CryptoCurrency

Bitcoin Gold Fork Why & How? Effect On Bitcoin Price

Published on October 9, 2017

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The revolutionize bitcoin is going to encounter another fork, this time for the Gold Fork. The Bitcoin Gold fork has been decided to be happening on 25^th of October. A group of cryptocurrency enthusiasts plan this fork, including led by Jack Liao, CEO of Hong Kong mining manufacture Lightning ASIC with other Chinese mining tycoons and owners of bitcoin news portals.

Also Read: Why Rules & Regulations Are Important For BitCoin

Just similar to bitcoin hard fork we can see a fork in Ethereum also, planned for this month.

But Why Another Fork?

The main idea behind this fork is to reduce the ASIC Resistant with integrating Equihash algorithm of bitcoin gold itself. The consequence for this will discourage the use of ASICs Mining. Instead, the new coin going to be mine using graphic cards as its based upon Equihash.

The current system of bitcoin algorithm is based upon increase and decrease the difficulty for mining, which results in difficult for finding current correct hash for blocks. All this making bitcoin more and more hard to mine.

When the bitcoin released the mining was very easy and could be achieved by the CPU only, but soon with the build of ASICs based hardware which could mine bitcoin more efficiently and fast, soon more hash power ASICs hardware’s stood the difficulty of Bitcoin to rise.

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What’s New?

Change of ASIC to Equihash Algorithm, Making it ASIC resistant.
New Bitcoin Gold will going to be mine using GPU Units, Just like ethereum, Monero etc.
The Algorithm also going to use Segwit which try to follow bitcoin.

Bitcoin Price [Updated]

Update: Bitcoin Finally touched 6000$ checkpoint and flying around 6100$ this week and highest touches 6180$… those who are continuous traders in bitcoin might be making plenty of bucks.

@bitcoinwisdom

22/Oct/2017: Change in volume has been seen with the flicking in bitcoin value with around 300-500$ in less than 6 hrs period.

[Older] As the date 25^th October approaching, we can see the increases in the price of bitcoin. The graph shows the sudden increase in the rates by 100$ within 3hrs on 9^th October.

It is recommended to buy and hold bitcoins to get free airdrop of bitcoin gold during this period, as people want to get free airdrop making the bitcoin price to raise during this period.

Users can redeem their bitcoin gold from 1^st November onwards