Hello to my friends who love life and keep smiling despite all kinds of negativity. In this article I will talk about the "Bitcoin Standard Hashrate Token (BTCST) Redenomination Plan".
I explained what BTCST is, how it is used, its performance. I would like to mention an opportunity that may be in this article…
It released an announcement about BTCST, a product of Binance, on 11/03/2021 at 12:52. This announcement; Binance Will Support the BTC Standard Hashrate Token (BTCST) 1:10 Redenomination Plan
So what is Redenomination?
Redenomination is a process in which a country's currency is recalibrated due to significant inflation and currency devaluation, or when a country adopts a new currency and needs to replace its old currency with a new one at a fixed rate. Reassignment is to replace the old currency with the new currency or change the face value of existing banknotes in circulation... Source by Investopedia
Old BTCST tokens will be replaced by new BTCST tokens at a rate of 1:10.
Detail ( Source by Binance );
- Deposits and withdrawals of BTCST will be suspended at 2021-03-15 02:00 AM (UTC). Please ensure that you leave sufficient time for your BTCST deposits to be fully processed prior to this time. If deposited after this time, the tokens will not be credited to your account.
- At 2021-03-12 02:00 AM (UTC), we will conduct an automatic settlement and cancel all pending orders, and then delist BTCST/BTC, BTCST/BUSD, and BTCST/USDT isolated margin trading pairs. A separate announcement will be made for relisting.
- Binance Futures will conduct an automatic settlement and cancel all pending orders on BTCST/USDT contract, and then delist this contract at 2021-03-12 02:00 AM (UTC). Please refer to the Delisting Process of A Futures Contract for more details. A separate announcement will be made for relisting.
- Trading will be halted in all existing BTCST trading pairs (BTCST/BTC, BTCST/BUSD and BTCST/USDT) at 2021-03-15 07:00 AM (UTC) and pending trade orders will be cancelled.
- We will then swap the old BTCST tokens with the new BTCST tokens at a ratio of 1:10. New BTCST tokens will assume the BTCST ticker.
- Deposits and withdrawals of BTCST will be resumed at 2021-03-19 06:00 AM (UTC).
- Trading will then open for the new BTCST/BTC, BTCST/BUSD and BTCST/USDT spot trading pairs at 2021-03-19 07:00 AM (UTC)
What have I done… ?
I joined launchpool for BTCST. Later, I was mining Bitcoin with these tokens. After this announcement, I withdrew my tokens to the Binance exchange.
I withdrew my tokens from the web page of the company ( 1-b.tc company ) I entrusted my tokens to. How Does?
First of all, I bought my Bitcoins to Binance Chain Wallet. You receive your Bitcoin rewards in BTCB. It is the same price as BTC. The trailing B is Binance.
Then I withdrew my BTCST tokens to the wallet.
I bought my BTCST tokens and my reward BTCBs into the wallet. Later, he transferred it to the Binance exchange.
Wondering how much time and transaction fees?
It took 15 minutes to get to my wallet on the Binance exchange from the start of the transaction. The transaction fee is 0.003 BNB ($ 0.9) total
They did not charge commission for my BTCB rewards.
Yes, my friends, there has been a Redenomination transaction in POLKADOT (DOT) before. On 21.08.2021. For 10 DOTs, 100 DOTs were awarded. As a result, DOT, which experienced a 100-fold decline, dropped $ 2.82. DOT is $ 36 at the time of writing my article. Detail...
My game plan; After Redenomination, what I expect is to buy some more tokens and continue mining Bitcoin. Because the BTCST token is owned by the mining firm Binance. I trust Binance ... I think this will be a good investment for my family ...
I will share with you what I did after Redenomination ...
The things described in this article are not investment advice ...
As I always said, listen to everyone, decide for yourself ...
I'm looking forward to your comments. Thanks to your comments, we can shape my next articles together. Let's stay in touch… Take care of yourself so that you and the people around you are happy…
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