Launched in Mar 2014, Groestlcoin (GRS) is a peer-to-peer (p2p) cryptocurrency with a focus on technological advancement. GRS is reportedly he first coin to implement Segregated Witness (SegWit) and perform the first Lightning Network transaction on its mainnet network. GRS utilizes two rounds of Grøstl-512 for its mining algorithm. GRS claims to have major development releases every 3 months.
What Is Groestlcoin?
Groestlcoin is an ASIC-resistant cryptocurrency that boasts having “almost ZERO fees.” Although the coin itself is only pseudo-anonymous (like Bitcoin), the development team has ported a wallet (Samourai) to give you full anonymity.
Like most people, your first question is probably, “What the hell is a ‘groestl’?” The cryptocurrency uses the Grøstl-512 mining algorithm, so the team aptly named the project “Groestlcoin.” Many people in the community have called for a rebranding to help with adoption though it doesn’t seem like it’ll happen.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.