Bitgesell - Beyond Bitcoin

 

Bitgesell (BGL)

The Decentralized Digital Currency Revolution

Often referred to as the perfect son of Bitcoin, Bitgesell coin is beyond the Bitcoin as a groundbreaking digital currency that has transformed the way we think about money, scarcity and financial transactions. Created by an enigmatic individual or group of individuals using the pseudonym Emma Wu, Bitgesell was introduced to the world in 4.04.2020. Since then, it has captivated little by little the imagination of tech enthusiasts, investors and others pioneers members in socials networks.

The Basics of Bitgesell

At its core, Bitgesell is a form of digital currency designed to operate in a decentralized and peer-to-peer manner. Unlike traditional fiat currencies issued by governments and central banks, Bitgesell or Bitcoin are not controlled by any single entity or institution. Instead, they relies on a distributed ledger technology called blockchain to record and verify transactions.

BGL Blockchain Technology

The blockchain BGL is a public, immutable ledger that contains a record of all Bitgesell transactions. It consists of a chain of blocks, each containing a set of transactions. These blocks are linked together using cryptographic techniques, ensuring the integrity and security of the data. One of the most significant advantages of blockchain technology is its transparency, as anyone can view the entire transactions history of Bitgesell.

Decentralization

Bitgesell's hallmark feature is its decentralization. It operates on a network of computers, known as nodes, that work together to validate and record transactions. These nodes are spread across the globe and are not controlled by a central authority. This decentralization eliminates the need for intermediaries like banks and payment processors, making Bitgesell a peer-to-peer system for transferring value.

Mining and Consensus

New BGLcoins or Bitgesell cryptos are created through a process called mining Proof of Work (PoW). Miners use powerful computers to solve complex mathematical puzzles, and when they succeed, they are rewarded with a block of new Bitgesell coins. This process also serves to validate and confirm transactions. The consensus mechanism that underpins Bitgesell is known as PoW, which requires miners to demonstrate computational work to add new blocks to the blockchain. PoW is resource-intensive and designed to maintain the security and integrity of the network.

Limited Supply

Bitgesell's supply is capped at 21 million coins. This scarcity is a deliberate design feature, in stark contrast to fiat currencies that can be printed indefinitely by governments. The scarcity of Bitcoin is often cited as one of its driving factors for value appreciation. But Bitgesell has a special feature in his code... 

Bitgesell Burn Coins

Bitgesell has today (12.11.2023) a total of 19.005.619 BGL coins mined. (Check it now: https://bgl.bitaps.com/). However, what's interesting is that a significant number of coins have been deliberately removed from circulation. More than ONE million BGL have been burned, reducing the overall supply and increasing scarcity. Additionally, 110,941 BGL coins have been sent to a Bitgesell burn wallet, effectively locking them away forever from circulation. 

BGL Burn Mechanism

The main burn mechanism of 90% per cent of taxes and fees transactions is part of Bitgesell's strategy to create a deflationary environment, where the supply is reduced over time, potentially increasing the value of the remaining coins. The formula of Bitgesell burning is stated on the code:

Block Reward = nFees*0.1 + GetBlockSubsidy(), 

it means that block reward (which is composed of coinbase tx for mining and sum of tx fees) is 0.1 of those, so 0.9 are burned forever. Check it burning feature on the code: (https://github.com/wu-emma/bitgesell/blob/64c24348f1ba8788fbffaf663b3df38d9b49a5d1/src/validation.cpp#L2161)

Ownership and Transactions

To own and transact Bitgesell, individuals need a digital wallet (to purchase you can find more information in the article HOW TO BUY BITGESELL on this blog) 

BGL wallet is a software program that allows users to store, send and receive BGLcoins securely. Each wallet is associated with a unique private key with 24 passwords, a secret code that grants access to the Bitgesell coins associated with the wallet. The public key, on the other hand, is a user's address and is used for receiving funds and always start by bgl letters!

BGL Different and better

One of the best journalistic articles discussing the differences between Bitgesell and Bitcoin can be found on the Bitcoinist website.

