What is Bitcoin Gold? A Summary of the Upcoming Bitcoin Hard Fork
Bitcoin.com
✔️ Why Fork to Bitcoin and Bitcoin Gold?
The Bitcoin community is looking to completely decentralise the Bitcoin network because of feelings that it continues to be monopolised by the bigger mining companies within the industry.
The feeling is that they exert too much control over what is meant to be a decentralised asset and this fork will allow for a mining process similar to Ethereum.
✔️ What Is a Hard Fork?
A hard fork is where the blockchain splits, or forks off from a single line of transaction history.
This means that each side of the fork will have the same history but will start printing a new future, separate from one another.
✔️ What is SegWit2x?
Bitcoin actually has another upcoming fork planned, this time called SegWit2x. SegWit will double the size of the Bitcoin blocks (the 2x part) and speed transaction speeds up as a result.
Bitcoin is already seen as legacy technology by many, simply because it takes so long to complete a transfer. SegWit2x will go a long way to alleviating this concern.
✔️ Who will Control Bitcoin Gold?
With the whole idea of this hard fork being to take control away from the big mining corporations who essentially have the ability to hold Bitcoin to ransom, this will actually have a further decentralising effect.
Bitcoin Gold will make it possible to mine with Graphic Processing Units (GPUs) and will allow more minters to join the fold. Essentially, it's going to take away some of the hash power from the bigger miners who have cornered too much control.
✔️ How do you Receive Bitcoin Gold?
If you are currently holding Bitcoin in your portfolio, then you are going to automatically receive Bitcoin Gold.
Each Bitcoin holder will receive an equal amount of Bitcoin Gold associated with their private key.
✔️ What do the Bitcoin Technicals say?
As you can see on the BTC/USD daily chart above, price certainly isn't acting nervous about the Bitcoin Gold fork. With new highs on the horizon, the Chinese driven FUD is long in the rear view mirror!
✔️ Should I Buy or Sell Bitcoin Heading into the Fork?
With the market currently a sea of red except for the massively bullish Bitcoin, it certainly looks like people are taking this approach. I mean who doesn't like free shit?!
You can essentially see receiving Bitcoin Gold as almost a dividend payment and dump it for more Bitcoin as soon as you get it. Just beware the buy the rumour, sell the news trade.
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Nice post @forexbrokr. Let see what happens with bitcoin gold
Lets :)
If I hold btc on any currency exchange such as buttrex , poloniex then can I get btc gold?
Bittrex gave you the BCC when the bitcoincash hard for happened. I'm assuming they'll handle the upcoming hardforks in much the same way.
Yep, as gniksivart said, there was no problem last time with BCC, so they'll be fine.
Am sure that the bigger mining companies are getting prepared ahead of Bitcoin Gold to streamline it again to their profit, it's something that happens overtime, it's not a day incident looking at history behind Bitcoin.
It's always the way, isn't it.
Nice post,
Check out my Bitcoin analysis for today
https://steemit.com/bitcoin/@ohamdache/bitcoin-price-configuring-resumes-height-analysis-09-10-2017
Thanks pal.
BTC will always be the strongest cryptocurrency no matter how many hard forks happened in the near of far future,,, and for sure there will be lots of companies and individuals buying BTC because they will get free Bitcoin Gold,,,, that's why you still can see BTC climbing up even if the chinese exchanges thing was a very bad news for the crypto community, and after the hard fork there could be a dump in the price again due to people selling for profit,, Exactly like what happened with BitcoinCash chain Split.
Yeah, I'm thinking it looks a classic buy the rumour, sell the fact trade. Plenty of value in the alts right now if you want to pick them up cheap instead of going for the 'free money' in BTC.
THAT IS EXACTLY WHAT I WANT TO DO PERSONALLY,, I AM JUST WAITING FOR THE VERY BEST TIME.
CHEERS
NO WORRIES!!!
having bitcoin in a portfolio does not automatically guarantee you bitcoin gold
Some exchanges do not give you the new coin, just like with Bitcoin cash
So make sure you have your BTC on an exchange that does give them or store them on a proper wallet
and another way to go might be to buy altcoins that drop in the rise of bitcoin
Will bittrex provide bitcoin gold?
The bigger exchanges will and if you have your private keys and you're on an external wallet, then you will also be fine.
Obviously just DYOR wherever you have your Bitcoin.
@lalitkarnani, Bittrex will be fine.
But these fork really deteriorate the concept of bitcoin. New free money sounds a lot like fiat.
Also why don't these people just form a new crypto altogether like neo or xrp? because they want the name Bitcoin in their currency is why.
I think all these Bitcoin forked currencies will eventually die a slow death as it would become clearer after maybe 10 or more forks.
I tend to agree with you. But we can't stop it happening right now so just take advantage of what you get and dump it on the market for BTC.
Unfortunately, I do not have bitcoin on my exchange :(
In a wallet with your private keys accessible?
I'm hoping BTC has one more dump before the upcoming hardforks. I've been grinding hard here on steemit in hopes of getting a few more sbd to swap out for bitcoin to increase my bitcoin holdings for the upcoming hard fork.
Just beware of a buy the rumour, sell the news scenario. If it does dip pre-fork, it might not come back.
Slated to launch on October 25
Hadn't heard of this fork before. It caught me a bit off-guard.
Thank you
No worries mate. Enjoy :P