Bitcoin Gold: Another Bitcoin fork coming 25 October 2017(Wait whaaa?)
Hello my fellow steemians!
Ah yes, you read that right...There is another fork incoming for Bitcoin this October!
Whispers and rumors of yet another Bitcoin fork have come to arise, and we will now see quite a few different strains of Bitcoin on the markets when this Bitcoin Gold is launched later this month.
Not so long ago Bitcoin Cash or BCH was launched as a hard fork update to the Bitcoin Blockchain to battle against the block sizes and the remove of Segwit2x. BCH, however, saw only a minor interest from the Bitcoin community and has only received the support of a small proportionate of miners.
Bitcoin Gold is planned to launch with a similar effect as the former fork BCH and will aim to bring some updates and an improved protocol, one that is set to challenge all strains of Bitcoin. Is this just another distraction to an already divided community?
The plan behind Bitcoin Gold:
Even though these hard forks are driving "the real crazy" into all the frustrated Bitcoin traders and miners out there, it does, however, have a real goal that might spark some interest in the majority of the community. The team involved in developing the BCH project is looking to make Bitcoin "decentralized again" by introducing a Proof of work algorithm for GPU mining that will allow a bigger share of miners to take part in block producing.
When a bigger share of miners will be able to produce blocks, this will have a bigger impact on GPU sales(controlled by Nvidia and AMD) and we might see a different evolution of Hashing Power across the network, This will also make larger miners who dominate the mining of Bitcoins obsolete.
The current problem with Bitcoin Gold:
Even project leaders are admitting that most details around the release and operation of the hard fork are still fuzzy and unclear.Currently further details such as block height is open for discussion. The project is now being described as "still evolving".
So, are you going to hold your Bitcoins this October?:
Even though this hard fork will launch on the 25th of October, it will only be live on exchanges from the 1st of November.All Bitcoin addresses that hold an amount of Bitcoin(BTC), will receive the-the same amount in Bitcoin Gold(similar to the BCH hard fork payments in August)
It is still unclear which exchanges will be supporting this crypto-currency, future updates before the release date will hopefully reveal more.
Watch this video for a better explanation of what Bitcoin Gold will be:
I have a strong feeling that Bitcoin gold will have the same fate as Bitcoin Cash, and will not be able to surpass the original Bitcoin strain, and not see a huge long-term value to the community, but the adoption of this crypto currency will be up to the miners, and the total share of the community who accepts it.Only time will tell us more.
What are your thoughts on this hard fork coming this October? Let me know in the comments below :D
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I have decided to hold on to whatever different cryptocurrencies I have hoping that their value or exchange rate with Dollar will go up with onset of bitcoin gold.
Definitely mate, the best is now to hold on to all the crypto currencies we can and wait for them to be worth much more than what they are now.
Thank you very much for sharing inspiring content.
Im not sure what is so "inspiring"... but you are welcome
What scaring me to trust in it : it seems that everything is done on the rush and though not sure if it will take the right path
We will never know untill it has been released on the markets :P
Indeed haha =D . See you around my friend, nice blog !
Thanks mate =)
Hold on tight and see where it goes, original took a couple of years. Play with the little crypto out there, don't mess around too much too soon with new forks happening every so often.
Nice reminder this is right here already @gingerninja thanks.
Definitely @joanstewart the best is to first see how it goes and then go full in.
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