Frequently Asked Questions - Burstcoin FAQs
To assist with supporting new users of Burstcoin, this section contains Burstcoin Frequently Asked Questions (Burstcoin FAQs). You can help curate this section by reviewing the questions and recommending additions, corrections, or deletions at the end of the document.
What is Burstcoin?
Burstcoin is a cryptocurrency and an open-source decentralized blockchain platform that connects people, companies, and financial institutions. It allows you to move value – according to your own rules – within a scalable, green, and customizable ledger.
Burstcoin was the first cryptocurrency to use the Proof-of-Capacity consensus algorithm whereby hashing functions securing the network are pre-computed, written to storage, and are retrievable for reuse in the mining process indefinitely.
Is there a video introduction to Burstcoin?
An Informative and fast-paced videos can be found here: https://www.youtube.com/watch?v=Fyj9RIyxLb4.
Where can I buy, sell, or trade burstcoin?
When was Burstcoin created?
August 14th, 2014
What is the minimum transaction fee?
Minimum transaction fees are dynamic with pricing tiers that include cheap, standard, and priority. This fee structure allows transactions to be prioritized in times of heavy volume. The minimum transaction fee is now .007535.
Maximum number of Burstcoins that can exist?
Where can I find the numeric id for my account?
In the BRS software, it can be found by clicking on “More Information” under the account balance. In Phoenix, it can be found by clicking on “Account Information” under the QR code in the upper left corner.
Transfer coins to and from Bittrex?
Bittrex will only transfer to accounts that have been activated on the blockchain with a public key. Prior to receiving a transfer from Bittrex, use the automatic account activation feature in the Phoenix wallet.
Bittrex requires every deposit to include an un-encrypted message indicating which account is to be credited. Burstcoin encrypts messages by default, so you need to deselect the encryption box before sending the deposit. If you have sent a deposit with an encrypted message, contact Bittrex support with all of the details. Eventually they will credit your account. It is important to follow instructions carefully and to fully understand what you are doing at all times as it is possible to lose coins due to inadvertent errors such as this.
How can I obtain burstcoin to cover my initial transaction fee?
If you are using a Phoenix wallet and just need to activate your account, click on the Activate button. Your account will be activated automatically without the need to make an outgoing transaction.
If your are using the older BRS wallet, you can activate your account by opening it in a Phoenix wallet temporarily to make use of the automatic account activation service (use the import function under account management).
If your initial transaction is a reward assignment for joining a mining pool, see the reward assignment section at https://burstcoin.community/mining/ for options.
Although the necessity for requesting an amount to cover initial transaction fees for any purpose has been mostly engineered out of Burstcoin processes, in those circumstances where you need to request assistance, making a request at an online forum is usual and welcomed.
Forums, faucets, and pool operators can be found in the online resources section at https://www.burstcoin.community.
Is documentation available in other languages?
Yes, documentation is currently available in French, Portuguese, Spanish, German, and Simplified Chinese. Use the language switcher in main menu bar. Note: Translations are machine based and may have not been reviewed. Please notify us if you notice an issue that needs to be corrected.
Are the generated 12-word passphrases secure?
These have been designed to be secure. It has been estimated that a systematic attack testing all possible combinations of words from the selection set (dictionary) against an account (known as a brute force attack) would require 13,537,856,339,904,134,474,012,675,034 years to be successful. While the system generated passphrase is secure, many users adjust the passphrase by adding an element of complexity (entropy) such as numbers, capitalization, or a few extra words in a foreign language. These and other modifications to increase complexity are permitted and will not adversely affect the operation of your wallet. They may even provide a degree of psychological comfort.
For more information, see the following analysis: https://burstforum.net/topic/4766/the-canary-burst-early-warning-system
How can I keep my coins safe?
Before transferring coins to a new wallet, verify your passphrase by signing in and out of your wallet until you are comfortable that your record of the passphrase is accurate. Keep at least two copies of your passphrase in separate locations. Do not disclose your passphrase to anyone who cannot be trusted with it. Will your passphrase still be available to you if your computer is stolen, after a natural disaster, or to your estate or other trusted individual if this should be necessary? Your passphrase is your only access to your Burstcoin assets. Depending on the value of your account, extraordinary measures should be employed to protect it. Your security plan might include multiple wallets, one or more for cold storage, one or more for convenience, and another for special activities such as mining or operating a full node. (See FAQs 5 & 6)
Where should I store my Burstcoin?
