GoldGate Coin Guide
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For decades, the lending industry has been plagued by over-reliance on banks and other formal financial institutions for credit and starting capital. This means that it was not easy for small and medium-sized enterprises to raise the necessary capital for their businesses. Some businesses have been forced to resort to the shambolic informal lending sector to meet their emergency cash requirements. This has sometimes led to borrowing money at astronomically high-interest rates as compared to formal lenders. However, the increasing penetration of blockchain technology into the financial sector is spearheading a massive revolution in the lending industry. GoldGate is focusing on this industry. The decentralized, transparent and unalterable nature of blockchain technology makes it trustworthy and uniquely suited for this purpose.
What is GoldGate?
GoldGate is a blockchain based lending platform that uses the smart contract capacity of the Ethereum blockchain to offer lending opportunities to the cryptocurrency community. The GoldGate platform is not a peer to peer lending platform. Instead, it provides investors with the opportunity to lend their crypto assets to the platform after which will receive up to 48% monthly return on investment for their crypto assets. Investment is made by purchasing ERC20 BGG tokens at a price of 1 USD each, and all the transactions will be managed securely by the Ethereum blockchain. The GoldGate platform then uses the investor capital (crypto assets) to fund their trading bot investments. In this connection, GoldGate is more of a high yield investment program (HYIP) rather than a lending platform. High yield investment programs are usually highly profitable but also come with a huge risk of losing investment capital. For instance, GoldGate does not go further to provide more information on how their trading bot will generate such high returns on investment on a monthly basis which makes it a bit speculative.
The goal of GoldGate is to provide a unique and easy experience to people who want to join the e-money industry at a competitive price. They want to provide a greater opportunity for all people. GoldGate is viewed as a great investment by businesses and organizations as it gives the privilege to get the best profits and see financial growth.
What are some of the interesting features about GoldGate?
- Security and transparency in all transactions- As earlier mentioned, GoldGate is based on the Ethereum blockchain whose blockchain ledger is immutable hence ensuring transparency. In addition to this, GoldGate offers a two-factor authentication procedure to help users secure their accounts and asset data.
- GoldGate offers BGG tokens to users at an initial price of 1 USD- This enables users to store their fiat money in the form of crypto and gain interest from it as long as it exists in the BGG wallet.
- GoldGate provides a mobile application which users can utilize to manage their accounts and wallet services for storing and transferring GoldGate tokens.
- GoldGate issues a yellow-passing card loaded with BGG tokens. Cardholders can use the card for making payments and purchases for goods and services globally.
The GoldGate team
Members of the GoldGate team are from Dubai, Saudi Arabia, Asia, and Africa. However, GoldGate has clearly stated on their FAQ page that their team details will be kept private for now and will be made public in further conferences and events in the future.
The GoldGate coin
The GoldGate coin, symbolized as BGG, is an ERC20 token that will allow users to invest their funds on the GoldGate platform. GoldGate has also mentioned that BGG will be converted into gold crypto assets which can then be reconverted into gold at a rate of 1 BGG is equal to 1 gram of gold to facilitate border crossings. In addition to this, BGG coins can also be used as an express global payment mechanism for goods and services using a new yellow-passing card that will be created by the platform. There is a total supply of 26,000,000 BGG out of which 7,800,000 BGG will be available in the public token sale. The remaining tokens will be distributed among the team (3,900,000 BGG), and the rest 14,300,000 BGG will be reserved for marketing and development.
The GoldGate ICO
The GoldGate ICO campaign ran from 26th November 2017 to 1st January 2018, and it was able to raise USD 2,590,000 by 3rd December 2017 in the Pre-sale. The amount of money raised in the public sale has not yet been made public. The ICO had FOUR stages each with a different token price:
- Pre-sale (26th November to 2nd December 2017) – 1 BGG cost 1 USD
- 1st Stage (3rd December to 12th December 2017) – 1 BGG cost 25 USD
- 2nd Stage (13th December to 22nd December 2017) – 1 BGG cost 5 USD
- 3rd Stage (23rd December 2017 to 1st January 2018) – 1 BGG cost 75 USD
The funds collected during the ICO will be spent in the following ways;
- 40% will be used for marketing and sales by the GoldGate marketing team. This is aimed at making GoldGate cryptocurrency more popular which will subsequently increase its demand and price.
