BITB / BitBean

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 April 25th, 2017 – Version 1

BITB0

Definition from http://www.bitbean.org/about.html Web Site

Bitbeans (Ticker: BITB) is a new crypto currency designed for scale-ability, speed and lightening fast transactions! It features an innovative Proof of Stake algorithm that more closely resembles traditional Proof of Work crypto currencies. BitBean is the first crypto to implement 20MB blocks, based off Gavin Andersen’s proposals to fix Bitcoin’s scale-ability limitations.

SHA-256 ASIC mining is energy efficient so it was chosen as the algorithm for the pow period. After initial distribution of 10,000 blocks, to those who mined all around the world, BitBean became a pure Proof of Stake (PoS) crypto currency. PoS was active during the PoW mining period, so about a third of those 10,000 blocks issued were proof of stake blocks. BitBean’s money supply is currently over 600 million virtual beans created. The amount of existing BitBeans is still small compared to the maximum cap of 50 billion BitBeans that are yet to be created with pure Proof of Stake. Proof of Work is a great way to initially distribute coins. It is certainly better than an IPO or ICO where almost always the developers and insiders buy all the coins. This makes for massively pre-mined coins. BitBean had no premine or IPO.

BitBeans Proof of Stake is different from other PoS crypto currencies. BitBean requires 6 hours for beans to mature before they are eligible to stake a block. In addition, unlike other PoS crypto currencies, BitBean creates new blocks using a similar approach as PoW crypto currencies. Blocks which are found are static blocks similar to PoW. Each PoS block reward is 1,000 virtual beans. This is a much better form of proof of stake than determining rewards based on a percentage basis. Crypto currencies are supposed to be a payment system. BitBeans PoS encourages people to actually process transactions instead of hoarding their coins. Hoarding coins and only processing transactions rarely to collect an interest payment, does not make for a good payment transaction network.

Community Enthusiasm – 3 out of 5

  • There is no Slack.  They use a BitBean Public Live Chat linked with IRC. Links below.
  • The Bitcointalk thread is Very active with both Devs & Enthusiasts.
  • People love the Bean.

Active Development – 3 out of 5

  • The devs are working in the background around the clock.
  • The devs are making and discussing progress.
  • The Devs are working on a new project management system which will replace the current outdated Roadmap. Projected to be released soon.
  • They have Live Chat support on the website, but nobody answered when I tested it. Had they answered this would have given them a 4 instead of a 3.
  • They have a telephone support hotline – 1 (406) 213-4656 (how cool is that?)

Exchanges – 4 out of 5

Price – https://coinmarketcap.com/currencies/bitbean/

  • This coin has spent a long time under 10 sats.
  • In April BITB shot up to as high as 38 sats.

bitbean price
Wallets – http://www.bitbean.org/downloads.html

  • Windows wallet
  • MAC wallet
  • Linux wallet
  • Android “light” wallet

Information

April 25th, 2017 Summary

BitBean is an old coin with new devs. It has never been forked. It was originally designed to solve two problems Bitcoin had, which were Block Size and Coin Quantity. BitBean was intentionally created with nearly 2 Billion coins to avoid the fractioning required to use Bitcoin. It also has a 20 MB Block size.

The devs are now full time and appear to be making progress on recreating the BitBean ideal. To be a Bean Core Member is an exclusive club. You must own more than 1% of the current supply and donate to the BitBean Team address to join.

The community is enthusiastic and treat BitBean as a novelty, almost like the DOGE community. Conversation tends to stay lighthearted and optimistic.

For a coin having a team of full-time developers, I am surprised at simple problems, such as nobody answering the Live Chat option, and misspelled words on their About page. Still, when I asked a question on Bitcointalk I received a quick and helpful answer.

I was surprised when I received the reply below in response to my original review. It shows they are passionate and eager to show off their coin.

https://bitcointalk.org/index.php?topic=969676.msg18753250#msg18753250

My recommendation…

I am really anxious to see what the upcoming Roadmap looks like for two reasons. If they drop the ball getting it done any time soon as promised, they will be just like most other Crypto projects unconcerned with meeting a deadline they set. Also, it has been a long time since they released a Roadmap, so the information on what will be coming in the future will be eye-opening. Once the Roadmap is released I will be able to make a more accurate recommendation.

If you have read my other reviews, you know community enthusiasm and dev activity is very important to my recommendations. BitBean appears as if it has both. Even though BitBean is a mature coin, the new team has work to do to get the initial high quality website created and the new project details defined.

Be very aware when buying of the 2 Billion existing coins. This is probably not a coin that will ever reach $1 in price. It would need to increase 2272 times to reach $1 at the current price.