Bitcoin Gold drops very sharply after launch

After the creation of Bitcoin Cash (BTC) in August this year, Bitcoin Gold (BTG) is Bitcoin‘s latest hard fork. Bitcoin Gold is the brainchild of LightningAsic.

However, unlike Bitcoin Cash, Bitcoin Gold lacks institutional support and its community is virtually non existing. This may explain why after an initial price of $500, the bitcoin gold price has dropped very sharply to under $140.

In the long term, bitcoin cash may win over bitcoin gold: it is generally believed that subsequent  bitcoin forks have diminishing returns and cannibalize each another. 

Bitcoin Gold aims to make the crypto-currency more decentralized once again, and reduce the control that larger companies have over the network. 

Under twenty exchanges (including Bleutrade, Bitstar, Bitfinex, Coinnest, HitBTC and Yobit)  support BTG/BTC and BTG/USD trading pairs. However, some of the bigger exchanges still haven’t committed because of perceived security risks.

Bitcoin owners will be issued one Bitcoin Gold for one Bitcoin.

 

October 27th, 2017 by