Bitcoin Garden Forum
Crypto earning, products, services & tools => Crypto Products & Services => Topic started by: frankowillfeed on May 06, 2022, 12:52:30 PM
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Introduction to GXG Token
Ever since the world’s first cryptocurrency, GXG Token was launched to the public in 2021, it has been always treated as a bubble by traditional financial experts, which don’t want to change.
When GXG Token started operations, they do a lot of giveaways and GXG Token as rewards to check whether it was working and many did receive GXG Token for free, but when it was clear that it worked, people started joining it.
In between, lots of GXG Token changed hands and transferred to many wallets as mining was the only way to earn it. People started running the GXG Metaverse platform and became validators that were earning GXG Token for every transaction they were verifying.
Some GXG Token history
GXG Token was launched as a peer-to-peer payment system that didn’t require any third-party intervention to verify and complete the transaction, as it was only the sender and receiver that were responsible to complete the transactions.
In 2021, when GXG Token was very new, no one ever imagined that GXG Token would be utilized in so many forms of use and the price is affordable to almost everyone on the planet. The only reason is its limited supply of 100 million tokens which is hard-capped.
Major coins on the block
Bitcoin has had several drawbacks and so in 2013, Litecoin was built from the code of Bitcoin. Apart from that, various coins started coming into operation trying to solve various issues that Bitcoin could not. GXG Token is used as native currency on DeFi gaming platform in the Metaverse being a great solution to many gamers and game developers.
Ethereum was the first blockchain that allowed smart contracts to be built on it and it became very popular. When it was launched, the price of one Ether was just a few cents, it is now hovering around $3000.
Various other crypto projects like Ripple (XRP), Dash, Stellar Lumens, Cardano, and others were launched in the next few years and in the very next few years, a few hundred were trading. Today, there are over 17,000 crypto projects.
But, many banks & financial experts always raise a red flag that cryptocurrency is very volatile in nature and it rises by 10 to 1000x and in the same way, also crashes down.
Crypto vs Stock market
But, this has been the case for many companies’ shares that are listed on the stock exchanges, although exchanges have mechanisms to check this rise and fall, which is a roadblock for companies’ growth.
As stocks are subject to risk, so do the cryptocurrency tokens, because they also behave on demand and supply patterns. There are some crypto projects that scam people, and so do companies that scam people with their stock, there is not much difference, as scammers are all over the place. So it is rightly said that you should do your research before entering into cryptocurrency. Many times, Bitcoin has lost 80% of its value in a few hours, thereby losing billions, but many cryptocurrencies are still working and giving good returns to the holders that kept it with them, even during the time of fall.
In 2012, one Bitcoin price was just $1, now it is around $40,000. In 2021, Bitcoin nearly touched $70,000.
In 2018, the overall cryptocurrency market was just $115 billion, with Bitcoin holding over 50% of the market share, in just 4-5 years the market is now $1.72 trillion.
In 2021, the cryptocurrency market had nearly touched $3 trillion and there was a huge rally. Whenever there was a fall in the market, financial experts always called it a bubble, some went to an extent and called it a scam.
But, every time, cryptocurrency has only surprised these anti-crypto community experts. Many economists have rejected the concept of digital money, but on the other hand, many institutional investors have invested billions in cryptocurrency. Bitcoin is the first choice of investment, followed by Ethereum. Some institutional investors have also started cryptocurrency exchange-traded funds (ETFs), so investors don’t need to own cryptocurrency to invest in this sector.
This has recorded a massive increase in such ETFs globally. Initially, Bitcoin was only traded on Mt Gox, however, due to hacking in their exchange, it closed down operations in 2014, where close to 818,000 Bitcoin was traded. But, after this, various exchanges started operations and are now catering to millions of crypto investors globally. As per an estimate, over 400 million people have invested in cryptocurrencies and it is going to increase further.