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Purposed ‘Digital Gold’ BitGesell Unlocks Another Achievement with HotBit Exchange Listing

When Bitcoin emerged in 2009, the original vision was to solve the problem of peer-to-peer transactions on a global scale without intermediation. But as simple as the concept sounds, the original Bitcoin code may not have accounted for certain economic and technical overhead. For example, when there are a lot of transactions on the network, they result in a surge in fees and congestion, thereby defeating the objective of speedy transactions when compared to legacy solutions. As a matter of fact, a recent report suggested Bitcoin’s fees surged by as much as 2000% in the first five months of 2020.

The post Purposed ‘Digital Gold’ BitGesell Unlocks Another Achievement with HotBit Exchange Listing appeared first on The Merkle News.

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When Bitcoin emerged in 2009, the original vision was to solve the problem of peer-to-peer transactions on a global scale without intermediation. But as simple as the concept sounds, the original Bitcoin code may not have accounted for certain economic and technical overhead. For example, when there are a lot of transactions on the network, they result in a surge in fees and congestion, thereby defeating the objective of speedy transactions when compared to legacy solutions. As a matter of fact, a recent report suggested Bitcoin’s fees surged by as much as 2000% in the first five months of 2020.

The Quest for ‘Digital-Gold’

Despite several reiterations that have since evolved, forking from or build on the original Bitcoin idea, all still leave a lot to be desired of the ultimate decentralized digital gold, as the same problem still persists in one form or the other. However, crypto asset BitGesell may be onto something to change that narrative soon.

The BitGesell project was started sometime in March/April by an entity known as EmmaWu on Bitcointalk.org, claiming to restart the Bitcoin blockchain. It proposes a truly decentralized and open source software by calling on prospects to join forces in developing the core aspects of the protocol. The name was coined after famous German merchant and theoretical economist Silvio Gesell, who had radical economic theories similar to those fostered by the core messages of decentralization.

BGL is an experimental digital currency which uses the Keccak hashing algorithm for blocks and securely enables instant payments to anyone, anywhere in the world. BGL uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. BGL Core is the name of open source software which enables the use of this currency.

Achievements Unlocked

Its primary incentives revolve around a transactional coin burning mechanism with a burn rate of 90% of tx fees to create a digital scarcity of the asset, a block weight of less than 400,000 which is 10 times smaller than Bitcoin, and it is 100% Segwit, which eliminates the problems associated with legacy types of transactions. BitGesell’s BGL currency should definitely appeal to blockchain’s value chain — miners, investors, and network participants.

It appears that the BitGesell project aims to contend with BTC as the true attribute for “digital gold”– a concept which resonates deep within the cryptocurrency industry, often depicted by Bitcoin’s limited supply and its economic model of halving miners reward every four years. However, halving on BitGesell occurs every year, scaling its economic design 4 times that of Bitcoin, leading to the faster unveiling of the future of Bitcoin.

Even though it’s still early days for the BitGesell project, its achievement so far can be considered monumental to its scale. These achievements include a small GPU miner provided by its rapidly growing community, alongside an explorer, and a community wallet which has been specified in the very first BitGesell block mined, that will receive funds to be distributed for further project growth. Further, mining software cutting across major operating systems to include: Mac, Linux, and Windows.

Active mining pools currently supporting the chain include Bitaps Mining Pool, Smith Pool, Mining-Dutch and soon to be added Mining Coins.

Its most recent achievement includes the listing of the BGL asset on the HotBit cryptocurrency exchange to trade against BTC, giving it access to over 540,000 registered users from more than 170 countries across the globe. As an exchange, HotBit has a total of 400 active markets and over $54 million in daily transactions, making it a considerably good start for the BGL coin in terms of market exposure as it sets out to carve out a unique niche for itself.

The post Purposed ‘Digital Gold’ BitGesell Unlocks Another Achievement with HotBit Exchange Listing appeared first on The Merkle News.

