: pastebin.com/5pfA6CfX
- Click on the tab labeled “Access”
- Choose the item labeled “Mine()” from the list
- Unlock your wallet and click on the button labeled “Write”
- A page will pop up. Leave the field labeled “Amount to Send” untouched. Set a gas limit of 100,000. Sign and then click on the tab labeled “Send the Transaction”
This will get the mining process started and you can always check in on the progress via the etherscan.io page. It does not take a lot of technical skills or advanced resources as is the case with Bitcoin.
GETH is preferable over the MEW wallet as it is the official Ethereum Core Wallet. However, the mining process is a bit more technical. You can learn all about it on the official Bitcoinereum website.
Earning With Bitcoinereum
Mining Bitcoinereum is the most ideal way to get it for now while it is still new. Its developers guarantee that its value will soar over time. However, you can also trade other cryptocurrency pairs for Bitcoinereum on three established sites: Forkdelta, Etherdelta, and Easytrade.io. Bitcoinereum will also upgrade its utilities when it finally goes mainstream and can be used for a wide range of transactions just like Bitcoin and Ethereum.