Should You Invest In Bitcoin Or Gold? The Results May Surprise You

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Bitcoin Gold, a new cryptocurrency, has been created through a so-called hard fork similar to the way Bitcoin Cash was created in August. Since Bitcoin and Bitcoin Gold share the same history up until the fork, anyone who owned Bitcoin around 8pm E. Monday should become the owner of the same amount of Bitcoin Should you invest in bitcoin gold as well.

But as is often the case with Bitcoin, things are not that simple. First of all, the Bitcoin Gold network is not yet live. Its creators have merely taken a snapshot of the Bitcoin blockchain at block , but the cryptocurrency should become publicly available on Nov. If everything goes well, those who stored their bitcoins in 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 BitMEXsaid they will not support Bitcoin Gold at all though Coinbase did say it might support it at a later date. Others, like Bittrexsaid Bitcoin owners will receive their Bitcoin Gold at a 1: Only a few of the major exchanges said they would support Bitcoin Gold trading.

Originally, Bitcoin could be mined the process of mining creates new coins and powers the Bitcoin network at the same time by anyone with a PC. However, Bitcoin's network is currently dominated 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 home PC. However, Bitcoin Gold has received should you invest in bitcoin gold a bit of criticism for being hastily put together, and for pre-mining a certain amount of coins, which essentially mean free money or the project's owners. Many were likely hoping for a reprise of the Bitcoin Cash fork in August.

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Is it just me, or does the bitcoin community seem to be very divided? The main question this year has been on how to solve the various issues dogging bitcoin, but this question has become the source of contention. In August, one faction of the bitcoin community split to form bitcoin cash, which so far has been successful. However, the planned SegWit2x fork planned for November was suspended. Now bitcoin gold has just forked , and is a completely different cryptocurrency. The main reason for the creation of bitcoin gold was to create a truly decentralized bitcoin network.

In order to mine bitcoin, a computer needs to solve complex mathematical formula in order to create a hash. The first computer on the bitcoin blockchain to solve the formula gets a reward. Any computer with a dedicated graphics hardware is capable of solving this formula, but ASICs are designed specifically for this task. As a result, they are much faster than a typical PC.

Essentially, these ASICs have centralized bitcoin mining when it was supposed to be completely decentralized. The group behind bitcoin gold have solved this problem by implementing a different method of solving the math formula. Instead of SHA used in bitcoin, bitcoin gold will use Equihash. This new proof-of-work formula will give everyone a chance to mine bitcoin even from their PC.

That means anyone who had bitcoin before would also have an equal amount of bitcoin gold. The fork officially occurred on the 25 th of October, but the cryptocurrency went live later in November. The only problem is that it is still not available at all major exchanges, but it will soon be. I believe bitcoin gold BTG will go the same way bitcoin cash did.

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