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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.

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

Blockchain

KLAY Technical Analysis: Price Currently at $1.06, Close to Strong Support Level of $1.01

KLAY Technical Analysis: Price Currently at $1.06, Close to Strong Support Level of $1.01

Rate this post Klaytn is a public blockchain launched in June 2019. In order to convey the value of blockchain technology, a platform should provide an accessible user experience and development environment. Using an efficient hybrid design, the Klaytn platform combines the benefits of both public blockchains (decentralization, distributed governance) and private blockchains (low latency, scalability). Let us look at the technical analysis of KLAY. Past Performance On September 14, 2021, KLAY started trading at $1.33. As of September 20, 2021, the closing price of KLAY was $1.06. Thus, in the past week, the KLAY has been very less volatile. In the last 24 hours, KLAY has traded between $1.02-$1.86. https://www.tradingview.com/x/jRHWLpRB/ The Klaytn 2.0 global expansion of the coin has turned out to be positive news for Klaytn. However, Klaytn after grabbing institutional investors’ attention like Humanspace, Wemade Tree, and Piction Network saw hefty profit booking. A downtrend in Klaytn began after BTC’s 15% shakedown. On the four-hour chart, KLAY is in a downtrend. Moreover, traders are following the Sell-On-Rise concept. After the recent BTC shakedown, the trend has been shifted, and it is currently forming the base around the support zone. However, we can expect a breakout on the chart after some consolidation. A breakdown or a breakup will decide the future trend of the token. KLAY Technical Analysis Currently, the RSI is at 29.56%. After entering the oversold zone, the RSI has been constantly rising. Also, the RSI is currently near to its resistance level, therefore, after a short pullback, and we can expect KLAY to bounce back. MACD and EMA are in the negative zone, suggesting a sell signal. We can witness a bearish crossover between the MACD and signal lines. Therefore, the price will test support levels. On the four-hour chart, the OBV is consolidating and getting ready to continue its upward trajectory. Day-Ahead and Tomorrow The KLAY price is currently trading at $1.06, which is close to its strong support level of $1.01 on the daily chart. The breakdown from this level will highlight the next support level at $0.86. Hence, traders can take a short position after this support level is broken while keeping a stop loss at $1.09. However, on the other hand, if the price starts rising. The first resistance level the price will test is $1.17, which is a crucial one for the upcoming price trends. If the price breaks out from this resistance level, then traders can take a long position, keeping the next target of $1.29 and the stop-loss at $0.86.

The post KLAY Technical Analysis: Price Currently at $1.06, Close to Strong Support Level of $1.01 appeared first on Cryptoknowmics-Crypto News and Media Platform.

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Klaytn is a public blockchain launched in June 2019. In order to convey the value of blockchain technology, a platform should provide an accessible user experience and development environment. Using an efficient hybrid design, the Klaytn platform combines the benefits of both public blockchains (decentralization, distributed governance) and private blockchains (low latency, scalability). Let us look at the technical analysis of KLAY.

Past Performance

On September 14, 2021, KLAY started trading at $1.33. As of September 20, 2021, the closing price of KLAY was $1.06. Thus, in the past week, the KLAY has been very less volatile. In the last 24 hours, KLAY has traded between $1.02-$1.86.

TradingView Chart

The Klaytn 2.0 global expansion of the coin has turned out to be positive news for Klaytn. However, Klaytn after grabbing institutional investors’ attention like Humanspace, Wemade Tree, and Piction Network saw hefty profit booking. A downtrend in Klaytn began after BTC’s 15% shakedown.

On the four-hour chart, KLAY is in a downtrend. Moreover, traders are following the Sell-On-Rise concept. After the recent BTC shakedown, the trend has been shifted, and it is currently forming the base around the support zone.

However, we can expect a breakout on the chart after some consolidation. A breakdown or a breakup will decide the future trend of the token.

KLAY Technical Analysis

Currently, the RSI is at 29.56%. After entering the oversold zone, the RSI has been constantly rising. Also, the RSI is currently near to its resistance level, therefore, after a short pullback, and we can expect KLAY to bounce back.

