Bitcoin Gold (BTG) is closer to a cemetery of Bitcoin forks than to a legitimate cryptocurrency

Bitcoin Gold has not seen much action during the last two weeks. We have seen it reach the highs of July around 9 when its value briefly touched 496,703 satoshi. The dollar highs were achieved some time later, with a current BTG for $ 34.04 USD on July 29 . That small peak near the end of the month seemed to imply that there would be a recovery before Bitcoin Gold but this was not the case, since the price fell rapidly, reaching the monthly lows of 340 thousand satoshi the last July day (the lowest point in USD was seen on 12 when a BTG = $ 25.25 USD). August was just as boring, and it is currently possible to buy a single piece of this cryptocurrency for $ 19.56 USD (a 0.30% drop in the last 24 hours) / 313396 satoshi (a 2.80% drop in the same arc of time). [19659002] The daily trading volume of Bitcoin Gold is 1215 BTC at the time of writing. The currency has a market capitalization of $ 335,183,777 USD, which places the 25 ranking of the most valuable cryptocurrency coin list of coinmarketcap.

A member of the horde of Bitcoin clones / forks who invaded the market in previous years currently enjoy a slightly greater interest in the community, especially since Coinbase Custody announced plans to control this currency as possible added to his wallet. Coinbase Custody is a separate service from Coinbase fiat / cripto exchange; its simple purpose is to allow people with large bags of coins (also called whales) to keep their wealth safely. Therefore, a potential addition to this platform should not have a major impact on the value of Bitcoin Gold or the volume of trade. However, even mentioning the name of Coinbase in the same sentence with a coin can increase the value of that coin, so we'll see how things will go.

Moneymakers claim that the decentralization of Bitcoin has been put at risk by the ASIC mining business. The Bitcoin Gold currency was created with exactly that in mind; its developers have moved away from the SHA-256 of BTC and have embraced the Equihash algorithm, one more resistant to ASIC mining. It's been over a month since the coin blockchain updated / hard fork to use an Equihash-BTG algorithm that made BTG be extracted with a GPU.

So many forks – [19659006] what is Bitcoin Gold ? And what is Bitcoin Cash ? Then again, there is bitcoin diamond . E bitcoin atom . E Super BTC . And some others that we have not covered because it is not worth mentioning. And the most recent seems actually legitimate – Bitcoin private BTCP .

This did not arouse much interest in the currency. Partnerships like the one with Paytomat, Lightning network integration coindirect Hotels24, ZelTrez portfolio and changehero all happened in the last month and they did not really help Bitcoin too much gold. The partial guilt for this lies on the back of the general market of cryptocurrencies that has been controlled by the Bitcoin movements for three quarters of the year.

But the other side is on the back of Bitcoin Gold, which is basically harder to extract Bitcoin. As such, there is not much interest in the market. A couple of BTG communities have arisen in the poorest countries of Africa and Asia, but none of this was enough to bring the currency to dominant popularity. It remains to be seen whether Bitcoin Gold has a real ability to erupt as legitimate cryptocurrency or if it will end up in the cemetery of Bitcoin forks.

Writers and authors of CaptainAltcoin posts may or may not have an interest in any of the projects and companies mentioned. None of the contents on CaptainAltcoin is an investment advice nor a substitute for advice from a certified financial planner.

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