- 25% of the funds will be used for multi-platform support. This is because GoldGate will continuously introduce new features and user interfaces in their platform.
- 20% will be used for development purposes. This will take place in the form of partnerships and initiatives with other companies to enhance revenue stream for BGG token holders.
- 15% will be used for administration and operations. This include costs associated with accounting and generally taking care of the business processes.
GoldGate Price Growth
GoldGate crypto token price rose steadily from their initial ICO price of 1 USD to their final ICO price of 1.75 USD. However, after the crowd sale ended, the price of BGG tokens at various exchanges has plummeted to the current price of 0.014 USD (at the time of writing). This clearly shows that the token is not yet stable for investment currently and in the near future.
How to buy GoldGate coin (BGG)?
BGG coins are currently listed on the HitBTC exchange platform only. Below is a detailed description of the HitBTC exchange.
HitBTC is a cryptocurrency exchange and trading platform that was founded in 2013 and is registered in the UK. The exchange, however, has offices in Chile and Hong Kong. HitBTC is a reputable exchange platform and generally has positive reviews from the cryptocurrency community. The exchange supports Bitcoin and 50+ other altcoins including BGG. All these coins can be traded against two main fiat currencies that is USD or EUR. HitBTC offers three trading pairs for BGG coins that is BGG/USD, BGG/BTC, and BGG/ETH. The exchange supports payments in both fiat currencies and cryptocurrencies. HitBTC fees are relatively low compared to other exchanges, and all crypto deposits are free.
Here is the procedure to buy BGG coins
- Set up an ERC20 compatible wallet. BGG is an ERC20 token hence can only be stored in ERC20 compatible wallets. We’ve sampled the best ERC20 wallets below.
- Buy BTC or ETH coins from a reliable exchange.
- Deposit the BTC /ETH coins in an exchange that trades BGG coins. Currently, only HitBTC has BGG coins listed on it.
- Exchange the BTC/ETH to BGG coins.
- Transfer the bought BGG coins from the exchange to your wallet address for secure storage.
As previously noted, BGG coins can only be stored in ERC20 compatible wallets. The following are the most popular wallets for storing BGG coins;
This is a flexible open source tool for generating Ethereum wallets and sending transactions. It enables you to create new wallets after which you can store your coins in the wallet. MyEtherWallet is a reputable and secure wallet system that is commonly used for storing Ether and standard ERC20 tokens.
MetaMask is an easy to use Chrome extension that enables you to store ERC20 tokens in a hot wallet while also facilitating the running of Ethereum decentralized applications without the need of downloading the Ethereum blockchain. One simply needs to download and install the extension to begin using it. The extension is currently available for Chrome browsers; however, efforts are being made to develop an extension pluggable in other web browsers.
The Ethereum Mist wallet is an official wallet developed by the same team responsible for developing the Ethereum ecosystem. Mist provides two types of wallet solutions to its users. The first option is the simple wallet which is a basic wallet for storing coins. The second option is the multi-signature wallet which offers extra safety features for enhanced security of coins. The Mist wallet is a desktop application which has to be downloaded manually from the web and installed on a computer for one to use it.
The introduction of blockchain technology into the lending industry is a positive change that is going to make access to capital more affordable and hassle-free for the average person. However, our close examination of GoldGate indicates that it is not really a lending platform. Instead, it’s more of a complex high yield investment dressed up as an ICO and lending platform. The fact that the platform has not disclosed detailed information regarding their team and their exact location points to GoldGate being a scam. Therefore, we caution our readers against investing in this scheme. Only invest what you can afford to lose.
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