Bitgesell

Bitgesell (BGL) is a digital currency that draws inspiration from Bitcoin, with a focus on enhanced features and efficiency. It is a decentralized cryptocurrency that operates on peer-to-peer technology, with no central authority managing transactions or issuing currency. Bitgesell is characterized by its SegWit implementation, smaller block weight compared to Bitcoin, and a scarcity rate due to annual halving. It also utilizes the Keccak hashing algorithm for improved efficiency and burns 90% of transaction fees. Bitgesell strives to enhance its speed, efficiency, and scarcity compared to Bitcoin, positioning itself as a digital store of value with a highly deflationary model.

Bitgesell operates on a decentralized network, enabling instant payments to anyone, anywhere in the world. It uses peer-to-peer technology to manage transactions and issue currency collectively by the network. Bitgesell's technical specifications include a block weight of 400KB, which is smaller than Bitcoin's, allowing for sufficient transaction throughput and competitive transaction mempool. This smaller block size also helps keep the blockchain compact, reducing storage requirements. Bitgesell also implements a process called halving, which reduces the rewards of mining crypto after each set of 210,000 blocks is mined, ensuring that the amount of currency in circulation does not increase exponentially.

Bitgesell seeks to provide a digital store of value, with a highly deflationary model that burns 90% of all transaction fees and decreases block size. This positions it as a potential digital store of value. Bitgesell combines the concept of "freigeld" and gold as traditional stores of value, adding more properties of digital gold through gradually increasing scarcity over time. This positions it as a potential tool for those seeking a digital asset that mimics the scarcity and value preservation characteristics of gold, but with the added benefits of digital currencies, such as instant global transactions.

Bitgesell is a community-driven project with no company behind it. It was created as a coin inspired by Bitcoin but with enhanced features aimed at improving efficiency and scarcity. The name Bitgesell is in honor of Silvio Gesell, a German merchant, theoretical economist, social activist, anarchist, and founder of Freiwirtschaft. Bitgesell was designed with an emphasis on deflationary aspects, compared to Bitcoin, burning 90% of all transaction fees and decreasing block size. Over time, Bitgesell has incorporated features such as SegWit implementation, a smaller block weight compared to Bitcoin, and a scarcity rate due to annual halving.