Bitcoin Price Retargets $30,000, But This Ethereum-Based Alternative Could See More Explosive Upside – Staking Starts Today, Lists on DEXs Thursday
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
The Bitcoin price (BTC) is rallying to retarget $30,000, but analysts are tipping exciting new Ethereum-based Bitcoin alternative BTC20 for explosive upside when it lists on Thursday 10th.
Staking of the BTC20 token starts later today at 3 pm UTC.
Bitcoin got a boost on Tuesday from optimism around the possibility that spot bitcoin ETFs will be approved by early 2024 following bullish commentary from Galaxy Digital CEO Mike Novogratz, and after PayPal’s announcement on Monday that it will issue its own stablecoin.
Other Bitcoin alternatives such as Bitcoin Cash, Bitcoin SV, and Litecoin have also risen since Tuesday, setting the stage for a strong performance for the BTC20 coin when it launches across Ethereum-based decentralized exchanges (DEXs) on Thursday.
BTC20, which pitches itself as a second chance to get in on bitcoin back when it cost $1 back in 2011 and as a better version of the original bitcoin, sold out a blockbuster $6.05 million presale in under two weeks last week.
BTC20 Price Could Pump 10x in DEX Listing on Thursday 10th
BTC20 token lists on the Uniswap decentralized exchange tomorrow, on Thursday 10th of August at 3 pm UTC.
An explosive start to trading is expected, given the pent-up demand and FOMO that has been building since the token’s presale ended last week.
At a current market cap of only around $6 million, there is plenty of room for the BTC20 price to explode to the upside – Connor Kenny, a YouTube crypto analyst with 164k subscribers, certainly thinks so.
Here’s How BTC20 Staking Works
Those token holders who wish to can send their BTC20 direct to the staking pool smart contract from 3 pm today.
Block rewards will start accruing from 3 pm UTC today, but the BTC20 cannot be claimed until claiming starts at 3 pm UTC tomorrow (Thursday).
Those staking today will see their entire balance of BTC20 staked and locked for seven days.
For those who decide not to stake today, when claiming opens tomorrow, a dashboard will be available to allow BTC20 holders to set the exact amount they wish to stake – the minimum seven-day lock applies to all stakes.
Staking can be for an indefinite period.
The staking simulation below illustrates how BTC20 holders can earn sizeable passive income from their stash:
Rewards Per Block (BTC20): 50
Approximate Blocks Per Year: 52,000
Total Annual Rewards (BTC20): 2,600,000
Total Staking Pool (BTC20): 500,000.
Individual Amount Staked (BTC20): 5,000.
Percentage of Pool: 1%
Bitcoin CashIndividual Rewards (BTC20): 26,000.
Annual Percentage Yield (APY): 520%
To be clear, the above simulation is based on a number of forecast assumptions.
Nevertheless, whatever the exact numbers are by the time of the first block distribution, the APY effect means those who stake for extended periods will earn substantial returns.
🔥Dynamic Yield for $BTC20 Staking! 🚀#Staking rewards for $BTC20 are governed by a smart contract that will adjust each wallet’s rewards and APY according to its current percentage of the staking pool. 🔄💰
— BTC20 (@BTC20Token) August 8, 2023
Let's break it down with a staking simulation:
🟠Rewards Per Block… pic.twitter.com/Z0KyAaR2kx
Here’s Why BTC20 Could Be August’s Best-Performing Crypto
Beyond its strong presale performance, and the rally in Bitcoin and Bitcoin-alternative crypto markets, BTC20 has much going for it.
Firstly, the token is issued the Ethereum blockchain, which is arguably superior to the Bitcoin blockchain thanks to the fact that it has faster transaction times, significantly lower energy consumption, and is the home of the fast-growing world of Decentralized Finance (DeFi).
Unlike Bitcoin, BTC20 thus faces no concerns about energy consumption and can be seamlessly integrated into Ethereum’s highly liquid DeFi landscape.
Moreover, unlike Bitcoin, BTC20 offers an easy and potentially tremendously lucrative passive income opportunity to investors who stake their coins.
As previously mentioned, yields for BTC20 stakers could hypothetically reach into the 100s of percent per annum, depending on the size of the BTC20 staking pool.
BTC20 is modeled on the tokenomics of Bitcoin, with the same issuance schedule. However, BTC20 turns the clock back to 2011, when the Bitcoin issuance rate was significantly higher, and the supply was just 6.05 million.
Those who want to profit from Bitcoin’s now much slower issuance schedule must invest in mining equipment and incur set-up costs.
But with BTC20, to benefit from its token emission schedule, you just need to deposit your tokens in the staking contract.
2nd Earning Option – Send Liquidity to Uniswap
And staking isn’t the only way to generate yield on BTC20. Investors can also provide their BTC20 tokens as liquidity on Uniswap after the token’s DEX launch.
🚀Two ways to participate and support the $BTC20 project:
— BTC20 (@BTC20Token) August 4, 2023
1️⃣Stake 1 Day Before Claim: Stake your $BTC20 #Tokens 1 day before the official claim launch and start earning rewards!💰
2️⃣Claim, Provide Liquidity & Earn: As a liquidity provider in the #BTC20 @Uniswap pool, you'll earn… pic.twitter.com/DjDJu6hVgP
Given the impressive yields on offer, many BTC20 presale investors can be expected to commit their tokens to staking or liquidity.
Both act as a solid incentive to HODL and should reduce the BTC20 supply on offer when the token launches on DEXs the following day.
Buying BTC20 is probably the best way to gain exposure to the bitcoin investment story, but at 2011 prices and with the added utility of being a yield-bearing asset.
After doing your own research, don’t miss this ride to riches.
- How Tether Co-Founder William Quigley Views Crypto Regulations in Trump’s Second Term
- Trump Appoints PayPal Veteran David Sacks as ‘White House AI and Crypto Czar’
- From $10K to $75K: How Dave Portnoy Pumped and Dumped Meme Coins on His Followers
- Gold-Backed Altcoins Boom as Major Banks Raise Price Predictions: Which Coins to Get
- Kanye West Says He Rejected $2 Million Offer to Promote Alleged Crypto Scam






