On October 25th, The Bitcoin blockchain is set to hard fork once again and generate a new cryptocurrency by the name of Bitcoin Gold with the ticker BTG.
A wallet for the BTG will not be available immediately and this may cause a delay for a few weeks or even over a month. Those with existing private keys that contain a BTC balance may not end up with the credited BTG immediately, which is a concern for ease of access etc.
There are a few things to consider on this particular topic:
Why another fork?
Who will support it & match your BTC balance?
What are the benefits that this may bring?
What I personally think about it, what its market share will be and where I believe it will be priced around.
Why another fork?
A fork is usually determined and decided upon when consensus it not reached between the different parties that currently either mine or support BTC in anyway. BTG supporters from my personal perspective believe that mining should be equal to all the participants, and that is not possible currently with the ASIC ( application-specific integrated circuit ) miners as it brings a open ledger system to be centralised and in the hands of a few major mining operations.
Who will support & match your BTC balance?
Bitfinex
New CFD exchange - Bitstar
Bitexchange
If any others decide or you know of any others please let me know so I can update this list, please understand there will be others that will come fourth and decide to match your balance closer to October 25th.
What are the benefits this may bring ?
They are switching from the infamous SHA-256 algorithm which allows these ASIC miners to have an advantage over the general miners (CPU but more GPU mining as a CPU will barely do anything these days at the block height we are at, considering thats the difficulty that BTG will come out at).
The objective of Bitcoin Gold is to compete with GPU mineable coins, Ethereum & Zcash in particular in order to increase mining decentralization, and protect the Bitcoin ecosystem, so they believe.
What I personally think about it, what its market share will be and where I believe it will be priced around.
This one intrigues me, it goes back on what Satoshi really wanted, a decentralised open ledger system, so I particularly like the fact that they have moved over to Equihash to give people more opportunity, but then again with ETH moving onto POS (proof of stake) we will have the GPU farms out there targeting BTG, so the solution is only temporary in my eyes.
I don't believe BTG will have as much of an impact that Bitcoincash did. A lot of people experienced BCH and saw through the cracks, you cant just generate $$$ out of thin air, its unethical to say the least, and if thats what crypto has come to, then we might as well ditch it and keep the broken FIAT system we already have.
I believe BTG will hit the market around the $50-$150 USD range. Why such a volatile range... because most people dump it once they receive it, and others believe its cheap at that point and buy it. In my opinion, it should start at $1.00 USD and see if there is demand for it, and that goes for anything that is forking BTC.
Please let me know what you think, I have done my absolute best to share my views on this Fork.
I will be doing a complete report on the ETH fork, not that it is generating a new coin but what they are implementing is quite interesting.
Rev Nissan