Upcoming fork: What is bitcoin Interest (BCI) ?
Hello steemians. Today bitcoin dropped to $14k and almost all cryptocurrency are sinking with major coin. And recently i found new fork, will happen in january but it's really interesting concept so today i will write about it.
What is BCI (Bitcoin interest )?
BCI is a frictionless global payment system focusing on three key areas Technology, Community, and Savings. BCI payment system has a new integrated savings technology that allows our users to park their coins and earn interest. Basically we will earn BCI for holding it's like bank saving system.
Bitcoin Interest will fork January 22nd, 2018 at 11:59 PM GMT, or at block 505083.
Savings
BCI savings technology system allows Miners and Coin holders to get an additional benefit by parking their coins and earning a monthly interest in the form of Bitcoin Interest ("BCI") coins. Users can now earn interest payments in a decentralized manner by parking their Bitcoin Interest ("BCI") coins for a set period time.
How it work ?
Interest Pool - Every Bitcoin Interest ("BCI") block has two rewards; the more significant reward goes to the miners for their participation in solving the block, and the other reward is sent to an interest pool to facilitate interest payments for those who participate in parking their BCI coins. They call it , "Enhanced Proof of Work" using the Equihash algorithm. The interest pool reward will start at 1.08 BCI and will decrease to .54 BCI as block height increases. This setup will ensure that interest payments are always available for those that choose to participate in parking their BCI coins.
Interest Rates - The best part of Bitcoin Interest ("BCI") is that there is no set interest rate. The interest rate depends on two things: How many BCI coins you park, and how many other BCI coins are parked in the active interest round. After parking your coins, system will continuously check to ensure that they are parked for the entirety of the interest round. At the end of the round, the system will proportionally distribute the balance of the interest pool to those who parked their coins. As an example: If I was to park 100 BCI coins for the entire duration of the round, and there were a total of 1000 BCI coins parked, then I would receive 10% of the interest pool balance once the round has finished.
Two Interest Cycles- With Bitcoin Interest ("BCI") you can choose either a weekly or monthly interest period to park your coins and claim your share of the collective interest pool. When you decide to park your BCI coins you agree to not move your coins until the current round has ended. If you choose to move your BCI coins before the round has ended, you will not receive an interest payment which is why it is in your best interest to lock in your coins for the duration of the round. Each block that is solved generates 12.5 BCI coins to reward the miners, and with every block that is solved an additional 1 BCI coin is generated and placed into the interest pool to facilitate interest payments. The Weekly interest round uses 30% of the interest pool balance for payouts while the Monthly interest round uses the remaining 70% of the pool balance for payouts.
Exchanges
If you held Bitcoin at the time Bitcoin Interest was created you received a 1 to 1 swap from Bitcoin to Bitcoin Interest. This means that Bitcoin holders at January 22nd, 2018 11:59 PM GMT, or at block 505083 now have the same amount of Bitcoin Interest as they had in Bitcoin. If your Bitcoins are stored by a third party then you must inquire with them about your Bitcoin Interest coins.
So what you think about this fork drop comment below ?
Thank you for sharing this! First off, this is awesome news, yet another way Bitcoin and crypto currencies offer a better means of growing your wealth compared to fiat. Second, where did you find this out!? Third, If I understand you correctly, If I hold Bitcoin on January 22nd by 11:59PM then I will be rewarded with an equal amount of BCI? Would holding my funds in Coinbase be considered under this realm of third party, because I know they gave people the BCH for holding BTC back during the summer? On a side note, what are your thoughts about Coinbase as a method for storing the main crypto's?
hello thank you for interest yeah you will be rewarded equal BCI if you hold Bitcoin on January 22nd by 11:59PM but this estimated time block 505083 is real time BCI will fork and you need to hold fund on supported exchange or to claim your BCI coins after the fork, insert your BTC private key into your BCI wallet. wallet is currently not available, coinbase not supported BCI so if you wanna get it I would recommend transfer fund to supported exchanges, I wont recommend coinbase to store fund because holding fund on exchange sites have some risk like hacking etc. better use blockchain wallet, and here is main site you can check out more information https://www.bitcoininterest.io/
Coinbase is a really secure way to store and buy Bitcoin. But unfortunately when it comes to forks, Coinbase doesn't support any other currency so you will never get new coins. There are wallets that are secure and support forks as well and if I were you, I'd trade your coins to them.
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