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Bitcoin Gold: A big failure?

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Bitcoin Gold (BTG), suffered difficulties when the software became available as Users reported issues about connecting their computers nodes on the network.

What is Bitcoin Gold (BTG)?

It is a new cryptocurrency that is known as BTG or it is called bitcoin gold, It is a part of the original Bitcoin, which was the first launch in the year 2008 by Satoshi Nakamoto.

Bitcoin Community definition for bitcoin gold

“BTG is a community activated hard fork of Bitcoin to make mining decentralized again.”

The inventor of bitcoin gold is a team of developer’s miners and their head Jack Liao, the CEO of the LightningAsic, A hong-kong based mining manufacturing company. The team have one another lead developer of Bitcoin gold who named as h4x3rotab, he/she gave a definition

“Bitcoin Gold is also called a real blockchain to Upgrades pilot Bitcoin.”

Why this bitcoin gold was created?

The reason behind its creation because of it’s without any consensus voting, it was being driven by a few people who believe that the original bitcoin mining system has become centralized and monopolized by a handful of mining companies.

The founders of bitcoin gold have believed all these things because of ASIC miners, which have made almost impossible for GPU miners like you and me to mine Bitcoins.

And after this, these hard fork supporters want to make Bitcoin mining decentralized by hard forking the existing bitcoin i.e. creating a new bitcoin using an algorithm

Features of Bitcoin Gold

Bitcoin Gold (BTG) has following features given below

1. Bitcoin Gold will always base on Equihash which means that it will be GPUminable.

2. Bitcoin Gold is a direct fork of Bitcoin, which means that it will have an inbuilt replay projection.

3. Bitcoin Gold will have a variable difficulty that will change per block, which is a good thing for GPU miners.

4. Bitcoin Gold will have a pool of pre-mined coins for around 16,000 blocks

Apart from this, there will be no changes.

It is also important to that Bitcoin Gold will be following this suit of the original Bitcoin core developers for the future perspective of their coin.

 

Reasons  why “Bitcoin Gold” failed miserably

1. Bitcoin Gold (BTG), suffered difficulties when the software became available as Users reported issues about connecting their computers nodes on the network.

2. After published this software, some users claimed that they received emails containing links to fake email clients.

3. According to some sources, there are lots of issues in the codes of BTG programming, as Bitcoin Gold does not have completely formed consensus code, implemented replay protection, auditing, and testing.

4. Though Bitcoin Gold does offer comparatively low fees this, unfortunately, that is not enough justification to use an altcoin when there were already so many other alternatives that offer similar or lower fees.

5. If we talk about use cases, bitcoin gold has so far been unable to find or attract any specific businesses or partners with which to work. While the other currencies are supported by a number of instant exchange services like shapeshift, it has not seen much adoption elsewhere.

6. As there were huge development issues just after the launching of BTG, which down the rating & working processes and this is also becoming the cause of BTG failure.

#Daily Price Analysis

XMR Daily Trading Signals: 24 October

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Dominant bias for MONERO (XMR)- Ranging

Resistance Levels- $114.00, $116.00, $118.00

Support Levels- $104.00, $102.00, $100.00

 

XMR is in a range-bound market. The bears lost momentum at 106.24 in the support area on 22nd October. The bulls’ gradual return was signaled with a bullish engulfing candle that broke the 34 EMA and XMRUSD was up at 107.98 in the support area. Increased bullish momentum saw XMRUSD at 112.85 in the resistance area on 23rd on October. but closes with a wick which implies the bear are gradually back within the range

 

XMR 4-hour chart

XMR 4-hour chart

 

XMR Price is above the 34 EMA and the relative strength index is at 66% but it signal points down which implies downward movement within the range may occur.

XMR is in consolidation and trading between $112.42 in the upper resistance area and at $105.14 in the lower support area of the range. Traders are advised to be patient at this critical period for a breakout at the upper resistance area or a breakdown at the lower support area before taking a position.

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#Cardano Price Analysis

ADA Daily Trading Signals: 24 October

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Dominant bias for CARDANO (ADA)- Bearish

Resistance Levels- $0.08800, $0.09000, $0.09200

Support Levels- $0.07000, $0.06800. $0.06600

 

ADA is in a bearish trend.  After the loss of the bullish pressure that saw ADAUSD at $0.07939 in the resistance area on 21st October, the bears’ return was gradual. Initially, the cryptocurrency was down to $0.07680 in the support area before closing same day. The increased bearish pressure led ADAUSD to $0.07610 before minor bullish pullback on 22nd October that pushed the cryptocurrency up $0.07771 in the resistance area. Today’s 4-hour opening candle at $0.07616 formed a bearish railroad an indication that the bears are back and price may head south.

 

ADA 4-hour chart

ADA 4-hour chart

 

Price is below the 34 EMA a plus to the bears’ pressure coupled with the relative strength index signal pointing down it implies downward price movement of the cryptocurrency may be inevitable.

The downward trendline serves as a strong resistance. Each touch of price on it result in a breakdown. A breakdown may be expected as the price is around it. $0.07200 in the support area may the initial bears’ target

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#Daily Price Analysis

XRP Daily Trading Signals: 24 October

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Dominant bias for XRP- Ranging

Resistance Levels- 0.6000 $0.6500, $0.7000

Support Levels- $0.3500, $0.3000. $0.2500

 

XRP continues in a range-bound market. The bears successfully took control of the market after the formation of a bearish railroad at $4617. XRP was initial down to $4567 and later to $4444 in the support area. Attempts to continue the downward journey within the range was rejected as a doji was formed, a good signal for reversal. The bulls did return and took XRP to $4853 in the resistance area.

 

XRP 4-hour chart

XRP 4-hour chart

 

The morning star formation was confirmation for the bullish takeover within the range. The price rose $0.48534 in the resistance area.

Price is above the two EMAs and the stochastic oscillator at 45% and its signal points up. This implies upward price movement within the range due to the bullish increased momentum.

XRP is in consolidation and trading between $0.4819 in the upper resistance area and at $0.4425 in the lower support area of the range. Traders should be patient at this period and allow a breakout at the upper resistance area or breakdown at the lower support area before taking a position with good reversal candlestick pattern that confirms the direction.

 

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