BitCore BTX Price

What is BitCore (BTX)?

BitCore (BTX) is a cryptocurrency that combines the advantages of Bitcoin's secure blockchain with innovative features aimed at enhancing transaction speed and efficiency. Launched in 2017, BitCore is a fork of Bitcoin, designed to improve scalability and offer a more user-friendly experience. It utilizes a hybrid consensus mechanism that includes both proof-of-work (PoW) and proof-of-stake (PoS), allowing for faster block times of approximately 10 minutes and lower transaction fees, which can be less than $0.01 per transaction. As of 2024, BTX has positioned itself as a viable option for microtransactions and everyday use, appealing to users who seek a balance between security and speed.

Who are the Founders of BitCore?

The founders of BitCore are a group of developers who were disenchanted with some aspects of Bitcoin's scalability and transaction fees. The core development team includes figures such as Rafael S. M. Santos and Andrés J. P. Rojas, who have been instrumental in the project's direction and technological advancements. Their vision for BitCore was to create a cryptocurrency that could compete with Bitcoin and other altcoins by addressing common issues like high fees and slow transaction speeds.

How does BitCore Work?

BitCore operates on a decentralized blockchain, similar to Bitcoin, but introduces unique features that enhance its functionality. The key components of how BitCore works include:

• Hybrid Consensus Mechanism: BitCore combines proof-of-work and proof-of-stake systems, allowing miners to earn BTX through traditional mining while also enabling holders to stake their coins for rewards.
• Instant Transactions: Through its InstantSend feature, BitCore can facilitate near-instantaneous transactions, making it suitable for everyday payments and remittances.
• Segregated Witness (SegWit): BTX employs SegWit technology, which separates transaction signatures from transaction data, increasing the block size and improving overall network efficiency.
• Low Transaction Fees: The network is designed to keep fees low, often around $0.01, making it attractive for users who engage in frequent transactions.

Top Use Cases of BitCore

BitCore has a variety of use cases that appeal to different sectors:

• Microtransactions: With low fees and fast processing times, BTX is ideal for microtransactions, allowing users to make small payments without worrying about high costs.
• Remittances: BitCore can be used for sending remittances across borders quickly and affordably, which is beneficial for users in developing regions.
• Merchant Payments: Businesses can accept BTX as a payment method, leveraging its low fees and speed to enhance customer satisfaction.
• Decentralized Applications (dApps): The BitCore platform supports the development of dApps, enabling developers to build decentralized solutions using BTX.

How to Keep your BitCore Safe?

Keeping your BitCore (BTX) secure involves several best practices:

• Use a Hardware Wallet: For the highest level of security, store your BTX in a hardware wallet, which keeps your private keys offline and less susceptible to hacks.
• Enable Two-Factor Authentication (2FA): Always enable 2FA on your wallets and exchanges to add an extra layer of security to your accounts.
• Regularly Update Software: Ensure that your wallet software and any related applications are up-to-date with the latest security patches.
• Be Wary of Phishing: Always verify the authenticity of websites and links before entering your credentials. Use bookmarks to navigate to known wallets or exchanges.
• Backup Your Wallet: Regularly backup your wallet and store the backup in a secure location to prevent loss of funds in case of device failure.