Not all gold is that Bitcoin Gold. The aftermath of the October hard forks

October 24, the next hardfork blockchain. As a result, a new cryptocurrency has emerged, called Bitcoin Gold (BTG). In the history of the cue ball is not the first fork, and the second. The first took place in early August of this year, after which Bitcoin users received a new cryptocurrency, Bitcoin Cash (BCC) . Now she is the fourth in the world in terms of capitalization (approximately $ 5.5 billion).

Cash got a good start, and holds up well. Many experts had expected that the same would happen in the case of Bitcoin Gold, but they were mistaken.

No, the course of this coin did not fall to zero. Immediately after hardforka, it was about $ 480 per unit. True, he almost immediately fell, so last Wednesday his rate was only $ 140.36.

Why did the new hardfork take place?

The fact is that some mining companies were interested in his appearance. For example, LightningASIC, a company that came out for hardfork cryptocurrency with the advent of the BTC alternative.

According to Jack Liao, the head of this company, the purpose of the last fork was to create an alternative to cue ball, which ordinary users could mine, so that large mining farms would stop having such a strong influence on the entire cryptocurrency market. Even the slogan “Make Bitcoin decentralized again” was created.

According to the creators of this coin, you can mine it on ordinary user equipment, and not on specialized farms. As in the previous case, after hardforka, Bitcoin owners received a similar amount of Bitcoin Gold coins.

What happened to gold

Immediately after its appearance, the new cryptocurrency reached a rate of $ 480. But after two days, its cost dropped to $ 140. Now the course of the "golden" Bitcoin and even lower - $ 121.

The course has not fallen to zero, it is still higher than the course of most altcoins.

The fall in the rate can be explained by the lack of interest in a number of major exchanges in BTG. For example, Coinbase and GDAX with Bittrex refused to support “gold”. EXMO and WEX did the same. The reason is the lack of security guarantees when working with BTG. According to the same Bittrex, the information and code base provided by the developers of the fork of the cue ball is not in a functional state, and does not meet the necessary security criteria.

On the other hand, Bittrex decided to work with Bitcoin Gold by running trades on it.

Immediately after the hard fork, BTG holders began selling it on exchanges that decided to support the execution of operations with this token. It is clear that a huge amount of BTG was immediately thrown onto the market, which undoubtedly influenced the course of the new cue ball.

And there is a huge difference between Gold and Cash. For example, in the previous case, hardfork was supported by a large number of large cryptocurrency market players. The network was overloaded, transactions were difficult, it was necessary to do something urgently. The solution was found and Bitcoin Cash appeared. Almost all stock exchanges are working with him now, his course is $ 480.

Some crypto players believe that the new fork was not necessary, unlike the first one. Gold was created as a populist step. Forks can be created daily, but this does not simplify the task of working with the basic infrastructure, but only complicates it.

Interestingly, Bitcoin is also a bit lost when the fork appears. The BTC rate then fell by 7%, although it quickly returned to previous positions. This fall can be explained, in particular, by the fact that before the fork, many market players were bought by BTC in order to get more non-core currency, BTG. After the fork, BTC was sold, the course fell a little, but almost immediately leveled off.

In general, the emergence of an alternative gave nothing to a crypto market, the alignment of forces did not change.

What's next?

In November, we are waiting for the previously announced new hardfork Bitcoin Cash network. It will take place on November 13th.

This time, hardfork aims to change the current consensus rules on the Bcash network. In this case, the emergence of new coins will not be, because the chain will remain united, without separation. Among other problems that hardfork solves, we can mention the following:

As far as can be judged, BF hardfork will not affect the course. As for BTG, its course can either rise or fall - now everything is possible.


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