Source: https://themerkle.com/purposed-digital-gold-bitgesell-unlocks-another-achievement-with-hotbit-exchange-listing/

Blockchain

Black Monday Anniversary: Why Bitcoin Investors Should Be Concerned

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Today marks the 33rd anniversary of the Black Monday on Wall Street that sent stocks setting historic records for intraday declines. Although this year already had a similar day of its own, there’s reason to believe that another collapse could happen in Bitcoin.

Here are the primary factors behind what could cause the crypto market to drop on the ominous anniversary.

Will Bitcoin Bow To Black Monday Anniversary?

Black Thursday is a day that crypto investors won’t soon forget. In a flash, Bitcoin price plummeted from over $7,000 to under $4,000, after just a few weeks prior trading well above $10,000. The more than 60% fall came to a climax on March 12, 2020.

All markets felt the sting of the panic and mad dash into the safe haven of cash. However, after that day, markets rebounded into a V-shaped recovery. Bitcoin and the S&P 500 set a new high in 2020, but the Dow Jones failed to put in a higher high which could be more foretelling about the overall state of the US economy.

RELATED READING | WHY A “BLUE WAVE” BIDEN WIN COULD BE THE BEST SCENARIO FOR BITCOIN

Although asset valuations across major stock indices and crypto assets are back at, or close to 2020 highs, the uncertainty around the election has investors taking a pause. Analysts and economists claim upside is limited in stocks, and various technical indicators point to a long-term top potentially being put in on the stock market.

spx sp500 btcusd bitcoin

Bitcoin following Black Monday price pattern from 1987 | Source: BTCUSD on TradingView.com

Weakness in stocks and the tech bubble finally popping could cause an anniversary selloff on the 33rd year since the Black Monday collapse in 1987. That day the S&P 500 saw a historic collapse, and it could happen again. According to a chart shared on Reddit, the S&P 500 is closely following the same pattern and price action that led up to that day.

And due to the ongoing correlation between crypto and stocks, even Bitcoin is following this pattern.

Crypto’s Continued Correlation With Stocks Could Spell Disaster

Since Black Thursday, the correlation between the top crypto asset and the most popular stock index in the United States, have traded lock and step. Bitcoin spent its entire life up until this year being positioned as an uncorrelated asset, but overall market sentiment matching across stocks and crypto has the two assets classes matching eerily closely.

RELATED READING | EXPERT EXPECTS BITCOIN “DECOUPLING” FROM STOCKS BUT NOT FOR THE REASON YOU THINK

Because Bitcoin remains so tightly correlated to the S&P 500, any steep selloff in stocks, either today on the dark day’s anniversary or in the near future, the cryptocurrency could also be in trouble again.

btcusd spx bitcoin sp 500

Cryptocurrency's sudden correlation with the S&P 500 stock market index | Source: SPX on TradingView.com

Top crypto fundamental experts claim that Bitcoin will soon decouple from stocks due to the growth of the underlying network. Fundamentally, Bitcoin has never been stronger than before, while stocks are fundamentally at their weakest in years due to the current economic conditions.

If stocks do collapse and Bitcoin withstands, the decoupling could lead to stock market capital flowing into crypto, and further push the asset to never before believed heights.

Featured image from Deposit Photos, charts from TradingView.com

Source: https://bitcoinist.com/black-monday-anniversary-why-bitcoin-investors-should-be-concerned/?utm_source=rss&utm_medium=rss&utm_campaign=black-monday-anniversary-why-bitcoin-investors-should-be-concerned

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Blockchain

Market Watch: Will The New Week Finally Move Bitcoin Price?

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Bitcoin has continued to overcome the recent adverse news and jumped to an intraday high of $11,550 a few hours ago. Ethereum has also increased in value to about $375, while most other large-cap altcoins remain relatively still.

Bitcoin Sees A $11,550 High

As reported yesterday, the weekend was fairly bullish for the cryptocurrency market. Despite reports indicating that the popular digital asset exchange OKEx has suspended withdrawals as its founder was purportedly taken away by the policy, Bitcoin stood firm at $11,350.

