Bitcoin Green
Everyone with an interest in cryptocurrencies knows Bitcoin. It was the world’s first decentralized, digital currency, and to this day it is the largest crypto by almost every metric. However, it is not without its problems. Bitcoin Green (BITG) is a new cryptocurrency, modelled on Bitcoin, that aims to solve these issues, particularly those relating to mining and energy consumption. Read this tutorial to learn what Bitcoin Green is, its history, how to buy it and the best BITG trading brokers.
Top Bitcoin Green Trading Brokers
What Is Bitcoin Green?
Bitcoin Green (BITG) is a sustainable cryptocurrency. Like other cryptos, it is a decentralized, peer-to-peer, digital currency that holds no physical form. BITG was modelled on Satoshi Nakamoto’s vision for Bitcoin.
You might be wondering, is Bitcoin itself green and, if not, why isn’t Bitcoin green? While there are many advantages to Bitcoin, the environmental impacts are astounding. Bitcoin (BTC) uses the proof-of-work system to verify transactions, whereby network validators, known as miners, use large amounts of computational power and energy to verify transactions on the blockchain. This energy use releases large amounts of greenhouse gases.
The computational power required for Bitcoin mining is increasing exponentially and, as such, related greenhouse gas emissions are also increasing. Many popular commentators, including Mike Green, have come out against Bitcoin in debate because of this, going as far as to describe it as a national security threat. Some, like Nigel Green, stick by Bitcoin but the evidence is hard to ignore. This led many to question, is there going to be a green Bitcoin?
The Bitcoin Green (BITG) coin aims to solve this issue by providing an environmentally friendly alternative. The designers have aimed to prove that Bitcoin can go green and is going green. The fundamental difference between BTC and BITG is the validation system. BITG has moved away from the traditional proof-of-work system, instead, using the proof-of-stake system first introduced by Peercoin and popularised by fast-movers like Cardano.
The credentials of this system are clear, instead of using computational power (and hence large amounts of energy) to be selected as a network validator for mining, validators are selected by the amount of the coin in question they put down, or stake. This way, large amounts of energy are not expended to verify transactions but validators must still demonstrate enough interest in the proper working of the Bitocin Green blockchain.
Bitcoin Green is not the first BTC rebrand to be released. Bitcoin Cash (BCH) was released in August of 2017 but is Bitcoin Cash green? Despite its green logo, no. Bitcoin Cash uses the same proof-of-work system that Bitcoin uses and, although it requires less power than Bitcoin itself, it is by no means a green crypto. BITG is the first direct descendant to prove that Bitcoin can be green.
History Of BITG
Bitcoin Green was launched in 2017 and released for purchase in 2018. Initially, the price of one BITG coin was $3.6. In the following days and weeks, the crypto saw big gains, hitting peaks near $11 for days in a row through March of 2018. However, this growth was short-lived, by July 2018 the value of one coin had dropped to $2.5. At the start of 2019, Bitcoin Green dropped to around $0.2, leading to poor forecasts by the popular fear and greed index. The value never recovered from this and currently sits around $0.09. BITG’s candle does show fluctuations, with an increase on some days and drops on others. Today’s price can be found at CoinMarketCap and Explorer.
Bitcoin Green’s market cap paints a similar picture. Hitting peaks of around $32 million in 2018, before dropping down to around the $2 million mark by the start of 2019. Today, the market cap is closer to $1 million, a fraction of Bitcoin’s whopping $1.1 trillion market cap.
The Rise Of Green Crypto
2021 has been the year of green cryptocurrencies. At the start of the year, shocking statistics were released stating the vast amounts of energy consumed by Bitcoin transactions, along with other popular cryptos like Ethereum. Bitcoin uses an astonishing 1,779 kWh of energy per transaction. Compare this to the fact that 100,000 Visa transactions require only 148.63 kWh and you can see how big the problem is.
These revelations have attracted many criticisms. Groups like Greenpeace have condemned Bitcoin, as have the green party and the Green Swan conference. In an even more worrying development for Bitcoin holders, self-proclaimed ‘green hackers’ have come out and stated they wish to destroy the cryptocurrency. One of the most outspoken critics in recent times has been Elon Musk, CEO of SpaceX and Tesla. Musk has attacked Bitcoin on Twitter and has even gone as far as to stop accepting Bitcoin as a form of payment for Tesla due to its lack of green credentials.
As a result of all this criticism of Bitcoin, green cryptocurrencies have boomed. Coins like Chia and Cardano have grown massively as traders look to reduce their own environmental impacts and the impact of their exploits, aiming to enter the new green haven. Unfortunately, Bitcoin Green appeared to get a little lost. It did not experience the same rise as many other green tokens.
Another outcome has been a change in method from Bitcoin miners. Square, a green Bitcoin mining company, aims to use green energy to mine Bitcoin. Stocks in this company have boomed. The firm’s green energy Bitcoin mining project was seen as a huge success and many companies have followed suit, pledging to use only renewable energies when mining Bitcoin, thus making BTC greener.
