With the invention of Bitcoin, the first truly viable project that had the possibility to create a decentralized currency that roams outside the grasp of governments saw the light. The fundamentals that made Bitcoin viable are used by many other cryptocurrencies today, including BiblePay.
Decentralizing money has opened up an enormous long-term potential, not only by giving power to the people, but also because the technological basis that has made decentralization possible simultaneously creates new opportunities to change lives for the better. BiblePay is already changing lives by donating one out of every ten coins to charities, generating massive amounts of computing power to aid researchers in finding cures for diseases, and spreading the Gospel of Jesus through a variety of effective avenues.
Besides that, deflationary cryptocurrencies such as Bitcoin and BiblePay are challenging people to study the different viewpoints on what a currency actually is. For instance, most of the contemporary FIAT currencies are based upon Keynesian economics, but cryptocurrencies with a deflationary emission schedule – such as BiblePay – challenge these ideas, and are perhaps more in line with Austrian economics. Our emission schedule boils down to the following: while new currency is being created with every block, the amount created is reduced by 1.5% each month, or about 19.5% per year compounded. This means that month after month less BBP will be generated.
There are several ways of obtaining (more of) our currency. The first way involves simply the purchase of BBP on an exchange. BBP can be purchased at several exchanges and kept in a secure digital wallet. The second way is buying a Masternode, or what BiblePay commonly refers to as a Sanctuary. It gives you – among other things – the right to vote on our budget proposals. The third way is mining. Mining BBP requires installing BiblePay software on personal computers, servers, or other digital devices. While many novices mine cryptocurrency successfully on numerous devices, a larger scale mining operation is typically operated by people who have more experience and technical expertise.
There are more ways to obtain BBP, like writing letters to our orphans and creating content for BiblePay. You can find an overview here