Bitcoin gold is a fork of Bitcoin as you guys too probably tell if you haven’t heard about this project already. At one point we saw this project trading over $400, but since then you guys can see how far the price has gone. Right now as it is ranked number 20 on coinmarketcap.com – has a market cap of just under $330 million with a 24 hour volume of $5.3 million. So what you could see still the cryptocurrency is being used at it is if there is a just no volume whatsoever. You also can see the circulating supply of 17,373,424 BTG and max supply of 21,000,000 tokens.
With Bitcoin Gold the biggest thing that a lot of people noticed with the project and one of the biggest things with it that was going to make it from Bitcoin is the fact that they wanted to change the proof-of-work algorithm from Bitcoin to Equihash. And that is what they did with it, there was a lot of controversy surrounding this actual fork because of the fact some people didn’t know if it should be taken seriously. There was controversy about a possible pre mine with it and just how secure it actually was.
Those also controversy surrounding the fact that with it, they advertise having replay protection. But in actuality their replay protection was not properly implemented and we’ve seen this with attacks happening to this cryptocurrency time and time again. It suffered a hack that cost exchanges millions they lost in total $18M to this attack. Bittrex ended up delisting Bitcoin gold because of this. And with them they want Bitcoin gold to actually pay them for the loss this was going to be around 12,000 BTG. They actually came to an agreement that said that listed we’ll cover half of this and have to pay a 6,000 BTG. And they did not want to comply with this and this led to their delisting from the exchange.
Look at the hash rate for Bitcoin gold we could see that it has continuously declined at one point they had over 261 million hashes per day. We saw that drop to around on the 21st of November, 236 million hashes. Now we can see on 921M hashrate we really start to see an increase really more into the late night of the late hours of November 20th. If we take a look back at the price we could see when we dipped downwards on November 20th. There we had it at $124 and from there to the 20th and then a few days even after that we the price continued to increase with this increase in hashrate. And then from there the hashrate dropped off and the price of BTG continued to drop off as well.
Now they’re having hash rates like if we could see around three point anywhere from like 3 million to 2.5 million hash rates per day on average to around this is from September 27th so that is not a very good sign for Bitcoin gold as well as just the price has really tanked even today it is down 4.12% with the rest of mostly a red cryptocurrency market. All Bitcoin gold is going to be interesting to see what the future brings for this cryptocurrency.
There is definitely some concerns that you should be having about this crypto and whether or not it’s honestly going to survive as a Bitcoin fork ,they are going to need a just a lot of stuff to be going on. They’re going to obviously need some increase in hashrate they’re going to need a lot more support because if we look even going back to let’s see the market cap during the highs of over 400 bucks the market cap was at over $5.4 billion with a 24 hour volume over 300 million and just it has dropped drastically since that point.
So the Bitcoin gold is going to need some big news or just a big increase in hash rate in order for the price really to increase greatly in my opinion. There is of course going to be random pumps of the currency however I just don’t see there being a big enough move for a lot more people to take an interest back into Bitcoin gold. You with the next bull market once it comes we’re going to see this price possibly pump but it’s not going to be at least in my opinion one of the better investments to be getting into.
Let me know what you guys think of the Bitcoin gold project are you in support of the project or do you think there are way better options out there. If you guys want to know more about Bitcoin Gold or you want to know more everything about the hardfork check Coincentral blog for a great reference.