What is Bitcoin Interest?

Bitcoin Interest is a bitcoin fork that took place on block 505083 in January 2018 and is being worked on by talented developers from different countries (United States of America, Russia, Finland, Germany, Dominican Republic, Mexico, etc.).

We are not competing with the original Bitcoin, we are creating a new technology that will help support the development of the entire ecosystem.

Bitcoin Interest acts as a kind of savings account, paying users a percentage of the coins assigned to them on a weekly / monthly / quarterly / annual basis. The size of payments depends on the number of coins fixed by the user and other users.

Each time a miner decides a block on the Bitcoin Interest network, he receives 13.5 BCI coins, while an additional 3.24 BCI is generated from the block, which is sent to the “interest pool”. After the completion of the weekly / monthly / quarterly / yearly interest rate round, the “interest pool” is evenly distributed among all users participating in the current round.

BCI is a cryptocurrency with Bitcoin fundamentals on the ProgPow algorithm, mined on common GPUs instead of specialty ASICs.

ASICs tend to monopolize mining to a few big players, but GPU mining means anyone can mine again – restoring decentralization and independence. GPU mining rewards go to individuals worldwide, instead of mostly to ASIC warehouse owners, recreating network effects that Bitcoin used to have.

What exchanges currently support Bitcoin Interest?

Please see our Exchanges page

Does Bitcoin Interest have replay protection?

How can I help with development of BCI?

How do I mine BCI?

This is the official BCI mining pool, built and ran by BCI developers:

https://pool.bitcoininterest.io/workers

How do I stake BCI and earn Interest?

You only need to create an account at my.bitcoininterest.io and then go to the dashboard -> Add Address -> Enter Amount, Period and Nickname and click save.

It is as simple as that.

How long do I have to stake my BCI?

For monthly staking you have the 1st through the end of the 3rd of every month.

Example: Jan. 1 – 3

For weekly staking you have the first 24 hours of the start day.

Example: Jan. 1 (round 1), 8 (round 2), 15 (round 3), 22 (round 4)

Quarterly and Yearly pools.  There are no set times for these pools like weekly and monthly. You can stake at anytime and will be rewarded for how long you stake. So if you choose to stake 1 day before a quarter ends then it would be a smaller reward then someone who staked 30 days before you.

These are longer staking periods where everyone can participate.
Quarterly is 90 days long and is 4 times per year. The users are competing for 8000 bci on each period.
Q1 2019 — January 1, 2019 to March 31, 2019

Q2 2019 — April 1, 2019 to June 30, 2019

Q3 2019 — July 1, 2019 to September 30, 2019

Q4 2019 — October 1, 2019 to December 31, 2019

Payments go out at the end of each quarter.

Yearly is the whole year and you can stake any day. The period ends December 31 of each year.

Can I stake the same address in both Monthly and Weekly?

No. Addresses are unique to only one period at a time.

When are Quarterly Periods?

Q1 2019 — January 1, 2019 to March 31, 2019

Q2 2019 — April 1, 2019 to June 30, 2019

Q3 2019 — July 1, 2019 to September 30, 2019

Q4 2019 — October 1, 2019 to December 31, 2019

Payments go out at the end of each quarter.

When Can I Stake for Quarterly and Yearly

There are no set times for these pools like weekly and monthly. You can stake at anytime and will be rewarded for how long you stake. So if you choose to stake 1 day before a quarter ends then it would be a smaller reward then someone who staked 30 days before you.

What happens if I miss the staking period?

If you miss the monthly staking period (1st – 3rd) then you have till the 10th to stake for a 33% penalty on your stake amount.

Example: Jan 4-10 for -33%. For example if you put in 100 BCI during this time it will only really count for around ~77 BCI after late penalty.

For weekly you will have to wait till next round starts.

When do payments go out?

For monthly payments happen at a random time on the last day of the month.

For weekly payments happen at a random time on the last day of the period, or the Day 0.

Why random time?This is done because no funds are kept on the server. They are stored offline and only sent when the random payment time is set. This is for security purposes as we don’t want to have a large amount of BCI sitting out there.

Where does the interest come from?

The interest comes from our interest pool. BCI is fed into that from mining. We split the block rewards and have a small portion, roughly 8%, go to the interest pool to pay out interest.

