Price of Gitcoin: What exactly is Gitcoin? Is it possible that it is a cryptocurrency?
GITCOIN is a play on the most valued cryptocurrency, Bitcoin, and will be known to cryptocurrency enthusiasts. But, first and foremost, what is Gitcoin, and is it a cryptocurrency?
In mid-2021, cryptocurrency markets are still ablaze with new enthusiasm, months after many altcoins drew people’s attention in January. Dogecoin (DOGE) in particular defied predictions by increasing in value by almost 4,000%. Others have come and gone, seeking to profit off DOGE’s popularity and introduce people to the developing world of decentralised currencies.
Gitcoin has a similar sounding name to Bitcoin, however it serves a fundamentally different purpose than the currency.
Gitcoin was created and launched by developers in 2017 as a platform rather than a trading token.
They envisioned it as a way to match developers with projects and cut down on time-consuming hiring procedures.
Gitcoin can match developers and programmers and pay them within the same platform without the need for a recruiter.
People can then monetise open-source work and be rewarded in Ethereum using Smart Contracts.
Open-source software, community interaction, and even journalism are examples of this.
In this way, the platform fills a gap in the bitcoin realm that exists in some regions.
Gitcoin’s platform was created with open-source workers in mind.
However, the general public can exchange it online if they so desire.
GTC is now available for purchase on Crypto.com and Binance, with BTC, EUR, GBP, and USD as payment methods.
And, like other cryptocurrencies, it has recovered a large amount of value since late May.
According to CoinMarketCap, GTC was worth $3.5281 (£2.50) on May 25.
On June 11, less than a month later, the coin had earned more than $10 (£7.09).
GTC is now available for $13.65 (£9.68), but investors must be aware of market volatility.
GTC, like every other cryptocurrency, experiences substantial ups and downs.
The token peaked at $17.92 (£12.70) early this morning, then plummeted to $14.61 (£10.36) by mid-morning.
Gitcoin’s current value has plummeted by more than $4 (£2.84) in just a few hours.
When investing in newly-listed tokens, Binance advises users to “undertake sufficient risk evaluation.”