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Topic: [ANN] BITGESELL - Store of value (Burn rate is 90% of tx fees) #realstoreofvalue - page 53. (Read 28215 times)

legendary
Activity: 2380
Merit: 1132
You need to fix the link for your project that is listed in your github repository https://github.com/BitgesellOfficial/bitgesell

Quote
Official thread: https://BGLtalk.org/index.php?topic=5238559.0
and it's the right thing to do https://bitcointalksearch.org/topic/ann-bitgesell-store-of-value-burn-rate-is-90-of-tx-fees-realstoreofvalue-5238559
legendary
Activity: 2744
Merit: 1706
bitgesell.fun & bitgesell.space
Wow, wow, wow, what's happening? Shocked I see a big squeeze up on the Digi. The support is still weak, but this is already very interesting, I will watch it.

legendary
Activity: 2380
Merit: 1132
But then I find out it is POW. Not against it in principle, but why waste all that money on gpus, electricity, computers?
No matter how it sounds, but POW confirmation of consensus if you take such coins as bitcoin, now the most secure and strong model. No hacking, not even an attempt to attack 51%. I see good potential in BGL, but developers need to think about protecting the coin chain.
newbie
Activity: 3
Merit: 0
New guy here. Not a dev, just someone looking to find the best crypto out there.

BGL caught my eye. Store of value is great. Burn rate creates deflation, price goes up, very nice.

But then I find out it is POW. Not against it in principle, but why waste all that money on gpus, electricity, computers? Instead use it here, invest in what is needed. Why not use that money to buy BGL, and spend it to pay development, audits and dividends? Pay the investors, pay the workers and put money aside for rainy days. Plus, burn for deflation. Staking should pay for internet/computer time and initial investment. Transaction fee should pay to keep the project going.

Bitcoin was created to replace money. It has its flaws, and it works better as digital gold at this moment. It's still not ideal, but it's what we have right now.

If BGL wants to succeed as digital gold, it should aim a lot higher. Gold is good, gold that pays you is even better. Reward the hodlers and keep the project funded and developing, and everybody will want in. This, in my opinion, is the way to beat BTC.

Still an interesting project, but staying with POW is an uphill battle IMO.
hero member
Activity: 3024
Merit: 614
Leading Crypto Sports Betting & Casino Platform
I love to see Bitgesell on Kucoin, this is an exchange that only lists the best and coins with good potential, we really need at least three Tier 2 exchange, but Binance will make a great impact on the future of Bitgesell, I'm glad they've extended the campaign to 4 more weeks we need this to get people to know Bitgesell and of course the coming halving.
sr. member
Activity: 1456
Merit: 267
Buy $BGL before it's too late!
I see BGL is making a lot of noise in the forum lately which is great. I would like to trade BGL on FTX or some Tier 2 Exchanges. I think spending money on low-tier exchanges is a waste of money.

Tier 2 Choices -

FTX
Bithumb Global
Gate.io
Okex
Bittrex
Kucoin


or some other reputable exchanges. Try to get in FTX, please..... 

Nice to see this and hope the team will push this out, it will gain more people / traders to learn about this project,
big exchange will help to reach more investors.

Time to work it out, spending money to reach tier 2 exchange is far better than listing to small exchange that only
give small attention. Best of Luck Team!
legendary
Activity: 2380
Merit: 1132
Today I run a node to support the project through greater decentralization. Can you tell me what resource I can use to control whether my node is working or not? Maybe a list of nodes...
You can launch the wallet and see list of peers that are currently connected to the network. In the additional window, you can see different parameters, including the block height for each node.

legendary
Activity: 2744
Merit: 1706
bitgesell.fun & bitgesell.space
I see BGL is making a lot of noise in the forum lately which is great. I would like to trade BGL on FTX or some Tier 2 Exchanges. I think spending money on low-tier exchanges is a waste of money.

Tier 2 Choices -

FTX
Bithumb Global
Gate.io
Okex
Bittrex
Kucoin


or some other reputable exchanges. Try to get in FTX, please..... 
Yes, this is a good list. Maybe excluding Kucoin, which has not very good reviews from traders related to the delay in the withdrawal of funds.

Today I run a node to support the project through greater decentralization. Can you tell me what resource I can use to control whether my node is working or not? Maybe a list of nodes...

