The world has witnessed an unprecedented growth in the cryptocurrency space ever since the rise of Bitcoin. As of May 2018, there are more than 1,600 cryptocurrencies and it is quite likely that this number will increase in the coming months. Many of these coins are outright similar to Bitcoin while others have attempted to venture beyond the traditional scope of finance. In this article, we will take a look at the coin that falls into the first category - Bitdeal.
What is Bitdeal?
Bitdeal is a cryptocurrency just like any of its peers. The idea behind Bitdeal is to enable two willing parties to conduct private and secured transactions, anywhere in the world. Not only this, but Bitdeal is also looking to design an ecosystem which will facilitate professional trading and legal protection of financial assets.
When we consider Bitdeal’s visions, it definitely appears to be quite ambitious. It aims to create the next wave of cryptocurrency and hopes that it will be widely used in the community to facilitate transactions. However, it is among the lesser known cryptocurrencies and therefore, it is yet to be seen how it is going to achieve its goals.
Bitdeal has also got a mobile application which can be used to find great deals and save money, as the official website claims. To go about this, all you have to do is open the Bitdeal App and find the location of the goods/services that you are looking for. Once you have found the location, you need to find the desired product/service. The last step in this process is to visit the place of business and scan the QR code for the payment method you wish to use. The website claims that these suppliers/places of business will offer their own unique discounts, although we are yet to see any real-life proof of this.
Needless to mention, Bitdeal is among those few cryptocurrencies that are quite vague and ambiguous. The same goes for its whitepaper too, which explains characteristics of the cryptocurrency rather than the cryptocurrency itself.
According to Coinmarketcap, the total supply of Bitdeal tokens (BDL) is capped at 300 million. The network uses Proof-of-Work algorithm to achieve consensus throughout its network. The block reward is 50 BDL and the block time is 2.5 minutes.
Where to buy Bitdeal?
Bitdeal tokens can be purchased from either CoinExchange or Cryptopia. It is an altcoin and therefore, it will have to be purchased against Bitcoin.
Bitdeal wallets can be downloaded from the official website. You can also consider cold storage options like Nano Ledger S and Trezor.
BDL tokens can be mined. To get started, you need to download the official wallet client and join any of the mining pools. As mentioned earlier, the consensus algorithm utilised is Proof-of-Work.
Bitdeal Price Trends
The price of Bitdeal has taken a significant hit over the course of last few months. The coin, which was once trading at levels above $0.45, is worth 0.006 USD as of May 29, 2018. It is also worth noting that in the months of November, December and January, the price of BDL tokens was in a state of constant decline. The altcoin was on a downward trajectory at a time when the entire cryptocurrency space was booming. This trend alone is enough to tell you that Bitdeal is not a reliable digital currency.
Risks Associated with Investing in Bitdeal
From an investment perspective, Bitdeal is a volatile instrument. Not only this, but the lack of clarity on the project itself is certainly something that every investor should be wary of. Bitdeal’s price has been on a downward path for the longest time and there appears to be no sign of recovery. It is practically trading at a few cents and by all means, investing in BDL tokens should be avoided.
Instead, you should consider other investment instruments like mutual funds, fixed deposits and recurring deposits. These are considerably safer, less volatile and can deliver healthy returns in the long run.
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