"Bitgesell is a lightweight blockchain that is based on proven Bitcoin code. It has more deflation parameters and scarcity. This blockchain also uses smaller block sizes which helps to speed up the network. In addition, 90% of fees for transactions are destroyed and halving occurs once a year."

(https://bitcoinist.com/how-bitgesell-plans-to-improve-on-the-bitcoin-blockchain/)

What Does Bitgesell do Differently?

This project is a cryptocurrency ecosystem that aims to improve on the problems faced by Bitcoin. It uses an advanced version of Bitcoin’s codes to enhance user experience. These are the main factors of the Bitgesell blockchain:

Block size

The block size in the Bitgesell blockchain is 10x smaller than the block size in the Bitcoin blockchain. The project aims to create a dynamic block size which is a unique approach to the situation. This approach causes the block size to adjust according to usage which is an effective way to balance fees on the network.

Decreasing Supply

The Bitgesell blockchain destroys a portion of the fees paid for transactions which in turn reduces the circulating supply and promotes scarcity. Bitcoin’s supply is constant but Bitgesell’s supply reduces gradually. This feature helps the coin to function well as a store of value (formula above). 

Yearly Halvings

Bitcoin halvings occur every 4 years but Bitgesell halvings occur every year. This would speed up the coin distribution process. In 2024, approximately 98% of BGL would have been mined which when compared to Bitcoin’s (2037) is very impressive." The last Bitgesell halving is programmed to occur in 2054, while for Bitcoin, you'll need to wait 117 years until 2140.

Security and Anonymity

Security and anonymity are important aspects of Bitgesell blockchain. The network's security is maintained through encryption and cryptographic algorithms. All users are pseudonymous, as transactions are recorded using addresses rather than real names. While this provides a degree of privacy. 

Bitgesell Use Cases

Bitgesell (2020), released 11 years after Bitcoin (2009), has evolved from being a niche digital experiment to a globally recognized form of digital gold and a medium of exchange. Its use cases include:

Store of Value

Many consider Bitgesell as a digital equivalent of gold, an asset that can store value over time. It is often used as a hedge against inflation and economic uncertainty.

Medium of Exchange

Despite its volatile price, Bitgesell will soon be accepted by a growing number of merchants and businesses as a payment method.

Remittances

Bitgesell provides a cost-effective and fast way to send money across borders, particularly in regions with limited access to traditional banking services.

Investment 

For some, Bitgesell is seen as a speculative investment with the potential for significant returns.

Smart Contracts

While not its primary function, Bitgesell's blockchain can also support smart contracts, self-executing contracts with the terms of the agreement directly written into code.

Financial Inclusion 

Bitgesell has the potential to provide financial services to the unbanked and underbanked populations around the world.

Volatility and Risks

One of the most significant criticisms of Bitgesell or Bitcoin is its price volatility. The value of Bitgesell can fluctuate dramatically over short periods, which can be a barrier for its adoption as a stable store of value or medium of exchange. Additionally, regulatory risks and security concerns related to wallet management are some of the challenges Bitgesell or Bitcoin users face.

Regulatory Environment

Governments and regulatory bodies have taken different approaches to Bitcoin, Bitgesell and other cryptocurrencies. Some countries have embraced and regulated cryptocurrencies, while others have imposed strict bans. The regulatory landscape continues to evolve, and it's a significant factor affecting the growth and adoption of cryptos.

The Future of Bitgesell 

As Bitgesell continues to gain popularity, it has sparked debates and discussions about its role in the future of finance and the broader economy. Some predict that Bitgesell will become a global gold reserve currency and will replace Bitcoin on the top, while others remain skeptical. 

Conclusion

Bitgesell is a revolutionary digital currency that has transformed the way we perceive money and finance. Confidently, it stands ahead of Bitcoin by decades, if not at least a century. Its decentralized, transparent, and secure nature, empowered by significant improvements in Bitcoin's blockchain technology, has attracted a diverse array of users and use cases. However, it faces challenges and uncertainties as it continues to evolve. Whether Bitgesell ultimately fulfills its potential as a global financial game-changer remains to be seen, but its impact on the world of finance is undeniable. 

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