The crypto market has finally hit a rough patch after what felt like a never-ending period of growth. As with all risk markets, this has to happen and is not a shock or anything to get too worried about. However, as is the case most of the time the market is following the trajectory of Bitcoin (BTC).
As we predicted correctly last week, Bitcoin was due a correction if history was to repeat itself. As experts observed, before the Bitcoin halving in 2020, the price of BTC dropped by 20%, while in 2016, it dropped by a massive 38%. Bitcoin has been following historical trends almost at every turn so this was to be expected.
One difference this time around is a Bitcoin alternative called Green Bitcoin (GBTC) that may be contributing to some profit taking. This happens when BTC reaches new highs investors tend to sell out of their position and redistribute their profit elsewhere in crypto. Green Bitcoin would be the perfect option for this.
Let’s look at why.
Green Bitcoin- The token that ticks the boxes that Bitcoin doesn’t
We will preface everything we are about to discuss by first saying Bitcoin is, and likely will always be, the market’s number one currency. However, Green Bitcoin (GBTC) could be a perfect alternative to BTC which investors in the market’s number one token should be thinking of adding to their crypto wallets. The reason for this is it fills in certain spots that Bitcoin falls down on.
Before we get into what Green Bitcoin does well, we first examine the issues that could be coming down the road for Bitcoin. Of course, the stand-out issue is the amount of energy its proof-of-work system uses. Bitcoin mining has long been considered a huge issue both inside and outside the crypto community.
A look at Digiconomist’s Energy Consumption Index and the comparison stats are almost laughable; they are so outrageous. The amount of electrical energy that the mining process uses is comparable to the entire output of Malaysia which ranks in the top 50 of the world’s population. Its water usage is also comparable to Switzerland.
We know by the way the world is changing that both of these aspects of mining will come under a huge amount of scrutiny in the near future. In fact, in the United States, that has already started. In late January of this year, it was announced that The United States Department of Energy would be doing a review of the crypto mining output in the country.
Bitcoin likely to come under more and more scrutiny
More recently, one of the biggest mining companies threatened to sue the government if they undertook this survey, and since then, the plan has been shelved. The fact that this investigation was launched mere days after ETF approvals from the SEC should have set off alarm bells for all Bitcoin investors.
The ETF approval news was met with almost universal goodwill from everyone in crypto, and why shouldn’t it, this was something the market had been working toward almost since its inception. It is a huge step toward fully legitimizing the market in the eyes of the mainstream.
However, one problem that may not have been fully weighted is the increased scrutiny the market will now come under, and in particular, Bitcoin. This move by The United States Department of Energy will likely only be the beginning. With elections already under way in the country we can see the market is being used as a political football.
This leaves Bitcoin vulnerable to outside forces. It also opens the door for a project like Green Bitcoin (GBTC). Not to replace Bitcoin as we mentioned in the opening, but rather as a perfect alternative for Bitcoin investors to purchase alongside BTC.
What makes Green Bitcoin the perfect alternative
The first standout feature of the project is that it has the legacy of Bitcoin but is built on Ethereum so it has the environmental benefits of this. Ethereum switched its entire system to a proof-of-work one in 2002 and reduced its environmental impact by over a whopping 99%.
As we have mentioned, the switch to a greener method is almost a necessity for the crypto market because if projects don’t do it themselves, it will likely be thrust upon them by regulatory forces. Green Bitcoin has this advantage, but it is a lot more than just a greener alternative.
The project employs two different staking systems that allow its investors to make crypto both in the short and long term. The first is the normal way. This is where investors buy and stake their GBTC and wait for long-term rewards. A very generous APY% will ensure plenty of investors follow this route.
The second is a very exciting stake-to-predict system that will allow investors to win GBTC by correctly predicting whether the price of Bitcoin will go up or down over the next 24 hours. We know crypto investors love an air of risk so we think this will be very popular indeed.
How it works is first, investors need to Buy GBTC during rpresale or after on DEX. They then must stake their GBTC to gain access to the gamified platform and place daily predictions on BTC’s price movement.
Accurate predictions earn a cut of the day’s mining fee rewards, distributed every ten-minute mining interval. Those who guess right can claim rewards after every 24-hour cycle.
As you can see, the project is the perfect combination of green-alternative and innovative new ideas. Despite the presale only being weeks old, it has already raised over $6,3 million as many investors seem to want to get a piece of this exciting new Bitcoin alternative.
Conclusion
While Bitcoin is crashing, it’s a great time to look for alternatives. There have been many projects that have come along that have claimed to be the perfect Bitcoin alternative but we have yet to see one as good as Green Bitcoin. It has the recipe to be successful not just short term but for many years to come. Expect it to pump once listings begin.
