PoS Positively Impacts Global Adoption of Cryptocurrency

By Steven Anderson May 9, 2019 Off

Bitcoin managed to cross several resistances in two weeks, and it was headed closer to the $6,000 mark.  The coin was trading around $5,900.  The bull run of the coin has positively impacted the global adoption of cryptocurrency.

The cycle rickshaws in Scotland and Glasgow have accepted Bitcoin as a mode of payment.  They make use of the Lightning Network of Bitcoin.  The local cycle rickshaw business has enabled the cryptocurrency based payment system through a partnership with the UK based company which facilitated the Bitcoin sale.

Users will be able to call a cycle rickshaw, and the only exception is that the payment being offered will be in Bitcoin.  Users will also be able to pay using cash though.

Danny Brewster, the Managing Director of FastBitcoins, stated, “It is a fun concept, and with it, we are trying to show the general public how Bitcoin can be made readily available and easy to use. Once consumers understand how easy it is to obtain and use, coupled with the added benefits of simply holding Bitcoin itself, more and more people will build infrastructure to help Bitcoin fulfill its potential on a global scale.”

There are different ways in which one will be able to increase cryptocurrency holdings. When it is about staking, users tend to stock up on a particular type of cryptocurrency to stake it for additional network rewards.  This method is a lot similar to how banks accounts will operate and reward users with interest over time.

However, coin staking should be operated in a way to avoid adverse interest. Users need not take too much action when it is about staking one’s coins.  All that is required is that their favorite cryptocurrency should be providing for proof-of-stake and their wallet should be connected to a network, and it should be running.  The wallets of the users should be online all the time.  This will be to receive the stake rewards.

Staking is a method of validating blocks. Those cryptocurrencies, which support stalking are known as Proof of Stake (PoS) coins.  PoS is an alternative to PoW, and this does not use as much electricity as required in Proof of Work Mining.  The amount of coins that one will be able to mine will depend on the amount of money one can stake.

Those who own 5% of a coin’s supply, they will be able to essentially mine 5% of the blocks.  Therefore, Proof of Stakes (PoS) is environment-friendly when compared to PoW, its predecessor.