MACD and EMA are in the negative zone, suggesting a sell signal. We can witness a bearish crossover between the MACD and signal lines. Therefore, the price will test support levels.

On the four-hour chart, the OBV is consolidating and getting ready to continue its upward trajectory.

Day-Ahead and Tomorrow

The KLAY price is currently trading at $1.06, which is close to its strong support level of $1.01 on the daily chart. The breakdown from this level will highlight the next support level at $0.86. Hence, traders can take a short position after this support level is broken while keeping a stop loss at $1.09.

However, on the other hand, if the price starts rising. The first resistance level the price will test is $1.17, which is a crucial one for the upcoming price trends. If the price breaks out from this resistance level, then traders can take a long position, keeping the next target of $1.29 and the stop-loss at $0.86.

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Source: https://www.cryptoknowmics.com/news/klay-technical-analysis-price-currently-at-1-06-close-to-strong-support-level-of-1-01/

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Blockchain

Robinhood Silently to Test Crypto Wallets & Crypto Transfer Functions


According to a Bloomberg report, Zero-commission financial trading platform Robinhood is low-profile testing new crypto wallet features for its customers, which will allow users to send and receive cryptocurrencies. (Read More)

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According to a Bloomberg report, Zero-commission financial trading platform Robinhood is low-profile testing new crypto wallet features for its customers, which will allow users to send and receive cryptocurrencies.

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Reportedly, Robinhood users currently can only use U.S. dollars to buy cryptocurrencies and trade digital assets on the platform but cannot withdraw the encrypted assets.

This is the first time the company has introduced deposit and withdrawal functions for digital assets like Bitcoin (BTC). 

Bloomberg reported that the beta version of the application on its IOS system reflects the company’s work on such functions. Also, there is a hidden image showing the waiting list page for users to register for the function of the encrypted wallet. It also involves the code related to the transfer of cryptocurrency assets.

Robinhood CEO Vlad Tenev pointed out in the second-quarter earnings conference call that adding a crypto wallet is the top priority of the company’s developers and said:

“It’s something that our teams are working on. The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

As reported by Blockchain.News on September 9, Robinhood Markets Inc. has launched a new cryptocurrency recurring investment feature that lets customers automatically invest in cryptocurrencies on a daily, weekly, or monthly schedule.

The new feature is set to allow its customers to purchase cryptocurrency commission-free and with a little as $1 worth of cryptocurrency of their choice monthly, weekly or even daily.

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Source: https://Blockchain.News/news/robinhood-silently-to-test-crypto-wallets-crypto-transfer-functions

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Binance Ceases Crypto Futures and Options Offering in Australia

The exchange is pulling its derivatives services around the world amid regulatory crackdowns.

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Binance continued to limit its services as the crypto exchange most recently ceases offering futures, options and leveraged tokens to its customers in Australia. According to the official announcement on Tuesday, the step has been taken to comply with local regulations.

This came as an extension of already imposed restriction in Australia as the crypto exchange last month ceased the Australians from opening new accounts for trading options, margin products and leveraged tokens.

Though the crypto exchange giant will stop its offerings on September 24, the Aussie clients will have a 90 days deadline to reduce and close their positions for the ceased products. The exchange will allow users to increase or open new positions, but they can top-up margin balances to prevent margin calls and liquidations.

“Users will no longer be able to manually reduce or close their positions after 2021-12-23 11:59 PM (UTC). Thereafter all remaining open positions will be closed,” Binance stated.

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Compliance Is a Must Now

Once aimed to offer crypto trading services with almost every local fiat currencies, Binance is facing heavy regulatory backlash now. Multiple regulators, from big and small jurisdictions, are flagging Binance’s services for offerings without holding requisite licenses.

The financial regulator of Japan even said that the exchange is operating in the country without the mandatory license, while the Malaysian financial watchdog made the exchange exit the country.

While the Australian regulator did not specifically issue any warning against Binance, it issued a general warning against all unlicensed crypto exchanges offering services to Aussie traders.

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” Binance added. “Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”

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Source: https://www.financemagnates.com/cryptocurrency/news/binance-ceases-crypto-futures-and-options-offering-in-australia/

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