How does the calculator work?

The calculator works by taking the current amount of interest staked and running a simple equation to determine what you could make at that point in time.

Keep in mind the weekly amounts change, but the monthly one should remain fairly accuaretly with some change due to the 10 day staking period.

Can I change my staked amount at any time?

You can only change during the allowed days of each cycle. See above for cycle periods.

Should you change out of a cycle grace period you will not get interest for that cycle.

My address says it is no longer eligible. Why?

This can happen for 2 reasons.

1. You address no longer has the claimed amount in it.

2. You made a change outside of the staking period. That includes even changing the name.

How do I correct an address that is no longer eligible?

You will need to delete this address and re-add it back in and make sure you have the correct amount.

Do I have to send BCI to anyone, or anywhere?

No. No one from Bitcoin Interest, or our platform will ever ask you to send funds anywhere. The main asset of BCI is that you can stake your coins from whatever wallet you want. You control your coins and can do with them as you please.

Is this like Bitconnect or other lending platforms?

No. Bitcoin Interest does not require you to send anything to us to use our service.

We are a decentralized interst platform where all funds being used to pay people can be tracked and monitored.

All our source is completely open and can be found on our github.

Is Bitcoin Interest POW or POS?

This is something that confuses people. We are at our core PoW, but we have a staking feature that leads people to believe we are PoS. At the very least we can be considered a PoW/PoS hybrid.

Can I move my coins at any time?

Absolutely. You never send anything to us so you are free to do with them as you please. Just remember moving coins before a round is over will cause you to lose a chance at interest that round.

How do you know if funds are moved?

We have multiple wallet account balance databases that are all triple checked against one another to prevent fraud. From there they are checked every 2 minutes to verify all funds still exist with each new block that is incoming.

Does my staking automatically carry over to next round?

Yes and if you want to add more coins to next round be sure to only do on approved dates (see above).

Am I guaranteed a certain percentage or certain amount of BCI every round?

No. Because this is competitive and interest earned is based on your power in the round, if you stake too little you may not receive anything.

What are the rules and FAQs of the Referral Program?

⦁ You must have at least 1 eligible staking account at all times, no minimum however.

⦁ The users underneath you must have at least 1 eligible account for you to get a percentage of the staking amount.

⦁ You will get a percentage from ALL, up to tier 5, eligible staking accounts underneath you.

⦁ There are 5 tiers of referrals. Tier 1 – 10%, Tier 2 – 5%, Tier 3 – 5%, Tier 4 – 3%, and Tier 5 – 2%.

⦁ You’ll earn 10% of what your direct referrals (tier 1) stake, 5% from tier 2 and 3 referrals, 3% from tier 4 and 2% from tier 5

⦁ The percentages are added to your specified staking account.

⦁ All staked amounts you have will get this bonus.

⦁ If a user below you loses their eligibility then that referral bonus will not be counted for you.

⦁ There are no limits in any of the tiers of referrals. Thats right, unlimited power.

⦁ You only get BCI added to staked amounts. BCI is not paid directly, however, if you have a larger staked amount, then in turn your chances to receive more interest in increased, but there are no guarantees since the staked volume changes over time.

⦁ Once you reach over 100 direct referrals you no longer need to have a staked account. You will automatically have a staked account and be considered “Gold Status”. This means you can earn BCI without having to stake any of your own.

⦁ Should you fall below 100 you will go back to needing a staked amount.

⦁ An “eligible referral” is defined as a user who used your referral link to sign up and has at least 1 eligible staked address on their account.

⦁ At 1000 referrals you get 20% added to a staking address of your choice and be considered “Diamon Status”

⦁ Should it be determined that your account is in violation of referral rules you will lose eligibility for referral and a possible account ban.

⦁ There are no guarantees that referrals will increase your profits/ROI.

Examples of the Referral Program

Example 1:

Person A – has 5 direct referrals and staked 100 BCI.

Person B, C, D, E, F each have 100 BCI staked. Person A gets 10% from each giving him an extra 10 BCI from each totaling 50 extra BCI.

Person A now has 150 BCI staked.

Example 2:

Person A has 1 Referral and staked 100 BCI.

