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‘Digital Gold’ Crypto Asset BitGesell Announces Listing on Hotbit Exchange

Bitcoin press release: With its latest listing on the HotBit Exchange, BitGesell coin (BGL) continues to prove that a decentralized architecture designed to overcome Bitcoin’s shortcomings will have the support of stakeholders in a crypto ecosystem, betting on intrinsic features like transactional coin burning that can establish BGL as true digital gold. 11th June 2020, […]

The post ‘Digital Gold’ Crypto Asset BitGesell Announces Listing on Hotbit Exchange appeared first on Bitcoin PR Buzz.

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Bitcoin press release: With its latest listing on the HotBit Exchange, BitGesell coin (BGL) continues to prove that a decentralized architecture designed to overcome Bitcoin’s shortcomings will have the support of stakeholders in a crypto ecosystem, betting on intrinsic features like transactional coin burning that can establish BGL as true digital gold.

11th June 2020, Amsterdam, NetherlandsCrypto asset BitGesell is quickly shaping up to be one of this year’s most promising projects, focusing on practical application with incentive propositions that appeal directly to miners, investors and network participants.

Its latest listing on popular crypto exchange HotBit Exchange is only the latest milestone for BGL, now allowing better access via trading on the open market, to allow more people to experience what it really means to own digital gold.

Is Bitcoin really the digital version of gold?

While Bitcoin’s role is firmly established in the cryptocurrency industry, foremost as the  world’s most liquid digital asset, there remain questions as to what its true purpose could be in the near future.

Throughout its evolution over a short 11 years of existence, the symbolic father of crypto has carried several different tags. And as Bitcoin changed its form, community and found new and different uses, so have the meanings of these tags changed.

If Bitcoin was originally the peer-to-peer digital money that people would use to send to each other as payment for goods and services, today, that usage has arguably moved away to cheaper and faster alternatives as scalability issues that have plagued Bitcoin from the beginning have not been fully addressed.

Even up to 2017, it was still possible to send Bitcoin transactions with little to no fees, but each time the network experiences a surge in activity, just as it has been since May 2020, congestion has led to fee wars, as Bitcoin users bid to have miners include their transactions for confirmations before others.

According to some sources, average Bitcoin fees in 2020 grew more than 2,200%. Second-layer solutions like Lightning Network have seen some success in speedy and cheap transactions, but at the cost of taking the transaction off-chain. Lightning Network solutions, along with Segregated Witness introduced in 2017, have also a long way to come in mass adoption, with most major service providers and client wallets yet to be compatible with these.

Bitcoin’s situation also becomes less obvious even when taking into account Lightning Network and scalability uptakes. For miners, halved block rewards, compounded with negligible fees over Lightning, and increased block size from SegWit, mean that miner costs can no longer be covered by block subsidies or fees. Miners will be forced to switch off, leading to network difficulty decreases in the long term.

Why BGL scarcity is the real deal in deflationary digital gold

BitGesell Head Developer Emma Wu outlines how BGL has addressed each of Bitcoin’s shortcomings, ensuring that it is designed especially to fit the digital gold premise of maintaining and growing in value over the long term.

In particular, the programmed burn feature of BGL, whereby 90% of every transaction fee sent to miners will be irrecoverably destroyed. This isn’t just a promise of buyback and token burns, like most projects do, relying on centralized decisions to burn tokens. This is a hard-coded programming that forces burning to happen with every transaction.

Token burning is a proven token economics model that uses basic supply and demand principles. In this economics model, when supply is decreased, and demand remains, price equilibrium will become higher. Essentially, every BGL transaction increases the scarcity of the coin, thereby increasing its price equilibrium and giving it more value in dollar terms.

Compare this to gold, which rate of extraction is a very low 1.8% annually, or to national currencies which are entering unprecedented money printing to infinity. With all the world’s major assets and currencies, inflation is happening at a steady pace. Bitcoin was designed as a deflationary currency because of its rigid supply constraint, which is the basic fundamental of Bitcoin’s utility and demand: there will only ever be 21 million Bitcoin. 

And because BGL is built off the Bitcoin source code, there is also only ever going to be a maximum possible amount of 21 million BGL. But because Bitcoin has technical shortcomings like halvings once only every four years, and low-transaction fees, it’s scarcity factor will play out over decades.

However, with BGL, the deflationary pressure is quicker with token burning and shorter halving times and smaller blocks, seeing a max supply of 21 million BGL ever mined in just a few years, after which, max supply can only drop with transaction burning.

In details:

  1. Smaller block sizes (10% Bitcoin block size), combined with higher transaction fees, ensure that miners are well compensated, and that only large transactions take place, promoting holding and keeping supply tight.
  2. Increased scarcity measures by token burning. 90% of all transaction fees in BGL will be permanently destroyed, ensuring that even more of the fixed supply is removed with every transaction. 
  3. Community wallet specified in genesis block itself. A community wallet has been specified in the very first BitGesell block mined, and will receive funds to be distributed for further project growth, placed as a message: “Your support helps ecosystem keep growing. bgl1qkecxxg8ekyruwkkhea7ye5c0ganmhdl7d5nna3”.

