Frequently Asked Questions

General

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. The hash functions that secure its 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?

A list of exchanges is maintained on the main page of burstcoin.community.  One option for individuals in the United States is to purchase Bitcoin at Coinbase, transfer it to Bittrex, and convert it to Burstcoin using a market order.  Another option is to buy Bitcoin at Bittrex and then convert it to Burstcoin with a market order.

When was Burstcoin created?

August 14th, 2014

What is the minimum transaction fee?

Minimum transaction fees are slot-based with pricing tiers that include budget, 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?

2,158,812,800

Where can I find the numeric id for my account?

The numeric ID is found by clicking on „More Information“ under the account balance in the BRS software and by clicking on „Account Information“ under the QR code in Phoenix (upper left corner.)

Is documentation available in other languages?

Yes, documentation is currently available in French, Portuguese, Spanish, German, and Simplified Chinese.  Use the language switcher in the main menu bar.  Note:  Translations are machine-based and may not have been reviewed.  Please notify us if you notice an issue that needs to be corrected.

Security

Transfer coins to and from Bittrex?

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.

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 additional words in another 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 security section.

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 account. 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.

Where should I store my Burstcoin?

Your storage method is a personal choice to make with security in mind as there are benefits to each storage method, depending on your circumstances. If you are not confident 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 that is text messaged to you when you log in or before making a transfer. Two-factor authentication protects your coins if your exchange password is ever compromised. Local wallets are preferred if your computer is secure. If you decide to use an online wallet, the reputation of the provider is essential. You might maintain most of your holdings in a local wallet for cold storage, a few coins on an exchange for trading, and a small amount in an online wallet for convenience.  There is no limit on the number of wallets you can maintain.

Roadmap

Does Burstcoin have a roadmap?

Yes, the roadmap is located in the development section.

How can I submit an idea for Burstcoin?

Ideas are always welcome.  Submit your ideas to the development team on Burstcoin’s discord channel located at https://discord.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.  The community may have already discussed an idea that is new to you and moved permanently in a different direction.  Regardless, the Burstcoin community is happy to discuss your ideas.  You will find a friendly group willing to share their experience and understanding regarding the project with you.

Will the Development team burn any coins?

No. Burstcoin was not introduced with an ICO (initial coin offering), so there are no 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” coins by sending them 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.

Community / Organization

How can I follow development progress?

Subscribe to The Burstcoin.ist, 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.”  The development section of this website contains a roadmap and snapshot of current development activities.

Does Burstcoin partner with businesses?

Burstcoin is a currency with a robust platform that is attractive to many businesses for various use cases. In the sense that Burstcoin is a currency, it cannot have partners. In the sense that Burstcoin is a platform with a public blockchain, the Burstcoin community, through its current leadership team, seeks to maximize Burstcoin’s value to businesses and 3rd parties in the same way that it does for individuals. There will be joint development processes in place to assist companies in implementing solutions on the Burstcoin blockchain from time to time.  In this context, the word “partnership” is proper 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.  Learn to assist others who have the same type of questions related to Burstcoin that you do.

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.

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’s 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 advantage, 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.

Wallets / Software

Which local, online, or mobile wallet should I use?

Phoenix is recommended.  For running a full node, the BRS software is required.  Phoenix and BRS can be used together with Phoenix acting as a full node wallet by access the local copy of the blockchain provided by BRS.  The BurstPay Mobile Wallet is another excellent choice.  See the „Getting Started Guide“ and the Burstcoin Software Libaray for full details on selecting a wallet.

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 Burstcoin community. You can verify that your public node is operating as follows:  For full instructions, access the user guide for BRS software in the Burstcoin Software Library.

My wallet starts but will not completely synchronize?

There may have been a drop in your connection, so you should try to restart the wallet.  Occasionally a wallet will become stuck at a certain point in synchronizing.  Click on the option for „popping off blocks“ so that your wallet can attempt to sync from an earlier time.  If this does not resolve the issue, ask for assistance on the Burstcoin Discord channel.

Why does my balance appear to be incorrect?

Synchronization with the blockchain occurs each time a wallet is opened.  The balance displayed will update when the latest information from the blockchain is received.  If synchronization is complete, any difference between the perceived balance and the displayed balance should be reconcilable by reviewing your recent transactions.

