Bean Cash (BITB), formerly Bitbean, has been bullish in the last week seeing its price surge to over 29 % to $0.017463 this Wednesday. This comes days after the coin witnessed a superficial 412% increase in the daily volume traded on Bittrex, which accounts for almost 99% of the daily amounts traded in BITB. This current increase in price has caused a buzz within various social networks leading to speculation on the coin’s price which may well rise by 50% in 2018.
How it works
This altcoin distinguishes its working product from other cryptocurrencies by setting out to make payments simpler for users. A general trend emerging in the crypto space shows that investors prefer holding their digital coins in the long term. These investors will only transact when they redeem the tokens at a premium rate. Bean Cash (BITB) solves this cryptocurrency problem through the Proof-of-Stake system.
How does this happen?
The number of BITB a user holds is bound to increase steadily as more transaction blocks are mined. The P-o-S adopted in BITB network is an incentive for users who use cryptos for transaction purposes and also to increase the percentage of their Bean Cash portfolio.
Bean Cash is a beneficiary of the pro-Gavin proposal for a 20 MB Bitcoin block size that eliminates issues of storing transaction data. This leaves the altcoin at a very scalable position in terms of transactions that can be approved within a given range of time. Although the coin launched its ICO at below $ 0.00005 it has managed to gain by over 150% between February 2015 and press date.
The altcoin is built on a Proof-of-Stake (previously proof-of-sprout) system. Coin was launched with 10, 000 blocks being mined and the resulting BITB coin rewards were allocated to miners at the time. However, a 3rd of these blocks were as a result of the Proof-of-Sprout system that was already in play together with a Proof-of-Work system at the initial stages of the coin.
Users on this platform stand to benefit from the Proof-of-Sprout system which is quite different from other digital currencies as it only takes 6 hours for a Bean Cash (BITB) block transactions to mature. This increased the volume traded of BITB token within the network by huge percentages since new Bean Cash are constantly produced in the network once transactions become eligible to Sprout. Bean Cash is currently ranked 3rd in trading volume within the last 24 hours compared to 598 other Nano Cap coins.
What to know
High volatility is common knowledge in the crypto arena hence it is fair to say that Bean Cash has an equal probability of being bullish or bearish given market information. The altcoin’s 5-Day volatility places it at rank 289 out of 595 Nano cap coins according to analysis from DigitalAssetDB. However, the coin is conservative when it comes to price jumps with a 23.54% variation from its normal price within the last 7 day.
“The future looks bright for BITB as the team embarks on a project to develop a platform that will make on-boarding of developers and merchants much easier.”
Bean Cash has a long way to go in increasing the number of BITB in circulation; the altcoin has only 2.37 Billion Bean Cashs in circulation while it aims at circulating 50 Billion coins to attain its target coin cap. This may take a couple of years to attain which leaves this coin at the mercy of its working product. Given the speculative nature of crypto players BITB has the potential to increase its value while that of cryptocurrencies such as Bitcoin stagnates; this is bound to happen as investors understand the value some forks are adding to existing coins or networks.
The future looks bright for BITB as the team embarks on a project to develop a platform that will make on-boarding of developers and merchants much easier. This is expected to push the price up if the team of developers commit to the project and crypto world remains fairly stable.
During its three-year journey, the altcoin has suffered a few set-backs that have affected its price negatively; Bean Cash (BITB) team advised its users via its Twitter page to avoid trading BITB on Yobit in early January. This was amid concerns that the two exchanges were not accepting BITB deposits. The coin aims the $1, which will require a 1000% increase from its current price of $0.017.