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What Is Bitcoin Classic?

Bitcoin Classic is a digital currency that was launched on September 15, 2019, by a team based in Singapore. Distinct from the original Bitcoin, Bitcoin Classic offers a platform for creating and deploying decentralized applications (dApps). Its core vision is to allow users worldwide to establish websites anchored on smart contracts, democratizing the development process and fostering innovation in the digital realm.

Resources

Official Website: https://bitcoinxc.org/

How Does Bitcoin Classic Work?

Bitcoin Classic operates on a smart contract platform, making it seamless for developers to create and roll out decentralized applications. These applications are then hosted on an application store, enabling everyday users to download and utilize them with ease. Bitcoin Classic's transition from the SHA256-based blockchain, which was susceptible to 51% Attacks and had its transactions reversed, has resulted in a more robust system. The team's decision to shift to QUARK(POS/Masternode) is commendable as it enhances stability, speed, and security. This blockchain is resource-efficient, focusing on sustainability and long-term utility.

Furthermore, Bitcoin Classic introduces staking and masternode features for its users. A masternode requires a collateral of 5000 BXC and offers a reward rate of 60% with a low difficulty level. On the other hand, staking doesn't necessitate a minimum requirement, provides a 40% reward rate, but comes with a higher difficulty level.

What Is BXC Token?

BXC is the native token of the Bitcoin Classic platform. It has a total supply of 17,866,478 tokens.

What Determines Bitcoin Classic's Price?

Bitcoin Classic, much like other cryptocurrencies, is influenced by a myriad of factors that determine its price. At its core, the law of supply and demand in the cryptocurrency market plays a pivotal role. As Bitcoin Classic's utility grows, especially with its innovative approach to decentralized websites based on smart contracts, demand surges, leading to potential price appreciation. The number of decentralized applications being developed and deployed on Bitcoin Classic's blockchain, combined with its adoption rate, can substantially sway its market valuation.

Another crucial determinant is the technological advancements and updates made by the Bitcoin Classic team. The transition from SHA256-based blockchain to QUARK(POS/Masternode), for instance, was a significant move that bolstered its speed, security, and stability. Such enhancements can spur investor confidence and increase its attractiveness in the competitive cryptocurrency market. Lastly, external factors such as regulatory news, macroeconomic shifts, and the overall sentiment in the blockchain ecosystem can also impact Bitcoin Classic's price. As the crypto market matures, keeping a keen eye on these multifaceted influences is essential for both investors and enthusiasts alike.

For those interested in investing or trading BXC, one might wonder: Where to buy Bitcoin Classic? You can purchase Bitcoin Classic on leading exchanges, such as Bitget, which offers a secure and user-friendly platform for cryptocurrency enthusiasts.