Binance Pool has officially launched Bellscoin merge mining, allowing users to earn rewards in Litecoin and Dogecoin. Billy Markus, the creator of Dogecoin, created Bellscoin almost a week before the memecoin project. Litecoin and Dogecoin lost nearly 2% of their value on Monday.
In addition to Litecoin (LTC) rewards, Binance Pool users can also earn rewards in Bellcoin (BEL) and Dogecoin (DOGE) through merge mining. In merge mining, miners contribute their computational resources to multiple blockchain networks simultaneously. This increases the rewards and benefits that users can earn.
According to the official announcement from Binance, BEL is not listed on the exchange platform and the rewards within the asset do not guarantee listing.
Binance users earn rewards on DOGE and Dogecoin creator’s old project BEL
Binance Pool has announced the official launch of merged mining for Litecoin. Litecoin miners can earn LTC, DOGE, and BEL rewards.
Dogecoin creator Billy Markus had created the Bellscoin project almost a week before the memecoin’s launch, but BEL is currently not listed on the exchange platform.
The official announcement guides users through the steps to participate in Litecoin mining, which started on September 29th. User earnings depend on actual payments from mining pools.
The Exchange informs Users that distribution of rewards on BEL does not guarantee listing on the Exchange platform.
Litecoin and Dogecoin fell slightly on Monday, erasing nearly 2% of their value on the day.
Frequently asked questions about Bitcoin, altcoins, and stablecoins
Bitcoin is the largest cryptocurrency by market capitalization and is a virtual currency designed to function as money. This form of payment is not controlled by any particular person, group, or entity and eliminates the need for third parties to participate during financial transactions.
An altcoin is any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is these two cryptocurrencies that forks occur. If this is true, Litecoin would be the first altcoin to fork from the Bitcoin protocol and thus be an “improved” version of it.
A stablecoin is a cryptocurrency that is designed to have a stable price, and its value is backed by the reserves of the asset it represents. To achieve this, the value of a stablecoin is pegged to a commodity or financial instrument, such as the US dollar (USD), and its supply is regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who wish to trade and invest in cryptocurrencies. Also, since cryptocurrencies are generally volatile, stablecoins allow investors to store value.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the market capitalization of all cryptocurrencies combined. This clearly shows the interest in Bitcoin among investors. BTC’s dominance typically occurs around bull markets, where investors turn to relatively stable, high-market-cap cryptocurrencies like Bitcoin. Decreasing BTC dominance usually means investors are moving their capital and profits to altcoins in search of higher returns, which usually causes an explosive rally in altcoins.
