Using Crypto.com’s Bitgesell (BGL) Price Page, users now can directly access Bitgesell’s RSS news feed. This feature will help Crypto.com visitors to receive the latest news and updates on Bitgesell, a store-of-value aimed coin with burn of 90% of transaction fees.

Crypto.com users would now know the latest Bitgesell updates, including software versions, events in addition having the latest BGL price, trading volume, live charts and market capitalization information. As a major player in the whole industry, Crypto.com makes it easy to enter crypto world and trade many tokens at true market price with USD, EUR, GBP and many other fiat currencies. There are currently over 100 cryptocurrencies that are listed on Crypto.com App and available for trade.

Bitgesell — a store-of-value crypto coin taking best approaches from BTC, plus adding deflationary mechanics in form of 90% burn of transaction fees, reduced halving time, block size, SegWit only transactions and SHA3-Keccak hashing.

Bitgesell, which now exists for around 2 years (and few days ago passed it’s second halving) is a blockchain project founded by Emma Wu, that is a smart combination of proven design standards and novel updates in several areas relies on a spinoff of the original Bitcoin codebase.

Bitgesell coin has a four times faster halving frequency than Bitcoin, boosting the imbalance between supply and demand at an increasingly quicker pace.

Also, unlike Bitcoin, although Bitgesell shares the same 21 million coin supply, 90% of all transaction fees are burned, further bolstering digital scarcity.

The reduced halving timing implements an accelerated model of Bitcoin in the present day, which cuts the distribution times shorter to attain faster evolution of the coin economy.

Bitgesell’s increased rate of halving will allow all coins to be mined much faster than Bitcoin will, thereby touching the total circulating supply by 2054. There will always only be 21 million BTC, BGL will actually decrease in supply lower than 21 million coins over time, further driving up the value and price per coin. Bitcoin is often incorrectly considered deflationary due to its limited supply and use as a hedge against inflation. However, a true deflationary asset, such as Bitgesell, must actually decrease in supply.

Deflationary assets appreciate in value over time, as it discourages overspending. And in the current economic climate where inflationary fiat currencies are being produced in the most abundance ever, the type of deflation Bitgesell provides is invaluable for investors seeking to protect wealth.

Deflationary systems are proven effective in generating a sizable uptick in price per coin, based on a reduction in supply alone. As an example, the Crypto.com CRO token rose by over 70% with a more than 800% uptick in trading volume, based on the announcement of a token burn.

About Crypto.com

Founded in 2016, Crypto.com has grown into a fully-fledged and well-known international cryptocurrency hub in just a few short years. Its crypto ecosystem consists of the Crypto.com App, Crypto.com Exchange, Crypto.com DeFi Wallet, DeFi Swap, Crypto.com Visa Cards, Crypto Earn, Crypto Credit, Price Page, NFT marketplace, Ethereum Gas Fees Tracker, and many other services. Crypto.com works with regulatory institutions all over the globe, and aims to bring you the most convenient way to buy, sell, trade, and spend cryptocurrencies. The Crypto.com App allows users to buy over 100 top cryptocurrencies at true cost, to earn high interest on their crypto, to manage their Crypto.com Visa Card, and to easily make crypto payments, along with many other rewarding features. The company’s Crypto.com DeFi Wallet is non-custodial, so users can have full control of their private keys.

Step 1

Go to https://bitgesell.ca and download the appropriate Windows 64-bit version installer file.

Step 2

Run the installer file…

Step 3

Choose the installation destination folder

Step 4

Choose a Start Menu folder (this is optional)

Step 5

Click Install and let it rip!

Step 6

Finish and run BGL Core.

Once running you’ll see in the bottom of the screen that the client is gathering resources, which means it’s downloading the Bitgesell blockchain. Don’t worry it’s only about 100 Mb in size.

Congratulations you now have a running BGL node! :-) How easy was that?

You can now create new wallets, send and receive transactions on the Bitgesell network.

Additional information:

As we’ve said before, the node client is light weight and it requires few resources. To put that in numbers, we suggest a PC with these minimum requirements:

• 512Mb RAM
• 1-core 2.0GHz CPU
• 1Gb free space should be enough for now (for the blockchain)

The client uses less than 1% of memory and processing power on an average computer.

But hey, you want to participate in the node incentivisation program to get some free BGL right? :-) Then complete the below steps to get you sorted.

Be sure to have the BGL address close to you. It’ll start with “1bgl…”.

Step 1

In the BGL Core main screen click:

Settings → Options → Open Configuration File

Step 2

Click “Open Configuration File” and choose notepad to edit.

You’ll see an empty file. This is normal.

In the empty screen type:

[main]

uacomment=”insert wallet address here”

→ Lose the “” and just add the wallet address you want linked to your node client (on which you want to win the free BGL :-p )

Step 3

CTRL-S to save the file and exit the notepad.

