Fuelcoin is currently going through significant changes. One of the most important items that’s being looked at right now is the current warning that it will be removed from its preferred exchange Bittrex. Bittrex is NOT the only exchange available and if removed Fuel will indeed move to another. However we have a long term and very good working relationship with Bittrex and prefer to maintain it. The message the market is showing is rather misleading. “Being removed for lack of user interest” couldn’t be further from the truth. In Jan 2017 Bittrex changed its minimum requirement for hosting from .2 BTC average daily volume to .5 BTC / day. This poses a small problem for fuel and its users and holders. One would think that low volume is a bad sign. Quite the opposite. If no one is willing to sell? Then that actually a good thing. This shows that most who hold fuel believe it is in a good long term position to sustain its vale and grow. Long term. Unlike so many other coins, who rely on a lot of new attention that dissolve right along with the weakening of the launch hype created? Fuelcoin is on a LONG TERM plan. So low trading volume is actually a good sign people love their Fuel!
Fuelcoin was the first coin that crossed the threshold of being fully distributed. This took several years. Price volatility was an issue mainly due to new coins entering the market. However today? They ONLY way to get a Fuelcoin is to buy it from someone else on the open and public exchange. Why does this matter? Overhead can be a major problem for coins maintaining their value. Lets look at Bitcoin. While it IS breaking records and gaining mainstream adoption. It constantly has trouble maintaining its new price. The reason is the miners are still creating new Bitcoins. Currently at the rate of 12.5 every 10 min! These coins come at a cost too. The miners are forced to sell coins just to pay for the electricity and ever increasing hardware expenses to keep current enough to still mine blocks. This has a negative net result in excess of 38 MILLION dollars each and every month! (Based on a 1700.00 BTC) You can see the price spikes and the ensuing drops due to this large amount of money required to keep the network going. Good news is Bitcoin has been grabbing the attention of much more than that therefore the prices are still going up. I will add a quick side note. 38 million dollars a month is literally a drop in a very large bucket when dealing with the flow of money. So Bitcoin has a LONG way to go before it can even come close to maxing out its potential. Team Fuelcoin LOVES Bitcoin!
The developers of Fuelcoin did recognize a few flaws with Bitcoin though. The first is the constant need to inject money to miners to keep the network going. This will eventually become a major problem especially as the price of it increases. This is why Fuelcoin was 100 percent pre-mined. Meaning all the coins that are ever going to exist? Are here today. (With exception of the very small staking rewards. This will be discussed below). Why was this done? To mitigate the long term effects of perpetual down pressure on the price of the coin due to the expense of network upkeep. (Mining) Of course in the beginning Fuel was suffering the same problem. We had 100 million coins to distribute. That milestone was crossed in October 2016. So problem #1 is solved.
Next issue. Scale-ability. We are seeing the flaw in BTC TODAY! What happens if the network explodes with interest? The miners get back logged. It takes considerable time to bring hardware in and launch it to increase confirmations of transactions ( I am leaving out the part where Bitcoin can only handle so many in a block no matter how much hash power is applied) As of this writing Bitcoin is 140 THOUSAND transactions behind. Fuelcoin was developed using proof of stake technology and here’s WHY that important. Bitcoin relies on mining operations to confirm transactions. If a few new people a day choose to use Bitcoin the miners can easily keep up. With the explosive growth of Bitcoin interests there have been 10s of thousands using the coin overnight. That’s part of where the back log comes from. Fuelcoin on the other hand does not use mining to confirm transactions. Rather it shifts that process to the users. Meaning if the network suddenly gets 100 thousand people overnight using it? Its not going to slow down. It will increase in performance and processing capabilities as each new person gets a wallet.
Block times. Bitcoin processes 1 block every 10 minutes. Another reason the processing time is so back logged. Fuel is MUCH faster. With block times of 3 minutes? You will generally see a transaction within 3 seconds and fully confirmed and usable by the person you sent to in about 3 minutes. Today Bitcoin is taking as much as 48 hours to fully confirm transactions. Speed is everything if your sitting at a shop waiting to leave after paying for your coffee. As a shop owner? Sometimes having access to your fund to use immediately can make the difference between keeping the doors open or not. Waiting 12 to 48 hours is simply unacceptable.
Future development. Fuelcoin is very adaptable. The current code can be modified rather easily to implement things like Segwit as its needed. Hard forks are virtually impossible when your dealing hundreds of thousands of users and wallets. Look at the fiasco Bitcoin is facing today for this very reason.
Branding. Fuelcoin lends itself to a wide variety of marketing options and directions. Using tag lines such as “Fuel Your Dreams” Or ” Your Futures Fuel” are very easy to embrace. There are several coins on the market that are very good but difficult to remember. We believe this will be yet another long term decisions for our coin.
Mature. Fuelcoin has to date confirmed in excess of 1.6 million blocks. The platform is very stable. Stability of the blockchain can sometimes be the golden grail for developers and many struggle to generate a consensus. Due to the complete distribution of the Fuel this has not been a problem.
Fuelcoin is literally one of the best coins on the market today. A diamond in the rough so to speak. The future looks very bright for crypto in general and Fuelcoin is NO exception.
FUELCOIN IS LISTED ON CRYTOPIA