This is a personal choice that should be made with the security in mind as there are benefits to each depending on your circumstances. If you are not certain that your computer or other devices are safe from hackers, keystroke loggers, etc., it is safest to leave your coins on a reputable exchange with two-factor authentication activated. Two-factor authentication requires a secondary method to identify yourself. For example, you may be required to enter a PIN number that is text messaged to you when you login or before making a transfer. This protects your coins if your exchange password is ever compromised. Local wallets can be a safe option if your computer and passphrase are secure. If you decide to use an online wallet, the reputation of the provider is very important. You might maintain the majority of your holdings in a local wallet for cold storage, a few coins on an exchange for trading, and another amount in an online wallet for convenience. There is no limit on the number of wallets you can maintain. (see faqs 6 & 7)
Community and Organization Questions
Does Burstcoin partner with businesses?
Burstcoin is a currency with a robust platform that is attractive to many businesses for a variety of use cases. In the sense that Burstcoin is a currency, it cannot have partners. In the sense that Burscoin is a platform with a public blockchain, the Burstcoin community, through its current leadership team, seeks to maximize Burst’s value to businesses and 3rd parties in the same way that it does for individual community members. From time to time, there will be joint development processes in place assisting businesses who join the burst community. In this context, the word “partnership” is useful and does not imply that burstcoin will constrain itself to the interest of any third party. The development team will engage in mutually beneficial cooperation with 3rd parties when doing so is understood to maximize the value and utility of burst. The Burstcoin development team greatly values those who contribute to Burstcoin by adopting its public platform to address their internal public blockchain needs.
How can I contribute to the success of Burstcoin?
Run a local wallet as a public node to assist with network growth and synchronization. If you are a programmer, contact the development team on discord to offer project assistance in the area of your expertise. Raise awareness whenever you can without engaging in the practice known as ‘shilling’. Help translate burstcoin materials into your local or 2nd language (Esperanto?). Learn to assist others who will be getting started and will have the same type of questions related to Burstcoin that you do.
Why is the development team anonymous?
Each member of the development team operates with varying and self-selected degrees of anonymity while remaining accessible and approachable through public forums and other methods of communication. The development team is comprised of highly skilled individuals that have demonstrated leadership for the Burstcoin community and have produced results that are readily observable from the advanced state and success of Burstcoin today. The development team is not immutable in its constituency as its membership changes from time to time as development needs are identified and met. Some members will move on to other projects and interests. Each is invested in the success of Burstcoin and works for the community without remuneration or other advantages, each seeking to maximize the value of burstcoin and the value of their individual portfolios acquired through market-based arm’s length transactions. The degree to which an individual member of the development team chooses to remain anonymous is a personal choice considering their individual desire for privacy, limits to their engagement, and security concerns. The best way to reach the development team is to post a comment in one of the public forums.
What are the official websites, forums, resources?
For a list of Burstcoin related websites and forums, see the resources section on the main page of https://www.burstcoin.community.
How can I follow development progress?
Subscribe to The Burstcoinist, a weekly summary newsletter related to these topics. For an informative history of Burstcoin development, take the time to read the first issue and each subsequent issue in chronological order. As they say, “it’s a good read”.
Does Burstcoin have a roadmap?
Yes, the roadmap is located in the development section.
Will the Development team burn any coins?
No. Burstcoin was not introduced with an ICO (initial coin offering), so there are no remaining undistributed coins to be “burned” in that sense. Each coin in existence was mined individually starting with the genesis block reward. While it is possible to “burn” a coin by sending it to an account for which there is no access, there are no plans to reduce the number of coins in circulation by doing so. If any coins are “burned” by anyone, this could only be done by an individual “burning” personal coins that were acquired at market rate and in arm’s length transactions. The development team considered the number of coins in circulation and the lowest available denomination (referred to as a Planck) and determined that these amounts are ideal and will not constrain universal adoption if that is to be the future of Burstcoin.
