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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, […]

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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

Bitcoin sell-off over? Strong ‘buy the dip’ signal flashes for the first time in 5 months

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The price of Bitcoin (BTC) has dropped to the key $44,000-$45,000 support level on Feb. 28 for the third time in the past week.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

The BTC/USD pair briefly dipped below $44,000 on Bitstamp before paring some of the losses, bouncing back above $45,000 at the time of writing. 

‘Full rest’ for SOPR, funding rates

Some analysts have pointed out an uptick in miners’ selling as the reason behind the latest drop in price. 

Fortunately, the third retest of this key support level may have a silver lining for the bulls. Data analytics resource Glassnode noted that the daily Bitcoin Spent Output Profit Ratio (SOPR) has seen a “full reset.”

The SOPR essentially shows whether spent outputs are in profit or loss at the time of transaction. This key metric turned negative for the first time since September 2020. In other words, investors are now moving BTC at a slight loss on average, suggesting that profit-taking has abated, according to Glassnode. 

“In total, we saw an on-chain net realized loss of $243 million yesterday,” the analysts added.

“That is the lowest daily value since April 2020.”

Bitcoin funding rates. Source: Bybt.com

Meanwhile, popular trader Philip Swift, the co-founder of trading suite Decentrader and creator of the Golden Ratio multiplier method, also pointed out the SOPR crash.

He considers this a potentially bullish turnaround for BTC price in combination with last week’s reset of derivatives funding rates because such events have previously coincided with the start of new uptrends.  

“The SOPR has now reset (green on the chart) meaning that wallets selling are now selling at a loss,” he explained, adding:

“This is a strong ‘buy the dip’ signal in a bull market. This alongside derivative fundings having reset is bullish.”

BTC price vs. SOPR. Source: DecenTrader/Twitter @PositiveCrypto

The last time the SOPR flipped green was five months ago when Bitcoin was trading around $10,000. At the time, this was a key hurdle for BTC to trigger a new bull market. Since then, the price has surged more than five folds to new all-time highs of around $58,000. 

Nevertheless, many traders remain cautious as the market enters the month of March, which has historically been bearish for cryptocurrencies, and all markets in general. 

“I think March may be slow with a lack of confidence in traditional markets but overall I am bullish Bitcoin and expect significantly higher over the next three months,” said Swift in private comments. 

$44K-$45K remains the key level to watch 

In the meantime, Bitcoin traders are keeping a close eye on the $44,000-$45,000 level. Trader Willy Woo, for instance, says the $45K level is very strong support and expects any dips below this level to be bought up aggressively should they occur. 

Furthermore, researchers at on-chain analytics firm Santiment believe that the entire cryptocurrency market now depends on Bitcoin holding above this key level.

“It’s been a red weekend thus far, with most eyes on Bitcoin as it has rallied back vs. the climb altcoins were making,” they said, adding: 

Keep an eye on the $44k support level for BTC as an indication to monitor for all of crypto. As well as BTC’s on-chain activity. 

Source: https://cointelegraph.com/news/bitcoin-sell-off-over-strong-buy-the-dip-signal-flashes-for-the-first-time-since-september

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Blockchain

Ethereum, Tezos, Elrond Price Analysis: 28 February

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It was a bearish day for the crypto markets as Bitcoin dipped beneath the $45,000 mark. Ethereum, Tezos, and Elrond all registered losses over the past few hours as selling pressure mounted. Ethereum lost the $1437 level, while Tezos was on its way to test the $3.2 mark as support yet again. Elrond could see a bearish retest of $132, and a drop below $115 is likely to grind to a halt in the vicinity of $100.

Ethereum [ETH]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: ETH/USD on TradingView

Ethereum dropped in value from $2040, bounced off $1437 to test $1691 as resistance before another drop past $1437. ETH was trading at $1330 at the time of writing and showed strong bearish momentum on the 4-hour chart.

On the 4-hour chart, the RSI stayed below neutral 50 to denote bearish sentiment remained strong. Losing the $1300 level will likely see ETH drop toward $1196.

It has been reported that Ether’s strong correlation to Bitcoin, Ethereum’s network congestion, dropping transaction number of transactions on the network, and transaction volume, are all contributing factors to the dropping value of Ether.

Tezos [XTZ]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: XTZ/USD on TradingView

Tezos dropped below $3.76 over the past few days and repeatedly tested it as resistance while forming a range with its lower boundaries at $3.22. This range-bound trading activity for XTZ is likely to end with a move to the downside.

Bitcoin dropped beneath the $45,000 mark and over the next few days, the selling pressure could see BTC drop toward $42,000. This will likely see the altcoin market shed value as well, XTZ being no exception.

The OBV notes steady selling pressure and, even though $3.22 was defended multiple times, the sellers have been dominant. This is likely to result in XTZ dropping below $3.22 to visit $2.92 over the next few days.

Elrond [EGLD]

Ethereum, Tezos, Elrond Price Analysis: 28 February

Source: EGLD/USDT on TradingView

The 4-hour chart and fractals were used to give a better representation of the important points for EGLD over the past couple of weeks.  A descending channel pattern emerged, and recently the price attempted to break out above the channel.

However, it faced stiff resistance at $140 and was forced to drop beneath the $132 level of support- which is the 23.6% retracement for EGLD for its move from $26 to $216.

The Awesome Oscillator was above the zero line but, in the shorter timeframes, momentum was already rising in favor of the bears. A retest of $132 followed by a fall for EGLD can be expected over the next few days.


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Source: https://ambcrypto.com/ethereum-tezos-elrond-price-analysis-28-february

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How Bitcoin miners can help its price movement right now

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Following the massive drop in price over the past week, the Bitcoin market did hold on to the $47k price level for a while, but the support range eventually lost out to the bearish pressure and the coin currently trades around the $44k price range. From the peak of $58k, the largest cryptocurrency has fallen by over 17% in the past six days and despite the past few days’ increased bearish sentiment the coin may now be heading upwards as bullish momentum slowly creeps in.

Source: TradingView

The past week’s correction could have been the result of miners who were selling their Bitcoins since the end of 2020 when the digital asset was trading under $30k.

However, according to a market analyst, Lex Moskovski this selling from miners’ end has finally ended and accumulation was once again visible in the BTC market.

The above chart indicated that the miners were increasingly selling their Bitcoin for the past two months. The Miner net position change indicated long red bars until late January when the value of BTC hit close to $35k. However, as February kicked in and the market was seeing increased volatility in the price, the miners’ net position to sell had reduced and on 27 February it was showing a positive trend.

Apart from miners selling their BTC, the correction led to massive liquidations on exchanges and other platforms like Grayscale. The largest Bitcoin accumulator lost $2.6 billion in a single day when the correction set-in. Grayscale’s holdings of Bitcoin have now dropped from $32.832 billion to $30.724 billion, at the time of writing.

However, as the miners’ attitude towards the digital asset reverses we may the price of Bitcoin gain strength at the current level.


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Source: https://ambcrypto.com/how-bitcoin-miners-can-help-its-price-movement-right-now

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