BitOption was created through our BitOption Committee, comprised of our programming experts, network specialists, professors, entrepreneurs, and other professionals. BitOption is a simple and profitable business derivative product using existing bitcoins as underlying currency. The BitOption Committee(BOC) provides full support to members participating in BitOption. Our BitOption Committee assists in educating members to take full advantage from the bitcoin network through BitOption and ultimately providing a safe BitOption environment.
What we do…
The goal of our BitOption Committee is to help you easily access the new market of BitOption. With a representative in each country, the BitOption Committee acts as the key role that helps in activating BitOption for the corresponding country network.The Committee oversees the bitcoins of the members and monitors the BitOption trades in order to ensure that they are managed under the block system. The BitOption Committee plays the role of coordinating the members’ opinions and feedbacks to improve the setting environment of BitOption for the corresponding country. Members of BitOption pay a certain amount of commission to help the BitOption Committee to operate. BitOption Committee is the companion that helps you get involved in BitOption and easily earn bitcoin rewards.
Mining Right :
Proof of Member :
Total : 115 Blocks Success 9 BlocksWaiting For Confirm : 22 Blocks Validated(Ended) : 59 Blocks
Proof of Member
BitOption is operated by Proof of Member system, a unique identification system created for BitOption. For the BitOption block of a member to become effective, it requires minimum of three approvals from other members.POM system, which is similar to bitcoin validation system(Proof of work), enforces getting approvals from other members for mined block to become valid in BitOption. Participating members in POM are compensated with the Mining Rights and can further gain the right to create new BitOption block. This can go on, and further complete the BitOption’s blockchain using these Mining Rights.With BitOption, members can gain more profit by getting more people to participate, but the most important component is to make these members to confirm your own blocks.
BitOption uses BitPoint (which is based upon bitcoin) for all its transactions. BitPoint is a unique currency used in BitOption which eliminates the time it takes in wallet-to-wallet approval process of bitcoin. BitOption stores all information for the block, block-chain link, user information and manages all exchanges of BitPoints and Mining Rights between members. When BitOption block is created, authenticated, and validated, the block creator will be compensated with BitPoints. BitOption transaction fee is levied to all transactions for maintenance and record. This fee is reinvested to server operation, system development, and transaction stability of BitOption.
As the number of bitcoin increases, the difficulty of mining increased and the number of minable bitcoins are limited. Option Maturity is to prevent the creation of infinite number of blocks. Therefore, Option Maturity will be imposed on each BitOption block. The creator can choose the date of option maturity when creating the block. The amount of maturity incentive increases with a shorter maturity date.If the block is not valid before the option maturity date, the BitOption block will expire, and the block creator will be refunded with Mining Right after deduction of certain BitPoints. Any user who consents to an expiring block will be refunded BitPoints with BitPoints.Block expiration period can be chosen between 30, 90, 180 days, and 1 year. Such maturity date will enable BitOption to regulate the number of total blocks.
BitOption imposes different transaction fee depending on each member’s tier. Member’s tier is determined based on the number of earned Mining Rights. Higher the tier, lower the transaction fee.Even the BitOption transaction fee for member-to-member transaction will differ depending on the member’s tier. A mining group is a community formed to take advantage of such difference in transaction fees. It’s a similar concept to bitcoin’s mining pool and cloud mining.Users can create their own mining meetings or participate in other mining meetings to reduce the cost and time needed for block creation and verification process.
What is BitOption?
By using BitOption, we will be placed in advantageous position with the encrypted payment method and gain profit from its own model exclusive in BitOption. Various resources and tools of BitOption is accessible to BitOption members.Created by Peter K in 2016, BitOption is a derivative product of bitcoin. The potential and profit of BitOption comes from the blockchain system of bitcoin. Trades between BitOption members are carried out using bitcoin public keys(bitcoin address) and managed by the BitOption Committee. Members can trade or exchange through the numerous wallets or BitPoints provided by BitOption. Check out the bitcoin wallet at http://bitgo.com or http://blockchain.info
Main System of BitOption
BitOption is comprised of its three main systems.First is the block chain system, the unique connection system used by BitOption. The block chain system allows members to confirm each other’s transactions during creation and approval of the block.Second is the mining system that increases the profit earned by members through inviting other members. The represented system is POM system that mines by gathering members rather than hardware mining.Third is the option maturity system. BitOption was structured to use the model that regulates the number of blocks more efficiently and to become a new type of derivative product that will complement the pre-existing marketing system.
BitOption Block and Verification
BitOption is created by members with Mining Rights. A newly created block becomes valid when the block receives a minimum of three confirmations by other members.Members are required to pay certain BitPoints designated to each block to transmit confirmation. For each block, the number of confirmations and amount of transaction fees differ depending on block group.When a block becomes valid, block creators are rewarded with BitPoints invested by the members who transmitted confirmation to the block. Members who participated in confirmation process of the block are also rewarded with Mining Rights to gain the authority to create blocks.
