Bitcoin Interest Fork is all set to join the list of ever-increasing Bitcoin forks. The past few months have been all about forks, with three forks taking place in December itself. Following the Bitcoin Gold, Bitcoin Diamond, Super Bitcoin and Segwit2x Forks, it is now time for Bitcoin Interest fork to take place on the 22nd of January next year.
The community behind the Bitcoin Interest fork has planned to keep the core functioning similar to Bitcoin. They do not intend to alter the block size and that will remain at 1 MB. However, the mining algorithm is changing from SHA-256 to Equihash. This change will make ASIC mining not possible – thereby promoting mining via GPUs.
Block creation time for Bitcoin Interest remains at 10 minutes while the coin limit too, remains the same at 21 Million. The biggest attraction that this fork brings in is that it will pay you interest for holding coins. Investors will be able to park their Bitcoin Interest cryptocurrency. Exchanges such as HitBTC have already started to extend support for the Bitcoin Interest fork.
Regular Bitcoin blocks have only one reward – the entire of which goes to miners. However, the Bitcoin Interest blocks will have two sorts of rewards: one for the miners, the other for those who have parked their coins. Users would be able to set for how long they want to park their coins. Coins can be parked on a weekly or a monthly basis.
While forks have become frequent, their impact has been on a decline. The biggest impact that a fork ever had was that of the Bitcoin Cash, which occurred in August 2017 and has since boomed. Bitcoin Gold too, is seeing little movement in the markets while other coins are yet to gain any momentum at all. With this Bitcoin Interest fork, however, there’s hope that the interest will lure users towards the technology. Mark your calendars for the 22nd of January!