How can I submit an idea for Burstcoin?
Great ideas are always welcome! Please submit your idea to the development team on Burst’s discord channel located here: https://discordapp.com/invite/RPhpjVv. Post in #technical-discussion, #marketing, #general, or other section as applicable. Please understand that the Burstcoin community extends across every time zone, so not all community members are available at all times. If your idea has merit, you will likely be contacted by a more senior member of the community or the development team for more information. Many ideas that may be new to you will have already been discussed by the community. Some have been thoroughly evaluated and Burstcoin has moved permanently in a different direction.
Wallet and Software Questions
Which local, online, or mobile wallet should I use?
Phoenix is recommended unless running a full node. For running a full node, the BRS wallet is required. The BurstPay Mobile Wallet is an excellent choice. See the Burstcoin Software Libaray for full details on selecting a wallet.
What should I do if my wallet will not start?
Click on settings, Java, verify that “portable java” has been selected. Did this solve the problem?
If you have just upgraded your wallet to a new version, close the wallet completely, reopen, and restart. Did this solve the problem?
If your wallet is using the H2 database, you can likely resolve this issue by changing the database type to portable MariaDB. Select ‘Database’, ‘change database’, ‘portable MariaDB’, and click ‘Next’. This will require a re-synchronization of the blockchain from the genesis block and may take a significant amount of time. (See FAQ 10)
How can I set up a node?
All Burstcoin wallets operate as public nodes by default while open. It may be necessary to open port 8123 on your internet router in order for your wallet to function as such. Running a public node continuously (24/7) is one of the most important and easiest ways you can contribute to the burst community. You can verify that your public node is operating as follows:
Click on the following link:
In your browser, replace the “X”s with your external IP address and then refresh the link. (If you do not know your IP address, type “what is my IP address” into google). The results will inform you of your public node status. If your public node is not recognized after a period of time, it may be that your 8123 is closed. An easy way to check this is to visit https://canyouseeme.org/. Opening port 8123 may require access to your internet router’s settings. As each router may be different, you can check for advice on one of the forums or contact your ISP (internet service provider) for assistance. A common username for many routers is “admin” with a password of “admin”.
How do I change the database from H2 to Maria DB?
- Select “Database” from the wallet’s top menu and select “Change Database”.
- Select the radio button next to “Portable MariaDB” and Click “Next”.
- Click “Yes” when asked if you want to download and install MariaDB.
- After installation is complete, select “Database” from the top menu and verify that “No Copy” is selected.
- Click “Save and close”.
When will there be an IOS wallet?
An IOS wallet has been developed. However, Apple has not yet approved it for distribution through the Apple store. Apple does not readily approve cryptocurrency applications.
My wallet starts but will not completely synchronize?
This is a new answer and is not fully vetted. If you are syncing the wallet for the first time, there may have been a drop in your connection. Restart the wallet. If the wallet appears to be syncing from an earlier time, wait for a few minutes and restart the wallet again. If the wallet does not appear to be back on track, click on “wallet”, click on “Rollback chain (Popoff), select a number of blocks (use the recommended amount), and click “rollback”. Did this resolve the issue?
Why does my balance appear to be incorrect?
Synchronization with the blockchain occurs each time a wallet is opened. Until synchronization is complete, older balances will be displayed. If, after synchronization has completed, the balance still appears to be incorrect, check that you have entered the correct passphrase into the correct account. If you have copied and pasted your passphrase, verify that you have not inadvertently copied an extra space before or after the passphrase. At this point, any difference between the displayed balance and the perceived correct balance should be reconcilable by reviewing recent transactions.
Will Burstcoin be listed on an exchange?
Exchanges will occasionally list a coin upon client request. Some exchanges require a listing fee. Currently, larger exchanges are changing the way they consider applications and at least one major exchange will be donating the exchange listings fees that they collect to charity. You can make a request for Burstcoin to be listed on your favorite exchange by contacting them and providing details such as the information found in the exchanges section on the front page of Burstcoin.community.
When will value of Burstcoin increase?