Benefits Of Trading Bitcoin Green
Low Energy Consumption
One of the key benefits of trading Bitcoin Green is the low energy consumption. As we deal with the climate crisis, we need to reduce all aspects of our carbon footprint. BITG uses only a tiny fraction of the energy needed for Bitcoin. This reduction means that traders can rest easy knowing they are not so complicit and part of the problem of proof-of-work cryptos.
Low Price
While this may seem like a drawback, there are some benefits to Bitcoin Green’s low price. Traders can purchase larger amounts of the coin for a lot less money, allowing them to build large holdings. This means that, should the coin’s value spike, profits will be amplified due to the large number of coins held.
Fits The Trend
There is a big drive towards green cryptocurrencies. If you trade Bitcoin Green you are going with the trend. BITG’s price could likely rise because of all the publicity behind green cryptocurrencies.
Masternodes
Traders can own and run Bitcoin Green Masternodes, which allow traders to support the BITG network through mining. A masternode is a virtual private server (VPS) that stores a copy of the Bitcoin Green blockchain. If you own and run a masternode, you receive rewards for supporting the network, as miners do for regular Bitcoin.
Drawbacks Of Trading Bitcoin Green
Balance is key with any review. Our research flagged these potential downsides to trading Bitcoin Green:
Low Trading Volume & Market Cap
Bitcoin Green has a very low market cap (around $1 million) and an equally low 24-hour trading volume (around $900). This means that the coin is not being traded much by other investors. This low liquidity makes it difficult to trade BITG and means that it is susceptible to large fluctuations in price.
More Popular Green Cryptos Out There
Another drawback relating to Bitcoin Green is that is not the most popular green cryptocurrency available. Coins like Cardano, Chia, Solana and Nano are generally the first names that come to mind when people think of green cryptos. These coins have all grown as a result of the Bitcoin energy revelations, whereas BITG has not. Therefore, it is likely that these will be subject to further growth, leaving Bitcoin Green behind.
No Significant Growth Over Past Year
If you look at historical price charts on sites such as CoinMarketCap, you will see that, since dropping to $0.2 in 2019, Bitcoin Green has not recovered. In fact, it has dropped further, sitting closer to the $0.1 mark now. This lack of growth does not bode well for the future. Ideally, a coin that will perform well should have a steady upward trend. BITG is lacking in this department.
Where To Trade Bitcoin Green
Due to its low value, market cap, trading volume and popularity, Bitcoin Green cannot be traded on many exchanges. One major exchange that supports BITC trading is ProBit Global, which offers pairings against Tether (USDT) and Bitcoin. Alternative platforms you can use are Sistemkoin, Cryptopia, CoinExchange and Stocks.Exchange.
How To Buy Bitcoin Green
This step-by-step guide will set you up so that you are ready to start trading Bitcoin Green:
- Head to the ProBit website and sign up by filling in the form and clicking register.
- Verify your email address.
- Complete the know-your-customer (KYC) verification process, which will involve uploading documents like your passport and proof of address.
- Ensure your crypto wallet is funded with BTC and connect your address. If you have no Bitcoin, purchase some on an entry-level exchange like Binance or Coinbase.
- Deposit funds from your wallet to your ProBit account and start trading Bitcoin Green.
Final Word On Bitcoin Green
Bitcoin Green (BITG) was designed to solve the inherent environmental problems related to Bitcoin. With a much lower energy consumption rate, it is seen as an eco-friendly version of the crypto giant. However, it has not all been smooth sailing. BITG’s value never took off after its initial offering and several other green cryptocurrencies have surpassed it in popularity and value. You can follow our guide above if you want to start trading Bitcoin Green.
FAQs
Why Isn’t Bitcoin Green?
Bitcoin uses the proof-of-work system. This requires massive amounts of electrical energy to verify transactions, which results in lots of emissions and environmental damage.
Will Bitcoin Green’s Price Soar?
There is no way to know for certain as all financial markets are inherently unpredictable. Bitcoin Green represents a shift in focus of cryptocurrencies to environmental consideration, though other green cryptocurrencies appear to have left BITG in the dust.
How Much Energy Does Bitcoin Consume?
Bitcoin consumes a whopping 121.05 TWh per year. That surpasses Argentina’s annual consumption of 121 TWh.
Where Can I Trade Bitcoin Green?
Bitcoin Green can be traded on only a few minor exchanges. ProBit Global is probably the largest broker, with Sistemkoin, Cryptopia, CoinExchange and Stocks.Exchange also offering the coin.
Why Are Green Cryptos Popular?
Green cryptos have become popular due to the large amounts of energy used by traditional cryptocurrencies. Traders are looking to reduce the environmental impacts of their endeavours.