Person B (referral of A) has 3 Referrals and staked for 10 BCI.

Person C, D, E (referrals of B) each staked 20 BCI.

Person A gets 10% from B = 1 BCI, and Person A gets 5% from C, D, E = 1 BCI Each. Person A has 104 BCI staked now.

Equinox, also known as “Version 2”, is the name for the first major update to the Bitcoin Interest Core Wallet and platform. Below I will address the changes that will be happening and what it means for you as a coin holder

We believe that time has no relation to performance and we feel improving our product is the best approach to better serving our community. We have completed two major updates that resulted in a hard fork once the ProgPoW research has been completed.

  1. Changing from Equihash to ProgPoW We are changing the algorithm of Bitcoin Interest to combat the new Equihash ASICs. Though nothing is truly ASIC resistance, we feel this algorithm offers a perfect long-term solution to secure our chain for years to come and to always give GPU’s a chance against ASICs.
  2. Interest is getting better Segregated pools are here! User’s will now be separated into different pools depending on the amount of BCI coins they are participating with. This new setup stops whales from dominating the interest pool and promotes a fair opportunity for everyone. We are also adding new staking schedules and a brand-new feature called ‘Staking insurance’.
  3. Halving is a thing of the past The Bitcoin Interest mining reward for solving a block will no longer be halved from 12.5 BCI coins down to 6.25 coins in the next two years. Users can expect mining rewards to stay the same for the next 5.5 years! Near the end of this time we will implement one of the many solutions to keep mining profitable and alive, or should a new technology emerge we will explore any new options our community may ask of us.
  4. Masternodes (Possibly V3) Masternodes are on our list of things to add to help with transaction and create a more secure network.
  5. Proof of Ownership Exactly what it says. Addresses will now be validated before staking, however, this process will be free and only requires the signing of messages
  6. Smaller Blockchain The current size of the blockchain is around 180GB and this makes it difficult for the average user to use the Bitcoin Interest wallet. To make it easier on these users, we will be resetting the chain back to block 1. Note: Users can still use their BTC private key to claim the BTC 1:1 BCI fork coins.

Information taken from: https://github.com/ifdefelse/ProgPOW

ProgPoW is a proof-of-work algorithm designed to close the efficency gap available to specialized ASICs. It utilizes almost all parts of commodity hardware (GPUs), and comes pre-tuned for the most common hardware utilized in the Ethereum network.

Ever since the first bitcoin mining ASIC was released, many new Proof of Work algorithms have been created with the intention of being “ASIC-resistant”. The goal of “ASIC-resistance” is to resist the centralization of PoW mining power such that these coins couldn’t be so easily manipulated by a few players.

This document presents an overview of the algorithm and examines what it means to be “ASIC-resistant.” Next, we compare existing PoW designs by analyzing how each algorithm executes in hardware. Finally, we present the detailed implementation by walking through the code.

The design goal of ProgPoW is to have the algorithm’s requirements match what is available on commodity GPUs: If the algorithm were to be implemented on a custom ASIC there should be little opportunity for efficiency gains compared to a commodity GPU.

The main elements of the algorithm are:

  • Changes keccak_f1600 (with 64-bit words) to keccak_f800 (with 32-bit words) to reduce impact on total power.
  • Increases mix state.
  • Adds a random sequence of math in the main loop.
  • Adds reads from a small, low-latency cache that supports random addresses.
  • Increases the DRAM read from 128 bytes to 256 bytes

While a custom ASIC to implement this algorithm is still possible, the efficiency gains available are minimal. The majority of of a commodity GPU is required to support the above elements. The only optimizations available are: *Remove the graphics pipeline (displays, geometry engines, texturing, etc) *Remove floating point math

These would result in minimal, roughly 1.1-1.2x, efficiency gains. This is much less than the 2x for Ethash or 50x for Cryptonight.

Why did we choose ProgPoW?

ProgPoW offers some great benefits and helps combat ASICs. The OhGodACompany has been in close contact with us and we feel this will be a great partnership with them alongside us.

Have you started implementing this algo yet?

As of now we are in the research phase and determining the best way to approach the change. This will be a complex task and will require a good amount of though long before we begin programming.