Over enthusiastic reports showering praise on Bitcoin, astronomical price predictions with zero responsibility when those fall flat, click bait headlines – we’ve seen it all happen and few readers today are not aware that, much of this hype is little more than paid content.
Don’t get us wrong we have nothing against Bitcoin, it was in fact this cryptocurrency that inspired the Glitzkoin project and GTN token. The point is that the entire crypto market need not hinge on just one or two cryptos, it should ideally be more representative and inclusive.
The common argument is that, there are way too many altcoins to assess and that, information is scare and insufficient to make well informed decisions. So are we doubting the ability and expertise of the so called crypto ‘gurus’ and ‘analysts’, to rip apart an altcoin and get down to its basic inception, performance and potential? No indeed, what we lack here is the monetary attraction of doing all that hard work in an unbiased manner.
Back to the Bitcoin media party and let’s quickly run through what, we have read and been bombarded with in the past 6 to 8 months – the time when the global pandemic scene has been severe. We were initially told that, people were pouring the financial stimulus that, they received from the government into BTC. As economists warned about impending inflationary trends due to the large volumes of paper money being printed, we were made to believe that BTC was a great hedge against inflation. We also heard stories about how crypto exchanges, were bursting at the seams as first time crypto players queued up to open brand new accounts. Basically every aspect of society, finance and human behavior seemed to be a positive omen for Bitcoin prices.
The wonderful thing about pumping crypto hype is that, you have to answer no one if things go very wrong. Go back in time - just 12 months back, read the positive BTC price trends for today – the gigantic numbers predicted were aimed at bringing a tsunami of demand. Let’s not blame the pandemic for those gigantic shortfalls. We just mentioned how everything about the pandemic, seemed to be happening in favor of Bitcoin – too good to be true.
So back to Altcoins and not limiting our suggestion to the Glitzkoin GTN token. Crypto investors should ideally, keep a tab on a handful of Altcoins that seem to have potential. This even before putting their money into those tokens. Select tokens that have been trading for a minimum of 12 months. Focus on track record and begin with the starting price, at which each of those altcoins started trading. Tabulate the token price for the close of each week, right from the time that the token started trading. So with a minimum of 12 month trading, you would have at least 12x4 = 48 price points. By maintaining the data on a simple spreadsheet, you could come up with a graph with a single click. At a more advanced level, it would be possible to superimpose graphs of multiple Altcoins, you could even calculate price movements as a percentage for a more general comparison.
Once you have the above information on hand, select the best 3 performing Altcoins – hold on to your money, you don’t want to jump in as yet. Review the projects that backed those tokens, check for news and reviews if available. At this point, invest limited amounts in the tokens that you feel hold promise.
Much of the above information is relevant to all crypto investors, not just newcomers. Some of you might ask why, you should be doing all that analysis – is it not the duty of the crypto pundits? The answer lies in the first two paragraphs of this report. Much of the crypto media spews paid content, most Altcoins cannot afford those marketing budgets. At the end of the day, this entire process will help you unearth, potential Altcoins that could give you good gains on investment.
Glitzkoin has since its inception in early 2018, pushed for change in the crypto industry. Much of this is summarized in the words of Lila Ruzaini, Business Development Manager at Glitzkoin, ‘… the base of crypto investors needs to grow dramatically, investors need not and should not be limited to tech gurus. The crypto market should see active trading in a larger group of cryptocurrencies – not just BTC, ETH and XRP. Crypto market performance should be more representative of the entire crypto industry, not totally dependent on the health of Bitcoin. And as we head to those objectives, there is a need to implement effective crypto related legislation. The idea is to make crypto space safer and be able to track and punish crypto criminals’.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]