As the SEC’s deadlines for Bitcoin spot ETFs remain elusive, investors are looking for alternative options, with the Bitcoin Spark ICO (Initial Coin Offering) piquing the interest of many.
The Securities and Exchange Commission (SEC) deferred its decision regarding several Bitcoin ETF applications, extending the deadline until mid-October. While this outcome was anticipated, given the SEC’s history of postponements, there was a glimmer of optimism in the cryptocurrency sphere that a spot Bitcoin ETF might soon receive approval. This optimism was fueled by a recent ruling from the US Court of Appeals, which contradicted the SEC’s rejection of Grayscale’s proposal to transform its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
A Bitcoin ETF, or Exchange-Traded Fund, is an investment vehicle designed to track the performance of Bitcoin (BTC) without requiring investors to directly hold or manage the underlying asset. It allows investors to gain exposure to Bitcoin’s price movements and potential investment returns through traditional brokerage accounts, similar to stocks.
What is Bitcoin Spark?
Bitcoin Spark is a new Bitcoin fork distinguishing itself by introducing substantial modifications that address the limitations of its predecessor and chart the way for a new age of digital transactions.
This innovative blockchain has a reduced block time, heightened transaction throughput per block, and an expanded network of nodes, culminating in swifter and more cost-effective transactions compared to Bitcoin. Bitcoin Spark also has a seamlessly integrated smart contract layer with separate execution systems, all achieving finality on the primary network. This multi-layered architecture ensures scalability and promotes diversity by empowering developers to utilize a wide range of programming languages for crafting smart contracts and decentralized applications (Dapps).
There’s a fixed supply of 21 million BTCS coins, comparable to BTC, positioning it as a secure store of wealth. However, BTCS’s utility extends beyond mere storage thanks to Bitcoin Spark’s Proof-of-Process (PoP) consensus mechanism. PoP rewards miners for transaction validation and processing power contribution but employs a non-linear algorithm to ensure equitable reward distribution. This technology, combined with an extensive node network, makes BTCS mining profitable even for those with low-powered devices. The team behind Bitcoin Spark will provide a user-friendly mining application compatible with various operating systems, including iOS and Android, which will enable users to mine by permitting access to their device’s processing unit.
Bitcoin Spark’s approach further revolutionizes the mining process by offering miners the opportunity to rent out their processing power to individuals or organizations seeking remote computing resources. The network’s clients will make payments in BTCS, and the revenue generated will contribute to the miners’ rewards. The BTCS minting rewards operate on an elastic system adjusted based on network revenue, ensuring long-term profitability for miners.
Additionally, Bitcoin Spark’s application and blockchain explorer will feature unobtrusive spaces for advertisements, which will be paid for using BTCS. The ads will be community-policied to ensure credibility and security. Network participants will receive 50% of the revenue generated plus extra incentives for policing the ads.
The Bitcoin Spark ICO
The Bitcoin Spark ICO started on August 1st, with BTCS selling at $1.50 and investors getting a 20% bonus. The BTCS price has increased by 364%, currently selling at $2.50 in Phase 5. Nonetheless, investors at this level get a 9% bonus and a 436% increase in investments as BTCS will launch at $10. The Bitcoin Spark ICO has witnessed massive investments so far, surpassing the $1.4 million mark just five weeks after its start.
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