Crypto Insanity - Bring on Bitcoin Gold!
As if the cryptocurrency markets couldnt get any crazier, here comes Bitcoin Gold, the fork that forked and people forgot about getting ready for its officil release Nov. 12th, 2017.
This new version of BTC, entitled Bitcoin Gold is the second project to fork away from the Bitcoin blockchain and become a new coin this year. This followed Bitcoin Cash.
Where Bcash attempted to offer an on-chain scaling solution by increasing Bitcoin’s block size limit (while removing the Segregated Witness code), Bgold is an attempt to counter Bitcoin’s mining centralization.
The most important difference between Bitcoin and Bitcoin Gold is a new proof-of-work mining algorithm. Instead of SHA256, the new coin uses the memory-hard Equihash proof-of-work function that’s also used in the privacy-focused altcoin Zcash. This means that specialized ASIC hardware that has come to dominate Bitcoin’s mining ecosystem will not be able to mine Bgold.
Now this presents an interesting opportunity in my opinion! Clearly China and their miners will prefer the ASIC version because they control the market. Bitcoin Gold may become the western banker's choice because it won't be easily controllable and therefore supporting it to get people to move away from Bitcoin and Bitcoin Cash could become a real priority.
Although Bgold is launching this weekend, the fork “officially” occurred on October 25. Anyone who held bitcoin (BTC) on that day (specifically, when Bitcoin block 491406 was mined) will have an equivalent amount of BTG attributed to their private keys. These private keys can be imported into a dedicated Bgold wallet, which, starting tomorrow, will allow users to spend the coins. (But note that this does not come without risks and tradeoffs: If you’re not sure what you’re doing, it’s best not to ignore BTG until you do. For more information als see this article.)
Well, I know people that will be happy to hear this news! They've been waiting for their digital gold for weeks now.
What do you think will happen with these three bitcoins? Which will be the winner that takes all, BTC BCC/BCH or BTG?
Please leave your thoughts and comments below!
Thanks for reading!
Source:
Bitcoin Gold Launches Tomorrow - Bitcoin Magazine
The more forks the better for the biggest chain. But these features do put pressure on btc to not just ignore user demands since they do not hold a monopoly anymore and the network effect can be overcomed if utility is destroyed.
What little I know, is that I don't know enough about cryptocurrency. But since finding out about Steem a month or so ago, I have been on a fast learning track.
I bought Bitcoin Cash on Friday, such a good investment. I'm still holding on. However, I think early tomorrow morning I may sell it for BTC to get free BTG, then trade it back for Bitcoin Cash.
*EDIT I sold it at 0.4BCH/BTC
The shot of the blockchain has already been taken so I think that would be unwise.
You are right. I actually sold the BCH at 0.4 BTC/BCH and its already back down to 0.3BTC/BCH. I think I'm going to put everything into Bitcoin Gold once it comes out. When Bitcoin Cash came out it went up 10,000% in its first two days.
I just play it safe. First I bought enough BCH on Friday, so that now I have the same amount of BCH and BCT. And since, after the fork, I'll get the same number of Bitcoin gold as BCT, I would have the same amount of all of these. Kind of hedging, you know.
careful trying to move btc under the largest move in the history of assets, net might be clogged...
Time to dump it bro,
And you can buy more of it later on :P
How did your transaction get through? I tried to buy BCH but the BTC network is backlogged so bad my transaction is still unconfirmed some 60 hours later.
All these different Bitcoins makes people confused. Now they think Bcash is the real bitcoin until that one forks and they will say no this is the real bitcoin. Same thing starts over. I believe the real bitcoin it BTC the first one that we all know. Its price will rise back again.
I agree with this statement.
https://steemit.com/cryptocurrency/@reactivator/the-main-gold-bitcoin-network-running
Btc bcc btg bch all works well but the most popular is btc bch has only risen as an option to btc due to the fall of btc this week as the launch of segwit 2x fork was cancelled. If measures are put in place to support btc it will rise again therefore it's not quite clear whether btg or bch can overtake btc now
img credz: pixabay.com
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It ain’t right. The Bgold based on Chinese miners’ requests, it won’t change to define Western or Eastern. It also changes the algorithm of Bitcoin, with equihash like Zcash, which mistakenly recreate Bitcoin. It shouldn’t be that way otherwise this is not bitcoin
You are right, Bitcoin Gold will be something entirely different as far as I understand it. The question seems to be does having Bitcoin in your name determine your fate?
First off, Gold Bitcoin is a business that is aggressively using Google ads to reach out to a wide audience base. You can imagine the number of people who see their ads and potentially fall victim each day.
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Great one Orcaman!