The cryptocurrency market has been volatile, but that has not deterred investors from taking part in this financial revolution. One of the latest projects to hit the market is BitGesell (BGL). In this article, we will explore what BGL is, how it works, and why it may be the future of cryptocurrency investment.
What is BGL?
BitGesell (BGL) is a deflationary cryptocurrency that uses a high deflationary model to provide allocation in a store of value assets. The project’s founder, Silvio Gesell, was an economist who believed that deflationary aspects of currency could be an advantage. BGL is designed to provide an investment tool that combines the concept of free gold and guild as a traditional store of value.
How does BGL work?
BGL burns 90% of all transaction fees, decreasing the block size, and creating a more deflationary currency. The project’s deflationary nature is similar to that of Bitcoin. However, BGL uses a block weight of 400 KB, which is ten times smaller than Bitcoin. This has helped BitGesell’s blockchain achieve sufficient transaction throughput and keep transaction mempool competition to ensure that transactions are gathered and burnt.
BGL has a unique approach to halving. Bitcoin halving occurs every four years, while BGL’s halving process happens yearly. Halving is the process of reducing the rewards of mining crypto after each set of 210,000 blocks is mined. By reducing the rewards of mining, halving ensures that the amount of currency in circulation does not increase exponentially, which can put pressure on its price. The gift for mining a block falls by half after every 210,000 blocks that are mined.
Why BGL may be the future of cryptocurrency investment
BGL offers a unique investment opportunity for investors who are looking for a long-term investment. Its deflationary model ensures that the currency’s value increases over time, making it a store of value asset. By burning 90% of all transaction fees, the currency’s supply is limited, which increases its value. This means that investors who hold BGL can expect to earn a good return on their investment over time.
Moreover, BGL’s technical specifications are impressive. Its block size is ten times smaller than that of Bitcoin, which means that the blockchain is reasonably compact, lowering storage requirements. The project’s developers have also implemented SegWit, which eliminates problems with legacy transactions. The block subsidy is 50 times, and the maximum number of coins is 21 million.
How to buy BGL?
To buy BGL, you need to visit Pancake Swap and get your token. The BGL token is traded against USDT. You will need to connect your wallet, and it is recommended to use MetaMask. After connecting your wallet, you can switch to the BNB chain and buy as much BGL as you want. Once you have enough USDT, you can invest in BGL. Please note that investing in cryptocurrencies is risky, and you should only what you can afford to lose.
Conclusion:
BitGesell (BGL) is a deflationary cryptocurrency that offers a unique investment opportunity for long-term investors. Its deflationary model ensures that the currency’s value increases over time, making it a store of value asset. The project’s technical specifications are impressive, and its block size is ten times smaller than that of Bitcoin, making it more efficient. BGL’s halving process occurs yearly, which reduces the rewards of mining, ensuring that the amount of currency in circulation does not increase exponentially, which can put pressure on its price.
