I am new to burstcoin and other crypo coins.

  • Hello I am new to burstcoin and other crypo coins.

    I found out that burstcoin is using harddisk space to mining is kindly difference with other coins. People said that consume less power. Burst seem more affordable to me since I do not have a high end computer/GPU, etc.

    I did some study those few days, and I found that burst is about 83% mined (http://burstcoin.biz/charts/mined-burstcoins).
    what is going to happen if is become 100%? we cannot mine Burstcoin anymore?

    And what can I do with burstcoin at the monment? beside exchange to bitcoin or $$$?

    Sorry If I asked too much questions and nice to meet you all

  • admin

    @FullMoonFisher Burst is 83% mined, but will continue to be mined for at least another decade. As the coin becomes more used, the transaction fees that are paid out with the block will start to exceed the block reward. so mining will always be viable.

  • @haitch thanks haitch
    that is powerful enough if I use Atom CPU to mine?
    do we have paper wallet like bitcoin does?

  • admin

    @FullMoonFisher People are using phones and raspberry Pi's to mine - so yes, the atom will be fine up to some capacity limit.

    A paper wallet is basically a private key that you don't have recorded anywhere electronically. Your coins are still on the Blockchain, and if some one guesses your private key, they can access and steal them. Burst totally can do the same thing. Create a new wallet - use a very secure passphrase. I take the auto generated 12 word passphrase, concatenate it twice, then randomly replace letter with numbers or symbols.

    There's a thread about how secure the pass phases are. Passphrase Canary One of our admins, @dawallet, set up 12 wallets, the first with a one word password, the second with two words, the third with three words..... all the way up to the 12th with 12 words - all from the default dictionary. The 1-3 word passwords were cracked,. I cracked the 3 word one after a month of computations, another member has now been able to crack it in hours, but even his app would take a year and a half for the 4 word one. The 12 word phrase would take longer than the universe has existed to crack - and that's using the default dictionary words - substitute one letter with a symbol, you basically made it totally impossible.

  • @haitch thanks for the explain, so we dont need login/password like other application. There are only a long passphrase in the burstcoin? it is a bit scared to me, but I think that is OK in case everyone seem happy with it.

    and if I only have USB2.0 for the external hard drive, it should not a matter? because I know Pi only offer USB 2.0.

  • admin

    @FullMoonFisher Yes, your passphrase is the private key to your account - it gives you complete control over all your coins.

    USB2 works, but will be slow. USB 3 or SATA/SAS preferred.

  • thanks @haitch, I try to start with a external hard disk and atom see how is it going 😉