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Bitcoin Latinum AMA Don Basile

Bitcoin Latinum CEO DR. Donald Basile Featured on Sarson Funds “Ask Me Anything” Interview

On October 6th, CEO of Bitcoin Latinum Dr. Donald Basile was featured on an Ask-Me-Anything-style interview hosted by Sarson Funds Chief Marketing Officer, Jahon Jamali. Sarson Funds is a cryptocurrency and blockchain education and investment solutions provider based in Indianapolis, Indiana.

Dr. Basile and Jamali covered several topics through the course of the interview, from Bitcoin Latinum, its architecture and target audience, to its prioritization of energy efficiency through minimal energy consumption. 

In the interview, Dr. Basile spoke of the reasons for bringing Bitcoin Latinum to its target markets – media and entertainment, gaming, cloud computing, and telecommunications – stating that it comes down to speed and cost. Dr. Basile stated, “​​We look at an in-game transaction that might be around a dollar, coupled with network fees of around $10, $20, or even $100 dollars… additionally, current gaming blockchains might clear transactions between a few minutes to a few hours… it’s just impractical.” With Bitcoin Latinum, enhanced speeds, cheaper network fees, and secure network governance work together to make LTNM a dependable blockchain solution for its target audience.

Additionally, Dr. Basile discussed the decision to make Bitcoin Latinum an asset-backed cryptocurrency, claiming that “people wanted a transaction medium with something behind the cryptocurrency,” and that people need a nuanced cryptocurrency with an asset-backing alongside fast transaction speeds and low costs in order to promote universal adoption. Bitcoin Latinum fills people’s desires for a cryptocurrency with an asset-backing.

Basile also brought attention to global concerns surrounding the energy usage of Bitcoin, which influenced one of the core enhancements that Bitcoin Latinum brings to the Bitcoin source code, the implementation of Proof of Stake transaction validation and block creation. Dr. Basile noted on Bitcoin Latinum’s green initiative, “​​We went ahead and implemented Proof-of-Stake above Proof-of-Work, allowing us to use very little power. We’re part of the Crypto Climate Accord to bring a zero carbon footprint… As crypto becomes broadly used we don’t want to be consuming cities and cities worth of power to go ahead and do transactions.” We believe that Bitcoin Latinum’s quest to model a more sustainable future for blockchain technology and cryptocurrencies is redefining the global outlook on cryptocurrency energy usage and the future of the ecosystem.

We are excited to witness and take part in the growing exposure that Bitcoin Latinum is seeing across various media outlets, and are thrilled to continue sharing our story as we seek to lead the corporate blockchain landscape.

Bitcoin Latinum Seeks to Lead Corporate Crypto Adoption

Bitcoin Latinum Vs. Crypto Leaders: The Race For Corporate Adoption

Bitcoin Latinum is a Bitcoin hard fork that enhances several technological features of the Bitcoin blockchain, making it more scalable, faster, cheaper, and more sustainable than most major cryptocurrencies and Bitcoin forks. Latinum achieves these next-generation improvements through implementing larger block sizes and a pre-mined token supply, which helps save energy, lowering LTNM block times and transaction costs. To analyze Latinum’s functionality next to Bitcoin, BTC forks, and other leading tokens, let’s examine Bitcoin, Bitcoin Cash, and Ethereum.

Bitcoin is the world’s first cryptocurrency and has no active development team to upgrade any current features of the blockchain. Thus, Bitcoin’s first-generation technology limits large scale adoptability because there are no active improvements being made to the blockchain. As the crypto ecosystem develops, problems with the world’s first cryptocurrency are becoming more transparent as the world determines how to utilize Bitcoin’s groundbreaking technology at scale. The Bitcoin blockchain validates around three transactions per second, and due to the volume of transactions on the network, Bitcoin’s limiting transaction volume causes the average transaction cost to fluctuate heavily. For corporate utility, Bitcoin is not a feasible solution for crypto adoption, as lag times and the fees associated with each transaction are very unpredictable. This is partially due to Bitcoin’s 1 mb block size, which limits the amount of transactions that can be stored in a single block to 1 mb of transaction data. This small block size is paired with a near 10 minute block time, which makes the block generation process further incompatible with the growing demand for transactions on the network.

Next, Bitcoin Cash is a Bitcoin hard fork that aims to provide a better alternative for bitcoin scalability. Bitcoin Cash achieves this by integrating a 32 mb block size, which allows for significantly faster transaction validation, enabling the efficient processing of high transaction speeds at reliably low costs. As seen in the chart above, Bitcoin Cash can process around 116 transactions per second (TPS) at an average cost of $0.01. While Bitcoin Cash achieves larger transaction validation speeds than Bitcoin, it still pales in comparison to the credit card TPS speeds, which realistically process around 1,700 transactions per second (although 24,000 TPS is claimed). As digital consumer networks grow, blockchains must be superior than the most widely-used transaction services to date if they want to capture consumer market dominance. Thus, Bitcoin Latinum achieves a TPS of 10,000+ transactions per second to support the incoming wave of corporate demand for crypto, at an equally as reliable transaction cost due to the pre-mining feature of the network. Comparing Bitcoin Latinum to Bitcoin Cash, Latinum incorporates higher TPS volumes, a third of the block time, and equally as stable transaction costs, making Bitcoin Latinum a more scalable Bitcoin fork than Bitcoin cash.

