How Bitgesell effectively tackles problems with Bitcoin by BTC colleagues

has a special place in the crypto world. It is considered the king of crypto and was the first to launch a whole new financial industry. Yet, for all it offers, it falls short in several aspects, making it impractical in the long run.

Better than Bitcoin

Bitgesell is a community-driven project that has been gathering steam since its launch in 2020. The project developers looked over Bitcoin and other major cryptocurrencies to identify flaws and decided to create a better version.

The result is Bitgesell, a Bitcoin-inspired crypto that is faster, efficient and better.

Bitgesell is a deflationary cryptocurrency that runs on its own independent blockchain network. The BGL coin is also similar to Bitcoin, with a maximum supply of 21 million. Taking cues from the infamous Satoshi Nakamoto’s vision, the best features of the King of Crypto have been retained. However, the Bitgesell network is more than that. The developers have made some smart changes that address the key issues facing Bitcoin users today.

• Annual halvings: Unlike Bitcoin with a halving cycle of about 4 years, Bitgesell block rewards are removed by 50% every year. This leads to another supply crisis much faster, increasing demand pressure and increasing overall value in just a few years.
• Transaction Burns: The extremely high burn rate on transaction fees supports the lack of supply. Each transaction fee is permanently burned by 90%, further reducing the supply.
• Lighter and faster: A block weight of only 400K, the Bitgesell network is lighter and faster. The reduced block size also means that the Bitgesell blockchain is compact, which in turn lowers the storage requirements.
• Segwit Support: Bitgesell counters network load and scalability issues by having Segwit fully implemented, and performing lightning transactions without burdening the network.
• Keccak SHA-3 Algorithm: Bitgesell uses an advanced SHA-3 based Keccak hashing algorithm that is superior to that used by Bitcoin. With better security and efficiency, relatively inexpensive machines can also take part in the decentralized network to run and secure it.

The community loves Bitgesell

Over the years, many developers and aspirants have gone hard with Bitcoin in an attempt to create a better cryptocurrency. Nevertheless, every project has been carried out with problems and other frictions since the projects are almost never thought through properly.

Bitgesell differs not only because of the technical differences, but also because the developers have made an effort to please both users and miners. A perfect example is the transaction system. While the high burn rate means miners only get 10% of the transaction fee, the network itself has a higher transaction cost than usual, making only large volume movements feasible. This has a dual effect of giving miners enough incentive and at the same time giving Bitgesell users a coin that emulates gold by becoming a better store of value.

There is also a significant community of miners, including pool support such as ZergPool, ZPool and even Bitaps. The option to become an independent or pool miner also increases the total computing power dedicated to the network, making it secure.

With a total supply of 16.4 million out of a maximum of 21 million, it’s only a few years until all are mined (98% is estimated to be mined by 2024 compared to Bitcoin’s 2037). This maintains a real imbalance between demand and supply, and creates massive upward pressure on the price.

Do you think Bitgesell and its BGL token are interesting? You can get it on PancakeSwap and (like WBGL).

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