Bitgesell No Banks Required
Bitgesell No Banks Required
The cryptocurrency Bitgesell (BGL) is not a bank and does not represent a physical currency. However, as digital money or a store of value, it means much more than any money in a bank or a stock in financial markets, where you are merely buying air, fallacy and the illusion of owning a small part of any company.
If you deposit 100 euros in a european bank with a debit card linked to the account, your money will disappear in 10 to 16 months due to bank commissions or fees. In other words, those 100 euros will turn to dust legally and in full view of everyone. This happens with your forced consent, given when you sign a contract upon opening the account.
Most people don't realize that when they buy a stock on the stock exchange, they are not buying a part of the company but a part of an idea shared by a group of investors. In reality, they are purchasing various tickets to participate in a casino game. The stock or idea only gains value as more investors put in more money. As with any asset, the value is volatile depending on good or bad news.
For example, NVIDIA shares had a total of 24,620,000,000 shares outstanding as of September 7, 2024, with a unit value of $102 USD. As usual, this number of shares outstanding can increase or decrease without most small shareholders having any say.
In a cryptocurrency like Bitgesell, things are very different. You don't need to sign contracts to own coins and holders don't have to worry about good or bad news because they know that volatility is cyclical over annual (Bitgesell halvings) and quadrennial periods (after Bitcoin halvings).
Furthermore, as mining heads towards its end in 2054 and BGL inflation approaches values below 0.5% from 2030 onwards - halving every year - you understand that the importance of privileged information will drive Bitgesell’s value to grow exponentially, whether during halvings, scheduled public burns or other initiatives by the Bitgesell community on Telegram.
With Bitgesell, you learn to create an offline wallet protected by 24 passwords and an additional passphrase that only exists in your mind. No bank or stock offers as much security as Bitgesell or Bitcoin on their blockchains.
While Bitgesell (BGL) is not listed on a centralized exchange, once you buy wBGL and convert it into Bitgesell currency, you own the coin. Only you have control over that coin, it representing a part of the finite supply of less than 21 million coins.
Therefore, there can never be more than 21 million Bitgesell coins. Due to BGL's deflationary elements, from April 2020 until today, a total of 1,245,827 BGL coins have been burned! Thus, there will never be more than 19,754,170 Bitgesell coins in circulation. It is 100% reliable. Note also that the number of NVIDIA shares available on the market is 1,245 times greater than the maximum possible supply of Bitgesell coins!
Each bitgesell coin, like bitcoin, can be divided into 100 million satoshis. One dollar can be divided into 100 cents and beyond that, making change becomes impossible.
Anyway, currency-issuing states have several ways to transform a devalued currency into something credible, almost like a magic trick. For example, they can achieve this through:
- redenomination of the currency
- removing zeros
- issuing a new currency
- pegging to a stronger currency
- changing the symbol
- adopting dollarization
A stock can also be divided in two ways. A company can perform a stock split, making the price more accessible. For instance, if NVIDIA does a split, each existing share would be divided into two and the price of each new share would be approximately half the original price.
The other way to divide a stock is through fractional buying. Even if the company does not perform a split, it is possible to buy fractions of shares through brokers that offer this option. Exchanges like Robinhood or Charles Schwab broker, among others, allow investors to buy portions of shares (e.g., 0.5 or 0.1 of a share) instead of a whole share, making high-value stocks more accessible.
Now, let’s return to the mathematical calculation. If Bitgesell had NVIDIA’s market cap of $2.52 trillion today, each BGL coin would be worth $127,568 USD, while each bitcoin would only be worth $120,000 USD! Why? Because Bitcoin is only deflationary due to errors or loss when someone dies and the value of the coin must always be calculated based on the maximum number of coins of 21.000.000 millions. With Bitgesell is different. It is categorically proven on the blockchain that burned coins no longer exist, so this value decreases daily as the number of transactions increases.
This is why Bitgesell, as digital money or a store of value, has all the conditions to compete with any existing asset, whether a stock or another cryptocurrency.
In a final thought, Bitcoin established the foundation of blockchain technology and the concept of a decentralized digital currency in 2009, which inspired the development of many other cryptocurrencies. Bitgesell is, without a doubt, the most complete and perfect fork of Bitcoin, featuring attributes that give it potential for appreciation in the coming years, such as:
- Annual halving
- Superior energy efficiency
- Rapid supply reduction
- Burning of 90% of transaction fees
- A new generation of store of value
- Greater and faster scarcity
- Robust security
- Superior tokenomics
Fundamentally, it represents a concept of incremental value, long term investment and a cryptocurrency of the future, priced at $0.025 as of September 7, 2024.
P.S.: This brief dissertation on logical thinking did not consider the numerous successful multi-billion-dollar thefts from banks carried out by hackers worldwide and hidden from the public. To date, there have been at least two attempted and explained attacks on the Bitgesell bridge (BGLSWAP), but so far, the Bitgesell blockchain and holders addresses remain intact and inviolable.
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