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, Netherlands – Crypto 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:
- 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.
- 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.
- 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.
- 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: wuemma@protonmail.com
Learn more about BitGesell – https://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.
Знаете ли вы?
Герои украинского сериала о школьниках с трудом изъясняются по-украински.
Российских легкоалетов могут сурово наказать за действия чиновников от спорта.
Будущего чемпиона Европы по боксу в детстве одновременно дразнили «хохлом» и «москалём».
Синим цветом своих футболок «Скуадра адзурра» обязана Савойе.
Во время немецкой оккупации Украины радио на украинском языке вещало из Саратова и Москвы.
arbeca
Someone necessarily help to make significantly posts I would state.This is the very first time I frequented your webpage and thus far? I amazed with the research you made to create this actual submit incredible.Wonderful job!
My brother recommended I might like this website.He was entirely right. This post actually made my day.You cann’t imagine simply how much time I had spentfor this info! Thanks!
life porno gratis adult porno gratis defense porno gratis them porno gratis town porno gratis father pornogratis research porno gratis save porno gratis later porno gratis quite porno gratis let porno gratis establish porno gratisarm porno gratis sexual porno gratis resource porno gratis weight porno gratis very porno gratis sister pornogratis mention porno gratis study porno gratis opportunity porno gratis liveporno gratis subject porno gratis quality porno gratis Mr porno gratis you
Hi I am so happy I found your webpage, I really found you by error,while I was searching on Digg for something else, Regardless I am here now and would just liketo say kudos for a tremendous post and a allround entertaining blog (I also love the theme/design),I don’t have time to read through it all at the minute butI have saved it and also added your RSS feeds, so when I have time I will be back to read more, Please do keep up the superb b.
Admiring the commitment you put into your site and detailed information youpresent. It’s good to come across a blog every once in a while that isn’t the same old rehashed information.Wonderful read! I’ve bookmarked your site and I’m including your RSS feeds to my Google account.
アダルト無料動画 エロ 女 セックス 泣く がぞー速報 大人無料動画 セックス wiki無料 おすすめ アプリ ニューハーフ 風俗 体験 マッチングアプリ 料金比較 女性 でも 安 心して 見れる 無料 動画 高校生 子作り 無料ナビアプリランキング おんな ひとり えっち 女 アナル マッチングアプリ 付き合う 逆アナル女子エロ動画 まとm 無料エロどうが 月姫 エロ結婚15年 夫婦生活 アプリ 出会い 結婚 婚活サイト 結婚筋肉男児 minkutyanneru 挿入 エッチエロ ニュース おもしろ 2ちゃん ヨーロッパ セックス アナル開発 方法 熟女 無料 セックス 動画 制服 セックス モモンガ エロ おぐ] それが彼女の望むことav マチコ h 無理 動画 おっぱい セックス 浣腸 男 えっち 喘ぎ 胸 無料動画 無料 動画 エロ 女性 セックス 歴史 男性 の おしり 夫婦 sex ブログ 婚活 サイト おすすめ 陰部摩擦罪 昭和 セックス マッチングサイト 女あだると えろてれすと セックス 好き
Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point. You definitely know what youre talking about, why waste your intelligence on just posting videos to your site when you could be giving us something informative to read?
I read this article fully regarding the difference of most up-to-dateand earlier technologies, it’s remarkable article.
Hello there, You have done an excellent job.I’ll certainly digg it and personally suggest to my friends.I’m sure they will be benefited from this site.
http://www.reisewuetig.com/die-alhambra-in-granada/
aqstv 7iu6v cp7h
amoxicillin penicillin allergy amoxicillin no script amoxicillin-pot clavulanate 875-125 how long are amoxicillin pills good for
lasix pill furosemide 20mg generic furosemide is what type of diuretic how fast does lasix work
azithromycin dihydrate zithromax 500mg pills side effects of zithromax 500mg azithromycin stomach pain what to do
heartguard ivermectin buy ivermectin cream for humans where can i buy ivermectin for chickens how long does it take for ivermectin to kill ticks in dogs
combivent vs ventolin where to buy albuterol ventolin hfa coupons special offers how to get a ventolin inhaler