Bitcoin is the first-ever working cryptocurrency. On the other side LanaCoin is very similar to Bitcoin, but totally another and different coin. Bitcoin consists of two ‘main parts’. On the one hand, you have the coin itself (means of payment) just like LanaCoin and on the other hand, you have the underlying technology of the Bitcoin network, the ‘blockchain‘. Here they are realy different. With Bitcoin, payments can be made without intermediaries such as banks or credit card companies. Also with LanaCoin. The control of the correct number of available Bitcoins to make the transaction is done automatically by the blockchain.
So-called ‘miners’ solve very complex calculations of multiple combined Bitcoin transactions. The first miner that solves the puzzle creates the next block in the blockchain. Each new block contains a reward of a certain amount of bitcoins, supplemented with the paid fees of all confirmed transactions. This is the first confirmation of a transaction. With each new block, the previous block is confirmed again, because each new block is a derivative of the previous one. Often a cryptocurrency exchange requires at least a few confirmations before a deposit is accepted.
And here the technology of Bitcoin ends. LanaCoin has additional “confirming” transactions. It called staking. Every LanaCoin “staker” is rewarded for staking his LANAs and competing for stake blocks. Finders/stakers of proof of stake blocks are rewarded with a fixed Lana amount of 1000 LANAs plus a 7% annual stake reward. Proof of stake reward will be cut in half (halved) at block height 525600, while the last proof of work block is set at block height 750000. After this point only staking will bring new LanaCoins in circulation.
The second big difference, of LanaCoin, is total supply. There are lots more LanaCoins than there are Bitcoins. At the time I’m writing this article, there are almost 1,947,552,979 LANAs. The total supply is 7.506.000.000 LANAs. All LanaCoins are created through proof of stake or proof of work process. There was no ICO or no premine. All Lanas have been mined, staked or bought on exchanges from miners.
The history of Bitcoin
Bitcoin was invented in 2008 by a software developer called Satoshi Nakamoto. Who Satoshi Nakamoto really is and whether this is his real name is still unknown to this day. There are people who have had e-mail contact with him/her, but it always remained anonymous. The last known contact with Satoshi Nakamoto was several years ago.
Bitcoin was invented due to the lack of trust in banks.
Banks have a great impact on the world and can influence the monetary system by means of printing money (central banks). Also ‘ordinary’ banks put extra money into circulation through the method of fractional-reserve banking. In addition, we must rely on a third-party to hold, transfer, and pay for our money. This situation is solved with the Bitcoin. Essentially, you will have the opportunity to be your own bank.
History of LanaCoin
LanaCoin is one of the first personalized cryptocurrencies, created as a birthday present with a unique attribute of its genesis block launch at the exact Unix time of Lana’s 10th birthday.
Blockchain parameters are fully packed with attributes surrounding the birthday time and date.
The project started at first as simply a unique birthday present with no false promises or roadmap deadlines on development. The only promise that was made was that the development of services around the LanaCoin blockchain will be done in the near future and rolled out in steps.
Applications of Bitcoin
Bitcoin is used as a means of payment and has become a kind of reserve currency for other cryptocurrencies (like the dollar is for global currencies) on exchanges. Bitcoin transactions have become quite expensive compared to other cryptocurrencies. Especially at times when many transactions take place, the price that has to be paid to miners can rise considerably.
The invention of the Bitcoin network was also the starting point for many other projects based on blockchain.
LanaCoin has another big difference. Transaction fees for sending LanaCoin from one wallet to another are really low. If you send bitcoin, fees can go up to 15$ or more. If you send LanaCoin it will cost you only 100Lanoshis. Lanoshi is the smallest part of Lanacoin. That means TX few would be 0.00000100 Lana. Let’s say almost nothing. That is why LanaCoin is perfect for micro-transactions and Bitcoin for larger transfers of value around the world.
Can you buy a part of a bitcoin?
In the beginning, the value of a Bitcoin was only worth a few dollars. Now, however, one Bitcoin can cost upwards of a few ten thousand dollars. For many people, it is therefore no longer financially feasible to buy an entire bitcoin. Fortunately, this is not necessary!
A Bitcoin can be divided into pieces just like normal currency. But it goes much further. The smallest amount of one dollar is one cent or $0.01 . This is also too much for Bitcoin, because at a price of forty-thousand dollars, that would be to much.
The smallest quantity can be 0.00000001. That is eight decimals. The smallest quantity is called a Satoshi at LanaCoin Lanoshi. The Bitcoin or LanaCoin must be worth one million before a Satoshi or Lanoshi is worth $0.01.
Where can you buy bitcoin or LanaCoin?
Before you can buy Bitcoins/LanaCoins you must first have a place (address) where you can save Bitcoins. This can be done on a trading platform (exchange) or a wallet, which is completely under your own control, if you can access the private keys.
You can create a wallet in different ways:
- On a cryptocurrency exchange
- By installing software on your computer or phone called wallet
Now that you have a place where you can save coins, you can start buying them.
Bitocoin is traded on much more exchanges. But even LanaCoin has few reliable exchanges where you can bought them. One of them is TOKENS.net.