Bitcoin Gold reaches $460 USD value!

The controversial fork is on a bullish trend today, green numbers for Bitcoin Gold (BTG) makes everyone rethink how we see this coin. BTG value proposition comes along with a radical technological change from its far superior father, the chance of think of Bitcoin mining through GPU rigs instead of the monopolized ASIC market, far cheaper and apparently far more affordable for the common user. But is it enough to justify its value? 

Bitcoin dips and that seems to give a chance to hike the prices of its forks. Even though BTG has not come up with a real strategy to gain market share, today we see there is a chance for everyone to make money on this bull market.

For those who still do not know much about what Bitcoin Gold is, this is the definition presented on their website:

 Bitcoin Gold is a fork of the Bitcoin blockchain. At block 491407, Bitcoin Gold miners will begin creating blocks with a new proof-of-work algorithm, and this will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch of the blockchain will split off from the original chain. The new branch is a distinct blockchain with the same transaction history as Bitcoin up until the fork, but then diverges from it. As a result of this process, a new cryptocurrency is born. 

What is the purpose of Bitcoin Gold?

The purpose of Bitcoin Gold is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in abusive practices against individual miners and the Bitcoin network as a whole. By changing Bitcoin’s proof-of-work algorithm from SHA256 to Equihash, all of the specialized SHA256 mining equipment will be obsolete for mining the Bitcoin Gold blockchain. Thus, Bitcoin Gold will provide an opportunity for countless new people around the world to participate in the mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations. A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision. 

Is this paving the way for the upcoming forks trying to making money out of the original Bitcoin or is it a real alternative to seek improvements on the future of cryptocurrency?

 What do you think? Please share your thoughts in the comments.  

Thank you for reading.