A new eco-friendly alternative to bitcoin – Green Bitcoin – is now available on one of the leading crypto exchanges. Immediately after its release, its price increased 1.6 times. This happened after one “whale” made a purchase of $44 thousand.
At the time of release, the token was sold for $1.10, but after that it rose in price by 63% and rose to $1.79. Later, the asset went into a stage of a small correction, and its price fell to $0.70.
The developers, on the other hand, said that they are ready to buy back a certain number of coins to raise their value. Moreover, they have blocked more than 284 thousand assets to increase liquidity next year. Both of these measures are aimed at easing negative price pressure.
That said, the launch on Uniswap is only the first step in the development of the project. The gamified-stacking coin will appear on CEX as early as this week.
The details of this release are not disclosed. However, it is known that it is scheduled for April 11. In addition, the creators will update the mechanism for making predictions within the ecosystem on April 18.
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How is the GBTC steaking system different?
Green Bitcoin raised $9.6 million on the presale thanks to an unusual approach to the mechanism of blockchain coins. Investors were attracted by the opportunity not just to receive passive income, but also to earn on the volatility of the original bitcoin rate.
This principle works very simply: just buy $GBTC, place them in the steaking and then leave your forecast. If users correctly guess where the BTC rate will go, they will be rewarded with a cryptocurrency reward.
In this case, the size of the reward is completely proportional to the number of blocked $GBTC coins. You can store tokens in staking for 6 months. This is necessary to maximize passive profit. Also, thanks to this mechanism, the number of coins in active circulation is reduced. This means that over time their value will increase.
The difference between GBTC and bitcoin
Although the original BTC is an ideological inspiration, its “green” alternative is an independent project. It has a limited supply – 21 million coins – and a greener structure.
Green Bitcoin runs on the Ethereum network, uses the Proof-of-Stake protocol and will eventually become a scarce token. Because of this, its price will rise on the back of increased demand.
All transactions with this coin are fast and do not require high energy consumption. One intra-network transfer consumes only 34Wh, when BTC needs 1,173,000Wh to do so.
Will halving affect the GBTC exchange rate?
The year 2024 has the potential to be one of the most important years in bitcoin’s history. In January, 11 spot funds were launched for BTC. Later, the token reached an all-time high of $73 thousand. All these achievements give the right to assume that halving will also have a global impact on the coin. Analysts believe that this event will push it to a new high and even pull other assets – for example, Green Bitcoin.
Halving – or doubling down on rewards for miners – is set for April 19. Historically, demand and the price of the asset rise significantly afterward. The same factor triggers a bullish rally in the market.
While GBTC is directly linked to the BTC rate, it may be the first to be affected by the rise in price. However, it is very difficult to say for sure because of the high degree of coin volatility.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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