Currencies > Groestlcoin (GRS)

Groestlcoin (GRS)

What is the Groestlcoin (GRS)?

Groestlcoin is a cryptocurrency that appeared as an independent means of payment, and not as an internal method of payment for one of the projects. The coin was released in 2014. The project team conducted a hard fork of the Bitcoin blockchain, so these two cryptocurrencies have certain common features. During the first year of existence, Groestlcoin has undergone two more hard forks, which were required for the implementation of updates.

In recent years, cryptocurrencies which are protected from mining with the help of ASIC-miners have become especially popular. They can be mined only on personal computers. Groestlcoin is among them. The name of the digital currency comes from a special algorithm Groestl, which prevents mining using ASIC.

So, the Groestlcoin mining is possible, but only with the help of a PC. How to mine the cryptocurrency? The project team used a double consensus algorithm: Proof-of-Work and Proof-of-Stake. Mining is almost no different from Bitcoin. First of all, the user needs to download and install the Groestlcoin miner. Any programs that are used for the BTC mining will be suitable.Then select the mining pool to which you will join. The most popular for GRS mining is the Suprnova pool. It remains only to configure the .bat file, specifying the address of the preferred pool, the number of the cryptocurrency wallet and other necessary information, and then start mining. You can learn more about the Groestlcoin at Reddit.

What are the advantages of the Groestlcoin?

  • High speed of transactions. Financial transactions in the Groestlcoin network are carried out in just a few minutes, much faster than Bitcoin.

  • Anonymity. The cryptocurrency was created with an emphasis on privacy and protection of user data. It is impossible to track who sent the transfer and to whom the sum was intended.

  • The possibility of passive income. Thanks to the Proof-of-Stake consensus algorithm, cryptocurrency holders can receive their interest simply for storing the coin in the wallet.

Where to store the Groestlcoin?

The GRS cryptocurrency has 4 versions of the official Groestlcoin Core wallet. For the first one, HTML 5 was used. This is a lightweight storage, characterized by high speed. If you need a higher degree of protection, you can use the Electrum version - it supports multi-signatures. The third version is Multibit. The fourth one is deterministic, designed specifically for Android users.

In addition, the cryptocurrency can be stored in some other programs. For example, you can use Guarda, Coinomi, and Melis.

How to buy the Groestlcoin

The Groestlcoin cryptocurrency is traded on several major cryptocurrency exchanges. For example, it can be sold or bought on Binance, Cryptopia, Livecoin. Mostly, the cryptocurrency is traded for BTC and ETH, although on some platforms, it can be purchased for fiat money, including USD and EUR. You can see the current Groestlcoin price chart of the digital coin on the website coinmarketcap.com.

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