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Bitcoin Gold, A New Cryptocurrency Created By A Split In Bitcoin Has Plunged 66% Since Creation


10/25/2017




Bitcoin Gold, A New Cryptocurrency Created By A Split In Bitcoin Has Plunged 66% Since Creation
With the newly-created bitcoin gold seeing its value plunge over 60 percent, the price of bitcoin took a hit after the cryptocurrency underwent another split.
 
Before recovering nearly $300, bitcoin hit a low of $5,374.60 on Wednesday. The "hard fork" that occurred Tuesday preceded the initial fall.
 
What is the 'hard fork' about?
 
How the bitcoin system works is first important to understand. Gathered into "blocks" that are turned into a complex math solution are transactions by users. in order to determine if the transaction is possible, the so-called miners work these solutions using high-powered computers. The transactions are approved and the miners are rewarded in bitcoin and once other miners also check the puzzle is correct.
 
Mining is controlled by a small group of people with powerful computers because of the need for high-end machinery.
 
As a way to change this dynamic, bitcoin gold bitcoin gold was invented by Jack Liao, the CEO of LightningASIC, which sells mining equipment.
 
The idea was to decentralizing the network further and opening it up to a wider user base by allowing bitcoin gold to be mined by more people with less powerful machines.
 
A code that creates a "fork" or split in the bitcoin blockchain was formed by the collective behind bitcoin gold the collective behind bitcoin gold to achieve this. the creation of the bitcoin gold cryptocurrency the creation of the bitcoin gold cryptocurrency was the result when that event occurred on October 24.
 
leading to the creation of bitcoin cash, bitcoin underwent a similar fork bitcoin underwent a similar fork in July.
 
According to data from Coinmarketcap.com according to data from Coinmarketcap.com, it hit an all-time high of $914.45 it hit an all-time high of $914.45 as there was an initial surge in price, but has fallen steadily.
 
How is bitcoin gold trading?
 
Bitcoin gold bitcoin gold will be received by everyone who owns bitcoin. 1 bitcoin gold to bitcoin is the rate that it is being issued at. according to Coinmarketcap data, trading at just over $161 per coin, its price has plunged over 66 percent since bitcoin gold was issued.
 
Perhaps signaling a lack of faith in the newly-created coin, it appears the sell-off was due to investors dumping the cryptocurrency.
 
While other cryptocurrencies like ethereum took a hit too, bitcoin also fell sharply Wednesday before recovering.
 
In the few hours it has been around, bitcoin gold has faced teething problems. A distributed denial-of-service attack, which is when a server is overloaded with requests, was faced by the website for the new cryptocurrency.
 
Trading in bitcoin gold has not yet been started at many major cryptocurrency exchanges.
 
What are experts saying about the fork?
 
With respect to whether a fork is good or bad has given rise to differences of opinions within the bitcoin industry.
 
"These forks are very bad for bitcoin. Saturating the market with different versions of bitcoin is confusing to users, and discredits the claim that there are a limited number of bitcoins — since you can always fork it and double the supply," Sol Lederer, blockchain director at Loomia, said on Tuesday.
 
For any cryptocurrency ecosystem, forks are a good, some have said.
 
"If a crypto-community has irreconcilable differences, then you can go your separate ways and that is just fine," Bob Summerwill, chief blockchain developer at Sweetbridge, a company creating blockchain solutions, said in a statement Tuesday.
 
(Source:www.cnbc.com) 






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