This is a good idea, thanks! I'll ask guys to make a full node list page so we could see the current status of the network
That would be nice. You can also add flags for the countries where the nodes are located so that the user can rent a VPS in places where the coin network is low.
jr. member
Activity: 202
Merit: 1
I see BGL is making a lot of noise in the forum lately which is great. I would like to trade BGL on FTX or some Tier 2 Exchanges. I think spending money on low-tier exchanges is a waste of money.

Tier 2 Choices -

FTX
Bithumb Global
Gate.io
Okex
Bittrex
Kucoin


or some other reputable exchanges. Try to get in FTX, please..... 
copper member
Activity: 161
Merit: 67
Today I run a node to support the project through greater decentralization. Can you tell me what resource I can use to control whether my node is working or not? Maybe a list of nodes...

This is a good idea, thanks! I'll ask guys to make a full node list page so we could see the current status of the network
hero member
Activity: 1442
Merit: 775
So, for one transaction we need 20 BGL as a transaction fee. If calculated, the transaction fee is 20 x $ 0.02 USDT = $ 0.4 USDT. for now it is cheap, but if the price of BGL increases to $ 1 USD, the transaction fees will be very high, I hope you prepare a solution before this happens.
You need to clearly classify the withdrawal fees on exchanges and transaction fees if you make your BitGeSell transactions from your own wallet.

If you are moving your BitGeSell from one exchange, you will be charged withdrawal fee and believe me, withdrawal fee on exchange is never be cheap as same as the fee you pay from your own wallet.

Why is the transaction fee very expensive?
Because if that's the case, I don't think this coin is practical to use in the payment sector.
Maybe, it depends on the exchange, like for example, it was mentioned above, hotbit, they are charging 20BGL, whereas in crex, only 1.5 BGL.
But why it is expensive in hotbit? The gap of service fees is very wide.
1.5 BGL and 20 BGL are very different withdrawal fee. The withdrawal fee on HotBit is 13.3 times more expensive than on Crex24.
hero member
Activity: 2744
Merit: 588

The more exchanges, the more traders and the greater the trading volume. Does Bitgesel have any partnerships or supporters? Currently coins that use their own blockchain have great potential for growth. How much is the transaction fee for each BGL transfer from one wallet to another?

The standard tx fee is at 20BGL!
So, for one transaction we need 20 BGL as a transaction fee. If calculated, the transaction fee is 20 x $ 0.02 USDT = $ 0.4 USDT. for now it is cheap, but if the price of BGL increases to $ 1 USD, the transaction fees will be very high, I hope you prepare a solution before this happens.

Why is the transaction fee very expensive?
Because if that's the case, I don't think this coin is practical to use in the payment sector.
Maybe, it depends on the exchange, like for example, it was mentioned above, hotbit, they are charging 20BGL, whereas in crex, only 1.5 BGL.
But why it is expensive in hotbit? The gap of service fees is very wide.
And can they enumerate why this coin has real store of value? Thanks.
legendary
Activity: 2744
Merit: 1706
bitgesell.fun & bitgesell.space
Today I run a node to support the project through greater decentralization. Can you tell me what resource I can use to control whether my node is working or not? Maybe a list of nodes...
copper member
Activity: 161
Merit: 67

The more exchanges, the more traders and the greater the trading volume. Does Bitgesel have any partnerships or supporters? Currently coins that use their own blockchain have great potential for growth. How much is the transaction fee for each BGL transfer from one wallet to another?

The standard tx fee is at 20BGL!
So, for one transaction we need 20 BGL as a transaction fee. If calculated, the transaction fee is 20 x $ 0.02 USDT = $ 0.4 USDT. for now it is cheap, but if the price of BGL increases to $ 1 USD, the transaction fees will be very high, I hope you prepare a solution before this happens.

The tx fee is measured in 10^-6 BGL per tx vbyte
For example, simple transfer like this https://bgl.bitaps.com/bcc441fc45be740e2280df899c6b0eca4f0febef47902249a197af87e6acda14
is 0.00005000BGL because there is not much competition for the block.

If you withdraw BGL from HotBit exchange, 20 BGL is their service fee, it's not a transaction fee.

We have the ability to create lightning network like BTC does if the price goes high and transactions become expensive.



