Bincoin is a decentralized cryptocurrency payment system that created cryptographically which run on an open source software and it is not being controlled by any entity. The Bincoin cryptocurrency payment system is not govern by any government or bank. Investors can use services to divide their investments between various services like P2P loans, Merchant Gateway , Crypto Exchange, etc. The first version of the BIN allows startups to launch and manage ICO campaigns.
|Hard cap||20,000,000 USD|
|Token for sale||50,000,000 BINCOIN|
|Soft cap||5,000,000 USD|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
To cut through some of the confusion surrounding bitcoin, BINCOIN need to separate it into two components. On the one hand, you have bitcoin the token snippet of code that represents ownership of a digital concept sort of like a virtual IOU. On the other hand, you have bitcoin the protocol, a distributed network that maintains a ledger of balances of bitcoin the token. Both are referred to as “bitcoin.” The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins aren’t printed, like dollars or euros they’re produced by computers all around the world, using free software.
Bitcoin’s most important characteristic is that it is decentralized. No single institution controls the bitcoin network. It is maintained by a group of volunteer coders, and run by an open network of dedicated computers spread around the world. This attracts individuals and groups that are uncomfortable with the control that banks or government institutions have over their money.It was the first example of what we today call cryptocurrencies, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography.
Bitcoin solves the “double spending problem” of electronic currencies (in which digital assets can easily be copied and re-used) through an ingenious combination of cryptography and economic incentives. In electronic fiat currencies, this function is fulfilled by banks, which gives them control over the traditional system. With bitcoin, the integrity of the transactions is maintained by a distributed and open network, owned by no-one.
Fiat currencies (dollars, euros, yen, etc.) have an unlimited supply – central banks can issue as many as they want, and can attempt to manipulate a currency’s value relative to others. Holders of the currency (and especially citizens with little alternative) bear the cost. With bitcoin, on the other hand,the supply is tightly controlled by the underlying algorithm. A small number of new bitcoins trickle out every hour, and will continue to do so at a diminishing rate until a maximum of 21 million has been reached.
While senders of traditional electronic payments are usually identified (for verification purposes, and to comply with anti-money laundering and other legislation), users of bitcoin in theory operate in semi-anonymity. Since there is no central “validator,” users do not need to identify themselves when sending bitcoin to another user. When a transaction request is submitted, the protocol checks all previous transactions to confirm that the sender has the necessary bitcoin as well as the authority to send them. The system does not need to know his or her identity. In practice, each user is identified by the address of his or her wallet. Transactions can, with some effort, be tracked this way.
Bitcoin transactions cannot be reversed, unlike electronic fiat transactions. This is because there is no central “adjudicator” that can say “ok, return the money.” If a transaction is recorded on the network, and if more than an hour has passed, it is impossible to modify. While this may disquiet some, it does mean that any transaction on the bitcoin network cannot be tampered with.
The smallest unit of a bitcoin is called a satoshi. It is one hundred millionth of a bitcoin about one hundredth of a cent. This could conceivably enable microtransactions that traditional electronic money cannot. Read more to find out how bitcoin transactions are processed and how bitcoins are mined, what it can be used for, as well as how you can buy, sell and store your bitcoin. BINCOIN also explain a few alternatives to bitcoin, as well as how its underlying technology the blockchain works.
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