Bitcoin Gold makes a fall on first trading day - The Question is Will it Survive?
Bitcoin Gold, an another Fork of the bitcoin, dropped by more than sixty percent on the first trading day and contributed the bitcoin. Actually i had this predicted because the team has very huge pre-mined coins that they are holding and it could cause a more huge dumping in the future.
The breakdown followed a disagreement about how bitcoins are mined. The group behind Bitcoin Gold believes that the bitcoin mining process is too centralized, so that the idea of a decentralized currency disappears.
Investors get one bit coin for each bit coin they own. However, at the time when the bitcoin gold was issued, holders decided to take the digital currency immediately, after which the cryptocurrency declined 66 percent. In this way, investors do not seem to have much confidence in the split currency.
As a result, the bitcoin on Wednesday was also under pressure to eventually recover something to a level of almost $ 5,500. On Tuesday, the digital currency was traded for almost $ 5,800.
Bitcoin gold had a lot to bear on the first trading day. The website of the new crypto was stuck in the first trading hours due to the many transaction requests, which did not allow investors to act. Many large trading houses specializing in cryptocurrency do not support the currency yet.
In July of this year there has also been a Fork, called Bitcoin cash or as known BCH . This cryptocurrency initially rose well in value and reached a record level of approximately $ 915. However, since the peak, the digital currency has fallen slowly and is worth only 330 dollars.
Bitcoin Cash has a 5.5 billion dollar market capitalization, a slim compared to the $ 93 billion worth of bitcoin.
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it will be mineable from 1 NOV with gpu. will see :)
Yes true, will see how the GPU mining goes, i will for sure test it out to just see how many coins i can mine :D
I hope that BTG will rise one day just like BTC, but it might not and the BTC just might overshade it ! Nice post!
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The different forks for bitcoin is purifying or is it confusing traders/investors
thanks for sharing