What is BNbitcoin (BNBTC) | What is BNbitcoin token | What is BNBTC token
In this article, we’ll discuss information about the BNbitcoin project and BNBTC token
BNbitcoin is the first pure mined PoW cryptocurrency on the Binance Smart Chain network. It is inspired by the original Bitcoin project of Satoshi Nakamoto, but programmed to be a BEP20 compliant, mineable token through a smart contract running on BSC.
As Bitcoin, it is an open-source project and there is no pre-mine, no airdrop nor ICO: it is transparently distributed through Proof-of-Work mining.
What is BNbitcoin purpose and what are its distribution details?
BNbitcoin seeks to become the primary PoW-based store of value on the Binance Smart Chain plat-form, which conversely is categorized as a “Proof-of-Staked-Authority” (PoSA) blockchain. The process of BNBTC mining in principle is similar to the Bitcoin mining but with a difference: while Bitcoin’s network security and consensus mechanism are based on the SHA-256 algorithm, BNBTC takes advantage of the SoliditySHA3 hashing algorithm only for its distribution, being secured by the underlying network. The BNBTC miner’s work is issued to the smart contract, which, every epoch, adjusts the mining difficulty based on the amount of total hashpower interacting with it to match the target block-time. Additionally, BNBTC pays homage to Bitcoin’s scarcity attribute, having the same neutral dis-tribution policy, with its maximum supply limited to 21’000’000 BNBTC, created in the next decades by no other means than the energy-intensive PoW mining process.
Will be BNbitcoin scarcer over the next years like it happens for Bitcoin?
Like Bitcoin, it has a target difficulty adjustment period of 2 weeks, target blocktime of 10 minutes, and even it implements the pre-programmed block reward eras-based halving policy designed by Satoshi Nakamoto, with perpetually integrated scarcity, security and long-term decentralization in mind. The first era begins with a block reward of 50 tokens for the first 10.5 million tokens mined, which is reduced by 50% to only 25 tokens in the following era after the first halving, and so on for 40 eras, which will be mined over the next years.
What is the main feature of the BNbitcoin project?
The bigger advantage of BNbitcoin is that it combines the deflationary policy, neutral distribution, scarcity and transparency of Bitcoin to the less expensive transactions and minting fees typical of the Binance Smart Chain. Being fully BEP20 compliant, it can be managed with several already available wallets, making BNBTC suitable also for small payments.
What hardware or software are needed to mine BNbitcoin?
Currently, BNbitcoin allows both solo and pool mining, with FPGA-based hardware being the refer-ence method and the main contributor of the total network hashrate. However, mining rigs built with both Nvidia and AMD GPU-cards can be used, combined with the mining software currently available for both Linux and Windows operative systems.
Where can BNbitcoin (BNBTC) be bought?
BNbitcoin is currently available on BSC decentralized exchanges like 1inch.exchange, pancakeswap.finance, apeswap.finance and dodoex.io.
Smart contract coordinates:
Binance Smart Chain network
**Contract address: **0xE7Cb24F449973D5B3520E5b93D88B405903c75Fb
Token symbol: BNBTC
Token decimals: 8
Total supply: 21’000’000
FAQ
How can I obtain it?
You can obtain BNBTC by mining it and it is also available also on some exchanges.
Can you provide more details about BNbitcoin?
To start with BNBTC we suggest to install Metamask to create an account (exactly like in the case of an Ethereum account), and add the Binance Smart Chain to your networks portfolio, as described here.
Due to the high mining demand, at the moment solo-mining has become possible only for very specialized hardware: but if you have a good GPU, a mining rig or specific mining hardware, you can join a mining pool developed by Community contributors.
To do this you can now download mining software from the link above and follow the setup guidelines reported below.
Why should I mine BNbitcoin instead of other popular mineable tokens on Ethereum?
Because after the DeFi massive widespread on the Ethereum mainnet, gas fees for transactions have become too high. Combined with the recent ETH high prices, this has a relevant and heavy impact on all the transactions involving all the projects, and particularly if considering mineable tokens: minting new coins and claiming rewards have become too expensive and often unprofitable.
The alternative is offered by BNbitcoin on the Binance Smart Chain: with its low gas fees, fastness and smart-contract execution capabilities, it is the most suitable environment to give rebirth to a tokenized mined project as BNBTC is.
What is the Binance Smart Chain?
Binance Smart Chain is a Proof-of-Staked-Authority (PoSA) blockchain which enables the creation of smart contracts. Its native currency is BNB, it is EVM-compatible and it creates an ecosystem where validators, token holders, developers, and users all benefit from a rewarding blockchain that offers high performance and ample space for further innovations. It has very low transaction fees and blocks are generated every 3 seconds, making this environment the most suitable for the recent DeFi-revolution applications and for mining BNBTC at low costs.
Can I trade BNbitcoin on the exchanges?
Yes! You can trade BNBTC now on DEXes like 1Inch, PancakeSwap, … but the Community is acting to have BNBTC listed also on other exchanges.
Has the BNbitcoin smart contract been audited?
BNbitcoin smart contract differs only on read-only functions from the project from which it was forked, which has been subject to a Community audit and it did not reveal any relevant issues. Some numerical settings have been modified to better fit to the Binance Smart Chain block time and to restore some parameters as in the original Satoshi Nakamoto’s bitcoin, furthermore an additional read-only function to make it compatible with BEP-20 standards and which is necessary for binding with BEP2 token of the Binance Chain has been added.
How and Where to Buy BNBTC ?
BNBTC token is now live on the Binance mainnet. The token address for BNBTC is 0xe7cb24f449973d5b3520e5b93d88b405903c75fb. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough BNB in your wallet to cover the transaction fees.
Join To Get BNB (Binance Coin)! ☞ CLICK HERE
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step
You need a wallet address to Connect to Pancakeswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use
Transfer $BNB to your new Metamask wallet from your existing wallet
Next step
Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy, Swap BNBTC token
Contract: 0xe7cb24f449973d5b3520e5b93d88b405903c75fb
Read more: What is Pancakeswap | Beginner’s Guide on How to Use Pancakeswap
The top exchange for trading in BNBTC token is currently Pancakeswap v2 and DODO BSC
Find more information BNBTC
☞ Website ☞ Announcement ☞ Explorer ☞ Explorer 2 ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Message Board 2 ☞ Documentation ☞ Coinmarketcap
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
🔥 If you’re a beginner. I believe the article below will be useful to you ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
⭐ ⭐ ⭐The project is of interest to the community. Join to Get free ‘GEEK coin’ (GEEKCASH coin)!
☞ **-----https://geekcash.org-----**⭐ ⭐ ⭐
Thank for visiting and reading this article! Please don’t forget to leave a like, comment and share!
#blockchain #bitcoin #bnbtc #bnbitcoin
