Recent market fluctuations have rekindled concerns among traders, with speculations of Bitcoin potentially plummeting back to $22,000. However, analysts suggest that Bitcoin Spark, the latest entrant in the world of Bitcoin forks, could remain unshaken by the volatility of its predecessor.
Bitcoin price prediction
The Bitcoin (BTC) price saw a death cross pattern as its 50-day short-term moving average breached its 200-day short-term moving average on September 11. However, BTC has gained 8% since the death cross appeared on the daily chart. The bounce comes as Fed funds futures indicate a 99% probability the U.S. central bank will leave rates unchanged between 5.25% and 5.5%. Nonetheless, traders suggest the pattern points to the Bitcoin price facing more turbulent times, potentially returning to $22,000.
Why Bitcoin Spark won’t be affected
Despite sharing some characteristics with Bitcoin (BTC), such as having a maximum supply of 21 million, Bitcoin Spark (BTCS) has made significant changes that make it capable of weathering the storm and forging its own path in the world of digital currencies. The Bitcoin Spark network has positioned itself as a more suitable alternative for daily crypto transactions by reducing the block time, enhancing the individual block transactions capacity, and substantially augmenting the number of nodes to ensure faster and more cost-efficient transactions.
Additionally, Bitcoin Spark transcends its predecessor’s sole use case as a peer-to-peer payment network by integrating a smart contract layer within its network. The layer will include multiple execution systems with singular network finality, allowing for the use of various high-level and low-level programming languages. This innovative multi-layered design ensures scalability and encourages diversity of smart contacts and decentralized applications (DApps).
Furthermore, Bitcoin Spark’s mining process is significantly improved. The network uses a groundbreaking consensus mechanism called Proof-of-Process (PoP), which rewards miners for confirming blocks and loaning the processing power of their mining devices. Bitcoin Spark combines the PoP with an algorithm that ensures a fairer distribution of rewards by exponentially diminishing rewards per additional power. The nonlinear rewards functionality, combined with the vast network nodes, allows even those with low-powered devices to mine BTCS profitably. The Bitcoin Spark application, which will serve as the network’s native wallet, will also enable Mac OS, Windows, Linux, iOS, and Android users to mine BTCS by permitting access to their device’s processing unit. The team behind Bitcoin Spark has made steps to ensure the app is safe, user-friendly, and lightweight.
Notably, the miners’ processing power will be leased as remote computing power to individuals and organizations, who will pay for the service using BTCS. The revenue generated will then be transferred to the mining pool as mining rewards. BTCS minting rewards are based on an elastic system that takes into account the revenue generated within the network. Bitcoin Spark will have secondary revenue-generating services within its network, such as having slots for advertisements on its application and website. This, combined with the ability for unlimited devices to provide processing power, suggests Bitcoin Spark could evolve into a self-sustaining revenue network with network participants unaffected by market fluctuations.
The massive investments in Bitcoin Spark’s Initial Coin Offering (ICO) suggest great confidence in the project’s prospects. The ICO is in Phase 6 selling BTCS at $2.75 and offering a 8% bonus.
For more on Bitcoin Spark and its ICO:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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