BSD

Overview of BitSend(BSD)

BitSend, also known as BSD, is a digital form of cryptocurrency based on a decentralized peer-to-peer system known for its secure, private, and instant transactions. Launched in June 2014, it was conceived with the aim to address the question of long-term sustainability in the cryptocurrency domain. Its unique feature is the fact that it incorporated a 100-year long mining period, which supports longevity. BitSend uses the XEVAN algorithm, which was developed by the BitSend team themselves. This is a combination of the X17 algorithm with a hashing algorithm extension. The coin algorithm is ASIC-resistant, which is designed to prevent hardware manufacturers from having too much power. Furthermore, BitSend supports masternodes, which are servers within the BitSend network that allow for functionalities such as private transactions, instant transactions, and decentralized governance.

Pros and Cons

Crypto Wallet

BitSend Core is the official wallet for BSD, a peer-to-peer cryptocurrency that aims to provide fast, secure, and affordable transactions. The wallet is available for Windows, Mac, and Linux operating systems.

Here are some of the key features of BitSend Core wallet:

Security: The wallet uses a variety of security features to protect your funds, including two-factor authentication, encryption, and seed phrase backup.

Privacy: The wallet does not collect any personal information about you, and your transactions are not tracked.

Ease of use: The wallet is easy to use, even for beginners.

Community: The wallet is backed by a strong community of developers and users who are constantly working to improve it.

To set up a BitSend Core wallet, you first need to download the wallet software from the BitSend website: https://bitsend.cc. Once you have installed the software, you need to create a new wallet. This will involve creating a password and a seed phrase. The seed phrase is a very important piece of information, as it allows you to recover your wallet if you lose your password or your computer crashes. It is important to store your seed phrase in a safe place.

Once you have created a wallet, you can start sending and receiving BSD. To send BSD, you need to know the recipient's wallet address. To receive BSD, you need to give your wallet address to the sender.

The BitSend Core wallet also allows you to view your transaction history and to stake your BSD. Staking is a process of locking up your BSD in order to earn rewards. The more BSD you stake, the more rewards you will earn.

What Makes BitSend(BSD) Unique？

BitSend (BSD) is innovative in its addressing of longevity in the cryptocurrency market. Specifically, BitSend has taken a unique approach to the issue of sustainability by incorporating a 100-year mining schedule into its design, much longer than typically found in other cryptocurrencies. This essentially allows for the extended distribution of coins over a significantly long period of time.

Another notable difference is the usage of the XEVAN algorithm, developed by the BitSend team themselves. This algorithm is a combination of the X17 algorithm with a hashing algorithm extension, and it is ASIC-resistant. An ASIC-resistant algorithm reduces the risk of centralization, a common concern with cryptocurrencies, by preventing hardware manufacturers from obtaining a disproportionate amount of power.

BitSend also supports masternode functionality. Masternodes are special nodes within the currency's network that enable enhanced functionalities like private transactions, instant transactions, and decentralized governance. While masternodes are not unique to BitSend, their integration within this currency's system is an additional feature that distinguishes it from standard cryptocurrencies that operate without these enhanced nodes.

How Does BitSend(BSD) Work？

BitSend (BSD) operates on a decentralized peer-to-peer system. In this system, transactions occur directly between users without the need for an intermediary, such as a bank. This decentralized nature is facilitated by blockchain technology.

When a transaction occurs, it is grouped together in a block with other transactions. Cryptographic principles are then used to verify the block of transactions. This involves the BitSend network participants, or miners, who perform complex calculations to validate the transactions and add the block to the BitSend blockchain. The miner who successfully adds the block is then rewarded with a certain amount of BitSend.

The unique aspect of BitSend is its longevity feature, incorporated via a 100-year mining schedule. This means BitSend is designed to be mined over a century, spreading the distribution of coins over a lengthier timeframe compared to many other cryptocurrencies.

Something else distinctive about BitSend is the utilization of the XEVAN algorithm, a combination of the X17 algorithm and a hashing algorithm extension. This ASIC-resistant algorithm means BitSend mining is more resistant to the dominance of specialized hardware machines, creating a more equal opportunity for miners.

Furthermore, BitSend supports masternodes – servers within the BitSend network that enable additional functionalities such as private transactions, instant transactions, and decentralized governance. Using masternodes can enhance user experience and offer advanced options beyond standard transaction processes.

Exchanges to Buy BitSend(BSD)

While there are several exchanges where you could potentially buy BitSend (BSD), it's important to note that the availability might change over time, and these should be verified on the exchange platforms themselves. Here's a brief description of some exchanges where BitSend has been listed:

1. Bittrex: One of the first platforms where BitSend was listed. It is a U.S.-based blockchain platform that provides real-time trading and industry-leading security practices. The BitSend (BSD) currency pair available here is predominantly BSD/BTC.

