Maybe you've heard of Bitbean. That green Bean Cryptocurrency that gained 446% last month. But what is Bitbean?
Bitbean is a Proof of Stake coin. In case of Bitbean it is called 'sprouting'. Bitbean is the first Cryptocurrency with a blocksize of 20MB. For comparison: Bitcoin has a blocksize of 1MB. This means that the transactions are a lot faster because there are more transactions included in 1 block. The total size of the market is 50 billion Bitbean. As of right now there are 2,3 billion in circulation. Bitbean is also actively working on a point of sale system, so shop owners can let their customers pay with Bitbean.
How does sprouting work?
Where miners (PoW) receive the block reward when they calculated a difficult problem, people that own Bitbean receive their fair share for holding Bitbean in the official wallet (PoS). Do you have 1% of the total amount of BITB? Then you receive 1% of the total reward. That is how Proof of Stake is going with most PoS-coins. With Bitbean this is almost the same, with the exception that every reward you receive is in the form of 1000 BITB. 1 sprout = 1000 BITB. It doesn't matter how many coins you own, when you receive a sprout you will always get 1000 BITB. But off course when you own more BITB, you will get your sprout more often. Right now 1 sprout is worth 181,000 satoshi/$30!
How can I start sprouting my Bitbean?
The first thing you should do when you want to sprout your Beans is to download the official wallet en synchronize it. This could take a while! On the download page they explain how you can speed up the proces. When your wallet is fully synched you can send some Beans to the wallet, under 'receive' you can find your wallet address. You should always try it out with a small amount, just to be sure. As soon as your BITB is in your wallet, they start maturing. This proces takes 6 hours and after that you are sprouting and can receive your reward! Also make sure your wallet is unlocked and online, otherwise your won't sprout. When everything is done, it should look like this in the lower right corner:
There is a calculator where you can check what the average reward is for the amount of Bitbean you want t0 sprout. Keep in mind that the price of Bitbean can change, just like any other Cryptocurrency. It could work in your advantage, but also the other way around! So be sure you only invest what you can miss.
Enjoy earning passive income with your Bitbean!
For Dutch people: you can find a translation over here!
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