Bitcoin Incognito – Deeper Dive
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Bitcoin Incognito (XBI) is the latest development in the timeline of the Bitcoin blockchain. The cryptocurrency is a fork of Bitcoin, PIVX ,Dash and attempts to keep the original ideals of the original Bitcoin community while adding a touch of privacy to the user experience.
The Bitcoin community was initially highly decentralized and vibrant. However, as user numbers rose, scalability issues rose, making transactions more expensive and mining difficult. Naturally, this led to some of the enthusiastic champions of Bitcoin becoming disillusioned.
Consequently, Bitcoin Incognito uses Proof of Stake (POS) mechanism and Zerocoin protocol to achieve faster transactions, community participation, and anonymity. Like BTC there are a total of 21 million xBi in existence.
Let’s have an overview of some important aspects of Bitcoin Incognito:
Zerocoin (zXBI)
The Zerocoin feature is what brings the privacy edge to the network. The development team implemented the Zerocoin protocol, which converts publicly viewable XBI into anonymous zXBI.
A user transacting XBI will receive XBI in their wallet as regular XBI. This alteration obscures the sender’s identity and the recipient cannot see the history or information of the sender.
Xevan Algorithm
The Xevan algorithm is a notable structural framework that is necessary for the vitality of the network. Moreover, Xevan can be performed efficiently using the standard PC meaning the threshold is impressively low for new entrants to the mining process. Accordingly, this guarantees decentralization as more people can participate in the maintenance of the network.
SwiftTX
This is just a fancy name for instant transactions. SwiftTX transactions get confirmed and are spendable within seconds. This is because a network of Masternodes guarantees the transactions and there is no need for multiple confirmations for transaction validity. In addition to that, XBI transaction fees are lower to the tune of a few cents.
Open Source codebase
True to the decentralized ideals at the inception of cryptocurrency, Bitcoin Incognito’s entire codebase is publicly available. This means that anyone in the community can maintain the open source codebase.
Masternodes
Masternodes are an excellent tool to achieve decentralization and scalability for the Bitcoin Incognito Blockchain. Notably, Masternodes receive XBI rewards based on their availability and ability to service the network. These trustless systems bring efficiency to the network and provide an investment opportunity for investors.
The Bitcoin incognito Masternode means that users can support the network effectively. You can participate in running a Masternode with the incentive of receiving rewards. There is a constant stake of 3000 XBI across the network to run a Masternode.
Bitcoin Incognito’s potential
So the all-important question; what’s interesting in XBI from the perspective of an investor? Bitcoin Incognito is uniquely placed to explode for certain reasons:
The Coin is in its infancy stages relative to established coins. Investing early in a coin is ideal since a bull market can lead to an explosion in price over a short span. The coin is on the cusp of exchange listing which should really see a spike in trading activity and consequently value.
Moreover, Bitcoin Incognito has a famous first name with the promise of a more efficient service. This means that the name recognition factor will be crucial in marketing and growth. Even in the event that coin markets don’t grow to the levels of late 2017, Bitcoin Incognito is sure to have a decent level of growth, at least for some time.
Besides, the Bitcoin Incognito community is a spillover of the original Bitcoin community. As such, this vibrant and active community is a great asset to the development and growth of this coin.
Masternodes are an underrated investment opportunity. As highlighted earlier, these are Virtual Private Servers essential to the decentralized functioning of the network. You can profit continuously regardless of XBI pace of growth because Masternodes earn consistently from supporting the network.
Accordingly, this investment means that you constantly earn XBI for nothing more than having the requisite stake in a Masternode. Masternodes involve comparatively larger XBI investments but the return on investment can be more than 100%.
Conclusion
Bitcoin Incognito is a tribute to cryptocurrency’s original tenets; true decentralization and vibrant community participation. This coin has only been around for a few months but is already making waves. Therefore, with the coin market probably headed for a recovery, this is one of the best assets to get your hands on.
Update from the project – be first to see it!
Bitcoin Incognito tutorial wallet setup guide (video below)
1. Download and Wallet setup go to bitcoinincognito.org. Pay attention – the NEW version of the website is with .org!
- Download the wallet version required for your system (Windows, Mac, or Linux).
- Open the zip file you just downloaded and extract the wallet.
- Click on the xbi-gt.exe file to begin the installation.
- During installation, you will maybe receive an alert message.
- Allow access and continue the installation.
- When the wallet is open, wait for it to synchronize. synchronization finished.
- A wallet is now ready to use.
2. Wallet tabs Overview tab: used for a global vision of your Bitcoin Incognito wallet.
- Send tab: with this tab, you can send Xbi to others wallet or exchanges.
- Receive tab: This tab is used for receive Xbi.
- Transactions tab: In this tab, you will see all the transactions send or received.
- Privacy tab: with this tab, you can convert Xbi to zXbi and truly be incognito.
- Masternodes tab: this tab is used to enable masternodes.
