Is BTC20 Legit? Here’s Everything You Need to Know
An exciting new crypto project called BTC20 took the crypto world by storm in July, selling out its $6.05 million presale in under two weeks.
Crypto investors piled into the project, enthused by its original take and compelling passive income opportunity.
BTC20 winds the clock back to April 2011, when the bitcoin supply was just over 6 million and the cryptocurrency briefly traded for a price of $1 – that’s why BTC20 opted to sell 6.05 million $BTC20 tokens for $1 each.
BTC20 confirmed on Tuesday that token staking will launch on the 9th of August, while token claiming (and decentralized exchange or DEX trade) will go live on the 10th of August.
Despite the success of the presale and the fact that many crypto experts and influencers are backing the project, concerns around the project’s legitimacy arose after its official Twitter account was banned.
Most likely, BTC20 fell foul of some sort of Intellectual Property (IP) violation on X/Twitter for “passing off” as bitcoin, with some sort of X/Twitter algorithm automatically flagging the project’s account.
A BTC20 source with knowledge of the matter told Cryptonews.com that the project reached out to Twitter to resolve the issue.
The source also added that “BTC20 has never said it is a new version of bitcoin”.
“Instead, we have created a new coin that harnesses the name recognition of bitcoin in the same way that literally hundreds of other coins have done over the years, as seen more recently in the 'meta 2 version' trend that has spawned Pepe 2.0, Dogecoin 2.0 and many other tokens”.
For now, BTC20 is operating a new official Twitter account.
BTC20 is a token issued on the Ethereum network using the ERC-20 token standard – hence why it’s called BTC20.
Its tokenomics structure
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