Bolivarcoin
Crypto Overview
Overview
Bolivarcoin (BOLI) was created in 2015 as a cryptocurrency aimed at providing an alternative payment system for Venezuelan citizens facing hyperinflation. The project implements a Proof of Work consensus mechanism using the X11 algorithm.
Purpose and Utility
The stated purpose of Bolivarcoin is to serve as a decentralized medium of exchange and store of value, particularly targeting Venezuelan users affected by their national currency's instability. The project aims to provide a more stable alternative to the Venezuelan Bolivar.
Business Model and Implementation
The cryptocurrency operates on its own blockchain, allowing for peer-to-peer transactions without intermediaries. The mining process is open to anyone with appropriate hardware, maintaining decentralization principles.
Real-World Adoption
Current data shows very limited trading volume and adoption. While the project remains active, its actual usage appears minimal compared to its initial ambitions. The development activity has been sporadic, with occasional updates to the core software.
Token Distribution
Information about the initial token distribution is limited, but the project appears to have followed a fair launch model through mining, without a pre-mine or ICO. This suggests the absence of concentrated token holdings by founders.
Crypto Impact
To assign a comfort level investing in Bolivarcoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Bolivarcoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.