Bitcoin Scratching the Surface of $5,800 Once Again, Still Time To Buy?
We've been hit with a Bitcoin slump once again, however, our favorite coin have recovered to its current price, at $5,855. The reason? Bitcoin Gold, most likely.
Bitcoin Gold and its security?
Not many people believe in Bitcoin Gold, and its security - as it has been previously reported by Bittrex's Dev team - which is also the third largest cryptocurrency trading platform - that the base code of Bitcoin Gold is leaning towards the "incomplete, untested and unaudited" status. A very, very strong replay protection must be implemented for the majority of exchanges and wallets to take on BTG.
"At this time, the information and codebase presented by the Bitcoin Gold team are not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market" - Bittrex reported.
The team at the subjective trading platform heavily emphasized on the fact that by crediting Bitcoin investors with Bitcoin Gold at this un-tested phase of development, could possibly endanger existing Bitcoins - which could follow-up with larger problems in the short-term.
"When considering adding tokens to Bittrex exchange we look at the risks involved. Bitcoin Gold does not satisfy our criteria for safety for our users. Taking a snapshot of the Bittrex exchange Bitcoin wallet is also a large disruptive undertaking that requires over 24 hours of preparation (Bitcoin deposits and withdrawals are also suspended during this time) and should not be taken lightly" - Bittrex explained.
Bitcoin Gold - or SegWit2x?
The alerts, reports, and warnings that exchanges have generated and publicised in the past couple of days have heavily impacted on the decision of investors, whether to be in - or out of BTG.
Bitcoin hard fork and SegWit2x
These statements have caused Bitcoin to stay under the $5,600 surface for a few consecutive days, and even reaching lower marks at some points.
The trend that we are currently experiencing throughout the Bitcoin Gold hard fork could possibly be seen and experienced once again with the upcoming SegWit2x fork, on 16th November. One thing to note, investors are more likely to be in with the upcoming fork on 16th November, as it is being discussed on social media.
Current speculation?
Bitcoin (BTC) to climb back to the $6,000 mark in the upcoming few weeks - and not stop there.
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Content copied from my own blog.
www.readcrypto.blogspot.co.uk