Don’t know if you have checked the difficulty of Bitcoin SHA-256 recently (http://bitcoindifficulty.com) but the current difficulty trend looks grim and only serves to move the original Crypto-Currency out of the hands of the general community and into only those that can afford an ASIC, which as we know is expensive hardware.
If Bitcoin SHA-256 can now only realistically be mined using specialised expensive ASIC hardware surely this means that as a currency it is no longer decentralised and has completely lost its original defining principles.
Bitcoin Scrypt however, with its fair and fast difficulty adjustment system, means that all miners get a chance to mine. By all miners, I mean those that own GPU’s which is more or less everyone and so keeps the new currency decentralised.
Add on top of this that it cannot be mined by ASIC and is also many times faster than Bitcoin SHA-256 for transaction confirmations.
Bitcoin SHA-256 – Average Transaction Six Confirmations Time = 1 to 2 hours.
Bitcoin Scrypt – Average Transaction Six Confirmations Time = 10 to 12 Minutes
Straight away you can see that Bitcoin Scrypt is designed to be a real world currency with such quick confirmations meaning that retailers and third parties have to take much less of a risk when speeding up transactions.
I know that there is a massive support base for Bitcoin SHA-256 but we have to be realistic and think what is best for the future of Cryptocoin’s as an actual effective currency and not borderline commodity.
I am not and never will tell people what to mine or what to use as their Crypto-Currency, I just give you the facts and then let you decided.
Is it time for Bitcoin SHA-256 to give some breathing space and some of that spotlight for the new, faster and decentralized Bitcoin Scrypt, which still carries all the same principles of the original back when it first started but just with a different mining Algorithm.
Is it a time for change?
I have heard some gossip flying around and thought that I would put the record straight that the BTCTalk situation has nothing to do with us or connected with Bitcoin Scrypt.
Yes it is true that Bitcoin Scrypt cannot be mentioned about in posts and threads on that forum but it is their forum and they can make any new rules they want, which we respect.
We have this website, Twitter and Cryptocointalk to post our updates and keep supporters informed, which is more than enough.
Thank you for supporting us and this new Crypto-Currency.
Bringing Bitcoin Back To the People
It might get a nickname Bitcoin2 or Bitcoin Scrypt but lets make no mistake about this, Bitcoin SHA has gotten totally lost within the corporate machine and in doing so, has lost its connection to the users and miners.
I hate ASIC or any form of dedicated device for decentralised currency mining, this was not what Bitcoin was created for and that is for it to be open source and in that respect, it should be able to be freely accessible to all.
Bitcoin is getting less accessible by the second, we have thousands of miners who pre-ordered Jalapeños a year ago which are now just turning up and are in effect useless. THAT, is not what Bitcoin or any other Cryptocurrency is about and it is this sort of mishandled injustice that disgusts me, in the way in which these “specialised” company’s operate, have no customer care or real support and I bet when it comes down to it, really only care about money and not about Bitcoin itself and what it could mean for the world economy and the division of the working classes.
Lets make this clear once and for all.
Bitcoin SHA-256 is now a centralized “commodity” that has been taken out of the hands of the everyday miner and into the hands of the rich and powerful. Is only minable with a return using ASIC’s which get delayed until they become worthless.
Bitcoin Scrypt is a decentralised currency and using the Scrypt algorithm bringing the mining and the power back into the GPU owners, which is pretty much everyone in this community. If at some point they invent a Scrypt ASIC, then I will change the Algorithm again, so keeping it in the hands of the general community and will continue to do this.
Governments…..Corporations…..The Rich and Powerful….they are not the ones who should be in control of OUR currency, YOU should be in control of your own currency and Bitcoin Scrypt is the answer to that.
Bitcoin Scrypt – Bringing Bitcoin back into the hands of the community!!!