Bitcoin Price Under Pressure as $268m FTX Sales Loom, But Bitcoin BSC Crypto Presale Blasts Past $1 Million
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Monday, September 11th, 2023 – The Bitcoin price is languishing around $25,000, but Bitcoin BSC has other ideas as it blasts past $1 million in presale contributions.
‘Bitcoin on BNB Smart Chain’ coin Bitcoin BSC ($BTCBSC) has received contributions of $1,088,549 as it hit its quarter milestone in less than a week and speeds toward its target total of $3,960,000, despite bearish ructions in the broader crypto market.
News emerged last week that the bankruptcy court was likely to allow failed exchange FTX to sell down its crypto holdings, in order to go some way toward making creditors whole again.
Among the top coins that are coming under selling pressure are Solana, Bitcoin, and Ethereum, as FTX looks to unload $200 million worth of crypto on a weekly basis.
As of April this year, the new team at FTX had discovered $3.4 billion in crypto assets held by the bankrupt exchange that was allegedly run as a personal piggy bank by CEO Sam Bankman-Fried.
FTX’s Bitcoin stash, valued at $263 million, is in the mix to be sold. It could be that FTX is able to line up a number of big over-the-counter deals in order not to affect the price of the coins it is selling, which would end up devaluing the holdings it wants to sell at later dates.
Still, it is unlikely that all the FTX sales, which are due to start as soon as this Wednesday, can be kept off the spot markets.
The deleterious impact of the FTX collapse in November last year is clearly yet to dissipate, but there are areas of the crypto market that remain unaffected and are, in fact, continuing to thrive – Bitcoin BSC, take a bow.
Bitcoin BSC is the safe haven you’ve been waiting for
In recent weeks a noteworthy trend has emerged that has seen version 2 of original coins being launched. Such coins first popped up in arguably less serious corners of the crypto world.
We’ve seen Pepe 2.0, Dogecoin 2.0, Shiba Inu 2.0, Bitcoin 2.0 come and go.
A meme coin called HarryPotterObamaSonic10Inu (HPOS10I), that cheekily appropriated the ticker BITCOIN, jumped in with its version of ‘bitcoin’ too. At its height, the coin gained 66,000% on its listing price. Those gains have since shrunk to 15,000% – but that’s still an enormous profit for early buyers.
If the bullish price action is not to be found in the actual Bitcoin market, there is plenty going on in the Bitcoin derivative and clone markets.
Alongside the stratospheric gains of HPOS10I are the successes of the longstanding forked derivatives of Bitcoin, like Bitcoin Cash, Bitcoin BSV, Bitcoin Gold and many others we could name.
For instance, Bitcoin Cash has consistently outperformed Bitcoin since late August.
Yet, remarkably, there is a trend within this trend that really catches the eye. There has been a recent crop of version 2 coins that have adopted a staking feature as one of their unique selling points. BTC20 is one such coin, and Bitcoin BSC is another.
While Bitcoin flounders, BTC20 at the start of this week was trading up 35% since its launch barely a month ago – a significant feat given the general deterioration in market conditions during the time since its launch.
Although it hasn’t yet reached the 500x gain of HPOS10I, BTC20 did touch an all-time intraday high of $5.9 in its first week after listing on the decentralized exchange Uniswap for a return of nearly 7x.
If Bitcoin is a relative safe haven when altcoins are hemorrhaging value as the FTX fears mount, then Bitcoin alternative coins with staking utility increasingly look like they are the even safer option.
That probably explains why more than $1 million has flowed into the Bitcoin BSC presale from crypto investors seeking to diversify their portfolios and preserve capital.
How Bitcoin BSC staking puts your coins to work to earn passive income
Staking provides token holders with a way of earning token rewards in proportion to how many coins of the total pool they deposit into a staking smart contract and the time they choose to stake for.
It is this staking feature that delivers price support while offering both positive capital returns and income yield to network participants.
Bitcoin BSC staking is live now, even before the coin lists on the decentralized exchange PancakeSwap.
The attractiveness of Bitcoin BSC staking lies in its transparent structure, unlike the complex algorithms that underpinned protocols like Terra Luna, which imploded, giving staking a bad name.
Read the Bitcoin BSC whitepaper, and it makes it clear where the tokens to pay the rewards come from. Set out in its tokenomics is the stipulation that 69% of the total token supply is allocated to reward distributions.
Like BTC20, Bitcoin BSC mimics the block production of the original Bitcoin. It rolls back time to 2011 when bitcoin was priced at around $1 – hence the price of $BTCBSC is set at $0.99.
It has the same block production rate as bitcoin, which means the rewards will cease in 120 years. The amount of rewards a staker receives depends on their share of the overall staking pool and the time the coins are staked.
Out of the total supply of 21 million, 6,125,000 tokens are up for grabs in the presale, with the rest to be released over the next 120 years.
To date, more than half a million (see screenshot below) $BTCBSC has been deposited into the staking smart contract by token owners.
The annual percentage yield is currently a massive 447%, although that percentage will steadily decline as more coins are added to the pool.
Again, similarly to Bitcoin’s block production, new $BTCBSC rewards are paid out every 10 minutes.
With $BTCBSC, which runs on the BNB Smart Chain, the yield is paid out over a 120-year period, in line with Bitcoin block confirmations. Altogether, 69% of the total token supply is allocated to distribute as rewards.
There’s a 7-day withdrawal lock on staked coins. To start earning yield before the presale ends, purchasers must pay with BNB.
You can keep an eye on how many token holders are staking by visiting the real-time Bitcoin BSC staking dashboard.
Stay up-to-date with all project news by following the X (formerly Twitter) account and joining the Telegram channel.
Here are some more reasons to buy Bitcoin BSC and why it is better than Bitcoin
Staking is not the only advantage $BTCBSC has over Bitcoin.
First off, Bitcoin BSC is built on top of a proof-of-stake protocol, which means it runs on a much more scalable blockchain that is also cheaper and more efficient to transact on. $BTCBSC is a green version of Bitcoin.
Then there’s the fact that $BTCBSC is built on BNB Smart Chain. That design decision means that transaction fees are less than $0.10, compared to around $10 on Bitcoin and approximately $20 on Ethereum, depending on network conditions.
Transaction fees are not just cheaper, they are way faster too. $BTCBSC transaction speeds are less than 5 seconds compared to 10 minutes for Bitcoin, BCH, and BSV.
Finally, there are all the advantages that flow from it being an application layer, unlike Bitcoin. BNB Smart Chain runs applications of all sorts, which means there is a limitless horizon of possible future development for Bitcoin BSC.
A relatively small investment now in Bitcoin BSC could easily turn into 5x or even 100x gains. But because of staking you don’t have to fixate on immediate gains because you know that you can deposit and earn a sizeable yield as passive income.
Bitcoin BSC is one of the most tempting value propositions in crypto today. Buy with BNB, ETH or USDT. The minimum purchase amount is $10.
Visit Bitcoin BSC Here