Mining Right and Mining Pool
Mining right is the only right that allows the creation of the new BitOption block. One Mining Right is authorized to create a certain size of new block. Block created using the Mining Right is an invalid block until it is approved by other members.A Mining Right is exhausted once a new block is created. If the block expires before becoming valid, the Mining Right will be restored. The compensation of getting the block validated differs depending on the creator’s tier. The transaction fee difference between a first-time BitOption member and a Gold BitOption member can be up to 10%. Members can create a community or a gathering to mine with other members to save transaction fees and speed-up the confirmation process; this is called a mining pool. BitOption provides BitPoint and Mining Right transfers to support such mining pool.
BitPoint is a point system provided by BitOption. Normally, bitcoin transactions take at least 30 minutes to retrieve the transferring bitcoins. As such transaction time often interrupts the smooth processing of BitOption block confirmation, BitOption created a system that interchanges the bitcoin to BitPoint in order to eliminate this inconvenience. BitOption interchanges the bitcoin to BitPoint with ratio of 1:1, and carries equivalent value as the bitcoin. BitPoint is used for different purposes such as BitOption block confirmation, BitPoint transfers, Mining Rights, and etc. It is also used to in charging penalties to block expiration, transfer cancellation between members, and cancellation of already authorized confirmations.
BitOption’s service operation is different in each country. It is operated separately to protect itself from the possibility of hacking and to reach appropriate profit model goals of the country corresponding to its economic size. The BitOption Committee determines the establishment and group setting of each server. Each server is composed of several groups. Groups have different number of confirmations and bitcoin units to allow members to participate according to their own capabilities. BitOption Committee works on either opening new services or coordinating group sizes according to a given situation when limitations are necessary due to unpredictable price fluctuations or overflowing number of members. Currently, our servers are launched in the five continents, America, Europe, Asia, Oceania, and Africa.
BitOption Committee determines the tier of each members based on the contribution to BitOption community. Tiers are categorized into bronze, silver, gold, and diamond. A Diamond member is a member with qualification to participate in BitOption Committee(BOC Commissioner).Different transaction fees also distinguish each tier. From such differentiation, the profit earned by each member varies depending on his or her contribution to BitOption.Such hierarchy allows members to take advantage of decreased transaction fee up to 10% when transactions are done through a Gold member as opposed to first-time BitOption user.Such difference in transaction fee makes gathering of members to mine and confirm together.
What is Bitcoin?
Here are a few things you need to know...
Bitcoin is :
Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client software, derived or "from scratch", also use open source licensing. Bitcoin is the first successful implementation of a distributed crypto-currency, described in part in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
Bitcoin work :
Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins are sent (or signed over) from one address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network and included in the blockchain so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use.
Bitcoin mining :
Mining is the process of spending computation power to secure Bitcoin transactions against reversal and introducing new Bitcoins to the system. Technically speaking, mining is the calculation of a hash of the a block header, which includes among other things a reference to the previous block, a hash of a set of transactions and a nonce. If the hash value is found to be less than the current target (which is inversely proportional to the difficulty), a new block is formed and the miner gets the newly generated Bitcoins (25 per block at current levels). If the hash is not less than the current target, a new nonce is tried, and a new hash is calculated. This is done millions of times per second by each miner.
Bitcoin transaction fee :
Bitcoin transactions almost always require a transaction fee for them to get confirmed. The transaction fee is received by the first bitcoin miner who mines a block containing the transaction; this action is also what gives the transaction its first confirmation. The appropriate fee varies depending on how large (in bytes) your transaction is, how fast you want the transaction to be confirmed, and also on current network conditions. As such, paying a fixed fee, or even a fixed fee per kB, is a very bad idea; all good Bitcoin wallets will use several pieces of data to estimate an appropriate fee for you, though some are better at fee estimation than others.
Bitcoin confirmation :
10 minutes is the average time taken to find a block. It can be significantly more or less time than that depending on luck. Once a block is found everyone agrees that you now own those coins, so you can spend them again. Until then it's possible that some network nodes believe otherwise, if somebody is attempting to defraud the system by reversing a transaction. The more confirmations a transaction has, the less risk there is of a reversal. Only 6 blocks or 1 hour is enough to make reversal computationally impractical. This is dramatically better than credit cards which can see chargebacks occur up to three months after the original transaction! Ten minutes was specifically chosen by Satoshi as a tradeoff between first confirmation time and the amount of work wasted due to chain splits. After a block is mined, it takes time for other miners to find out about it, and until then they are actually competing against the new block instead of adding to it. If someone mines another new block based on the old block chain, the network can only accept one of the two, and all the work that went into the other block gets wasted.