Taking November 2018 as a time marker, Bitcoin the king of the crypto world has lost more than 70% of its December 2017 value. Sadly much of the crypto world realized that it was over dependent on the BTC and could not stand on its own, the domino effect is there for all to see. So how does Glitzkoin see itself in this scenario, this report is all about that.
Before we talk about the Glitzkoin project and GTN token, we need to clearly define the essential elements of Bitcoin (BTC). There is no specific project or plan that, governs Bitcoin, it was apparently launched to help transfer money in a cheaper and faster way. The crypto is listed on various crypto exchanges, buyers and sellers operate on the exchanges. This creates a supply and demand equation that defines the price of BTC.
The reason why the price of Bitcoin slumped is because, the demand for the crypto was weaker than the supply of BTC. It is obvious that, crypto traders were willing to pay much more for Bitcoin in December 2017, this is what drove the price near the $20,000 mark. The important thing to understand is that, Bitcoin has just one source of demand – crypto enthusiasts looking to make money based on price fluctuation drive the demand for BTC.
Now on to the Glitzkoin project and GTN token. Both BTC and GTN share one thing in common, they are both cryptos and listed on crypto exchanges. Crypto traders can trade BTC and GTN on the exchange, prices of both cryptos will be determined by the market mechanism driven by supply and demand.
However unlike Bitcoin the Glitzkoin GTN token, has two and not one channel that generates demand for the token. Seasoned crypto enthusiasts have consistently backed the Glitzkoin project, they continue to do so. There is another robust source of demand for the GTN token, we talk about that right here.
As mentioned above, Bitcoin which has nothing like a project plan. Glitzkoin on the other hand, is focused on improving efficiency and market scope in the $90 billion diamond industry. The project includes a complete trading platform for diamonds – the DiaEx. The platform supports B2B and B2C trade in diamonds, buyers and sellers of all sizes and irrespective of their geographical location can trade on the platform.
Payments on the DiaEx platform are settled using the GTN token. This is precisely where the second source of demand for the GTN crypto comes from. Traders looking to complete their payment obligations, will buy GTN tokens from the crypto exchanges.
As can be seen from the above information, Glitzkoin links the GTN token to a real world business – the multibillion dollar diamond industry. Trade for GTN on the crypto exchanges will be driven, by crypto world participants and diamond traders operating on the DiaEx platform. This is of course in addition to the trade, conducted by the crypto community which has always supported the Glitzkoin mission.