Bitcoin Gold is the latest Bitcoin clone
Bitcoin has a fresh clone, again.
Bitcoin Gold, a fresh cryptocurrency, has bot created through a so-called hard fork similar to the way Bitcoin Specie wasgoed created ter August.
Since Bitcoin and Bitcoin Gold share the same history up until the fork, anyone who possessed Bitcoin around 8pm E.T. Monday should become the holder of the same amount of Bitcoin Gold spil well. But spil is often the case with Bitcoin, things are not that ordinary.
Very first of all, the Bitcoin Gold network is not yet live. Its creators have merely taken a snapshot of the Bitcoin blockchain at block 491,407, but the cryptocurrency should become publicly available on Nov. 1.
If everything goes well, those who stored their bitcoins ter private wallets should see their BTG coins at that date.
Those who stored bitcoins at exchanges might see different results, depending on the exchange. Some exchanges, including Coinbase and BitMEX, said they will not support Bitcoin Gold at all (however Coinbase did say it might support it at a zometeen date). Others, like Bittrex, said Bitcoin owners will receive their Bitcoin Gold at a 1:1 ratio. Only a few of the major exchanges said they would support Bitcoin Gold trading.
Bitcoin Gold’s main reason to exist, according to the project’s webstek, is ASIC-resistant mining. Originally, Bitcoin could be mined (the process of mining creates fresh coins and powers the Bitcoin network at the same time) by anyone with a PC. However, Bitcoin’s network is presently predominated by big mining companies, which employ specialized mining machines called ASICs (application-specific integrated circuits). Bitcoin Gold uses a different mining algorithm which will once again enable mining by anyone with a huis PC.
However, Bitcoin Gold has received fairly a bit of criticism for being hastily waterput together, and for pre-mining a certain amount of coins, which essentially mean free money or the project’s owners.
Despite the controversy, the price of Bitcoin rose to more than $6,100 days before the fork, likely due to Bitcoin owners calculating that getting some free BTG can’t hurt them, even if the project turns out to be a failure. Many were likely hoping for a reprise of the Bitcoin Contant fork ter August. Despite initial reluctance from exchanges, Bitcoin Contant has turned out to be fairly successful so far, presently trading at about $330 with a market cap of more than $Five.Five billion.
Instantly after the fork, the price of Bitcoin pulled back a bit, and is presently around $Five,700.
Disclosure: The author of this text wields, or has recently wielded, a number of cryptocurrencies, including BTC and ETH.