2. UpHold: UpHold is a multi-asset digital money platform where users can buy, hold, convert, and transact various cryptocurrencies, including BitSend. It supports a good range of currency pairs, including BSD/USD, BSD/EUR, and BSD/GBP.

3. Cryptopia: This is a New Zealand-based cryptocurrency exchange. It offers a wide variety of small-market cap coins, including BSD. The primary BitSend trading pair here is BSD/BTC.

4. SouthXchange: SouthXchange is a cryptocurrency exchange that has the BitSend currency pair BSD/BTC. This platform allows users to buy and sell cryptocurrencies in exchange for other cryptocurrencies or for fiat currencies.

5. LiteBit.eu: LiteBit.eu is a European based cryptocurrency exchange that caters primarily to the EU market. The exchange supports the purchase of BitSend with fiat currencies, specifically Euros (BSD/EUR).

How to Store BitSend(BSD)？

Storing BitSend (BSD) involves using a digital wallet compatible with the cryptocurrency. A digital wallet is a software program that stores private and public keys and interacts with multiple blockchains to allow users to send and receive digital currency and monitor their balance.

Here are some wallet options that support BitSend:

1. BitSend Core Wallet: BitSend's official desktop wallet, which is compatible with Windows, Mac, and Linux operating systems. It stores the entire transaction history of the BitSend blockchain, providing enhanced control and security but requiring more storage space.

2. Mobile Wallet: These are applications designed for smartphones and provide adequate security for everyday use. They are convenient as they allow you to spend and receive BitSend coins straight from your mobile device. However, currently, there seems to be no specific mobile wallet endorsing BitSend.

3. Hardware Wallets: These physical wallets, like Trezor and Ledger Nano S, provide an extra level of security as they store the user's private keys offline, making them resistant to online threats. At this time, BitSend does not appear to be directly supported by these popular hardware wallets.

4. Web Wallets: Web-based wallets offer the benefit of accessibility from anywhere with an internet connection. But they also tend to be less secure than other wallet types. Usage of such wallets for BitSend is not yet prominent or suggested.

Is It Safe？

Here's what offered:

Potential Security Features: The BitSend Core wallet could include security features commonly found in crypto wallets, such as:

Password protection: A password would be required to access your wallet and perform transactions.

Two-factor authentication (2FA): An additional layer of security that adds a code from your phone or another device for logins and transactions.

Seed phrase backup: A recovery phrase to restore your wallet if you lose your device or forget your password.

How to Earn BitSend(BSD)？

Earning BitSend (BSD) can be achieved via a few methods:

1. Mining: Like many other cryptocurrencies, BitSend uses a proof-of-work consensus mechanism which means one way to earn BSD is through mining. Miners dedicate their computer's processing power to solve complex mathematical problems and be rewarded with BSD. The XEVAN algorithm used by BitSend is ASIC-resistant, which could make it easier for individual miners with standard hardware to participate in the process.

2. Masternodes: Operating a masternode on the BitSend network could be another way to earn BSD. However, running a masternode usually requires a significant amount of the cryptocurrency as collateral. It's recommended to thoroughly research this option and understand its complexities and requirements.

3. Trading: Buying BitSend on a cryptocurrency exchange and trading it is another way of earning BSD. This usually involves buying BSD at a lower price and selling it when the price increases. This requires a good understanding of market trends and the potential risks involved.

FAQs

Q: Can you provide an explanation of what BitSend (BSD) is？

A: BitSend (BSD) is a cryptocurrency known for its decentralized, secure transactions and unique features, such as a 100-year mining period and the use of the ASIC-resistant XVEAN algorithm.

Q: When was BitSend established？

A: BitSend was launched in the year 2014.

Q: What stands out about BitSend compared to other cryptocurrencies？

A: BitSend is unique due to its long-term mining schedule of 100 years and implementation of the XEVAN algorithm which is ASIC-resistant.

Q: Where can I buy the BitSend (BSD)？

A: BitSend (BSD) can be purchased on various exchanges such as Bittrex, UpHold, Cryptopia, SouthXchange, and LiteBit.eu, given their availability remains unchanged.

Q: How can BitSend (BSD) be securely stored？

A: Secure storage of BitSend (BSD) involves using compatible digital wallets such as the official BitSend Core Wallet or potentially mobile and web-based wallets, considering their security features.

Q: How can I earn BitSend (BSD)？

A: BitSend (BSD) can be earned through mining, operating a masternode, or purchasing and trading on a cryptocurrency exchange.