July 19, 2021

By  Brian Forester

In this article, we will have a look at Groestlcoin and Groestl algorithm. This platform was not the first cryptocurrency ever but has already been around for seven years. We will cover the pros and cons of trading Groestlcoin, its history, development through the years, and its position until the current date.

Table of contents

  • Main Things to Know About Groestlcoin Cryptocurrency;
  • The Groestl Algorithm;
  • Why Choose Groestl?;
  • Digital Wallets and Exchanges;
  • Current Situation with Groestlcoin;
  • FAQs

Main Things to Know About Groestlcoin Cryptocurrency

  • Even though Groestlcoin is not as famous as Bitcoin, Groetlcoin has been on the crypto market since its early days. It was created in 2014. Since that moment Groetlcoin has been a famous digital currency that survived a lot and performed better than many other cryptocurrencies. Moreover, Groetlcoin still has some prospects for the future. Groetlcoin is a platform based on a proof-of-work cryptocurrency and hashing algorithm. In addition, Groestlcoin is mainly focused on payments and building better conditions for doing transactions. They should be fast and, at the same time, secure. Another goal of the Groestlcoin team was to make the platform user-friendly and accessible for both experienced traders and newcomers in the sphere.
  • The Groestlcoin platform work depends on the principles of decentralized management. Even though Groestlcoin uses a hashing algorithm (which depends on the average block time), the system actually includes a mix of Proof-of-work and Proof-of-stake cryptocurrency concepts. The Proof-of-work operation is provided through resources of the Groestl algorithm, which is oriented to protect against ASIC attacks. Proof-of-stake is used primarily because it has a major advantage – it allows non-professional traders to mine tokens on ordinary laptops and desktop computers. In addition, it becomes possible to store assets with profit in the form of annual interest.
  • The total Groostlcoin share is 105 million units, and the fee for the first decrypted block was 512 GRS tokens, followed by a 6 percent reduction in reward, with a periodicity of 10,000 blocks and a recalculation of the level of complexity after each decrypted block. Coins are generated every 140 blocks, and transactions are carried out at high speed and with a small number of commissions.
  • One of the main goals of the Groestlcoin was to create essential features that will help raise the popularity of mining digital assets among regular users (even non-professional). Because of this, the focus of the Groestlcoin production is on the central and graphics processors within the framework of the Groestlcoin. The use of high-tech capacities such as ASIC is not available.

The Groestl Algorithm

Groestlcoin has its own algorithm. The main advantage of it is a high level of security of the token through the ASIC processors. Therefore, we can say that it is a secure coin on the crypto market.

Although Groestlcoin is based on a blockchain algorithm, the system also has a few different characteristics. The Groestl manages to prevent the high hash rate and the usage of ASIC capacities perfectly. As you can tell such conditions are suitable for mining on regular computers.

If you have become interested in trading GRS you will need to access them first. To do that download software that can be found on the Groestlcoin official website. It is needed for users to get their own wallet to work with Groestlcoin GRS tokens. Soft Easyminer is easy to use because all the processes are automated. The software can be used on different devices. Moreover, there is no need to search for a pool and connect through the settings anymore.

Why Choose Groestl?

  1. First of all, when compared to Bitcoin, Groestlcoin was designed to be more suitable and convenient for daily payments. The development of the company was successful thanks to the Groestlcoin team: the platform is really good concerning fast payments. Note that a miner does not have to wait for ten or fifteen minutes to receive a confirmation of a payment being completed.
  2. Another advantage of Groestlcoin is that it is truly an accessible system compared to Bitcoin and other cryptocurrencies. Due to the reduced hash power rate, Groestlcoin can be mined by people who do not have access to the latest equipment with great computing power. Albeit if you are still interested in purchasing ASIC you will need to know that it costs more for Groestlcoin than for Bitcoin.
  3. The last but not least advantage refers to the technological advancement of the Groestlcoin system. One thing to know about Groestlcoin is that this service seems to never stop its development.  Apart from well-known usual services it has some new features to offer. For instance,  the introduction of the Lightning Network and Segregated Witness (SegWit) can be called major development releases of the trading network. 
  • Another thing to mention when talking about Groestlcoin is its team. All the workers are put on the list on the official website of the company. There are 16 people working for Groestlcoin in general. However, the majority of them are anonymous.  Primary developers who have helped the company to reach such a great technological advancement are still working for service.

Digital Wallets and Exchanges

Groestlcoin can be found on a wide variety of exchanges such as BarterDex, BitZ, Upbit, Huobi Global, Binance, Livecoin, Bittrex, Exrates, Digifinex, Bitladon, Hotbit, Sistemkoin, Changelly, and many others.

