In July, an innovative crypto project christened BTC20 captured the attention of the crypto realm, closing out its $6.05 million presale in under a couple of weeks. Crypto investors were drawn to BTC20’s distinct approach and impressive passive income possibility. The project reflects as far back as April 2011, when bitcoin supply was just over 6 million and was briefly exchanged for $1. Hence, BTC20 opted to sell 6.05 million BTC20 tokens for $1 apiece.
Excitingly, BTC20 revealed that token staking initiates on the 9th August, while token claiming (and decentralized exchange – DEX trade) begin on the 10th.
However, despite the thriving presale and subsequent endorsements by legions of crypto enthusiasts, seasoned experts and influencers, there were raised eyebrows concerning the project’s legitimacy following the suspension of its official Twitter account.
Most likely, the account prohibition resulted from an Intellectual Property (IP) violation for “impersonating” as bitcoin, leading to some sorts of Twitter algorithm automatically marking the project’s account. A reliable source from BTC20 confirmed that the project contacted Twitter to rectify the situation. The source insisted that “BTC20 has never claimed to be a new bitcoin iteration.”
Currently, BTC20 operates a new official Twitter account, has released a unique coin that capitalizes on the name recognition of bitcoin, and follows recent trends.
A little detail about BTC20; issued on the Ethereum network using the ERC-20 token standard, it possesses a tokenomics structure that resembles that of bitcoin. It resets its clock to April 2011, when the bitcoin price was $1, with a supply of 6.05 million.
Unlike bitcoin’s supply which is released to its miners, BTC20’s will be unleashed to existing owners who are staking their tokens. Projections show that if all who purchased BTC20 during the presale stake their tokens, yields north of 40% are feasible.
However, if many refrained, much higher yields are expected. This arises from the constant issuance of new BTC20 tokens, which could reach hundreds of percent depending on the size of the staking pool.
Thanks to the Ethereum blockchain, BTC20 offers a range of other benefits, including access to Decentralized Finance (DeFi). Also, compared to Bitcoin, it has significantly less negative environmental impact owing to Ethereum’s shift to proof-of-stake in 2022.
While BTC20’s presale rapid sale can potentially set the stage for an explosive decentralized exchanges (DEXs) release, predictions of a 29,000x gain could appear excessively optimistic. Yet, the success of past bitcoin imitator coins like Bitcoin Cash (BCH), Bitcoin Satoshi Vision (BSV), and Litecoin (LTC) shows that an Ethereum-based competitor can make remarkable strides.
Cryptocurrency market analysts suggest that BTC20 could exponentially increase tenfold, with the possibility of reaching 100x gains and over $600 million market capitalization, mirroring where Pepe coin presently stands.
However, it’s crucial to note that investing in crypto is a high-risk venture that requires adequate knowledge and discretion before engaging.
Source: Cryptonews
