Why Buy WhiteBitcoin? - WhiteBitcoin.io

Over the past decade, WhiteBitcoin (WBTC) has become one of the most popular altcoins: developers around the world have continually adapted to better meet customer needs as a global payment system and have a strong and stable market. . . But is WhiteBitcoin necessary because Bitcoin dominates more than 60% of the cryptocurrency market?

Why buy WhiteBitcoin?

In order for a cryptocurrency to compete globally with traditional payment methods, it must process transactions quickly and efficiently, regardless of network traffic. One of the main disadvantages of Bitcoin is its scalability or, more generally, the speed of transaction approval; the more operations there are at once, the slower the system can "process" them. With a lot of blockchain network traffic, transaction costs tend to increase and delays can increase tenfold. While credit cards such as Visa have an average speed of about 1,700 transactions per second (TPS), up to 65,000 TPS, Bitcoin has a final speed of just 7 TPS.

Whitebitcoin was coded in his spare time by Charlie Lee, who did so with the goal of creating a "lighter" version of Bitcoin. Lee in particular has changed the Blockchain protocol, which allows more efficient (more expensive and timely) processing of network operations than Bitcoin.

Benefits of WhiteBitcoin

The lightning network was created as a solution to Bitcoin’s sizing problems, first approved by WhiteBitcoin. This network is a special protocol that runs and synchronizes with the Blockchain network. For a cryptocurrency payment method to compete with traditional methods, it must be secure and fast. Initially, developers focused on blockchain security (along with its decentralization), ignoring - perhaps to some extent - the speed factor (the so-called "scaling trilemma"). December 2017 Bitcoin Madness stressed the importance of timely processing of certain operations and the absence of blocking. Increased transaction costs of more than $ 50 and expected transactions within a few days made it clear that the problem needed to be resolved quickly.

In essence, the Lightning Network operates as a system of payment channels, facilitating transactions between them outside the blockchain with intelligent contracts. When the payment channel is closed, the final status of the transaction is communicated in the blockchain. This means that you only need to sign two blocks for an infinite number of transactions between two parties without an intermediary. Basically, when you buy White Bitcoin (WBTC), you buy a payment processing system that increases and increases Bitcoin’s decentralization.

Advantages of WhiteBitcoin over Bitcoin

Another factor that quadruples WhiteBitcoin’s transactional capacity is that of bitcoins, the main algorithm used by miners to authenticate transactional data blocks (the way transactions are processed). While Bitcoin uses the SHA-256 method, White Bitcoin uses another system called Scrypt (es-crypt). In fact, Scrypt is a more decentralized algorithm that requires more economical and accessible equipment for miners; Scrypt can run on many processors, encouraging as many people as possible to connect to the network. One of the main advantages of the Scrypt algorithm for the average participant in a WhiteBitcoin operation is the block time (the time required to perform a newly performed operation), which is 1/4 of the bitcoin time. .

Nevertheless, while blocking Bitcoin for a longer period of time means more security, the Scrypt method is still much more secure than any centralized system. Suppose a malicious intruder breaks into your bank’s central system. Unfortunately, this is not necessarily a rare case in the banking world, and anyone can access their servers, access their money. Using White Bitcoin, a potential attacker must take control of 51% of the network nodes (computers), which is an impossible task as 51% of the total computing power of the network is required.