Burstcoin development is focused on refining its fundamentally sound and unique technology rather than short term gains. It is anticipated that exchange rates will increase when the value of its underlying technology is more fully recognized. With this recognition will come greater adoption, and with greater adoption will come increasing exchange rates. Much attention is given to the environmental disaster that accompanies the PoW (proof of work) consensus algorithm that is the darling of Bitcoin and so many altcoins. Because Burstcoin was the first (and currently only) cryptocurrency in existence that has adopted the environmentally friendly PoC (proof of capacity) consensus algorithm, greater awareness and appreciation of this distinction will almost certainly lead to increasing exchange rates over time.
General Mining Questions
Difference between ‘solo’ and ‘pool’ mining?
With “solo” mining your software submits mining results (deadlines) in direct competition for the lowest deadline value against all other “solo” and “pool” miners. With this setup, you receive the entire block reward. However, the rewards can be infrequent depending on the cumulative size of your plot files. With “pool” mining, you join forces with other miners and share block rewards earned by the pool. With “pool” mining you can expect smaller payouts per block but will receive these payouts more frequently. Each pool divides rewards differently so you will want to evaluate each pool’s reward distribution method to find one that is right for your mining setup.
A pool generally has two numbers that denote the pay-out method in the format ‘XX-XX’. The first number is the percent of the block reward that is paid to the miner submitting the winning deadline on behalf of the pool. The second is the percentage shared with other members of the pool. It is a common misconception that 0 – 100 pools are intended for miners with up to 100 terabyte capacity. This is not the case, 0 – 100 signifies that all of the miners share all of the block rewards.
Do I have to leave my wallet open to continue mining?
No, if you are using Blago’s miner, once you have started mining, the miner is independent of your wallet. You can exit your wallet, or leave it running as desired. Other mining software should operate in this same way. If you are running a node, the related wallet must remain open.
CPU mining Burstcoin while GPU mining other coins?
Can I game while mining Burstcoin?
Some people have done so, but depending on the number of drives that you have in operation and how resource intensive your gaming is, you may experience degradation of performance at some point. With this level of resources at your disposal, you will likely have to experiment to see what works.
What is a ‘plot’?
A plot is a file that contains the pre-computed hashes that are used to mine Burstcoin. A plot is tied to an account, but they can be created (with the same account ID) on other machines and transferred back to your mining computer. It is a common strategy to plot hard drives using computers with faster CPUs or GPUs and then mine the disks using computers with slower CPUs.
Why do overlapping plots matter?
Having overlapping plots means that a portion of your drive has duplicate plot files. Plot your drives carefully to avoid this overlap. If you find that you have overlapping plot files and can identify them, it is best to re-plot these sections to assure the best possible utilization of your available hard drive space. Overlap in your plot files will not cause a malfunction, but it will waste space that would otherwise be productive.
When will the last coin be mined?
Block rewards (although diminishing over time) will continue into 2026 when it is anticipated that the last coin will be mined. Transaction fees will continually increase during this time due to the expanding number of transactions that will be processed on the burst network. Mining profitability will slowly transition from being primarily based on block rewards to primarily based on transaction fees over this same period.
How profitable is mining Burst?
Many people mine Burstcoin as a service to the community without regard to profitability, just as they might run a 24/7 public node. All of these activities contribute to the stability and continued decentralization of Burstcoin. Burstcoin mining is incredibly inexpensive and can also be profitable, especially considering the potential for upward price movement in the future. It is quite fun and provides a sense of accomplishment when you get your mining operation working just so.
The following calculator gives you an average expected earnings over time: (assumes 100% uptime, average luck, no overlapping plot files, a good scan time, etc.)
Wallet not reflecting any earnings from mining?
If you are mining solo, you may not have successfully forged a block. If your plot size is relatively small, you will have better luck mining with a pool. If you are already mining with a pool, check the pools distribution requirements. Because mining payments are subject to transaction fees, most pools require you to accumulate a certain amount of Burstcoin before they make a payout. Some pools make their payouts on a set schedule as well so your reward may not be payable yet. If you have only been mining for a short time, but long enough to have received a payment, it may be that you have entered an incorrect value in your reward recipient setting.
How do I see what I have pending?