After 12 months from the launch of the GRS coin and the Groestlcoin website, the project team decided to create four digital currency wallets to operate with the GRS currency. The first is written in HTML5 – it is simple and fast. The second core wallet is Electrum, which supports multi-signature. The third wallet is Multibit, and the fourth is a digital client for working on mobile devices with Android support. Any of these customers can be used to manipulate GRS tokens. GRS can be stored within the framework of exchange platforms but the placement of core resources is recommended outside the exchange.

Current Situation with Groestlcoin

In this section, we will make you familiar with the current price of Groestlcoin. The current price equals $1,20 USD. 2 370 672 dollars is a figure for the last day trading volume of Groestlcoin. Groestlcoin price decreased by 14% during the last 24 hours. The market cap is the total value of the firm’s shares. According to the Market Cap, Groestlcoin is on the 420th place. 92 859 072 dollars refers to the current market cap. A regular circulating supply equals 77 558 079 Groestlcoin GRS and a maximum amount of the same measure is 105 000 000 Groestlcoin GRS. You can also find Groestlcoin price history on the Internet to understand better if the currency is still worth buying.


How to convert GRS to USD?

The amount of money (no matter of crypto- or fiat currency) you can get when converting Groestlcoin GRS to another currency can be calculated automatically. A trader can convert one Groestlcoin to 1.164866 dollars. To calculate this amount of coins, an international currency exchange rate was used (0.858468). All possible crypto- and fiat currencies are added to the calculator. You always have an opportunity to open the list and check for which currency it is possible to exchange yours. According to the latest data, for one Groestlcoin a trader will receive 1.164866 dollars in return. The figures are being constantly updated to stay tuned not to sleep on the latest calculated conversion rates on the market.

What are the Top Groestlcoin exchanges?

There are both well-known and not very famous exchanges on the top list of platforms for buying, trading, and selling Groestlcoin. As a piece of financial advice, we recommend you choose an exchange with almost zero fees if there are some in the first ten platforms. Anyway, Binance, DigiFinex, Bittrex, Upbit, and LBank are considered to be the best exchanges to Groestlcoin. You can check the Groestlcoin price on the Internet and see the ratings of the exchanges on the websites, too.

Remember that You will have to use an exchange to trade GRS before being able to withdraw your GRS coins. Nowadays some shops accept the majority of the most well-known cryptocurrencies as a payment method, so you can always make a transaction and exchange fees and cryptocurrencies.

What are the Top Groestlcoin markets?

The majority of markets that we can suggest you use as the best ones are the same as exchanges. If your goal is to sell Groestlcoin GRS we recommend starting from studying the list of the best markets and the cryptocurrencies that they have to offer for the exchange with Groestlcoin GRS. This data is available on all Internet browsers for free. For example, if you want to choose Bittrex then you will need to pick one currency to get instead of Groestlcoin GRS and the number of coins that you want to get rid of.  Usually, on the same page, you can also see the price of one coin compared to various cryptocurrencies on the market. As the final step you should choose an option to sell instantly, your order will be displayed, and the operation will be luckily completed. It might take some time for loading the payment and receiving another currency on your digital wallet. Now you are aware that it is not so complicated to control the trading process on the crypto market.

We truly hope that data from this article was helpful for you and now you have some deeper knowledge about Groestlcoin, some exchange companies, and current rates of exchanging GRS for USD. If you still have some questions about the features Groestl can deliver after reading this article you can rather write them in the comments section or contact through their account on one of the social media. You can have a look at the latest posts made by the Groestlcoin team to find some interesting and useful data and, thus, know even more about almost the first coin on the market of crypto trading that was around for many years. Groestlcoin has four main accounts on social media on Twitter, Telegram, Facebook, and Discord. You can also reach the company through its support services.

What is a good market cap?

A large market cap can be up to $10 billion plus. A medium market cap is between 3 and 10 billion. Market cap shows whether the company is still worthwhile on the global market and is a great tool to predict the future of the company.

What is a lighting network?

Lightning network is a service to perform immediate blockchain and BTC transactions. Lightning network is famous for its low-cost transactions, instant operating with payments, scalability, and cross-chain swaps. Lightning network is decentralized and it uses smart contracts to work instantly and securely.

Brian Forester

Brian is an experienced journalist and crypto enthusiast. Founder of CryptoCurry - famed for his insightful input on the future of cryptocurrencies and blockchain technologies.

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