Bitgesell, the evolutionary successor of Bitcoin, has recently concluded its halving event, today March 28th, 2021. Triggered by the blockchain hitting block 52500, the first annual halving event on Bitgesell ecosystem has reduced the block reward from the previous 200 BGL to 100 BGL as the blockchain moves ever closer toward becoming an ideal store of value in the crypto world.
The Bitgesell halving event marks a significant step towards achieving an efficient deflationary economic model compared to its parent — Bitcoin. Created by Emma Wu in 2020, the Bitgesell project takes the best elements of Bitcoin and marries it with new features that put it years ahead of the flagship cryptocurrency.
What Makes Bitgesell the New Digital Gold?
Bitcoin and Bitgesell’s similarities are limited to the POW consensus algorithm and the shared maximum token supply of 21 million. Beyond that, Bitgesell is a completely different beast with features aimed at improving usability, environmental friendliness, and increasing the value of BGL exponentially.
The BGL ecosystem has tweaked the intrinsic asset model of Bitcoin to accelerate progress by a factor of 4. The project started with an emission rate 4 times higher than Bitcoin, i.e., 200 BGL per block, and reward halving on an annual basis compared to the 4-year interval with Bitcoin. At this rate, the last BGL will be mined in 2054 as against 2140 for BTC. Not to mention, it is much easier to mine BGL than BTC as it uses an energy-efficient advanced SHA-3 based Keccak hashing algorithm with 0.4MB block size instead of SHA-2 standards.
Furthermore, the Bitgesell ecosystem comes with SegWit implementation right out of the box, along with a token burn mechanism that permanently removes 90% of transaction fees from circulation. As a result, the supply of BGL will continue to become scarcer every day, which translates to increased demand and a higher token valuation.
Thanks to the Deflationary Model, Bitgesell Takes a Shot at Mars!
The intrinsic asset model implemented by Bitgesell makes it a highly deflationary mainstream cryptocurrency. Working in its favor is the limited supply, annual halving, and the token burn process. As a result, the overall supply of BGL will progressively reduce to less than 21 million.
Bitgesell’s deflationary model directly correlates with participation, as any increase in BGL adoption or transactions will contribute towards scarcity, making it an ideal asset for long-term hodlers. If BTC’s performance over the years is any indication, BGL will be outperforming it by many times in the future.
When it comes to deflationary assets, crypto market dynamics indicate that halving and token burn events positively affect the token value. The price movement of BTC post-halving, BNB, and more recently CRO following token burn events, prove the point. Listing on major exchanges and trading platforms will also play a crucial role in driving BGL prices. Currently, users can trade BGL on DigiFinex, on HotBit and on Crex24.
Birth of an Idea: Silvio Gesell’s Economic Theory Meets Satoshi Nakamoto’s Digital Gold
The creator of Bitgesell, Emma Wu, draws inspiration from the German theoretical economist and entrepreneur Johann Silvio Gesell who championed the idea of “Freigeld.” Gesell believed that the answer to global economic problems was to use money as an instrument of exchange and not a store of wealth. If money were to come with an expiry date, people would not hoard; instead, will put it to use by spending or lending it to others at no extra cost. Wu has combined the concept of Freigeld with digital gold and supported it with a highly deflationary mechanism to create a true store of value in the crypto space.
Is Elon Musk a Shiba Inu Holder? Tesla CEO Says He Owns These Three Crypto Assets
Tesla CEO and tech mogul Elon Musk says he owns only three crypto assets.
Earlier this month, Tesla CEO Elon Musk tweeted a photo of his Shiba Inu puppy, which sparked speculation about his support for the surging Ethereum-based memecoin. However, when a Twitter user quizzed Musk about his SHIB holdings on Sunday, Musk said he doesn’t own any of the Dogecoin (DOGE) competitor.
None— Elon Musk (@elonmusk) October 24, 2021
SHIB is trading at $0.00004275, up a staggering 49,268,197.7% in the past year, according to CoinGecko. Despite Musk’s revelation, Shiba Inu is up more than 14% in the past 24 hours.
Musk also revealed he still holds the same three crypto assets that he said he owned in July.
“Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum and DOGE.’ That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.”
The Tesla chief executive also elaborated on why he’s been so vocal about supporting Dogecoin (DOGE).
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own DOGE. They aren’t financial experts or Silicon Valley technologists.
That’s why I decided to support Doge – it felt like the people’s crypto.”
Musk is currently the wealthiest person in the world with a net worth of $255.2 billion, according to Forbes.
Here’s the Line in the Sand for a Bitcoin Breakout, According to Veteran Crypto Trader Tone Vays
Veteran crypto trader Tone Vays says one key price level will act as the breakout line for Bitcoin’s next price spike.
In a new strategy session, Vays says he originally expected Bitcoin (BTC) to pull back even further to about $54,000, but that may not end up happening.
The trader tells his 115,000 YouTube subscribers he likes the fact that Bitcoin’s 128-day moving average is close to crossing above its 200-day moving average, which could suggest more bullish price action in the medium to long term.
