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By now, most cryptocurrency insiders take for granted that Bitcoin showed early promise as a system and attached currency that was accessible to pretty much anyone. You didn’t need to confirm a bank account or show a photo ID card in order to download a Bitcoin wallet.
Actually, users still don’t have to do either, but the difficulty involved in mining or even obtaining Bitcoin may be a turnoff for some users. Not everyone can afford powerful Asic-based mining rigs or get on the exchanges. Here’s Groestlcoin Taking Off As Demand For Efficient Cryptocurrencies Grows.
Investors may be starting to notice that Grostlcoin (GRS) has a dedicated team that is dedicated to making cryptocurrencies keep their promise of being useful to anyone even if they can’t afford an expensive miner, open a bank account, or access Bitcoin exchanges. Its value recently jumped by an impressive amount and currently sits at just over 11,000 Satoshis.
What Is Groestlcoin?
The Groestlcoin team introduced the concept that people should be able to get into cryptocurrency mining even if they only own a secondhand laptop.
This is the first cryptocurrency to introduce the Asic-resistant, CPU-based algorithm known as Groestl. It also introduced algorithms that are designed to combat the problems caused by multipool exploitation to make the system more accessible to smaller mining pools and individual miners.
This can make Groestlcoin attractive to people in developing countries who might be willing to try mining a low-value and low-difficulty cryptocurrency with a cheap mobile device and access to inexpensive electricity.
More recently, Groestlcoin became one of the first cryptocurrencies to become Lightning Network-compatible and claims to be the first cryptocurrency to integrate SEGWIT.
Believable? Maybe, maybe not, but SEGWIT was added to a January 2017 update of Groestlcoin. In any case, Groestlcoin promises that the recent upgrades will keep transaction fees super low, especially when the current value is factored in. Thousands of GRS can be transferred for as low as 0.000045 GRS. Anyone who wants to send money home could theoretically be attracted just by fees that are lower than Western Union and even lower than Bitcoin if they can be convinced of Groestlcoin’s utility.
Is It Spendable?
Groestlcoin hasn’t yet seen the widescale adoption of Bitcoin and Litecoin. On the one hand, it isn’t listed on ShapeShift. On the other, it is listed as one of the cryptocurrencies that Coinpayments[i] gives its member merchants the option of accepting. The question here is whether merchants are even aware of Groestlcoin’s existence and how it can help them pin down more sales.
The Groestlcoin team is making a mistake by not putting enough emphasis on benefits to merchants that may operate in less privileged communities.
An impoverished young man might think it’s cool that he can mine some GRC on an old laptop while chatting with friends on Facebook and sucking power from the local public library, but he will be turned off if he can’t spend it at the local pizza shop.
If Groestlcoin can’t be used to buy a pizza with extra cheese, it will fall flat on its face. That means the Groestlcoin team will need to market to merchants at least as much as it markets to people who can’t afford high-end mining rigs it they want to have a viable cryptocurrency.
This is not an insurmountable problem if Groestlcoin could push the fact that it can be placed alongside Bitcoin and top altcoins using Coinpayments.
Businesses may be interested in a cryptocurrency that is faster than Bitcoin and charges a lower fee per transaction than credit cards. This is especially true for businesses that only take cash or whose owners have become disillusioned with their credit card processor, and most of these will be quite legitimate.
I’ve eaten at restaurants that will not accept credit cards. Cryptocurrencies like Groestlcoin that are designed for micropayments in a way that Bitcoin isn’t can start filling these markets if they have a savvy marketing team.
If the Groestlcoin team realizes this one thing about boosting their cryptocurrency into the list of top altcoins, then I’d call it a viable cryptocurrency that’s worth keeping an eye on.
According to the tech specs, it could be attractive to people who like the promise of cheap and fast transactions but have been let down by Bitcoin. Its new features include GPU mining, Lightning Network compatibility, and SEGWIT integration.
Now it just needs a good publicity blitz to get it more widespread among merchants that may be interested in integrating cryptocurrencies and make it even more attractive to investors.
Thanks for reading!
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