Quote from: may142012 on May 10, 2018, 10:44:48 AM

The Ultimate Guide To Stake Bitspace (BSX) Better in Proof of Stake (POS)

The mining phase is now over for Bitspace (BSX), from now on Bitspace (BSX) will go full POS, so i would like to throw in a simple guide how to get better rewards in POS and how the last fork changed the way of staking for Bitspace (BSX).

A few things to remember:

- Always make a backup of your "wallet.dat". In the wallet, you can do this by clicking on File - Backup Wallet

- Old versions of wallets will not work and staking will not be accepted by the current Bitspace's blockchain.

- This guide is for those people who have a large amount of coins in their wallet, with those people who have less than 1000 coins in their wallet, I recommend you use Coin Control to combine every inputs that you have into one single input to hit POS blocks faster.

- If you move your coins around, you will lose your current coinages aka weights and you have to wait at least 24h for them to build up.

- The block chain is variable, you won't get what you expect to get in your calculation for one day (expect vs reality).

- In the latest fork, big inputs don't get many POS blocks as small inputs do because the developers want to make a better POS system + network will be more secure + stable. You can leave the big inputs there without splitting them manually, those big inputs will automatically convert into small inputs every time they hit a POS block anyway, scroll all the way down to see how they changed in the last screenshot.

Make sure you are on the latest wallet version 1.2 in the 1st page https://bitcointalk.org/index.php?topic=3160161 and perform re-sync for the latest wallet. If you already did then move on to next step.

How to perform re-sync for latest wallet?

Delete all data in folder bitspace (EXCEPT wallet.dat, this file contains your private key aka your coins) C:\Users\youruser\AppData\Roaming\bitspace.... and run the latest wallet again and wait for re-sync.

How to divide large inputs into small inputs to get better POS rewards with "Coin Control" feature?

Unlock the wallet first if you had encrypted your wallet before.

Go to Settings - Options - Display to enable the "Coin Control" feature.

Then click on "Send Coins", you will see the "Coin Control" feature there.

Tick the small box of big inputs to start spreading into small inputs like in the screenshot.

Get your BSX address in "Receive Coins", get the one that you would like to hold the total of your coins.

I recommend you to wait for that big input changed to have at least 1 confirmation and start to send another 1000 again to avoid making non-existence unconfirmed coins in your wallet (if you made this mistake, restore a backup wallet.dat as older one than now, you can replace it with the current one, then restart wallet, you can see it clear, the coins that you have in total are safe). What? You thought you just found a glitch that can give you more coins in the wallet? LOL? Cheesy

Bitspace wallet has a tight security for double spending, baby. Cool

Use "Coin Control" feature to split coins faster but require a bit of knowledge. Alternative, you can send all your coins to BSX web wallet or second computer to divide coins there but do not use exchanges for this, they charge a high fee for withdrawals.

The best input size is 1000 as seen in https://chainz.cryptoid.info/bsx/#!extraction (scroll all the way down).

Why do I need to split my big ugly inputs into pretty small inputs? Do i need to bother with that little work? The answer is do you want to get POS blocks faster and better POS rewards?

So did they fix the big inputs for staking? The answer is YES, there is also a new change for big inputs, since big inputs don't get POS blocks frequently like small inputs do, whenever your big inputs hit a POS block, your big inputs will automatically divide into small inputs like in the screenshot below.

Why did they auto convert into small inputs like that? The answer is to get more POS blocks frequently and better POS rewards.

Why did I make a guide for this if they are automatic? The answer is to help you get POS rewards faster without waiting since we can control our coins.

Example:

- A input of 10000 only get 1 POS block a day = 1 BSX each block (guessing reward number not accurate), so that big input just hit a block now it will be divided in half until it divides all 10000 into small inputs.
- 10 inputs around 1000 each get you 10 POS blocks a day = 1 BSX each block = 10 BSX in total (guessing reward number not accurate)

The more small inputs of 1000 coins per input that you have the more you hit POS blocks faster and give you better POS rewards from the interest rate. There is no minimum number of coins for staking and no masternodes, you can begin to stake with just 1 BSX, 24h is the minimum to stake.

Will Bitspace (BSX) make me rich? The answer is YES, you will, in a long term, below is a quote from an experienced crypto fellow "gawlea", all thanks to him.

Quote from: gawlea

This is not true, that "Less supply = more demand" I know a coin which is very hot right now just because it have 50% interest and have a circulating supply of 25 billions, why, just because almost all the POS coins out there have 5-10% which is good for inflation but doesn't attract investors because is not worth staking. You'll say "yes but if more coins will be produced the more coins people will sell" again you are wrong because people are greedy and the more they have and more they stake, the more they want to have, to get even more. If you'll change the POS to let's say 5% people and the coin is pure POS than people will loose interest as I saw in others projects and they was forced to introduce masternodes to make people happy which will lead to the same infaltion you are talking about with higher costs (more coding, more money to exchanges as you'll need a new chain, etc..). Just my 2 cents!

P.S. Exactly the 50% interest made me buy some BSX as I invest only in POS coins with 25%+ interest and never fail to make very nice profits. You'll say "Aha, you are greedy too" no, I just bet on the greedy nature of the people involved in crypto. I don't even stake the coins I buy and I just hold them until I make at least 10x profit which in this case BSX will need to reach around 400 sats.

So what is the total supply of Bitspace (BSX)?

Unlimited supply, at block 1,000,000, POS change back to 10% interest per year to reduce circulating supply, check the current circulating supply on BSX blockchain https://chainz.cryptoid.info/bsx/

Remember, this is a Proof of Stake (POS) coin. Since the mining phase ends we need POS to keep the blockchain alive.

Is Bitspace (BSX) a shitcoin like the others? Why do i care to invest? Why not just invest in Bitcoin itself? The answer is WRONG, Bitspace (BSX) actually support Bitcoin not just a standalone coin that against Bitcoin.

Example:

If I invest 1 BTC in Bitspace (BSX), I then transfer my BSX coins off exchanges to my personal wallet, I let my BSX coins stake enough to get back my original investment which is 1 BTC, guess what after that? I continue to stake more BSX coins that i can sell to have more Bitcoins, so basically Bitspace (BSX) made me more Bitcoins from its staking feature.

Happy earning passive Bitcoin income with Bitspace!

Join Bitspace Discord channel for giveaways to get free coins. https://discord.gg/aFxCuMC