Exchanges

Will Burstcoin be listed on a particular exchange?

Exchanges will occasionally list a coin upon client request, but most require a listing fee.  The development team carefully considers which exchanges are beneficial. It considers geographic region, volume on existing exchanges, and other criteria to assure that the funds donated by the community for this purpose of put to the highest and best use.

When will value of Burstcoin increase?

The focus of the Burstcoin development team is to refine Burstcoin’s fundamentally sound and unique technology rather than short-term gains.  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. Because Burstcoin was the first cryptocurrency in existence to adopt the environmentally friendly proof-of-capacity (PoC) consensus algorithm, greater awareness and appreciation of this distinction will almost certainly lead to increasing exchange rates over time.

Mining

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 full 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 paid to the miner that submits 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 terabytes of capacity.   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?

If you are using your own node, the node software must be running.  However, you do not need to have the wallet interface open.  If you are pool mining, you do not need to have any software running except for your mining software.

Can I mine other coins while mining Burstcoin?

Yes, Burstcoin mining software is like most other programs.  It runs well in the background.  You will have little indication that it is operating except for the periodic spinning up of your hard drives.

Can I game while mining Burstcoin?

Generally yes, 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.  For most people, the mining operation has no effect on gaming.  Some games might cause degradation in performance, but at that point, the gaming would most likely have overpowered your computer’s resources on its own.  Mining Burstcoin generally requires a negligible amount of computer resources.

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 can be created (with the same account ID) on other machines and transferred back to your mining computer. It is common to plot hard drives using computers with faster CPUs or GPUs and then mine the disks using computers with slower CPUs.  A technical explanation for the process of generating plot files is found in the mining section.

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?

Diminishing block rewards (although diminishing over time) will continue into 2026 when the block reward reaches a minimum of 100 per block.  The block reward per block will remain at 100 thereafter.  Transaction fees will continually increase during this time due to the expanding number of transactions processed.  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 Burstcoin?

Many people mine Burstcoin as a service to the community without considering 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 also quite fun and provides a sense of accomplishment as you learn about cryptocurrency and set up your mining operation.

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 pool’s distribution requirements. Because mining payments are subject to transaction fees, most pools require you to accumulate a certain amount of Burstcoin before making a payout. Some pools make their payouts on a set schedule, so your reward may not yet be payable.  Check your pool’s website to see if you have an accumulating balance.

How do I see what I have pending?

Become familiar with your pool’s user interface. For most, you can find the information that you need by locating your account ID in the list of your fellow miners.  Many have a pending column that shows the 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?

Find additional resources at the following locations:

  • Mining Section:  Select „Mining“ from the top menu on the front page of Burstcoin.community

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 #pool-help section on Burstcoin Discord.

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 additional time for your actual capacity to be realized.  Your effective capacity on a pool will fluctuate (typically plus or minus 5 percent).  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 plotting with a GPU that is also mining other coins?

It is recommended that you dedicate your GPU solely to the task of plotting until plotting is complete.  If you attempt to mine other coins with your GPU simultaneously, the plot files you created may be corrupt.  Plotting is, by design, a temporary activity.

What mining software should I use?

For stand-alone mining software, Scavenger is recommended.  For an all-in-one solution, BTDEX is recommended.  These programs are found in the Burstcoin Software Library.    

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, 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 is competitive.

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 an exchange.

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 price 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 exist between manufacturers. Remember, you can use a portion of your existing computer’s hard drive and add external drives later.

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.  Any mining configuration undertaken today will likely be profitable eventually as the value of Burstcoin 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 recommendations from the community on Burstcoin Discord.

Why do some drives take longer to plot?

SMR drives take an exceptionally long time to plot. If using an SMR drive, start by plotting to an SSD and then move the plot files to the SMR.  This will make the process faster.  Plotting software that can manage this process automatically has been developed.  It can be found here:

Turboplotter9000: https://blackpawn.com/tp/

If you do not have an SSD for this purpose, then Scavenger or BTDEX is recommended.

Can I mine on NAS (network attached storage)?

Technically yes, however, the results 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 issues such as your effective plot size being misreported. Be sure that you do not have overlapping plot files.

2 + 8 =

To contact the development team or request assistance with anything related to this project, please contact us on the Burstcoin Discord channel.