What is Bitcoin Standard Hashrate Token (BTCST) | What is BTCST token
A significant impediment to participation in Bitcoin mining is the limited number of exit options. Bitcoin Standard Hashrate Token (“BTCST”) solves this problem by bringing exchange-grade liquidity to Bitcoin mining.
Each BTCST is collateralized by 0.1 terahash per second (“TH/s”) of Bitcoin mining power. By staking BTCSTs, holders of the tokens will receive daily Bitcoin distributions that correspond to the mining power staked.
What is more, because the market price of BTCST is determinable as the discounted cashflow of the underlying mining power, BTCST in secondary trading will perform as a leveraged Bitcoin token free from liquidation risk. BTCST will create an efficient market for Bitcoin mining power.
Binance Launchpool, a new project aimed at bringing the decentralized finance (DeFi) experience to Binance users and where traders can earn new token rewards in exchange for staking, has launched its first project this year – which is called the Bitcoin Standard Hashrate Token (BTCST).
BTCST aims to address the problem of “limited exit options” by offering “exchange-grade” liquidity to Bitcoin mining, and during secondary trading, BTCST will serve as a “leveraged” Bitcoin token “free from liquidation risk,” the Binance team noted.
They also mentioned that BTCST will support an “efficient” market for Bitcoin’s (BTC) mining power in ways that are somewhat similar to how the Grayscale Bitcoin Trust provides or creates institutional liquidity for the flagship cryptocurrency.
As mentioned in the announcement:
“BTCST is collateralized by 0.1 TH/s of real-world Bitcoin mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market.”
BTCST has reportedly been vetted by CertiK, a leading blockchain security firm, “scoring a 98 out of 100 in a security audit.”
During Launchpool participation, traders or investors will have the option to stake their Binance Coin (BNB), Binance USD (BUSD) and BTC tokens into different pools in order to “farm BTCST tokens, starting from 2021/01/08 at 0:00 AM (UTC).” The digital asset exchange will then proceed to list BTCST in the innovation zone “at 2020/01/13 6:00 AM (UTC) and open trading for BTCST/BTC, BTC/BUSD and BTCST/USDT trading pairs.”
Alex Zhao, Co-founder and CTO at BTCST, stated:
“Compared to conventional cloud mining, BTCST portrays the decentralized spirit of blockchain, with all mining rewards distribution done by smart contracts that are on-chain with full transparency.”
Daisy Zhang, Co-founder at BTCST, remarked:
“Standardization and tokenization of hashrate made possible by BTCST [could] bring liquidity to Bitcoin mining, to an extent never seen before. Miners and traders are bridged to secure profits from either side. In particular, silhouetted against the strong bull market, BTCST contains enormous potentials that I believe will sweep the market.”
Changpeng Zhao, CEO at Binance, noted:
“BTCST is already deployed on the Binance Smart Chain as a Cloud mining platform, and we support the project through our mining pool. We are happy to continue working with BTCST on its further development through Binance Launchpool.”
Notably, this announcement from Binance has come shortly after the cryptocurrency market cap surpassed the $1 trillion mark for the first time in history.
The Binance team pointed out that institutional and retail users entering the digital asset market have chosen Bitcoin (BTC) as the crypto of choice, which helped send prices soaring to all-time highs. Binance added that the influx of capital “marks a possible tipping point for cryptocurrencies, as mainstream interest in Bitcoin increases.”
Binance further noted:
“The $1 trillion dollar figure is undoubtedly a triumph for long-time crypto enthusiasts and advocates who watched the total market cap peak at $814.3B in January 2018 before pulling back. But with momentum accelerating in recent weeks, the next milestone may be close at hand. Other cryptocurrencies have also recorded massive price gains.”
Ethereum (ETH) has surged more than 46% YTD during 2021, which may open up more potential avenues for growth and adoption, Binance added.
Introducing Bitcoin Standard Hashrate Token (BTCST) on Binance Launchpool! Farm BTCST By Staking BNB, BUSD & BTC Tokens
Binance
2021-01-07 17:00
Fellow Binancians,
Binance is excited to announce the 15th project on Binance Launchpool - Bitcoin Standard Hashrate Token (BTCST), a token collateralized by Bitcoin hashrate on Binance Smart Chain.
Users will be able to stake their BNB, BUSD and BTC into separate pools to farm BTCST tokens over 30 days, with farming starting from 2021/01/08 0:00 AM (UTC).
Binance will then list BTCST into the innovation zone at 2021/01/13 6:00 AM (UTC) and open trading with BTCST/BTC, BTCST/BUSD and BTCST/USDT trading pairs.
BTCST Launchpool Details:
- Token Name: Bitcoin Standard Hashrate Token (BTCST)
- Total Token Supply: N/A (The total AUM of BTCST determines the total supply of the token)
- Launchpool token rewards: 40,000 BTCST (4.00% of Initial Circulating Supply)
- Initial Circulating Supply: 1,000,000 BTCST
- BEP20 Smart contract: BTCST
- Staking Terms: No upper limit. No KYC required
Supported Pools:
- Stake BNB: 24,000 BTCST in rewards (60%)
- Stake BUSD: 4,000 BTCST in rewards (10%)
- Stake BTC: 12,000 BTCST in rewards (30%)
- Farming Period: 2021/01/08 0:00 AM (UTC) to 2021/02/06 23:59 AM (UTC).
BTCST Farming Distribution
Dates (0:00:00 - 23:59:59 UTC each day)Total Daily Rewards (BTCST)BNB Pool Daily Rewards (BTCST)BUSD Pool Daily Rewards (BTCST)BTC Pool Daily Rewards (BTCST)2021/01/08 - 2021/01/135,000.003,000.00500.001,500.002021/01/14 - 2021/02/06416.67250.0041.67125.00
Read about Bitcoin Standard Hashrate Token (BTCST) in our research report here.
Please note:
- Snapshots of user balances and total pool balances will be taken each hour to calculate user rewards, which will also be updated each hour.
- Users will be able to accumulate their rewards (calculated each hour) and claim these rewards directly to their spot accounts at any time.
- Each pool’s annual percentage yield (APY) and total pool balance will be updated in real time.
- Tokens can only be staked in one pool at a time. For example, User A cannot stake the same BNB into two different pools at the same time, but can allocate 50% of their BNB into pool A and 50% in pool B.
- Users will be able to unstake their funds at any time with no delay and participate in any other available pools immediately.
- Tokens staked in each pool and also any unclaimed rewards will be automatically transferred to each user’s spot accounts at the end of each farming period.
- BNB staked into Launchpool will still provide users with the standard benefits for holding BNB, such as airdrops, Launchpad eligibility and VIP benefits.
How and Where to Buy BTCST?
BTCST has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy BTCST
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase BTCST from the Binance exchange.
The top exchanges for trading in Bitcoin Standard Hashrate Token are currently Binance, VCC Exchange, WBF Exchange, and PancakeSwap
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BTCST gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money
☞ Bittrex ☞ Poloniex ☞ Bitfinex ☞ Huobi ☞ MXC ☞ ProBIT ☞ Gate.io ☞ Coinbase
Would you like to earn BTCST right now! ☞ CLICK HERE
Project Links
Website: https://www.1-b.tc
Whitepaper: https://www.1-b.tc/static/BTCST_Whitepaper.pdf
Telegram： https://t.me/BTCST_Community_EN
Medium： http://btcst.medium.com/
Twitter： https://twitter.com/btcst2020
🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
Thank you for reading!
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