Vays says that one more green daily close would put BTC very near $64,000, which is what he calls the “breakout line” for the king crypto. He thinks the resistance around $66,000 is not strong enough to hold off another rise.
“That would get us very close to this line, and I’m using this line as the breakout line… If we can get above this line, I see very little probability that this top will hold, and once we get above this $64,000 line on a sustained basis or an end-of-close or a 24-hour average basis, I’m going to anticipate this top to fall in short order and up and up and up and up we go. So the daily chart, while neutral, is certainly leaning bullish.”
Back in September, Vays accurately predicted that Bitcoin would take out its all-time highs in mid-October. The next part of his prediction sees BTC then grinding its way up to the six-figure mark in late December.
“Just like before, in early October or mid-October, I expect us to start challenging the prior all-time highs and then a huge run-up at the end of the year.
Like mid-October into late December, I’m expecting us to go from that $65,000 all the way to $100,000. That is still my target.”
Bitcoin Events Confirms Crypto Whiz Kid Justin Sun as Keynote Speaker at Crypto Fest 2021
Bitcoin Events is delighted to confirm well-known serial entrepreneur and early blockchain crusader Justin Sun as a keynote speaker at Bitcoin Events’ 3rd annual crypto fest: Crypto Fest 2021: Rumble in the Crypto Jungle.
Mr Sun introduced blockchain as a value network to China in 2012 and was on the Forbes 30 under 30 China and Forbes 30 under 30 Asia list in 2017. He founded the TRON Foundation, one of the largest blockchain-based operating systems in the world, which has its own cryptocurrency dedicated to building the infrastructure for a truly decentralised internet.
Web 3.0, which aims to achieve more intelligent, connected and decentralised websites, will use technologies such as TRONS’s smart contract platform to address current issues of scalability, and speed and cost of transactions without compromising decentralisation and security.
Smart contract platforms, Non-Fungible Tokens (NFTs) and Decentralised Finance (DeFi) are the three trendiest topics in the blockchain industry right now. Crypto Fest 2021 will be focusing on these three hot topics, as will Mr Sun’s keynote address DeFi’s Effect on NFTs, Blockchain, and Web 3.0.
“With the introduction of NFT’s we have seen adoption of DeFi and blockchain technology explode, this is an exciting time in the history of our digital existence,” said Justin Sun, Founder of TRON, “Web 3.0 is the real revolution of blockchain technology, this integration has had remarkable effects on the evolution of the web. I am looking forward to addressing these changing tides at Crypto Fest 2021.”
Entrepreneurs, innovators, and investors attending Crypto Fest 2021 will enjoy talks that examine the future of the crypto industry, as well as discussions reflecting on the crypto industry’s exciting and eventful journey thus far as it overcame major challenges, from scalability and regulation to mainstream adoption by individuals and institutions.
A must-attend for those who appreciate a good debate is the Crypto Battle, which will no doubt prove to be a contentious panel discussion once again. This year’s Crypto Battle is entitled, Mirror on the Wall, Who is the Fairest of Them All? Battle of the Blockchains and will explore the new smart contract platforms and how they stack up against the oldest one of all: Ethereum.
Bitcoin enthusiasts can look forward to Raoul Pal, CEO and Co-founder of Real Vision, who will join Layah Heilpern, author of Undressing Bitcoin and host of The Layah Heilpern Show, in a fireside chat about the future of NFTs and bitcoin’s recent all-time high – and where he thinks the popular cryptocurrency’s price will go next.
Other Crypto Fest 2021 topics include:
- Institutional investment and venture capital in DeFi, NFTs, and crypto
- The NFT hype and what is driving it
- How cryptocurrencies are being used to cope with the effects of hyperinflation and as a tool for financial inclusion
- Why prediction markets are key to crypto’s future
- The huge boom in crypto peer-to-peer trading in Africa
- How Polygon is redefining the blockchain landscape
Crypto Fest 2021 Premier Sponsors are Amber Group, Vertex Technologies, and Yolo Group. The Diamond Sponsor is AmaZix and Gold Sponsors are AltcoinTrader, CryptoCurrencyWire, Luno, and TRON.
This year’s event will take place online and host 40+ speakers, 25+ free sessions with presentations, panel discussions, a crypto battle, workshops, Q&A sessions, and exhibitions. Attendees will also get the opportunity to join dedicated workshops in the breakout sessions, sponsored by FTX and Svalbard money.
To top it all off, attendees will be treated to an after-party with live entertainment by South Africa’s popular deep house band, The Godfathers.
Don’t miss all the fun. A limited number of tickets are still available. Register here to get your free ticket.
Visit the website for more information about Crypto Fest 2021.
About Bitcoin Events
Bitcoin Events is Africa’s leading and largest blockchain and cryptocurrency event coordinator.
Since 2015, Bitcoin Events has hosted 11 events which have attracted more than 350 global speakers and 12 000 delegates from over 165 countries.
Bitcoin Events is the organiser of the annual Blockchain Africa Conference, the Crypto Fest and the DeFi Conference.