And congratulations to the winners of the node incentive program!
https://bglcontest.bitaps.com/nodes
2021-03-01
Total network nodes: 87
Here's winners list:
bgl1qfptc3dz5l4fucla5edt2szr7dx9tfhdgr7me5s
bgl1q0fx999llf8c6wknjcfqs6f7wyyxhc7dsqwmfux
bgl1qzcyg2v7wd0cggwgw2re0ea38j0fxpucv5q02sn
bgl1qhfptx6vymtx4xtup5jqcrmfcrg7703v492yvjn
bgl1qws5y74ure8gs7en3vc7j449vxd6ftpy3xtqr5j
bgl1q883rkg0vck8jp0vmupcvjv82rhphf6tm3qvatt
bgl1qre2fq833efqcq8k6py75cqyjaeh47v6uqcsxyq
bgl1qczfq6audnx8ts7eyk4859hcn0xsv06f3rzvwch
bgl1qty5tdqsrvj9feslj7gzvj7tqwwypwrz6fjttau
bgl1qzsl0s38t5wfs8xgsneavjau03pprzemm9g3rxt
The reward is 1050 BGL for everyone.

Congratulations to winner of the transaction contest!
https://bglcontest.bitaps.com
block #48533
2021-02-28 07:21
The address bgl1qyek697qhpjygwk52uzz8pmwy5k0cpqlg9ysw9c (50724 transactions) It's new absolute record!
The reward is 5250 BGL

Reward txid is 58601e4f14c9371f81d999a139e9cfb6c0c83f56d9e2552a15e2b670dd591e9d
hero member
Activity: 2156
Merit: 711
Telegram @tokensfund
I have checked the supply and it's still 21 million tokens, nothing has been burnt there. So, what could that burn rate be?

https://bitgesellexplorer.com/

Coin Supply (BGL)
9,419,818

https://coinmarketcap.com/currencies/bitgesell/

Max Supply
21,000,000
Total Supply
9,729,419

Less than 10M supply ATM. We spotted a low cap gem here. Also, the halving is coming this month!
hero member
Activity: 3024
Merit: 614
Leading Crypto Sports Betting & Casino Platform

So, for one transaction we need 20 BGL as a transaction fee. If calculated, the transaction fee is 20 x $ 0.02 USDT = $ 0.4 USDT. for now it is cheap, but if the price of BGL increases to $ 1 USD, the transaction fees will be very high, I hope you prepare a solution before this happens.

You have a point, I'm looking at a higher price like what if BGL reaches $100, that would become an expensive fee in the industry, there should be a solution for this and I also want to know how they are going to address this, I believe in the project and the price of the BGL is very much depended in the community and the development, we all want to work on issues that will soon confront us and fee is a big concern.
legendary
Activity: 2716
Merit: 1225
Once a man, twice a child!
for now it is cheap, but if the price of BGL increases to $ 1 USD, the transaction fees will be very high, I hope you prepare a solution before this happens.
Well, I would say "why not enjoy the moment with the cheap transaction fee and allow the devs to take care of the future?" On the other hand, I am not sure I truly understand what is meant by "burn rate is 90% of tx fees" Does anyone truly know? I have checked the supply and it's still 21 million tokens, nothing has been burnt there. So, what could that burn rate be?
sr. member
Activity: 1176
Merit: 252

The more exchanges, the more traders and the greater the trading volume. Does Bitgesel have any partnerships or supporters? Currently coins that use their own blockchain have great potential for growth. How much is the transaction fee for each BGL transfer from one wallet to another?

The standard tx fee is at 20BGL!
So, for one transaction we need 20 BGL as a transaction fee. If calculated, the transaction fee is 20 x $ 0.02 USDT = $ 0.4 USDT. for now it is cheap, but if the price of BGL increases to $ 1 USD, the transaction fees will be very high, I hope you prepare a solution before this happens.
legendary
Activity: 3570
Merit: 1126


Hi,
We've added Bitgesell (BGL) to https://www.cexz.ca/ exchange.

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Mine on zpool using one of your CexZ deposit addresses and get your mining fee's waived!

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jr. member
Activity: 31
Merit: 3

The more exchanges, the more traders and the greater the trading volume. Does Bitgesel have any partnerships or supporters? Currently coins that use their own blockchain have great potential for growth. How much is the transaction fee for each BGL transfer from one wallet to another?

The standard tx fee is at 20BGL!
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