The newest craze in the bitcoin world has become the flip from the original coin to a new one known as Bitcoin Gold. When this occurs in the market it is known as a hard fork. The new form of currency works on the same distributed ledger system that bitcoin was formed on. This is the second time that an alternative form of cryptocurrency has broken off for the initial bitcoin blockchain.
Given that the main appeal to using crypto currency is the fact that it is decentralized, any breaking off the initial cryptocurrency means new benefits to those who choose to invest. Miners and developers alike have been debating the benefits of using a new coin or what they’re calling an upgrade, but both share the idea of that this new upgrade will hopefully speed up the time it takes to make a transaction. One of the things that could ultimately affect the price of the currency is the amount to which both sides agree on the new currencies potential benefits. If there is a lack of consensus it could lead to a lower price for both cryptocurrencies.
Robert Kuhne, a strategist at the bitcoin gold project recently stated that “this is what will be required to make fair mining accessible to the general public once again. A successful fork will prove that bitcoin always has the ability to escape from any potential abuse of mining hardware manufacturers.” The strategist later went on to explain that those core abusing the mining hardware are the cause of “unnecessary stalling.”
Many group markets support different digital networks that make the entirety of the cryptocurrency market. These groups are working to make their preferred cryptocurrency the dominant one in the space. The hopes are high that with this hard fork, the price of both currencies will continue to reach new highs.