The balance and transactions of this wallet can be viewed publicly on the blockchain, with the usage of funds there reported periodically to the community. This is BGL’s statement of commitment for building and expanding BGL infrastructure.

  1. Annual halving to achieve a max supply of 21 million coins and zero emissions like BTC, but in a fraction of the time.

While Bitcoin holders today will never live to see the day Bitcoin achieves zero emissions and lives up to its digital gold tag, BitGesell holders need only wait a few years to see Bitcoin the way its economic model described it to be.

Learn more about true digital gold at the official BitGesell website or buy and trade BitGesell coin with Bitcoin now on HotBit Exchange.

Media Contact Details

Contact name: Emma Wu

Email: [email protected]

Learn more about BitGesellhttps://bitgesell.ca/ 

BitGesell is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

Source: https://bitcoinprbuzz.com/digital-gold-bitgesell-hotbit-exchange/Source: https://bitcoinprbuzz.com/digital-gold-bitgesell-hotbit-exchange/

Blockchain

Cardano Price Analysis: 17 May

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At a time when other altcoins were stumbling, Cardano [ADA] witnessed significant growth. Although the price of the digital asset mirrored the correction in the Bitcoin market, the overall market still seemed to hold on to a high value.

At the time of press, ADA had lost 12% of its value since the peak and was currently being traded at $2.14 with a market capitalization of $69.31 billion.

Cardano hourly chart

Source: ADAUSD on TradingView

The above chart of Cardano shows the drops seen by the markets recently. Although the price dropped from a peak of $2.47, it has now managed to hold on to $2.13. Though the overall market looked strong, short-term indicators predicted a correction.

As the price traded right above the support at $2.10, a fall could push it under the level and close to the next immediate support at $2.02.

Reasoning

ADA market unlike many other altcoins markets was showing reduced volatility. Convergence of Bollinger bands was indicative of this trend. The signal line was moving lower, tracing the movement of the candlesticks.

As the price remained above the current support for a long time, there were chances that the price would breach support. The relative strength index was noting that selling pressure which was maintained close to 50 was now heading towards the oversold zone. The rise in selling pressure could push the price lower; however, Chaikin money flow suggested that the money that was leaving the market was now coming back in.

Crucial levels

Entry-level: $2.09
Take profit: $2.01
Stop level: $2.16
Risk to Reward: 1.04

Conclusion

The current Cardano market was suggesting that the consolidating price might be looking to correct again. The indicators were suggesting a rise in selling pressure, which could result in another fall. However, the buying pressure could result in a trend reversal as the CMF highlighted money entering the ADA market.


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Source: https://ambcrypto.com/cardano-price-analysis-17-may

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Blockchain

Creating NFT artwork with my kids

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How we are exploring the technology with kids and having a lot of fun in the process

Eric Wong
Photo by Dose Media on Unsplash

One of the hottest trending topics which fascinated my kid is crypto. Quite honestly, he felt that Dogecoin is the coolest currency and he even asked me to help him purchase some of it with his savings.

We’ve all heard of the term “Digital Natives” and I’m sure some of us here are “Digital Natives”. This refers to the generation that grew up with technology. Technology is here to stay, and I don’t think it’s going to a standstill. As many of us are still grappling with how this whole crypto and blockchain technology works, fueled with the whole speculation in the cryptocurrency market, this is definitely an area of fascination and fear.

While this is not an article explaining the technology, I wanted to approach this from the angle of exposing kids to technology and the other applications of this technology. There’s been too much hype around the speculation of cryptocurrencies which is just one part of the story.

Blockchain technology is something that will be here to stay. The benefits that the technology brings, especially with the ability to create a unique identity for digital assets, opens up endless possibilities for creators such as artists to “mint” original pieces which cannot be replicated.

While I feel that this technology is in its early days and will evolve to something more efficient, there is already wide adoption of blockchain technology in our lives today.

It really started with my 11-year-old boy, Isaac taking an interest in Dogecoin. He’s been reading it on Reddit a lot and is fascinated with the whole Elon Musk sending Dogecoin to the moon. While I’m glad he’s fascinated with how these things work, there is a lot of fluff in this whole proposition which I don’t entirely agree with. The other worrying thing is that he is starting to develop his values around investments and the value of money. Having him exposed to just a single facet of the technology would set that foundation wrong.