In the past 24 hours, the primary cryptocurrency has continued its way upwards. After gradually increasing to about $11,400, BTC spiked to a 3-day high of $11,550 (on Binance). This was the highest level since before the OKEx news broke out on Friday.

However, the bulls couldn’t keep the run going, and BTC dipped to $11,410 in the following hours. Nevertheless, the asset has reclaimed some ground and currently hovers around $11,440.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

The latest price increase could be related to the developments with US stock futures. The futures contracts of the Dow Jones Industrial Average and the S&P 500 jumped by 0.5%, while the Nasdaq 100 futures rose by 0.7%.

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Stability Among Large-cap Altcoins

After breaking above $370 yesterday, Ethereum has kept its momentum. Another $1.5% increase for ETH has pushed the second-largest cryptocurrency to about $375.

In contrast, Binance Coin has dropped by 2% despite the recent massive burn. As a result, BNB has dipped below $30.

The remaining top 10 representatives have displayed an untypical lack of volatility. Ripple (-0.5%), Bitcoin Cash (0.2%), Polkadot (0.4%), Chainlink (0.1%), and Litecoin (-0.2%) have essentially kept their value at the same levels as yesterday.

Cryptocurrency Market Overview. Source: quantifycrypto
Cryptocurrency Market Overview. Source: quantifycrypto

Filecoin is the most substantial loser for a few consecutive days now. FIL’s recent 22% dump has taken the asset to $31. As CryptoPotato wrote yesterday, FIL miners have it the worst.

Crypto.com’s native cryptocurrency has also lost a significant chunk of value. CRO’s 11% price slump means that it trades below $0.12.

The most impressive gains are evident from Aave and Uma. LEND has jumped by 20% to $0.49, while UMA (17%) trades at $8.75.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/market-watch-will-the-new-week-finally-move-bitcoin-price/

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Users Unimpressed by China’s Digital Yuan Following a $1.5 Million Giveaway

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After a week of utilizing the $1.5 million worth of digital yuan sent to 50,000 Shenzhen citizens, those who used the funds to make regular everyday purchases weren’t impressed. However, analysts claimed that the trials are a significant step towards a real-life practical usage for China’s digital currency.

Digital Yuan Doesn’t Impress Shoppers

Numerous world central banks are reportedly working on launching their own central bank digital currency (CBDC). Although multiple reports in the past year suggested that China leads this race, the end-results were mostly theoretical.

However, it seemed that the landscape changed last week when news broke that the Shenzhen government gave away 10 million yuan (about $1.5 million) worth of the digital currency in a lottery to 50,000 people.

After downloading a designated app, users were able to receive and spend the funds at over 3,000 merchants in the region. This was the first notable practical usage for a digital currency.

Following a week of trials, the results surfaced earlier today, as reported by Reuters. Most users’ general conclusions indicated that the app and the digital currency operated similarly to already existing online payment applications such as Alipay and WeChat Pay.

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Having this in mind, senior economist at PwC China, G. Bin Zhao, said that the central bank and the government have to “invest heavily” in education, marketing, and applications for the digital yuan to become popularly accepted. He added that “it’s especially important to offer convenience and other benefits” to differentiate the digital yuan from the other applications.

A Global Game-Changer?

Despite the pessimistic conclusions from users, the real-life applications of China’s digital currency have put on edge other global superpowers such as the United States.

The digital yuan operates outside existing financial infrastructures like Swift. As such, the report highlighted the growing fears from the West that if the digital yuan reaches mass international usage, it could undermine the US dollar dominance as the most utilized global payment currency.

Chief China economist at ANZ, Raymond Yeung, asserted that the government would prioritize the digital yuan usage as it would allow authorities to monitor currency circulation more closely. He also broached other merits, such as preventing money laundering schemes and “levying negative interest rates on cash.”

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Source: https://cryptopotato.com/users-unimpressed-by-chinas-digital-yuan-following-a-1-5-million-giveaway/

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