Become familiar with your pools user interfaces. For most, you can look for your Burstcoin account ID and the information that you need will be presented in a grid format. Many have a pending column which will show that amount that has been earned but not yet paid. Review your pool’s documentation or contact their support if necessary.
Where can I find additional mining information?
Why are my read times so slow?
There are many reasons for this. If your computer is relatively modern, it may have both USB2 and USB3 hubs. The USB3 hub will provide better performance. For more advanced mining information, such as building mining rigs, visit the mining subreddit. You will likely find more detailed information than can be provided in a simple FAQ. The mining subreddit is located here:
Effective and actual plot size is different?
Effective capacity is calculated from the frequency and quality of your submitted deadlines. If you have only been mining for a few hours, it will take some additional time for your actual capacity to be realized. Your effective capacity on a pool will fluctuate (typically plus or minus 5% but sometimes up to 10%). Setting a maximum reported deadline on some pools will lead to a better calculation of your effective capacity. Revisit this setting periodically for best results.
If you have overlapping plots, your effective capacity will be lower than expected.
Corrupt plots when GPU plotting Burst?
It is recommended that you dedicate your GPU solely to the task of plotting while plotting. I you attempt to mine other coins with our GPU simultaneously, the plot files that you create ma be corrupt. Plotting is by design a temporary activity. You should probably suspend mining other coins until the task of plotting is complete.
Mining Hardware Questions
If I use SSDs (solid state drives) would I earn more?
No. Because mining success is based approximately on 95% plot file capacity and only 5% related to the time it takes to read the plot files, and because SSDs are currently so much more expensive than regular drives, it is far more profitable to invest in regular drives with a lower price per terabyte. A popular starting point is an external 8 Terabyte drive from Western Digital or Seagate. The difference in price between these drives and a more expensive SSD would be better invested in buying Burstcoin directly from one of the exchanges.
Is any particular model of hard drive preferred?
When given a choice between hard drives of the same capacity, the cheapest is usually best. Divide the cost by the number of terabytes to establish the cost per terabyte and go with the lower cost per terabyte option, assuming they are both covered by comparable warranties. 8 terabyte drives are currently the best value among the readily available consumer hard drives, but price differences do exist between different manufacturers. Remember, you can start by using a portion of your existing computer’s hard drive and add external drives later.
What is a good source for hard drives?
eBay is a good source for previously owned drives, drives in job lots, and refurbished drives with short or no warranties. Amazon, Best Buy, Frys Electronics, and Micro Center are popular options for new drives depending on your geographic location. Any retail establishment that stocks hard drives is a good option if the price in competitive.
Can I mine on Google drive or cloud-based storage?
Maybe yes, but probably no. It may depend on your service level agreement. You may find yourself blocked for various reasons. This space changes from time to time so do research and report back if you find success. Some cloud-based services have terms and conditions that specifically disallow cryptocurrency mining.
What hardware is recommended?
It depends on many variables. Burstcoin can be mined on consumer grade computers, even those that are several years old. It is likely than any mining configuration undertaken today will eventually be profitable as the value of Burstoin rises with further development, marketing, and wide-scale adoption. If you want to build a Burstcoin mining rig with capabilities beyond a basic system supporting the network and earning a few coins, you can get the latest recommendations from one of the community forums such as the Burstcoin mining subreddit located here:
Why do some drives take longer to plot?
SMR drives take a particularly long time to plot. If using an SMR drive, start by plotting onto an SSD and then move the plots to the SMR. This will make the process much faster. Plotting software with the capability to do this automatically has been developed and can be found here:
Can I mine on NAS (network attached storage)?
Technically yes, however, mileage may vary. Mining with NAS is generally slower as it is dependent on network speed between the NAS and the scanning computer. With a plot size over 8 – 16 terabytes, the network speed might become an issue.
Can I mine on multiple machines with one account?
Yes, but be prepared for small issues such as your effective plot size being misreported. Be sure that you do not have overlapping plot files.
Mining Software Questions
What mining software should I use?
Scavenger is recommended. Please see visit the Burstcoin Software Libraray for the full collection of mining software.
Submit an FAQ
To submit an FAQ, use the contribution form below.