A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris

Bitcoin Prime: A New Bitcoin Standard? Is Bitcoin Prime the Future of Bitcoin? What is Bitcoin Prime and Why Does it Matter?

Bitcoin has been making waves lately, becoming one of the most valuable and popular cryptocurrencies in the world today. It may even be on its way to overtaking PayPal as the top online payment processor, especially since it’s so easy to use and there’s no added fees or charges. So what is Bitcoin Prime, and how can it possibly contribute to the success of Bitcoin? Here’s what you need to know about Bitcoin Prime, including where it came from, how it works, and why you should invest in it!

The History of BIPM

The Bureau International des Poids et Mesures (International Bureau of Weights and Measures) was founded in 1875. It was established to provide uniform standards for scientific measurements, so people can compare new data with old data. Originally, BIPM set a standard kilogram by giving every country on earth a metal cylinder, which was supposed to be identical in weight. Every few decades they’d meet up again to check how well these cylinders were being used. In 1889 at the First General Conference on Weights and Measures they changed this system, as an inconvenient number of countries had modified their original weights over time. They instead decided that any mass could be defined as a multiple or fraction of some international prototype, usually a platinum alloy called metre-kilogram or kgm for short.

The Value Proposition for Bitcoin Prime

Bitcoin Prime is a new cryptocurrency that may be more valuable than bitcoin. Decentralized and supported by an open-source, public blockchain, this currency offers a number of advantages over other forms of digital money. The peer-to-peer network behind Bitcoin Prime means there’s no single person or entity controlling what happens with your money. It also means that transactions are more secure because they’re done using cryptography instead of relying on trust between two parties.

Bitcoin Prime

The Difficulty Algorithm

As with Bitcoin, miners verify transactions by solving a computational puzzle. The difficulty of this puzzle is adjusted periodically to ensure that the average time taken to solve a block remains around 10 minutes. These adjustments are done automatically in response to changes in the total computer power devoted to mining (the hash rate). In the beginning, there were few miners competing for rewards and blocks could be mined easily. However, as more people started mining bitcoin (thus increasing the hash rate), blocks became more difficult to solve and took on average 12 minutes per block.

The Block Time

The first key difference between bitcoin prime and bitcoin is its block time. The bitcoin prime block time is 10 minutes, as opposed to bitcoin’s 10 minutes. This difference in time will mean that transactions will not be processed as quickly on bitcoin prime than on bitcoin. As the average number of bitcoin transactions increases over time, these seconds add up. For example, if there are 1 million transactions per day on bitcoin and 100 million transactions per day on bitcoin prime (these numbers are hypothetical), then 100 million transaction would have to wait a full five hours for their confirmation.

The Reward System

The Bitcoin mining process is an integral part of the bitcoin network. Mining bitcoins helps regulate supply and ensures transactions are verified by a distributed ledger called a blockchain. Miners, who verify blocks in return for transaction fees, must compete with each other to solve complex puzzles to win bitcoin. Every puzzle solved offers a chance at earning 12.5 BTC, which would be worth around $250,000 based on current rates.

Bitcoin Prime: A New Bitcoin Standard? Is Bitcoin Prime the Future of Bitcoin? What is Bitcoin Prime and Why Does it Matter? was last modified: by