How to Buy Blackcoin (BLK) and What It Is Used For: The complete Guide
Blackcoin is a peer-to-peer cryptocurrency, meaning that it does not rely on banks or any other central institution to exist. It was designed to be an improvement of the original Bitcoin protocol and provides some technical improvements over Bitcoin such as faster transaction confirmation times. This article will show you how to buy Blackcoin (BLK) and what are its main use cases.
What is BlackCoin (BLK)?
BlackCoin is a cryptocurrency that relies on Proof-of-Work and has been designed for fast transaction confirmation times. It was launched in 2014, and it’s an improvement of the original Bitcoin protocol which added some technical improvements over Bitcoin such as faster difficulty readjustment algorithm or shorter block intervals. Blackcoin can be mined by both CPU and GPU: even though mining with GPU offers higher hash rates to solve blocks, there are more efficient options since GPUs must work harder than CPUs when solving cryptographic puzzles (SHA256).
What are the main use cases of BlackCoin (BLK) cryptocurrency?
Money transactions: BlackCoin can be used for the purchase of goods and services in places where it’s accepted. There are many options to buy or sell BLK from empower, Bitcoin ATMs, online exchanges such as Bittrex, or even through a mobile wallet app on your phone that supports altcoins (e.g.: Jaxx).
It is also possible to spend BlackCoin directly using an e-commerce platform like Purse which allows people with Amazon gift cards to trade them for BlackCoin at discounts up to 50%. Other examples include paying bills with BlactoPay powered by BitGo or buying prepaid cards from Gyft.
How to mine BlackCoin??
All you need to start mining BLK is a computer with open space on its hard drive. There are many free options available for creating this type of virtual wallet, including Coinbase’s Toshi app, BitGo (which has BlackCoin support), Copay Bitcoin Wallet by Bitpay, and Edge Cellar App from BlockCypher.
What’s the most important thing about BLK crypto? It can be mined! All you need to start mining BLK is a computer with some empty hard drive space. If that sounds like something you want to do then there are plenty of places where it’s possible.
How to buy BlackCoin?
Step 1. Sign up at Bittrex.com (Crypto exchange) to buy BLK coins.
Sign up here and follow the instructions to create your account
Step 2. Deposit Fiat using your credit card or bank transfer.
You do this by clicking “Instant buy & Sell” in the top menu.
The easiest way would be to buy BLK from this menu, but sadly that isn’t possible. What we have to do is buy BTC.
Enter the amount of USD you want to spend on BLK and receive your new BTC Balance under “Holdings”.
Step 3. Trade your BTC for BlackCoin (BLK)
In order to do this you click “Markets” in the top menu and simply search for BLK.
That’s it, you should now have your BLK listed as a currency in your holdings.
BlackCoin (BLK) Wallet
Install the BlackCoin (BLK) wallet.
Download a desktop or mobile wallet from blackcoin.org and transfer your coins to it once you’ve received them in Bittrex.
Wrapping things up
BlackCoin (BLK) is a digital currency that has been around since 2014. Its goal is to provide fast, secure transactions with low fees and no third-party involvement. You can buy BLK with your credit card on Bittrex.com cryptocurrency exchange or using your credit card or bank transfer to purchase Fiat from Coinbase and then transferring it over to Bittrex.