Lastly, Latinum’s biggest competitor in the battle for enterprise adoption is Ethereum. Ethereum is quickly becoming the most widely used blockchain because of its scalability compared to Bitcoin, interoperability, and upgradeability. While Ethereum has the most active addresses in the crypto ecosystem, the network’s scalability is limited by numerous factors. Ethereum has a TPS rate of about 30, which is only a small fraction of that of Bitcoin Cash and Bitcoin Latinum. Because Ethereum’s TPS rate is so low compared the network’s high transaction demand, Ethereum transaction fees are so volatile that some users are disincentivized from using the network, forcing developers to build several sidechains off of Ethereum to try to improve network scalability. Ethereum’s technology is currently not meeting the high standards of market demand, leading many to be concerned over the future viability of the network. Unlike Ethereum, Bitcoin Latinum is capable of handling demanded transaction volumes, and is engineered to sustain the incoming wave of future demand from corporate and retail users with its high TPS capabilities and consistently low transaction costs.

Bitcoin Latinum seeks to be the all-around solution for scalable, cost-efficient, and sustainable blockchain implementation for the media and entertainment, gaming, cloud computing, and telecommunications industries. As these industries grow increasingly reliant on fast, cheap, and sustainable technology solutions to optimize their processes, Bitcoin Latinum is poised and capable of supporting the impending influx of corporate demand for blockchain solutions. Compared to competing blockchain networks like Bitcoin, Bitcoin Cash and Ethereum, Bitcoin Latinum’s dominant tech specs should make the network the go-to solution for corporate blockchain demands.

 

Sources:

https://blockchair.com/bitcoin-cash/charts/average-transaction-fee-usd

https://www.gemini.com/cryptopedia/what-is-bitcoin-cash#section-why-create-a-second-bitcoin

https://bitinfocharts.com/bitcoin/

https://bitinfocharts.com/ethereum/

https://bitinfocharts.com/bitcoin%20cash

Bitcoin Latinum corporate crypto adoption

Bitcoin Latinum: The Sustainable and Efficient Approach to Corporate Crypto Adoption

Scalability is a growing concern for Bitcoin as its popularity grows. Many blockchain enthusiasts have concerns about Bitcoin’s longevity. In recognition of Bitcoin’s shortcomings, but inspired by Satoshi Nakamoto’s vision for a cashless, peer-to-peer financial system, Bitcoin Latinum implements necessary algorithmic enhancements, putting scalability and security concerns to rest.

Bitcoin runs on Proof of Work (PoW network) where consensus is determined by hashrate. PoW systems demand massive amounts of computational power, which is used to solve a math problem for each block. Cambridge University conducted a research project which estimates miners use more than 120 Terawatt Hours (TWh) per year. If Bitcoin were a country, it would be in the top 30, nearly as much as Norway’s, which uses 130 TWh annually. Unfortunately, a large majority of this power is generated by burning fossil fuels; one study conducted by the University of New Mexico estimates that every dollar of Bitcoin mined causes 49 cents in climate and health damage to the United States alone. It is difficult to fully calculate the impact on our environment caused by Bitcoin miners.

Bitcoin suffers from low transaction processing speeds, commonly caused by transactions per second (TPS) demand rising above Bitcoin’s limit of around 3 TPS. As a result, transactions can take hours or even days to process. Using Proof of Stake (POS) validation, Bitcoin Latinum is capable of more than 10,000 transactions per second.

Bitcoin Latinum’s PoS Algorithm aims to process greater transactions per second than Bitcoin’s, while demanding minimal electricity usage. Instead of having power-hungry computers compete towards block publishing, PoS has validator nodes. To become a validator and contribute to publishing blocks, all that is required is for a user to own Latinum. The Ethereum team has claimed PoS to cut down on electricity use by 99%. Each blockchain validator can be hosted on a computer that uses less electricity than charging a laptop. PoS is also beginner-friendly as you can stake your Latinum in a shared pool where the pool owner does all the setup, making mining accessible to all skill levels.

Bitcoin Latinum takes various technological approaches to address the critical issues that have been discovered with Bitcoin over the past 12 years, such as slow transaction speeds, high transaction fees, high energy usage, hardware and energy centralization, and long block times. With Bitcoin Latinum’s next generation enhancements to the blockchain, LTNM seeks to achieve a more efficient, affordable, and sustainable solution for widespread crypto adoption.