Los Angeles, CA -- (SBWIRE) -- 05/21/2019 -- By now you've most likely heard of Bitcoin. The decentralized internet currency that began it's open-ledger blockchain back in 2009. Steadily gaining worldwide popularity, especially among the anti-establishment crowd, and more recently winning over big banks and hedge-funds alike. Bitcoin's revolutionary technology eliminates the need for a central bank or government entity to act as a clearing house. Instead, individual peer-to-peer computers scattered around the globe compete to perform high-level mathematical equations that verify the most recent transaction, confirm no double-spending has occurred and add it to the existing blockchain.
Bitcoin users have mounted a few complaints about the new technology. First of all, Bitcoin is slow. Requiring 6 confirmations in order to be spendable takes the Bitcoin network at least 1 hour to fully confirm each transaction. Every bitcoin confirmation takes 10 minutes. During times of network congestion, this waiting time can increase substantially. Bitcoin users also pay the highest fees of any cryptocurrency to send (spend) their Bitcoin. Newer, faster, "lighter" cryptocurrencies such as Litecoin have significantly reduced transaction confirmation times and fees to send funds. Litecoin confirmations occur every 2 1/2 minutes versus 10 minutes for Bitcoin. And the fees to send payment have been drastically reduced on the Litecoin network. Litecoin's blockchain was launched in 2011, and has succeeded in significantly reducing both transaction time and fees compared to its older brother, Bitcoin.
In 2014, NYC's blockchain launched quietly by an unknown developer (just like Bitcoin) and further improves upon this revolutionary technology. NYC (NewYorkCoin) confirmations have been further reduced to every 30-seconds. Meaning a transaction is now fully confirmed and spendable in just a few minutes (6 confirmations X 30-seconds) instead of having to wait for over an hour when using the Bitcoin network. And the sweetest part is that the NYC network is completely fee free. It costs the user absolutely nothing to send funds worldwide on the NYC network. Block rewards (supply inflation) compensate the computer confirming transactions on the NYC network, just like Bitcoin and Litecoin, with no additional fees required from network users to send/receive funds worldwide. The NYC network is even "lighter" than Litecoin. Allowing NYC network transactions to be confirmed using less powerful computers, requiring far less energy (a more sustainable network) and doing it all at no cost to user. NYC is a lightning-fast, fee-free version of Bitcoin with a proven blockchain since 2014.
An active community has formed around NYC including a talented development team which has updated NYC code, nodes and wallets. And increased NYC network hashrate to over 1.5 Terahash by utilizing merged-mining which secures the network from potential 51% attacks. While most usable cryptocurrencies have already achieved market valuations in the Billions USD, the NYC network is still a relative unknown. NYC (NewYorkCoin), as of this writing, has a minuscule market capitalization of only a few million USD. This seems very low for an existing and proven network that delivers free worldwide money transfer. Which is exactly what the NYC network has been delivering since launching in early 2014.
About NYC
NYC is completely open-source code and it's ongoing development can be viewed by the general public at Github open source repository. Once institutional investors realize the benefits of NYC over Bitcoin and other more widely known cryptocurrencies, the intrinsic value of this amazing and proven network will be more accurately reflected in it's market capitalization. At this point in time, NYC can be equated to an undiscovered micro-cap stock. With more usable specs than it's large-cap blue chip predecessor's. NYC definitely has strong potential to exponentially increase in price. And due to its very tight circulating supply, this can happen very quickly. Keep a close eye on NewYorkCoin.
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