Bitcoin sCrypt is a decentralized cryptographic currency that can be used to send money to anybody in the world with an internet connection.
What is a cryptographic currency?
A cryptographic currency is a digital currency that uses mathematical encryption and a public ledger to engage in financial transactions securely, quickly, cheaply and pseudo-anonymously across the world without the use of centralized servers or authorities.
How do I get some Bitcoin sCrypt coins?
You can get Bitcoin sCrypt coins four different ways: 1. Get Bitcoin sCrypt for free from giveaways (see the Forums). 2. Purchase Bitcoin sCrypt from a cryptocoin exchange. 3. Sell something in exchange for Bitcoin sCrypt. 4. Mine newly created Bitcoin sCrypt.
What are Bitcoin sCrypt's specifications?
Algorithm: Scrypt Coins per block: 50Block times: 2 minutesMax Coins: 21 Million
How do I keep my Bitcoin sCrypt coins safe?
Best practices are to encrypt your wallet file with a password and make backups whenever you create new public addresses. It is also recommended that you use a new address for new transactions. Finally, cold storage and paper wallets are recommended for even greater security.
What can I do to help keep the block-chain secure?
Run a full node to help the network.
How do I set up a Node?
To set up a node, first install and run the Bitcoin sCrypt client. Next need to open port 30201 on your router and point it the machine running the Bitcoin sCrypt client. Finally, make sure the computer that you set up as a node does not have any sensitive data or wallet files because opening a port increases the risk of hacking.
What is mining?
Mining is the use of computer processing power to acquire newly created Bitcoin sCrypt coins through validating network transactions by solving mathematical equations.
What's the big deal about mining centralization?
The Bitcoin protocol can be changed if 51% of the total mining power of the network agrees to any change to the protocol. It is very difficult for a government to force the Bitcoin protocol to change when mining power is decentralized and distributed throughout the network. The problem, however, is that it is easier for a government to force the Bitcoin protocol to change when mining power is concentrated. This is especially troubling if mining power is concentrated into the hands of corporations which are legally obligated to submit to government dictate.
What makes Bitcoin sCrypt different from the other crypto-currencies?
Bitcoin sCrypt is the only cryptographic currency actively committed to decentralization of mining, decentralization of transactions and decentralization of development.
What is decentralized development?
Decentralized development is another word for community-driven development. Instead of having a handful of developers decide on changes to the software protocol, Bitcoin sCrypt coin-holders vote on issues concerning development through Vanity Voting.
What is Vanity Voting?
Vanity Voting is a decentralized, transparent proof-of-stake voting system that utilizes the Bitcoin sCrypt block-chain and vanity generated addresses to allow users to vote on issues while maintaining control over their wallets. Unlike traditional voting systems of one-person, one-vote, Vanity Voting embraces the concept of one-coin, one-vote, truly allowing stake-holders to decide development-related issues.