What is Firstblood?
A Beginner´s Guide to Buying, Selling, Using, and Mining Firstblood:
An In-Depth Firstblood Guide by Black Chip Poker
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In a time when over one thousand cryptocurrencies are available for purchase, one has to wonder how individual cryptocurrencies survive. And to be sure, coins come and go, though it seems like there’s a new ICO every day.
In a sense, there are actually two types of cryptocurrencies. The first type of coins are those that only have transacting value. These are coins like Bitcoin, Ethereum, and Litecoin. They can be used as an investment asset or as a medium of exchange to pay for products and services.
The second type is a bit more nuanced. These coins can be used like those in the categories above, but they have an additional purpose. In this case, they function as tokens that have utilitarian value on a blockchain platform. The tokens are the keys that make the platform operate.
One example of this second category of coin is Firstblood (1ST). These coins are cryptocurrencies in the traditional sense, but also tokens that function on Firstblood’s proprietary e-gaming platform.
What is Firstblood?
Primarily, Firstblood is a blockchain token. Blockchains are defined as ledgers or databases that keep a record of all transactions that take place on the platform. The blockchain is decentralized, meaning that it operates independently of a central governing body. In this sense, the blockchain is controlled by the totality of its users. Because of their decentralized nature, any participant can audit and verify the transactions on a given blockchain.
In order to better understand Firstblood and how it operates, users can do their own research online. A particularly helpful place to look is Reddit, where interested parties can find all sorts of introductions, discussions, and expanded definitions about the Firstblood blockchain. It is also a helpful source of Firstblood news.
How Do I Buy Firstblood?
Firstblood coins cannot be bought directly with fiat currencies. Instead, a user must first purchase another cryptocurrency like Bitcoin or Ethereum and then convert it into Firstblood. The first step in doing this is to create an account with a compatible exchange like Bittrex. Once the account has been created, it needs to be funded with cash or with a credit card. When the account has the funds it needs, users can buy BTC or ETH and then purchase 1ST with either BTC or ETH.
How Do I Turn Firstblood into Cash?
To turn Firstblood into cash, one must follow the steps outlined above in reverse order. First, a user must convert their 1ST coins back into Bitcoin or Ethereum. Next, they must exchange the cryptocurrency for the fiat currency of their choice. After transferring the funds to a traditional bankout, the cashout can be completed by withdrawing money from an ATM in a fiat currency like USD or GBP.
How to Use Firstblood
Like other cryptocurrencies, Firstblood can be used as an investable asset like stocks or bonds. To do this, users add Firstblood coins to their cryptocurrency wallet in anticipation of the coin’s value rising. As the price goes up, Firstblood holders will see their positions grow, much like shareholders when a stock’s price increases.
When investing in Firstblood, users must take care to learn the risks of investing in cryptocurrencies. In many ways, they are different from traditional currencies and asset classes. However, because they aren’t regulated by a central government or national bank, Firstblood coins aren’t subject to the same exchange rate fluctuations that fiat currencies are.
Another way users can utilize their Firstblood coins is by using them as tokens on Firstblood’s e-gaming platform. Platform participants can enter tournaments, competitions, or individual games. Because the platform runs on blockchain technology, users can compete with each other head to head without a third party regulator. When a user wins a game, he or she wins Firstblood coins as a reward.
The blockchain platform eliminates network downtime and algorithmically settles game disputes, so players know that the results of head-to-head matches are fair. The decentralized nature of the blockchain also makes it easier, faster, and safer to compete worldwide.
What is Firstblood Mining?
Cryptocurrency mining is the process of verifying a group of transactions, called a block, and adding it to other blocks, forming a blockchain. Miners, those who verify blocks, are tasked with solving a set of problems related to the transactions. They use available computing power to solve the tasks and are rewarded with coins, typically of the blockchain they are mining. This process provides validation of the transactions that take place on a blockchain without needing to involve a centralized authority.
Miners have the option to mine solo or mine in groups called mining pools. When mining solo, an individual receives the full reward of a block. However, because they are only one person, computing and processing power is limited. When mining in pools, the processing power is much greater; however the reward is split between multiple parties. Miners use mining calculators to determine the feasibility and the profitability of a given block.
Firstblood cannot be mined.
How to Mine Firstblood
Because Firstblood coins cannot be mined, users will need to resort to other means to grow their positions. The first is through careful investing–as the price appreciates and the coin’s market cap grows, users will be rewarded with capital gains.
The second way to increase a Firstblood position is to win games on Firstblood’s platform. By placing wagers and winning competitions, tournaments, and head to head matches, users will be rewarded with Firstblood coins. Though this isn’t the same as mining, the end result (gaining more tokens) is the same.
How will Firstblood Scale?
As Firstblood’s price chart shows, there have been periods in its history where volume has spiked. This spike in volume, both for Firstblood and other cryptocurrencies, raises the question of how blockchains scale to process more transactions. This question is particularly important for Firstblood, as its function as a token on the e-gaming platform carries added pressure to accommodate increased transaction volumes. Though there isn’t a clear cut solution for the Firstblood team just yet, they are working hard to improve the blockchain platform.
Firstblood coins are a legitimate investment option for cryptocurrency enthusiasts. Not only can users participate in the coin’s potential price appreciation, they can also use their 1ST coins to play games such as cryptocurrency poker. The dual functionality of Firstblood makes it a coin users shouldn’t pass up.