Bitcoin Gold?! What the... FORK?!
Hey guys, this is CoinGirl and this is my first post on Steemit. I just want to share with you guys, my latest video about Bitcoin’s hard fork, which will probably happen this November.
It's all over the internet, and it seems we’re going to have another Bitcoin’s hard fork, and the currency that will result during that fork will be called Bitcoin Gold. As you probably know, on the 1st of August 2017, Bitcoin forked into Bitcoin Cash, and people online are saying that there will be many other versions of Bitcoin. Looking forward to Bitcoin Platinum, Bitcoin Emerald and of course Bitcoin Diamond (I was just being ironic).
What’s a hard fork?
Think about it like this. Bitcoin’s is an open source project and it’s source code, is public for everybody to see. Bitcoin’s developers are working to improve it, but sometimes other developers think they can do a better version of Bitcoin, and if they can’t get on the same page with the current developers, they choose to fork the Bitcoin’s source and create a different version of Bitcoin from that point on.
Basically both versions of Bitcoin will have the same source up until the fork day. From that day on, each version of Bitcoin goes on it’s own path. That’s what happened with Bitcoin Cash too. But the most interesting part of the fork is the fact that whenever a fork happens… every Bitcoin owner will get the same amount of newly released Bitcoin. We’ve seen it in August, and I am most certain we will see it in November if the fork goes on.
For example, if you owned 1 Bitcoin before 1st of August 2017, after the hard fork, you received 1 Bitcoin Cash for FREE! Compliments of the internet! :D And boy was that amazing. In the first few days after the fork, Bitcoin Cash was traded for $700 dollars. Now it’s at $400, but the FREE Bitcoin Cash is FREE no matter how much you can sell it for ;)
So, when the second hard fork will take place and Bitcoin Gold will be created, every BITCOIN owner will get the same amount of Bitcoin Gold as they already have in Bitcoin. I assume that Bitcoin Gold’s price will be lower than Bitcoin’s Cash initial price, but I am most certain that every crypto trader, who owns altcoins at this point in time, will start selling those altcoins for Bitcoin just to increase their amount of Bitcoin before the fork, and take profits from the hard fork, and after the fork, when they get the same amount of Bitcoin Gold as they have Bitcoin, they will sell the Bitcoin Gold and buy back altcoins. I mean who wouldn’t?!
So, I will be expecting a drop in the altcoins prices over the next month, but hey we will be having 3 versions of Bitcoin in case one was not enough :)
What’s your opinion on this? Is this hark fork good news or bad news for you? Do you enjoy getting FREE money? :)
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STOPOne thing about the free-software is you can change, re-distribute the code you're using.
I see forks necessary. This will guarantee the improvement in the project and the best one (main repository or another fork) will survive. Users will gain from that.
Also, free coins always feel good. Welcome to steemit! :)
Good point! Thank you!
Could be good if you can get your hands on some leverage to boost returns
interesting.. following you
I will be posting new content very soon! Thanks for the follow!
@coingirl very nice to see some more women here! Thanks for sharing this with us!
I totally agree, the price got pumped but will as soon as the hard fork is done fall drastically again. Just HODL and don't worry, we saw the same happen with BCH hard fork :-)