Price of Bitcoin Drops Days Before Bitcoin Gold Split

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The price of bitcoin recently dropped by as much as $1,000 over the course of 48 hours. The coin recently had an uptick in price after the cancellation of the Segwit2x update got investors excited. Since that time, the price of the coin has hit a sharp decline. The new fork known as BTG had aims of making the bitcoin blockchain better for the user, but would also allow for a more decentralized system.

The upgrade blocks the use of specialized chips that can be purchased for a large amount of money, effectively allowing those with more money, a better chance at mining the cryptocurrency. This takes the advantage out of the hands of the public and gives it a more centralized feel, which totally refutes the main point of the currency.

Those who back the token stated recently that “we are extremely grateful for the community around the world who have been contributing hash power to our testnets; besides patiently testing their own mining process, they allow exchanges, pools, wallet developers, and all other service operators to implement and test their support of BTG so that the bitcoin gold community can have a full suite of services at launch time.”

A similar split happened to bitcoin resulting in the creation of bitcoin cash back in August, where users were credited with an equal amount of bitcoin cash as they had bitcoin before the fork. This ended up doing fairly well, amounting to a currency market capitalization amount of around $14 billion. The creators of the newest split have been met with a large amount of criticism as they have chosen to hold on to 1{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} of the currency’s volume for their own purposes. Hopefully, this issue will settle out, and the price of bitcoin can return to reaching new highs.

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