Betacoin (BET)

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Description

Betacoin is a Bitcoin-based digital currency; for example, it employs the same SHA-256 mining algorithm and proof-of-work mining protocol (where coin rewards are earned by mining data blocks) as its larger competitor. One way Betacoin sets itself apart from its competition is their average transaction processing time. Many digital currencies are falling all over themselves trying to get this time period slashed down to nearly nothing—as low as 30 seconds in some cases. Betacoin maintains that processing times that are too low can also wind up surrendering a certain amount of transaction security. As a result, Betacoin's average data block processing time is four minutes—a respectable amount of time to wait for a transaction to clear, without undermining security—it is also, their web page boasts, over two times faster than that of Bitcoin. Over the next few years, Betacoin projects there will be 32 million coins released, which will be the bulk of coins minted—but there will be a small number created each year after that amount is reached.

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History

Betacoin is a very new digital currency, and it was first publicly released in October 2013. The currency is based in England, and its developer (or team of developers) go by the pseudonym “Betacoindev” on several alternative currency forums.