BitGreen Is The Future Bitcoin
The founders of BitGreen are on a mission to ‘Save Bitcoin’ and it’s beginning to gain some momentum.
BitGreen is two things: first and foremost, a campaign to raise awareness for sustainability issues arising from the proof-of-work consensus commonly used in public blockchain networks. Secondly, a cryptocurrency that is dramatically faster, cheaper, and more scalable than Bitcoin in its current form. Nearly all of Bitcoin’s limitations and problems, i.e. high network fees, slow transaction times, massive energy consumption, frequent hard-forks that destroy network effects, etc., all stem from the network’s outdated SHA-256 proof-of-work consensus algorithm. Bitcoin Green solves these problems by using proof-of-stake with masternodes to secure the network, instead of proof-of-work.
BitGreen (BITG) is founded on ‘The Green Protocol,’ which utilizes a highly efficient proof-of-stake consensus algorithm that solves many of Bitcoin’s sustainability and scalability problems. Furthermore, Bitcoin Green can be mined on any computer or laptop without specialized equipment.
BitGreen Utilizes an energy efficient proof-of-stake algorithm that can be mined on any computer. Achieving 154* transactions per second, including the support for InstantSend and has extremely low fees, with an average transaction fee of less than a few cents. The Green Protocol allows BITG to be far more scalable than Bitcoin in its current form.
Bitcoin Green, the organization, aims to shed light on a number of critical issues facing proof-of-work based blockchains and raise public awareness for the environmental and economic problems arising from such issues.
After launching in March 2018 and jumping up and down around the $4 mark in its first couple of months of existence, the hype around Bitcoin green is beginning to grow.
In May 2018, the BITG coin spiked above $10 a coin on two separate occasions.
Meanwhile, the worries about the sustainability of Bitcoin continue…
What is BitGreen?
BitGreen runs on the same protocol as Bitcoin, and the founders call themselves ‘Bitcoin evangelists’.
The key difference is that BITG is ‘harvested’ using Proof-Of-Stake (PoS) and master nodes, instead of being mined through Proof-Of-Work (PoW).
PoW and PoS are the most common methods of generating new blocks on the blockchain, and at this moment there are no clear favorites, as far as a common belief on what is the ‘best’ system. The most common complaint about PoW is the amount of computing power it requires. Recent research by BitGreen suggested that it requires the same amount of energy to mine one Bitcoin using PoW, as it would to power 30 U.S. homes for 24 hours.Meanwhile, harvesting one BITG using PoS takes the same amount of energy as it would take to power one light bulb for 60 seconds. Bitcoin Green founders believe that BTC is not sustainable at its current energy levels, and this is why the launched this alternative. It’s marketed as a scalable and sustainable alternative to Bitcoin.
How to invest in BitGreen
At the time of writing, BitGreen was trading for around $2.50. The currency is available on many Cryptocurrency exchanges including: CoinExchange, CryptoBridge, Stocks.Exchange and Cryptopia.
The arguments about the BitGreen being more sustainable than Bitcoin are difficult to argue against. At present, Bitcoin consumes more electricity per year than countries like Singapore, Colombia, and Portugal. The future is Bitcoin Green, the most environmentally efficient and scalable blockchain protocol.
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