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Chances are you’ve heard of BeanCash. That green Bean Cryptocurrency that has gained +108,77% this last month. But what is BeanCash?
What is BeanCash?
BeanCash is a Proof of Stake coin. The BeanCash community calls this ‘sprouting’. BeanCash is the first Cryptocurrency to introduce a blocksize of 20MB. For comparison: Bitcoin has a blocksize of 1MB. This means that BeanCash transactions are a lot faster, because more transactions can be added in one block. The total marketsize is 50 billion BeanCash. As of right now there are 2.377 billion in circulation. BeanCash is also actively working on a point of sale system, so shop owners can use that for payments from their customers.
How does Sprouting work for BeanCash?
Most Cryptocurrencies are Proof of Work. This means miners have to calculate difficult problems in order to clear all the transactions. They can receive a blockreward if they are the one that solve the problem. There is a lot of calculation power required (mining equipment) to solve these problems, but with BeanCash everybody receives their fair share of the blockreward based on the amount of BeanCash they store in the official wallet. This is what we call Proof of Stake or ‘Sprouting’ in case of BeanCash. For example: When you own 1% of the total Beans, you receive 1% of the total reward. This is how it works with normal PoS coins. With BeanCash this is almost the same, with the exception that every reward your receive is in the form of 1000 BITB. So when you receive a sprout, you will always receive 1000 BITB. Right now 1 sprout is worth 232.000 satoshi/$23.
How can I start sprouting my BeanCash?
The first thing you have to do to start sprouting is to download the official wallet from the BeanCash website and synchronize it. Be aware that this could take a while! On the download page they explain how you can speed up the proces. When your wallet is fully synched, you can send some BITB to the wallet. Under ‘receive’ you can find your wallet address. You should always test it by sending a small amount, just to be sure. As soon as your Beans are in your wallet, they start maturing. This proces takes 6 hours and after that you are sprouting and can receive your reward! Also make sure your wallet is unlocked and online, otherwise you won’t be able to sprout. When everything is done, it should look like this in the lower right corner of your wallet.
There is a calculator where you can check what the average reward will be for the amount of Beans you want to sprout. Keep in mind that the price of BITB can change, just like any other Cryptocurrency. It could work in your advantage, but also the other way arount! So be sure you only invest what you can miss.
Enjoy earning passive income with BeanCash!