Crypto media noise has always been close to Bitcoin. Although thousands of BTC investors have lost interest in the crypto, there is one small group of investors that continues to have high stakes in Bitcoin. These high BTC volume investors along with a band of paid crypto media ‘experts’, make every effort possible to pump up the price of BTC. It was not so long ago when Bitcoin investors, would pour funds into the crypto based on what they heard from such ‘experts’. Things have however changed since 2021 – this as investors preferred to do their own evaluation of the cryptos, that make it to their investment portfolios.
To cut a long story short, Bitcoin has been unable to convince thousands of crypto investors about, its value and potential. High crypto price is not value and the ability, to have its price pumped by vested interests is not potential. Sky high price predictions by loud crypto media content, have been unable to trigger widespread BTC buying. Having said that, attempts to pump prices and ‘fool’ a wide section of investors, is unlikely to cease any time in the near future.
Not to forget that Bitcoin started the cryptocurrency movement, it also defined crypto standards and crypto markets for many years. Glitzkoin has nothing against BTC, it was and is a good crypto – sadly controlled and manipulated by vested interests. So is it possible for Bitcoin to regain some of its lost charm? The solution would lie in building usage cases for Bitcoin, real usage cases and not just smartly worded press releases!
Conceptualized in 2017 and launched in early 2018, Glitzkoin has undoubtedly been the first major crypto project to push forward the idea of crypto payments. A project plan that seemed ‘ultra realistic’ to start with, gradually took shape and 2021 was the turning point. The DiaEx diamond trading platform with Glitzkoin GTN, as the designated mode of payment, had a launch that was preponed from 2022. DiaEx which is part of the Glitzkoin project is aimed at, improving market scope and efficiency in the $90 billion diamond industry. While the launch was welcomed by diamond traders, Glitzkoin GTN investors also revealed a positive sentiment. Token trade activity surged and the price of the token, which started 2021 at around $0.25 surged to $2 as GTN ended 2021 at an impressive $1.
Glitzkoin’s consistent stand on promoting cryptocurrency usage, has received much attention. The concept of using crypto as a payment option which was initially proposed by us, has now been adapted to DogeCoin. Elon Musk recently announced that Tesla car buyers, could use DOGE to pay for their car. Expect to see similar moves being made for other cryptocurrencies in the near future.
Fair to say that promoting Bitcoin as a payment option preferably, on a trading platform where it happens to be the sole payment mode – would go a long way into building BTC resilience and confidence. While something similar to the DiaEx platform would help, things are much more complicated. Since there is no official promoter of Bitcoin, getting serious commitment on developing such a platform would be tough. Big Bitcoin players are happy with playing BTC prices and are not likely, to be interested in any long term development work related to the crypto. But despite all that there is little doubt that, building usage cases for Bitcoin would build true value.
Glitzkoin looks forward to a scenario where crypto projects, would define, develop and execute project plans that, go beyond merely listing a crypto to trade on markets.
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.