Having an interest in any given topic is priceless, and I didn’t want to let this slip. I did let him invest a small part of his savings in Dogecoin. $15 of it to be exact. That story was a good one. He was making over a dollar at one time, before losing about 40% of it on paper. Throughout the whole episode, I checked in with him on how he felt, and he was able to make a decision to hold on to it believing that it was still a good decision to invest. It did recover, and he sold everything making a handsome profit of 40 cents. He later kicked himself when it sent up further and he could have made a lot more. He’s now staying on the sideline and refusing to put any money into it, but I know he’s researching the next thing he should be investing in.

The thing about Blockchain, and Cryptocurrencies, it can get very energy hungry. To put it in context, Bitcoin uses more energy than Argentina and that puts the technology in the top 30 energy users worldwide according to a report by BBC.

Source: https://www.bbc.com/news/technology-56012952

Using blockchain technology, unique identities for digital assets such as artwork can be created and stored on the blockchain. This is referred to as NFT. This allows content creators to create their masterpieces without the issue of them being replicated. A good recent example of such an artwork changing hands is that of Mr. Vignesh Sundaresan (Metakovanby) purchasing artwork by digital artist Beeple at a Christie’s auction on March 11. He paid US69 mil for it, which was unthinkable even today.

Riding on the interest of my younger 7-year-old daughter’s in art, I suggested to the kids that we should create our own NFT Artwork and sell it online. This is a perfect example for us in how we can explore the technology together, create an art piece, and put it up for sale.

I also wanted them to think about the good that we can do along with the power to create. So, I asked them if they would give some of the proceeds away to a charity, and they immediately said “YES!”.

Out came the iPad, and we started drawing. It’s a simple illustration of a cute little Mochi. Yes, it’s very elementary, but it was fun creating it!

Creating our artwork on the iPad

I did a quick search online, and realized that there aren’t any “NFT Mochi”, but I could be wrong. As far as research goes, this is actually the first NFT Mochi illustration that’s minted!

Together with the kids, we minted our first NFT and listed it for sale on Rarible (Click to view) and Opensea (Click to view).

Our artwork listed on Rarible

I also took the opportunity to show them the cost of minting which essentially is the “gas” money that goes to processing the transaction on the Ethereum blockchain network. This fluctuates a lot and depending on the load and if you’re going to pay more to expedite the processing, it can range from a couple of tens of dollars to over a hundred dollars just to mint this NFT artwork.

This allowed me to explain to the kids how the technology works in kids language, and also how the energy impact the technology has.

We had a lot of fun in this process of being an NFT Artist. It was super cool, and I think we might do this again.

Our artwork, “World’s First NFT Mochi” is on sale, do check it out and if you are feeling the “work” that we’ve put in, do put in a bid to buy it! (That would be another story for me and my kids!)

Hope you’ve found this sharing useful. Do share your thoughts and comments with me.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://medium.com/the-joy-of-parenting/creating-nft-artwork-with-my-kids-e4a8ea8935ab?source=rss——-8—————–cryptocurrency

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Blockchain

Legacy Records, The First Record Label Paying Music Artists In Crypto

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From painters to digital artists to musicians, crypto continues to find integration across artistic mediums. Music continues to be a field that is ripe for revitalization, from a business standpoint. Accordingly, a number of different musicians have been releasing songs and albums as NFTs. Now, we have what’s being reported as the first official record label looking to get involved. The label looks to have artists join the ranks of other musicians getting involved in crypto.

Two-Pronged Approach

In a press release issued to start this week, Legacy Records CEO Keishia McLeod said it came down to “either get involved or get left behind”. McLeod cited unique income stream opportunities for artists and closed by saying that “this is the future, not a trend”. McLeod has stated previously her intent to drive the label to be at the forefront of leveraging emerging technology in music.

There are two major buckets contributing to Legacy’s approach. The first is the most notable, as the label will become the first to offer artists an opportunity to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans around NFTs, and number of artists seeking to get paid in crypto, have not yet been disclosed.

Related Reading | The “Hottest” NFT: Max Denison Pender Creates And Destroys A Self-Portrait In A Volcano 

As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com

Legacy Music’s Broader Business Growth 

Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will look to take advantage of the potential press buzz from the announcement. However, in tandem with the release, the label also announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The label also merged with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’, to provide legal guidance around digital execution.

McLeod has noted previously that the label has desired being a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.

Related Reading | Reviewing Topps MLB’s First Swing At NFT Tech

Music Artists Emerging Into Crypto

Legacy’s roster has the potential to join a growing list of music artists that continue to engage with crypto and NFTs. Last month, we wrote about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live promptly had a sketch explaining the digital collectibles parodying Eminem’s “Without Me”.

Other musicians engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.

Each week, our team recaps the week’s NFT action with ‘NFTs In A Nutshell‘ – covering everything NFT, from sport, music, and more.

Featured image from Pixabay, Charts from TradingView.com

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Source: https://bitcoinist.com/the-first-record-label-paying-music-artists-in-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=the-first-record-label-paying-music-artists-in-crypto

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