Step 4

Completely close down the BGL Core agent and restart it. Don’t just use the X because it’ll minimize. In the menu click “File” → “Exit”.

Step 5

Restart your BGL Core node agent. Click “Window” → “Information”.

Beneath “General” and “User Agent” you’ll see : /Satoshi:0.1.3(yourownBGLaddress)

Again, congratulations! You are now running a Bitgesell node and working towards a more decentralized and better functioning network. Thanks!

All there is left to do now is to check the node incentivization website every Monday morning and see if you’ve been randomly chosen! https://bglcontest.bitaps.com/nodes

We would love to see you join the community and share your thoughts and ideas:

Twitter: https://twitter.com/Bitgesell

Reddit: https://www.reddit.com/user/bitgesell/

Facebook: https://www.facebook.com/Bitgesell

Community

Telegram: https://t.me/bitgesellofficial

Discord: https://discord.gg/VEwqJVMMPw

Articles

Medium: https://bitgesell.medium.com/

For at that moment there really was no one-stop solution for when the Bitgesell user wanted to store his or her BGL’s somewhere other than on an exchange. We all know that can always be considered a risky undertaking. If you wanted to store your BGL locally, one had to download and run the full BGL node client. Honestly, it was working fine but we can’t really say it was the best user experience or had modern security features. Rough around the edges and very basic in looks and functionality.

So the goal of the hackathon was to develop either a mobile or desktop solution. Or both of course, if there were teams out there with the necessary time, skill and courage to get a working version up and running. For each of the best solutions provided there was a 10k USDT prize for the top and 5k USDT for the runner-up.

For the contenders aiming for those top two spots and that prize fund there were of course some requirements. In general the wallets should be able to send and receive transactions into wallets that could be created. Safety wise would support of mnemonic seed creation and the possibility to recover or import a wallet thanks to that set of 24 random words, would be highly rated. All in all there were three big points in which the teams could take home plenty of points, basic usability, security and user interface.

Registrations opened October 19th and closed November 3rd. A couple of days later, 30 teams were selected and the 6th of December at 7 PM Moskou time, the opening ceremony and talks were held.

After day 1, there was a check point session with all teams. Tips were given and a couple of teams were either well underway in working towards the goal where others already gave up. About 48 hours after the opening , 10 teams were selected to present their solutions to the Bitgesell and Phystech Genesis representatives. After looking at all the solutions in detail a couple of changes were made to the prize fund, the decision was made that the following teams were in the prizes:

Mobile category:

1st place 10K USDT: Origin Dev
2nd place 5K USDT: CWK
3rd place 3K USDT: Chainify
4th place 1K USDT: Hackatigers

In desktop category we chose to not award 1st place, as the perfect one, however, there were 3 top places with different approaches and 2 bonus awards:

Top pick desktop 5K USDT: IBI solutions
Top pick new approach (unity) 5K USDT: Digital Rover
Top pick web 5K USDT: HXPNTR
Bonus pick web 1K USDT: Cryp-a-cryp
Bonus pick web 1K USDT: Belarus Freedom

So now a month later, a couple of things have changed and the teams have been busy. Origin Dev has further developed their mobile solution into a working and good looking Android app. For every Android 6+ device out there, there is now a beta version of the app that you can download here:

Releases · GranPecador/bgl-wallet-android

BelarusFreedom has been working at the web based wallet and Chrome browser extension which you can find here:

Bitgesell Wallet

Again a big thanks to all teams who participated and specifically those who have stepped up and kept working!

Increasing value through increased scarcity

Bitgesell has kept some similarities that make Bitcoin into a great store of value. The maximum supply of mineable coins is and will never be more than 21 million. Just as with Bitcoin this feature cannot be changed unless the chain undergoes a hard fork, which will only result into loss of reputation and more problems along the way. We don’t need to point out which examples from Bitcoins past we’re talking about. There will only be as many BGL as was hard coded.

The difference in scarcity is where Bitgesell takes it up a notch. By burning 90% of the transaction fees, the supply will not only plateau, but decrease over time, potentially enhancing the scarcity far beyond that of Bitcoin.

Accelerated halvings

Not only does the supply of BGL coins have a diminishing feature, the rate at which halvings occur has been cut in four. Whereas Bitcoins halvings occur every 210.000 blocks, Bitgesells halvings will occur every 210.000/4 or 52.500 blocks. Roughly one year between each halving instead of four.

Therefore Bitgesells first halving is set to take place in or around April of 2021, decreasing the block reward to 100 BGL per solved block. Yes, 100 BGL because the initial block reward has changed also: 50*4. So instead of the now expected year 2140 when Bitcoins block reward will hit zero, Bitgesells block reward will have gone to zero around 2054. This schedule gives many of us something to look for, because most of us are expecting to still be alive. Which is impossible to say for Bitcoins schedule. None of us today will witness that final halving when the rewards drop to zero. In any case Bitgesell will be a guide to what this economic model of programmed scarcity has in store for Bitcoin.