Two Forks Planned for the Bitcoin Network

Bitcoin is now trading at $6,071.

Two forks are planned for the Bitcoin network soon. One fork is named Bitcoin Gold (BTG) and the other one is called Segwit2x (BTC1).

Bitcoin Gold will take place probably 25 October 2017 and Segwit2x (BTC1) approximately mid-November.

The reason Bitcoin Gold project is forking the network is that they want to create an Application Specific Integrated Circuit (ASIC) a “resistant” version of Bitcoin, because they think ASIC mining is too centralized. The BTG developers plan to make bitcoin mineable by using Graphic Processing Units (GPU) to change the original protocol consensus to an algorithm called Equihash. They plan for the network to go live on 1 November 2017.

The Segwit2x hard fork is a technical compromise from the New York Agreement (NYA) between a vast majority of bitcoin miners and businesses. The hard fork will take place at approximately block height 494784 around November 18 depending on the hashrate power of miners to implement the Segregated Witness (Segwit) protocol.

It is not quite sure if both hard forks will happen on the expected dates.

You can read the whole news by Jamie Redman on Bitcoin.com.

Joyce Herry @mipublishing